Before getting in on Bitcoin gambling action, one must learn how to buy Bitcoin. That’s what this post is all about! Bitcoin is a global phenomenon. Anybody in any country can get their hands on it, even if they don’t have a proper bank account. That’s because using Bitcoin is all about being your own bank. There is no central authority governing what you do with your currency. You are the judge, jury and the executioner. Although in this case, being executioner means executing transactions on the blockchain.
Nevertheless, since it is global, it only makes sense that Bitcoin can be purchased in many different countries. Basically anywhere in the world where a Bitcoin exchange exists (practically every country on the planet), both new and veteran crypto enthusiasts can top up their digital assets.
In this post we are going to cover everything you need to know before buying Bitcoin. That includes looking into how to use it for gambling and special considerations to keep in mind when logging onto casinos or sportsbooks with the intent of using cryptocurrency. By the end of this post, you’ll know how to buy Bitcoin in the United States, Canada, Australia and Europe. We’ve even got something for the most security and privacy conscious gambler out there. A little lesson on how to buy Bitcoin anonymously, so that you don’t have to explain your gambling habits to anybody and you can keep the profits all to yourself. No need to share your big winnings with your greedy cousin.
Things to Consider Before Buying Bitcoin
There are many things to consider before buying Bitcoin. It really is the respected grandfather of an entire new asset class, which before it came to be, nobody had ever heard of or conceived of before. With that in mind, there are certain things to consider that don’t exactly relate to regular fiat money and traditional gambling platforms, and other things to consider that totally do relate to what we know as government-backed currency. Let’s dive further into what you should consider when heading to the gambling tables and the sportsbooks, options for securing your currency in a proper wallet, and how to gamble and buy Bitcoin anonymously.
Can I buy Bitcoin for gambling?
Regardless of the games or the odds that you plan to bet on, the actual process of buying Bitcoin for gambling is the same as buying it for any other reason. You’ll need to go on an exchange of some sort in order to get a significant amount. That’s unless you have a friend or family member that is willing to send you cryptocurrency in exchange for cash or products and services that you may be willing to part ways with. We’ll talk more about how to use exchanges to get Bitcoin in a moment, but there are other things to consider specifically relating to gambling. Put simply, yes you can buy Bitcoin for gambling!
First, buying Bitcoin is risky and so is gambling with it. Decide in advance how much you want to buy and how much you want to wager with. Parting ways with cash at a brick-and-mortar casino means you see the money leaving your hands. Even gambling and fiat currency online means you’re looking at numbers you are familiar with and you can understand that $100 in your account is $100 potentially lost on a wager. With one full Bitcoin being worth many thousands of dollars, it can be really easy to keep wagering into oblivion because psychologically, wagering 0.001 BTC doesn’t feel like a lot. It may not be traditional money, but it is ultimately hard earned value that you worked for being risked at the tables.
Where to wager
Another thing to consider is what platforms you want to use to wager. Sometimes a brand new Bitcoin casino will offer better promotions. Other Bitcoin casinos accept a variety of altcoins not named Bitcoin, meaning they might be a better option for you. Others still require no registration at all, and if you really want to dive deep into gambling directly on the blockchain, you can get involved with projects that allow people to create their own bets in peer-to-peer betting and predictive markets. Projects like Wagerr, Augur, Etheroll and others allow this kind of betting on Ethereum. It’s very unique and caters to those that feel comfortable enough to dive deeper into the blockchain.
Setting up a Bitcoin wallet
A Bitcoin wallet is not like a leather wallet. It’s a virtual wallet. Really it’s just a string of characters representing an online address. To interact with the Bitcoin network, you have to send coins from one address to another. From a Bitcoin exchange to your own wallet, and from your own wallet to your gambling site or platform of choice.
When doing this there are two important things to remember. Number one, while the Bitcoin blockchain that stores transactional information cannot be hacked, websites are focal points. Focal points can totally be hacked. If you keep your Bitcoin on an online exchange or a gambling website, it can be stolen.
That’s true even if the exchange or gambling site says they offer two-factor authentication, which is when you connect a random number generating app like Google Authenticator to your wallet and phone and thus use your phone to log in. Believe it or not, it’s possible for hackers to use social engineering tactics to hack the sim card on your phone, gain authentication access and steal your crypto. So even though most websites offer this option for security, it’s not totally fool proof.
You can indeed store your Bitcoin on exchanges like Binance, Coinbase or Blockchain.info, but the only way to keep your Bitcoin away from hackers is to store it offline on a private key that looks like a USB stick. Ledger Nano S, Trezor and KeepKey are three different brands that dominate this space. A basic key can be purchased for around $100. More expensive keys come with nicer interfaces and perhaps added features but they all achieve the same goal. Keeping your digital currency secure.