With the introduction of Bitcoin, the world has witnessed a great deal of innovations. Not only is Bitcoin phenomenally fascinating on so many levels, but it’s its underlying technology, the blockchain, that is arguably one of the most revolutionizing inventions of our time.
The blockchain started to disrupt more and more industries (and continues to do so), and with it, Bitcoin is very much part our lives. Nowadays, there’s almost nothing you can’t buy with Bitcoin, and even better, it’s used as a legitimate payment method in many industries.
One industry that has almost completely embraced Bitcoin and its technology is the gambling industry. A great deal of online casinos were quick to implement this global electronic peer-to-peer currency, while others sprung into life overnight.
That said, there are numerous good Bitcoin casinos out there worthy of your attention, time, and money. However, regardless of you being a newbie or a more seasoned gambler, taking in all the new experiences Bitcoin-based online gambling can bring with it can be a bit overwhelming.
In this guide, we will look at some common misconceptions about Bitcoin gambling, as well walk you through all the necessary steps required in order to get started.
Getting started with Bitcoin gambling
Of course, before you get started with Bitcoin gambling, you will have to first acquire the said digital asset. Happily, there are a plethora of very good online crypto exchanges. Some of the most popular exchanges include Binance, OKEx, DigiFinex, Bit-Z, Huobi, ZB.com, Coinbase, Coinmama, Changelly, Indacoin, or use a Bitcoin escrow platform such as LocalBitcoins.
Once you’ve found an exchange that is right for you, the next thing you’ll need to take care of is finding a secure wallet for storing your private keys. You can choose from hardware wallets, online wallets, desktop wallets, mobile wallets, and even paper wallets. Needless to say that each and every one of them comes with its unique mix of advantages and disadvantages.
For example, you may find that online wallets are the most easily accessible, but they offer the least amount of protection. Conversely, if you’re really serious on keeping your cryptos safe, you can opt for a hardware wallet which offers the best possible protection, but it requires you to sacrifice a bit of versatility and accessibility.
Finding the best Bitcoin gambling sites
Once you’ve acquired and safely stored your Bitcoins, it’s time to make good use of it and start gambling. The main advantage of Bitcoin-friendly online casinos is the fact that they allow anyone to enjoy all the benefits of an online casino but without the payment delays and typical legal restrictions.
There are many interesting and appealing online casinos offering Bitcoin gambling. You could start by looking at “Top Bitcoin Casinos” articles on the Internet or use online casino aggregation sites.
Even though their offerings differ, most Bitcoin casinos have the same basic variety of games. Expect to find anything from slot games, live casino games, to dice and tables games such as poker, roulette, and baccarat.
Depositing and withdrawing Bitcoin
After you join a Bitcoin casino (and register an account), you can complete your first deposit. Typically, the process is quite straightforward, and it involves you having to deposit the desired amount in an address of a BTC wallet either automatically provided by the website, or direct via email/chat by the bookie. Once this is complete, you should be able to see the deposited amount in your account’s wallet.
The withdrawal process is somehow similar. Instead, you will be asked to provide your Bitcoin wallet’s address and enter the amount you wish to withdraw.
Security and privacy
When choosing a Bitcoin casino, security should be one of your primary concerns. You should make the time in order to read at least a couple of reviews about the casino in question. On top of that, you should aim for the casino that provides the best possible security features such as email authentication, two-factor authentication, state-of-the-art encryption protocols, and so forth.
Advantages and disadvantages of Bitcoin gambling
Cryptocurrency, in general, has a lot of advantages that work in favor of both the gambler and the operator. Bitcoin, in particular, is a very good match since it’s the world’s most valuable and important cryptocurrency to date.
One of the first advantages is enhanced privacy. Because most Bitcoin casinos won’t ask for KYC procedures, it means that users from countries where this type of activity is strictly forbidden can also take part.
It might come as a surprise, but BTC transactions and withdrawals are usually faster than traditional payment options like credit and debit card (or wire transfers, for that matter). Furthermore, the fees are almost non-existent. Even though there’s still a lot to be done in terms of regulating Bitcoin on a global scale, the cryptocurrency is still very much tax-free, meaning that there’s a good chance you won’t need to declared your winnings and pay taxes for them.
However, there are also some disadvantages worth knowing. One of the biggest drawbacks of Bitcoin gambling is related to Bitcoin’s volatile price. Even though this could work in your favor sometimes, it adds a specific uncertainty factor which can be stress inducing. Another disadvantage is the fact that Bitcoin gambling is still a bit difficult, especially for the not tech-savvy average user. Nevertheless, as cryptocurrencies become even more popular, the Bitcoin gambling industry will also become more friendly and accessible to new players.
If you’re into gambling (which can be an exciting pastime), you should be aware of all the benefits and possible cons adding Bitcoin into the equation might bring. We hope this guide to Bitcoin gambling helps you in your future best.