One of the most exciting things about the rise of cryptocurrencies over the last number of years, is watching how a wide range of different sectors and industries have adopted this revolutionary new technology.
In this context, we have seen everyone from Microsoft to Tesla accepting cryptocurrencies such as Bitcoin as a way of paying for their goods or services.
These kinds of announcements have helped to increase the adoption of cryptocurrencies around the world, with a range of different sectors and businesses now accepting digital assets as a payment method.
Perhaps one of the most enthusiastic adopters of cryptocurrencies is the iGaming sector. Online casinos and betting platforms were some of the earliest businesses to accept Bitcoin as a payment method. Since then, hundreds, if not thousands, of online casinos have added support for deposits and withdrawals to and from their platforms in cryptocurrencies.
For new users just getting started, however, the learning curve to using Bitcoin payments can be quite steep. With this difficulty in mind, in this short article, we will give you a brief but detailed overview of how to use Bitcoin at online gambling websites!
Getting started with Bitcoin
If you want to get started using Bitcoin at online casinos, there are a few steps you need to follow. It is important to follow each of these steps, as if you do not, there is a chance your funds will be misallocated.
Step 1 – Open a Bitcoin wallet
The first step you need to take is to open a Bitcoin wallet. In most cases, the easiest type of wallet to open will be a ‘soft’ or virtual one, rather than a ‘cold’ wallet.
Many of the platforms that let you buy and sell cryptocurrencies will create one of these for you automatically, so there might not be a need to create a dedicated one.
Once you have set up a virtual bitcoin wallet, be sure to keep your details safe and to use two-factor authentication to prevent unwanted access.
Step 2 – Deposit money into your Bitcoin wallet
Once you have created a Bitcoin wallet, you will then want to fund it.
Often, this will happen automatically when you purchase Bitcoin or other cryptocurrencies through an online crypto exchange. The funds will automatically be deposited to your account and can then be transferred from your wallet.
Transfers to your trading account can be made using bank transfers, as well as debit and credit cards — although this may depend on your card provider.
Step 3 – Deposit your Bitcoins into the casino or sportsbook
Once you have topped up your crypto account and acquired some Bitcoin to play with, you can then initiate a transfer from your Bitcoin wallet to your casino or sportsbook of choice.
To do this, you will need the address of the account you want to send the crypto to. In this case, this will be the wallet address of your casino or sportsbook account. This should be relatively easy to find. Once you have it, you can then initiate the transfer.
Step 4 – Withdrawing your winnings
Once you have made some winnings using your Bitcoin funds, you will then be able to make a withdrawal!
Before trying to make a withdrawal, however, you should always ensure that you have satisfied any wagering requirements.
To send your Bitcoin winnings to your account, you will need your Bitcoin wallet address. Once you have entered this, initiate the transfer and the funds will typically hit your account within minutes!
Pros and cons of Bitcoin
Some of the main benefits of Bitcoin payments include:
· Faster and more efficient
· More private and discrete
However, these benefits need to be weighed against some of the commonly identified cons:
· Bitcoin prices can be quite volatile and sensitive to news events
· Transaction fees can sometimes be quite high
· Setting up a Bitcoin wallet can take some time and effort
Frequently Asked Questions About Bitcoin
Is Bitcoin safe?
Provided you use two-factor authentication to access your Bitcoin wallet and casino account, Bitcoin is a safe, discrete and private way to make transfers online!
Are Bitcoin payments fast?
Bitcoin payments are generally much quicker than traditional payment methods and can usually be fully processed within minutes!
Do online casinos and sportsbooks accept cryptocurrencies like Bitcoin?
Yes! There are literally thousands of online casinos out there that accept cryptocurrencies. The iGaming and online gambling sector has been one of the earliest adopters of cryptocurrencies and has strongly supported this technology ever since.