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Gambling with Bitcoin in 2020 – Short Overview

Bitcoin has been more and more popular for quite some time. In the near future, it will become even more popular, so if you are considering this form of online gambling, you are on the right path. But, before you do, there are a few things to consider. This isn’t as straightforward as when using debit cards, but it is far from complicated.

The first step, funding your Bitcoin wallet

Bitcoin is a virtual currency and there is no government or authority that regulates it. This means that it is impossible to withdraw Bitcoin and keep it in physical form. It is located online, in your own cryptocurrency wallet. Sometimes they are referred to as eWallets. Obviously, you need to purchase it in order to have Bitcoin available for gambling. According to casinohex.in site, there are a few steps you need to take.

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  • Create a new account at Coinbase
  • Verify the account
  • Purchase Bitcoin in any amount you like
  • Open account at Blockchain
  • Back up the password
  • Go to request and get a Bitcoin wallet address
  • Send money from Coinbase using that address

As you can see here, there are two main processes. The first one is to use Coinbase. They are a provider where you can buy Bitcoin. Keep in mind that there is a promotion and you can purchase any amount. Blockchain is the wallet we have mentioned earlier and it will be used to store your Bitcoin as long as needed. Pay attention to Blockchain. You will need it for the next step.

Funding online casino account

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As you would expect, the next step is to add the funds to your online casino account. Here, you need to find a casino that supports Bitcoin. Many but not all offer this advantage. There are even special casinos that use Bitcoin as their only or primary currency!

Once you have found a casino, create a new account here. From there, go to deposits and follow the instructions. We obviously cannot generalize the matter, because it depends on each casino. However, some steps are usually similar or identical. Once you click on deposits, you will need to select Bitcoin. After that, you will get the address (a combination of random numbers and letters). Go back to Blockchain, click send and enter that address. From there you will be able to confirm the process and your account will be funded.

Some casinos will convert the funds into USD immediately. Others will use Bitcoin as your primary and only currency. This also means that you will have to place bets using Bitcoin and you will be able to withdraw the Bitcoin in its form.

Benefits of using Bitcoin for online gambling

There are a few main advantages of using Bitcoin as the primary gambling medium. In general, those benefits are ideal for players who want something more and who want to gamble a bit differently. Anyway, let’s see the benefits.

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It is completely anonymous

Using Bitcoin is completely anonymous. There are no traces that you used it for anything. That being said, you can gamble anywhere you like, as long as you like and you will remain in stealth mode. This benefit is common due to the fact it also refers to other applications with Bitcoin. As a matter of fact, all transactions involved in this currency are 100% anonymous.

Lower fees

Fees are standard when using Bitcoin, but they are lower than average. For example, you will pay a fee of $5 when using some other payment method. But, when you use Bitcoin, that fee will be $0.5. This is another, also very common and popular reason why so many users choose Bitcoin these days. The fee will depend on many variables so we cannot generalize it.

An additional reason here is that you don’t have to pay any fees to governments, companies, etc. You should recall that we mentioned Bitcoin isn’t regulated by any officials. It is completely free to use and it is available to all.

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It is fast

Bitcoin transactions are extremely fast and they apply to almost all transactions. Other banking methods at a casino may take hours or days to complete while Bitcoin will be processed within minutes. In most situations, it is an instant transaction which literally means you will have your funds on the desired accounts in seconds. This translates to withdrawals as well.

Extremely safe

Let’s repeat a few basics. Bitcoin isn’t regulated by governments and there is no need to share data with third parties while using it. In a nutshell, this guarantees your ultimate safety. Your account won’t be hacked because there are no specifics about it. Nobody can collect your information, because you are not sharing any. All transactions are random combinations of letters and numbers.

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You can earn more

Here we have the main reason why some players choose Bitcoin and the main reason why some avoid it. Bitcoin doesn’t have a stable price. The cost of a Bitcoin varies significantly every single day. So, if you buy BitCoin when the price is low, gamble, and win and then sell the winnings in Bitcoin, you will earn more. Basically, you will trade BitCoin and you can maximize your winnings.

A downside here is that if you buy the currency when it is high, gamble, and then sell it when the price is down, you can lose money. The variations can be extremely high but usually, they are tolerable. In addition, you can also use this form of gambling if you want to invest in Bitcoin.

The final word

Gambling with Bitcoin is far from a complicated thing to do. However, it is different than other methods, which make it complicated or strange for some gamblers. If you want to gamble like this, take your time, find the best wallet, purchase Bitcoin when the price is low, find the best online casino, and enjoy. Now you can enjoy all of the advantages of a bit futuristic and better online gambling.

About Vinnie Wright

Vinnie Wright