While gambling is a fun way to pass time, much of the thrill of playing casino games comes from putting real money on the line and winning back some of it. This is why there are so many online resources like these https://www.gambleonlineaustralia.com/deposits/ on how to withdraw and deposit money to your gambling account. But what if you want to use bitcoin to gamble? How do you deposit this digital currency, wager with it, and cash out? Initially introduced to the online gambling scene in 2012, Bitcoin has recently become a popular transaction option among gamblers. Below, we look at everything you need to know to use bitcoin to play your favorite casino games.
What you'll learn 👉
Setting Up a Bitcoin Wallet
Before you even begin to worry about depositing bitcoin, you need to create an online bitcoin wallet. Think of this as your online PayPal or bank account; only it holds digital currency, in this case, bitcoin. The most popular and trusted sites that offer bitcoin wallets feature encryption to keep your wallet balance and personal information safe and private.
Purchasing Bitcoin
Once you set up a bitcoin wallet, your next move is to buy some bitcoin. Your options include shopping on the open market for good deals or buying through your wallet’s official site. You will need to provide your name, physical address, and credit card number to buy bitcoin. The “buying” process actually involves exchanging US currency for the digital currency.
Loading Your Bitcoins
You now have a loaded bitcoin wallet, which means you can use them to gamble on your favorite casino site. The next step is to load some bitcoins onto your player account. Rather than enter your credit card information as you would when using regular currency, you will need to type in your bitcoin wallet address and a preferred deposit amount. It should take no more than several seconds for the casino site to execute the deposit request. You can now play.
Bitcoin Value
The value of a single bitcoin often varies, depending on factors like market volatility. However, it is always more than $100 and has remained well above this mark for many years. But what if you don’t want to bet $100 on a casino game? It is not always feasible to place a $100 or more bet, especially if this amount surpasses your budget.
Luckily, technology allows you to deposit bitcoin fractions. Some online casinos even offer the option of playing with bitcoin in terms of familiar currencies like USD. You can place a .001 BTC bet but see, calculate, and cash out your winnings in USD. Essentially, you will still be gambling with bitcoin but represented in a currency you understand.
Withdrawing with Bitcoin
Did you win something? Cashing out bitcoin is as simple as making a regular withdrawal. Start by selecting the amount you wish to withdraw and enter your bitcoin wallet address. The transaction should be completed immediately.
Final Thoughts
Gamblers and gambling sites have been moving toward cryptocurrency over the last few years and now you can use bitcoin too. The appeal of this currency is that one, bitcoin transactions do not typically involve any fees. When they do, these fees are highly manageable. Bitcoin deposits and withdrawals are also instantaneous, allowing you to receive and use your funds as you wish. A bitcoin cash out takes mere seconds to execute. But perhaps the biggest benefit to using bitcoin is the safety and anonymity it provides. Built on blockchain technology, your bitcoin wallet is encrypted for anonymity and online safety. You don’t have to worry about your personal or financial information being stolen.
