Bitcoin gambling has mushroomed into a massive industry with millions of people around the globe gambling daily. A lot of the casinos allow players to become au fait with their sites by offering initial Free Spins and No Deposit Bonuses. However, at some point, gamblers will need to make a deposit using their own Bitcoin and with the hundreds of various options, it can be confusing as to where and how to buy and play using Bitcoin.
Here we will narrow down to the best options available out there.
The first thing to know is that Bitcoin is based on blockchain technology, which means that all transactions are anonymous, secure, cost-effective, borderless, 24/7 and instant. Phew, that was a mouthful!
Before buying Bitcoin it is essential to set up a wallet. This wallet will act as a ‘bank account’ and is the vehicle in which to do Bitcoin transactions. There are many to choose from depending on your requirements. Investors will be required to download the software onto their electronic device of choice. The set-up is an easy process which is handled in a step-by-step manner.
Although there are a few different ways of purchasing Bitcoins including OTC (Over the Counter) purchases, Peer to Peer and ATM’s, the best way to buy Bitcoin is via a trusted exchange. There are many exchanges to choose from. Although there are also a few of the exchanges that do not allow for gambling like the American tech giant Coinbase.com.
One of the major drawcards of using cryptocurrency for gamblers is anonymity. There are exchanges that allow for completely anonymous purchases such as localbitcoins.com, where users can buy Bitcoin using bank transfers or even cash in hand.
You are also able to exchange your fiat currency for Bitcoin when purchasing from an exchange using Bank Transfers, Credit and Debit Cards. This is the most direct and efficient method and can be done at a whole host of exchanges: Changelly being one of the most popular.
Digital payment platforms such as Neteller and Paypal are not commonly accepted as this is adding another intercessor to the processing which accelerates costs as well as adding the risk of funds being lost due to Bitcoin’s finality (there are no charge-backs!).
Exchanges act as the go-between for buyers and sellers and will charge a small transaction fee for their service. You will be required to go through a verification process and therefore exchanges are not entirely anonymous. However, the process does provide security.
It is important for gamblers to keep in mind that they should avoid depositing directly from the Bitcoin Exchange Wallet into a casino or sportsbook wallet, as some have strict regulations regarding gambling.
Exchanges provide an easy to use option to purchase Bitcoin, especially for newcomers. When trying to decide on the best-fit, things that need to be taken into consideration are:
Based on these criteria the following suggestions come out on top:
Exchanges that restrict gambling transactions include Coinbase, Xapo, and Circle.
Depositing Bitcoin into a casino wallet is equally as simple to do as when using fiat currency. One of the most popular Bitcoin payment service providers for the gambling industry is Cubits.com.
Cubits is a UK based provider that has partnered with Softswiss, also a leader in its field of gaming software, to expertly manage the depositing and withdrawal of Bitcoin for the online casino industry. Casino’s like Bitstarz have introduced Cubits Pay as an option to its players to convert Euro to Bitcoin to use for play.
The Cubits site is extremely user-friendly for easy deposits. Cubits is probably the fastest and most convenient way of moving Bitcoin and its logo is often featured in the footer of casinos who have integrated this service.
Another method of deposit that is acceptable to all cryptocurrency casinos is a wallet to wallet transfer. Players will select how much they want to transfer to the casino. Then funds can be transferred directly to the casino’s wallet using easy to follow steps. Funds will quickly clear for gaming convenience. This type of payment method is most common across proprietary Bitcoin casinos who do not see the need of forming partnerships with the likes of Cubits and others.
There are a few wallets that restrict payments to casinos, e.g. BitPay. Before choosing a wallet you will need to research carefully whether the wallet of choice accepts gambling based transactions.
While there are so many wallets out there each with a different combination of services it is helpful to narrow down the choices by selecting those with the highest level of security possible. Having said that these are some of the best wallets on offer currently with several years of successful operation:
Online gambling is not set to slow down and now that it is so much easier to access Bitcoin regardless of experience gamblers are able to invest and play knowing that their coins are secure and their play is anonymous. It is always important though to take responsibility for the security of your own coins and wallet, to ensure safekeeping.