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Online gambling with Bitcoins – A beginners guide

Bitcoins are reaching new heights nowadays. Undoubtedly online gambling using bitcoins is going to puck up big time. Although, in 2017, the interest in bitcoin casinos was insane. Here are guidelines on how to gamble with bitcoins and how it works.

How to find a safe Bitcoin gambling site?

Many bitcoin gambling sites are hitting the web. When any new technology like bitcoin comes in, every entrepreneur wants to find ways to gain cash from it. Unfortunately, there are scams mixed with this. It is crucial to play in a legit and safe bitcoin casino site.

Check for a valid gaming license.

Most of the bitcoin casino sites have a reputable license from Costa Rica, Panama, or Curacao. These are not the reputable jurisdictions in the industry, but they least should have some license. Many sites offer bitcoin online casino without a license for some reason or the other. Having a license means that the bitcoin casino must abide by that particular country’s rules and regulations.

Wagering Policies

Usually, you will receive a welcome bonus in most of the bitcoin gambling sites when you make a deposit. These bonuses are extremely tempting. But most of them are a big trap you will never be able to match up with it. Only some lucky jackpot winners manage to do so. Also, there are tricky bitcoin casinos that place wagering requirements on the deposit you make. If you deposit your bitcoins on any such sites, you will lose everything. It is better to read the small print before you think you make any deposits.

Bitcoin online casino cash out policy

The best part of using bitcoins for gambling is that you need not go to a bank to use them. Bitcoins are electronic cash that can be transferred from peer to peer. You can transfer bitcoins from your wallet to the casino wallet and back without anyone’s permission. All that will cost you is only the network fee. Some casinos hold your funds for a week after you have won a jackpot, and some of them will charge you withdrawal fees. It would be best if you chose an online bitcoin casino that does not demand any payout fee and will let you withdraw the cash according to your preference. This will benefit you for gambling with bitcoins.

How to get/buy bitcoins to gamble with?

There are some simple ways by which you can get bitcoins,

  • You can win it on any bitcoin gambling site
  • Get it for cash from someone you know
  • But it from a cryptocurrency exchange

 

It is possible to cash out your winnings in Bitcoin and deposit them using your credit or debit cards. The other case is that you should get it from a cryptocurrency exchange. There is a handful of legit crypto exchanges that will help you get bitcoins for cash. You should create an account and login into the crypto exchange using any of your government ID. Then you should select the bitcoins and the payment options. Now you should enter your credit or debit card details and confirm your purchase. You will instantly get your bitcoins added to your wallet.

How to use bitcoins – Transfer and wallet?

It might be challenging for some people to start Bitcoin transactions. Here is some fact that you should understand about bitcoins before you learn how to use them.

  • You can send and receive bitcoins from and to your wallet.
  • Bitcoins are peer to peer.
  • You will be charged a small network fee for every bitcoin transaction.
  • It will take ten minutes for a bitcoin transaction to settle.
  • You use many wallets at the same time.

How to move Bitcoins to your casino wallet?

Once you have purchased your bitcoins, it will remain in your wallet until you move them. Getting your casino Bitcoin wallet address is the initial step. Then you should log in to your favorite bitcoin online casino site. Then select Bitcoin as your preferred payment method in the cashier section. Now you should copy and paste the bitcoin wallet address. Make sure you copy and paste them; a small mistake can let you lose your bitcoins. You can withdraw your bitcoins from your crypto exchange account.

Are Bitcoin transactions fast, and how much will it cost?

You will receive your bitcoins in the casino account within 10 to 15 minutes. The transaction time might get delayed depending on the network traffic. Nowadays, the processing fee has become $5. That might seem to be expensive, but it is surely the most secure blockchain. It is much cheaper when compared to the 6% credit card fee.

Gambling with Bitcoins – safety/scam

Yes, bitcoin is the most secure form of transaction in the world. The only way you can lose them is by sending it to the wrong address or if you are not aware of your operational security. Bitcoins are purely safe if you save them in a reputed wallet and never share your passwords or key with anyone.

Unfortunately, many scams occur related to online casino with Bitcoins. Since bitcoin translations are peer to peer, They are irreversible and need not require your identity always. This is why most of the scammers get attracted to bitcoins. However, you can avoid such scams if you choose a legit and secure online gambling site. You should never send your bitcoins to anyone or share your wallet key with fraudulent.

There is no doubt that Bitcoin is going to take the entire online gambling in the future. This does not mean that online casinos using bitcoins do not have challenges. Regulations are the biggest challenge every bitcoin casinos face. Even though Bitcoin casinos are faithful in their games and transparent, the safety aspect of it cannot be ignored. Money laundering is a great threat for Bitcoin casinos as all the transactions are untraceable, irreversible, and anonymous.

To mitigate this, casino owners are given a cold wallet where they can safely store their funds. The funds remain untouched, and no one can access it through the internet. However, casino owners must have a hit wallet to make instant payouts; once a threshold is reached in the hot wallet, the funds are automatically transferred to the cold wallet.

As the world of gambling is gaining popularity, so is the risks associated with it. If you are an online gambler who is new to bitcoins, you should understand cryptocurrency before you put your head into it.

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About the author

Henry Chukwu

Android is my specialty, what I don't know about Android devices isn't worth knowing ?

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