In this beginner’s guide, you can find out to gamble with Bitcoin online as well as a variety of tips and tricks.
Back in 2009, Bitcoin was made public. Since then, it has become the most popular cryptocurrency of all time. Now, you can use Bitcoin for almost anything. This includes private transactions, shopping, booking flights, buying cars, and (of course) online gambling.
Over recent years, it’s become increasingly popular for cryptocurrency owners to gamble with their tokens. It’s incredibly fun and a nice alternative to gambling with traditional currencies like the US dollar. Naturally, because Bitcoin is the most owned crypto worldwide, many people use their BTC across gambling websites and apps.
Cryptocurrencies are different from traditional currencies like the US dollar, which has led to some confusion among some Bitcoin owners. Specifically, they want to know where and how they can gamble with Bitcoin on the internet.
Fortunately, this guide is here to explain everything to you regarding Bitcoin gambling. Whether you’ve just invested in Bitcoin for the first time or have a large portfolio, you’ll be sure to find the following tips and tricks genuinely helpful.
Let’s begin.
1. Download Gambling Apps
That Accept Bitcoin These days, there are lots of gambling apps that you can browse through using specialist platforms like Betting Apps. The most popular ones are online casinos and sportsbooks. Providing you’re above the legal gambling age in your state or country, you can download and sign up with any of these apps.
Since Bitcoin exploded in popularity, the demand for Bitcoin gambling apps and websites has gone up. In response to this, many popular apps started to accept Bitcoin across their games. For example, it’s now become normal for online casino apps and betting apps to let players wager Bitcoin. However, not all online gambling platforms allow you to do this yet, which is why you need to check that your desired provider accepts Bitcoin before making an account!
Once you’ve found a gambling app that accepts Bitcoin and you’re happy with everything else, then you can go ahead and download it. When you make an account, you’ll need to register some personal details, such as your name, location, and proof of age. This is to confirm that you’re above the legal gambling age. Usually, this process takes between 5 and 10 minutes.
2. Open a Bitcoin Wallet
If you haven’t already, you need to open a Bitcoin wallet. Here, you’ll be able to store your Bitcoin and make easy and fast transactions whenever you want to gamble online with Bitcoin.
Some of the most reliable crypto wallet apps include:
· Coinbase
· Binance
· Zengo
If you want to, you can open up multiple crypto wallets – there’s no limit on how many you can have. However, if you want to make managing your Bitcoin simpler, it’s recommended that you store it in either one or two wallets.
3. Deposit Bitcoin in Your Gambling App or Website
Once your Bitcoin wallet is ready, you can then transfer Bitcoin to your desired gambling app or website that you’ve joined.
Let’s say that you have an account with an online casino. To play games in this online casino, such as online slots, blackjack, and roulette, for example, you’ll need to have some Bitcoin sitting in your account. The deposits process is pretty simple, as all you have to do is:
Step 1: Go to the cashier options menu
Step 2: Select the Bitcoin ‘deposit’ option
Step 3: Copy the blockchain address that appears. This blockchain address is completely unique to your online casino account.
Step 4: Open your Bitcoin Wallet,
Enter the blockchain address you copied, and select the amount of Bitcoin you wish to transfer to your online casino account. For example, you might want to transfer 0.0001 BTC, equivalent to $1.61. Although this is a relatively small amount, it’s more than enough for you to play a handful of games.
Step 5: Wait for the Bitcoin to arrive in your online casino account. Usually, this should be instant. However, it can take several minutes in some cases.
Once the Bitcoin is in your account, you’re ready to start playing and gambling.
4. Withdraw Your Winnings
When you gamble with Bitcoin, whether it’s through an online casino or sportsbook website, you might win some in return. Naturally, your main instinct might be to withdraw your winnings back to your crypto wallet. If so, you can do this whenever you want to.
The only catch is that most online casinos that accept Bitcoin have something called a ‘minimum withdrawal amount’. What is this? Well, it’s the minimum amount of Bitcoin you must have in your account before you’re allowed to withdraw any winnings.
With most Bitcoin gambling apps and websites, the minimum withdrawal will be anywhere from 0.0001 BTC to 0.0005 BTC. Depending on how busy the networks are, the withdrawal process can take between 1 minute and 1 hour.
The reason why minimum Bitcoin withdrawal rates exist is to stop players from spam withdrawing. Also, it encourages people to play more in the long term.
Remember, online casinos and other gambling apps will typically allow you to store winnings in your account for as long as you like. In other words, if you win some Bitcoin through your gambling, there’s no rush to withdraw any winnings you’ve made – simple.
5. Have Fun and Be Responsible When Gambling with Bitcoin!
Although Bitcoin is a cryptocurrency, it’s still incredibly valuable to the holder. As a result, make sure that you gamble responsibly with it. For example, it’s a bad idea to deposit your entire crypto portfolio into an account on a gambling app or website.
Remember, gambling is supposed to be fun and shouldn’t be treated as a medium for making money, as that’s not what it’s all about. This is especially true for beginners, which is why it’s recommended that you bet low amounts of Bitcoin at the start so that you can ease yourself into the process.
If you’re not confident enough to gamble with your Bitcoin right away, then a good choice is to gamble with the US dollar or whichever your day-to-day currency is. This will allow you to build your confidence, gain relevant experience, and ultimately prepare for wagering Bitcoin on gambling games in the future.
Is Bitcoin Gambling Legal?
Bitcoin gambling is 100 percent legal at the moment. This is because Bitcoin isn’t regulated or governed by any authority. In simple terms, this means Bitcoin owners can do anything and everything they like with their Bitcoin – including gambling.
If global governments and banks were to one day get involved with the regulation of Bitcoin, this still likely wouldn’t affect people being able to gamble with it.
Additionally, Bitcoin gambling is also safe. Online casinos and sportsbooks have lots of security measures in place to protect player accounts. However, it’s still advised that you secure your Bitcoin wallet, especially if it’s on a hard drive. If your hard drive is to become damaged, then you might permanently lose the Bitcoin that you’ve invested in.
On top of this, make sure to avoid using any shady Bitcoin gambling websites – only use officially licensed ones.
Conclusion
Over the coming decade, thousands of people will likely ditch traditional currency and start gambling online with Bitcoin instead.
If you want to do this, too, then all you need to do is follow the steps discussed above. If you have any further questions or queries, then get in contact with the online gambling app that you’re usin
