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A Beginner’s Guide to Using Bitcoin at a Crypto Casino
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Set your mind at ease when playing at a Bitcoin casino for the first time. Use our handy GamblersPick beginners guide designed to help you through the easy process of getting started in the cryptocurrency gaming world.
While the trend of playing at bitcoin casinos is growing, some players need a boost of confidence to step out and actively take part in the market.
You may already know the advantages of playing in this market space, but there are very few guides that teach you step-by-step principles to practically getting started.
At GamblersPick, we are sold out to making your online casino gaming experience as convenient as possible. As part of this endeavour, we’ve opted to provide you with an “all you need to know guide” about how to get started in the gambling world with Bitcoin.
If you’re just getting started with Bitcoin casinos, you’re in the right place!
Understanding Bitcoin and Crypto Transactions
Before we get invested in the procedures behind starting your Bitcoin journey, there are a few things you need to know about the currency.
- Bitcoin is a digital currency. The currency is made up of unique hashes and codes. All your transactions are done online. A register called a blockchain, traces and records all transactions and provides you with a decentralised way to make direct peer to peer payments without using a brokering service or a bank.
- As a direct peer to peer payment option, you have the full power of each transaction in your hands.
With these fundamental principles in hand, we can get started with the process of playing at a Bitcoin Casino.
How to Buy Cryptocurrency
First things first, before playing casino games in this environment, you will need to buy the currency. Fortunately, this is not a complicated process and can be completed within a few minutes.
You can simply purchase Bitcoin at a crypto exchange with your Dollars or Euros. In many instances, you can link your bank account to the exchange to complete the transaction, or merely use your credit card to buy the credits, speedily.
How to choose a Bitcoin Exchange
To transfer your fiat currency into Bitcoins, there are 5 top exchanges that we’ll discuss. While there are many more on the market, these platforms consistently perform well:
- Coinbase: Coinbase is one of the largest and most popular crypto exchanges in the world. For ease of use, the company accepts all debit and credit cards to purchase your currency with and accepts SEPA payments inside the EU. Coinbase‘s popularity may be linked to its user-friendliness. The platform comes with a helpful built-in wallet for you to store and trade your currency.
- Kraken: Kraken is a well-regulated US-based exchange that provides you with easy to access Bitcoin trades. You can purchase currency conveniently via bank transfer (SEPA/Swift). Kraken provides a cost-effective service and is a top-rated exchange in the market, despite not supporting credit card purchases.
- Binance: Binance is one of the world’s largest exchanges. It makes trading in crypto effortless and has a dedicated mobile app to streamline the process on your phone. You can purchase crypto via your credit card, SEPA bank deposit, or via third-party payment solutions, like Simplex or Banxa.
- Bitstamp: Bitstamp is not as well-known as Kraken or Coinbase but it has been in existence for just as long. It provides a wide range of payment options when buying Bitcoin, including accessibility through your credit card. The interface is easy to use, but if you are looking at buying a variety of other altcoins in the future, you may want to stick with Kraken or Coinbase.
- Bittrex: This popular exchange is known for its advanced security measures. Sign-up for a free account within seconds and enjoy easy trading in the crypto space.
Top exchanges like Coinbase and Kraken do provide the IRS and other tax institutions information on your trades, according to regulation, so be sure to include your trades and investments on your returns.
The offers and deals available at these five exchanges are competitive. You can do more research on their websites to find the one that will suit you best.
Buying Bitcoins from an Exchange
Most Bitcoin exchanges follow the same easy protocols for trading on their platforms. Some may have unique tools and steps, but there is usually a generic process to get started:
- Create a free account on the platform: This will entail you filling in a form submission with a few of your particulars. One of the most important parts of creating your account is the creation of a strong password. The longer the password and the more symbols, numbers, cases, and letters used, the more secure it will be.
- Verify the Account: You will need to verify your account for security purposes by clicking on a link that will be sent to the email address that you provided at registration. Once this is done, will you be able to sign-in and trade freely.
- Proceed to Purchase: Select the option to buy currency from the exchange menu. It will then give you the option to choose your currency of choice. Once you have chosen Bitcoin, it will give you the option to either choose how much you would like to buy in (BTC) or how much you would like to spend (Euros/Dollars).
- Choose a Payment Method: Once you have selected an amount you wish to buy you will need to choose a payment method that suits you best.
- Credit Card: This is the easiest way to purchase Bitcoin. Simply enter your card details, verify the payment with your CVV number at the back of your card, and the transaction will conclude within 5 to 30 minutes.
- Bank Transfer: This method is a little more involved. The exchange will provide you with specific banking details to complete the payment from your online banking profile. Be sure to copy the Bank Deposit Message reference number into the payment reference section. This will automatically link your payment to the exchange profile you created.
5. Trade Order: Once your trade account has been topped up with your deposit, some of the exchanges will require you to carry out a trade order to convert the currency to Bitcoin. Go to the ‘Markets’ or ‘Buy’ menu, select to make an ‘instant order,’ and enter the amount you want to convert to Bitcoin. Before you verify the transaction, you will receive a breakdown of the trade and an approximate trade value. If you are happy, you can accept the trade.
Please note that there is a small fee charged on all transactions of this nature, which vary in value from platform to platform. Once the transaction is completed, your account balance should reflect your Bitcoins within minutes.
Selecting the Best Crypto Wallet
Now that you have bought your Bitcoin, you need to make it more useful. The easiest way to make your deposits at a casino would be from a dedicated crypto wallet. Exchanges such as Coinbase will allow you to run a local software wallet on their platform, which is often the ‘go-to’ choice for gamblers.
For ease of use, you can opt to manage your Bitcoin conveniently from your mobile device. Thankfully, there are some tremendous crypto-wallets available for both Android and iOS devices, which will make your gameplay more seamless.
Download one of the following mobile software wallet apps for the best experience available, register your details and verify the account via email or mobile phone.
- BRD Wallet: Previously known as Bread Wallet, it is the most popular bitcoin wallet for mobile phones. It is a standalone wallet backed by intense security protocols that are un-hackable. Its user-friendly nature makes it the top choice for beginners in the industry.
- Edge Wallet: This brand comes with many of the perks provided by BRD, but with the added advantage of being able to trade in cryptocurrency via the wallet itself.
- Mycelium: Available exclusively for Android, Mycelium is the best Android-specific wallet. It provides a versatile platform that integrates perfectly with many other third-party payment services.
- Jaxx: Available across device platforms, Jaxx can be found in the iStore or Google Play Store for your convenience. It is a top-rated wallet that is commonly reviewed well by users in the industry.
Top Tip: Always opt for two-factor authentication to keep your wallet secured. An authentication code will be sent to your phone each time you release a payment. Simply input the code and the funds will be released.
There are many other ways to manage and store Bitcoins safely, including on cold-storage devices, however, these solutions are usually best for investors. The way in which software wallets work perfectly suits the needs of casino goers.
Funding Your Bitcoin Wallet
To fund your newly registered Bitcoin wallet is simple and straightforward.
- Copy the Bitcoin address from your Bitcoin wallet to your clipboard. This is a long hash code that can be found on the ‘Receive BTC’ tab in the Wallet menu.
- Sign-in to your trade profile on your hosted Bitcoin exchange and request to withdraw your cryptocurrency.
- Paste your Bitcoin Wallet address into the ‘Send to’ section and release the payment.
- The funds will reflect speedily (often within 30 minutes).
Lightning! Transactions on the blockchain are usually super-fast. While the exchange you are trading with might quote a longer ETA on your funds, the currency often reflects far quicker than anticipated.
If you are releasing the funds from a desktop software account to a mobile wallet, then paste the wallet address into an email and send it to your desktop. Copy the address there and paste it in the relevant window on your hosted trade exchange profile.
Choosing the Best Bitcoin Casino
The next step in your gambling venture is to find the best Bitcoin casino to suit you! There are many exciting sites out there, including premium operators like BitStarz, BitCasino, King Billy, and more.
At GamblersPick, we have a list of top-performing Bitcoin casino sites where you can play with peace of mind and enjoy first-rate entertainment. There are a few things to consider when choosing a top operator platform.
- Licensing: The best Bitcoin casinos are licensed. Many hold the branding of the Government of Curacao. This ensures that the casino is a legitimate business founded on ethical business practices.
- Responsible Gambling: When a Bitcoin casino promotes responsible gambling and provides helpful tools to manage your gameplay better, it shows that they care about their customer base.
- Community Reviews: At GamblersPick, we pride ourselves in our community of reviewers who provide player-based opinions on the casinos they frequent and the games they play. Read a handy review on a few crypto casinos to help you make up your mind on which platform would best suit you.
- Bonuses: All decent Bitcoin casinos should offer you exciting bonuses and promotions for spending in BTC. Be sure to read through the bonus policy thoroughly to assess the fairness of the offers. See our helpful Crypto Bonuses Page for more details.
- Games: The best Bitcoin casinos will offer a wide variety of games from the best providers out there. Top names in the Bitcoin gaming world include entertainment studios like Evolution Gaming, Quickspin, BGaming, Booming Games, Pragmatic Play, Betsoft, NetEnt, and others.
A unique feature in the Bitcoin casino games world is ‘Provably Fair Gaming’. Certain sites allow players access to the gaming algorithm which will verify the fairness of each round thanks to cryptographic tools built into the game. This way, you can enjoy the games, knowing fully well that each spin or round is completely unbiased.
For more detailed information on what to expect when gambling at crypto casinos, read through our cryptocurrency casinos Page, or our helpful Introduction to Bitcoin Casinos Guide.
Making Your First Bitcoin Casino Deposit
Once you have found the ideal Bitcoin site, and have registered an account there, all that is needed to start playing is to make a suitable BTC deposit. This can be accomplished in a few easy steps:
- Head to your casino account and go to the ‘Deposit Tab’. The casino will present you with a blockchain address that is unique to your player account. Copy this address to your clipboard for easy access later.
- Proceed to your Bitcoin Wallet and choose to make a transfer. In the ‘Send To’ tab, paste your casino address code and press ‘send’.
- The cryptocurrency will be transferred in real-time.
Once the funds reflect in your casino account, you can start playing all the exciting casino games that you want.
Making Your First Bitcoin Casino Withdrawal
Of course, you play to win! You can withdraw your winnings back to your Bitcoin Wallet anytime you choose. The process is similar to that of making a deposit:
- Head to your Bitcoin Wallet and go to the ‘receive money’ tab. Copy your unique Bitcoin address to the clipboard for easy access later.
- Select to withdraw your winning at the casino cashier’s page. You can simply paste your wallet’s address into the Bitcoin address field and request the payout.
Important! Once a payment is made, it is permanent, so you must make sure that all the details are correct before making deposits or withdrawals.
One of the biggest perks of playing at Bitcoin casinos is the speed at which your withdrawals are paid out. The funds should reflect in your wallet within 5 mins but it can take up to 24 hours.
Changing Your Bitcoins for Cash
If you would like to exchange your Bitcoins for cash rewards, this can be done conveniently through the exchange.
- Fund your trade account by copying its address into your wallet’s ‘send to’ field.
- Once the funds are reflecting, you can opt to sell the currency on the platform for Dollars or Euros.
By this time, your credit card or bank account should be conveniently linked to your trade account, so you can make the payout to one of those accounts to access the funds.
Some casinos have the awesome added feature of converting your funds for you on their site. This is a handy tool that will save you some time and effort.
Our GamblersPick Pleasure
If you follow the principles in this guide, you should be up and going within minutes. While it seems like a lot to remember, it is actually quite a simple process.
Once the trading account, wallet, and casino account are set up, the hard work is done. Each deposit and withdrawal thereafter becomes easy and lightning fast!
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