Can Bitcoin Be Used for Online Gambling?

Can Bitcoin Be Used for Online Gambling?

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Can you gamble with cryptocurrency? 

In recent years, cryptocurrencies such as the infamous Bitcoin, have begun gaining so much traction that many people worldwide have started to realize the potential of digital currency, and thanks to this increased popularity, cryptocurrency is not being included as a payment option in most online forms- including gambling. 

The biggest difference between a crypto casino and other online casinos is that a crypto casino will allow you to load your funds and cash out your payouts in a digital currency. With digital currency, you will enjoy many benefits too. 

Using a conventional currency, it can take a couple of hours to days to process withdrawals, with cryptocurrency cashouts these are instant. Bank accounts will also typically require verification of identity information before playing. Gambling with cryptos is entirely anonymous because identity is not linked to any transaction. 

Cryptocurrency is secure, private, and keeps things anonymous in every way, so if you like anonymity in your gambling, using cryptocurrency to play your favorite casino games might just be the perfect thing for you. 

How do you start gambling with cryptocurrency? 

So, what if you want to start gambling with Bitcoin. Well, first, there are many resources out there that will elaborate on what bitcoin is and how great it is for online gaming. But, we will walk you through the steps, so you can set up Bitcoin for gambling online. 

It is actually easier than you might think, cryptocurrency might seem a bit daunting at first glance, but it really is not all that complicated to set up. So, let’s look at the three major steps you need to take to get yourself set up. 

Open up a Bitcoin wallet.

To start, open up a Bitcoin wallet. This is just an online hub for buying and selling Bitcoins. While there are some types of Bitcoin wallets called software wallets, the best thing is to just set up a hosted wallet which is just a way to store your Bitcoins with a third party, as you do with a bank 

A bitcoin wallet will feel much like using a PayPal account. You will use your bank or credit/debit card to load money onto the wallet, and then you can use it to make purchases or deposit onto an online gambling site, just like you would with PayPal and so on. 

The only difference with a Bitcoin wallet is that you will be able to convert your currency into Bitcoins, so you can make transactions. 

To open this, you just do the same process you would with PayPal, find a provider and follow the instructions. You could use; Coinbase or Copay, among others. 

Fund your Bitcoin Wallet.

Once you have set up your account, you need to deposit some money in there and purchase some Bitcoin. Just like any currency, the rate of Bitcoin will fluctuate, so ensure that you look at the rate you are getting with your Bitcoin when you purchase. Do not get too nailed down on this though, as it will always be fluctuating, be it up or down, it will never be stationary. 

You can then deposit into your Bitcoin account via your debit or credit card by simply directly linking this account to your Bitcoin wallet. All of these methods will work the same way, so you simply need to choose the one that you like the most, or feel most comfortable using. Some Bitcoin wallets may also allow you to deposit through PayPal or some other payment method. If you can do this, then it will give you even more security to your gambling finances. 

Use your Wallet to deposit onto your favorite gambling site! 

All that is left now is to make your deposit into your favorite online casino and get playing. Just navigate to the deposits page of the casino you want to play at and click on the Bitcoin option. 

You will get specific instructions on how to make your deposit, and you’re set to go. 

It will only take a few minutes from when the transaction is approved for you to have money on the site and be able to start playing away. 

The biggest benefit.

The biggest benefit to gambling with cryptocurrency is the comfort and safety it offers. Cryptocurrency offers more privacy. Gambling is a high-risk industry, in that it is all about risk, but also in that it is not immune to fraud. 

Cryptocurrency adds extra safety thanks to the Blockchain. Blockchain ledgers stack, store, and track all transactional records and work as a third party. Due to the digitized time stamp system on which the blocks build, the chain is irreversible, and this amazing system is part of what keeps you and your cryptocurrency safe and secure when you gamble. No matter how much the internet is riddled with fraud, no one is getting past the absolute tank that is the blockchain. 

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