Beginners Guide to Bitcoin Casino Gambling in 2022

This guide covers the basics of crypto gambling sites, including a list of the best Bitcoin casinos for online gambling. Next, learn about the advantages of Bitcoin for online casinos, including aspects of anonymity, games fairness, and special crypto promotions. Finally, learn how to get a crypto wallet and exchange fiat money into BTC.

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Overview

At OnlineCasinoReports, we know that while exciting, new technologies can also be a little overwhelming, especially when they impact our wallets. With the creation of the Blockchain and the development of cryptocurrencies, nothing meets these criteria more than Bitcoin.

We have put together this simple to use and easy-to-action guide to gambling with Bitcoin at any of our recommended crypto casinos. Follow these simple steps, and you will soon be gambling like a digital currency pro.

What is Bitcoin and the Blockchain?

The Blockchain is a new technology that divides your information into thousands, if not millions, of tiny blocks of data. It uses a web of servers to ensure that at no time does all your information sit in one single location.

Each block is separately encrypted, storing your information in thousands of small vaults. Securing each bit of data and spreading it across multiple servers makes it impossible for any hackers to steal your data which is why the Blockchain is the world's most secure online platform, safer than even your bank!

Bitcoin is a digital online currency that exists exclusively on this super secure network. There is a limited supply of Bitcoin, which coupled with the fact that no country controls its use, no bank sets its value (we the users do), and it is unhackable has made it one of the world's most popular and valuable commodities.

Note: While we speak about Bitcoin as a single unit, you do not need to purchase an entire "Bitcoin" to get into the market. Much like any other currency, cryptos are broken down into smaller increments. All you need to do is decide how much you want to spend in your local currency, and the exchange will put the equivalent Bitcoin value into your account.

Gambling Online with Bitcoin

For online casino fans, sports bettors, and gambling enthusiasts from around the world, Bitcoin has been a game-changer. Thanks to its secure servers that any government does not control, players can enjoy their favourite hobby online without any restrictions.

It also offers instant deposits and withdrawals, and little to no fees as traditional banks are involved in the payments and create the opportunity to win in a currency that holds far more growth potential than any fiat currency on the planet.

With all this new technology, the process of playing casino games with Bitcoin is the same as if you were playing in your local currency.

You fund your player account using the Deposit tab (selecting your Bitcoin wallet rather than your credit card), enter how much you want to deposit, and fund your account. You can then use those funds to play your favourite slots, table games, and other entertaining casino games.

Deposit and Withdrawals

The most impressive part of this experience is how the online casino industry has allowed players to transact using Bitcoin without changing any core mechanics.

To make a deposit, you need to:

  1. Visit the banking section of the casino
  2. Copy the unique blockchain banking address
  3. Open your Bitcoin wallet and 'send' your deposit amount to the blockchain address

Your casino account will now be funded in real-time by your Bitcoin wallet, allowing you to play your favourite casino games in seconds.

The Withdrawal process is even more straightforward!

  1. Paste the blockchain address from earlier into your Bitcoin wallet's receive money section.
  2. Visit the banking section of the casino and enter your withdrawal amount
  3. Select your Bitcoin wallet as the withdrawal option

Thanks to the peer-to-peer magic of Blockchain, withdrawal requests can reflect in your account in 5 minutes after being approved by the casino. Withdrawal times are incredibly fast if you consider the 3-5 business days it takes for fiat currency payouts.

Pros & Cons

Pros
Very Fast payments.
Anonymity and Privacy.
Low fees.
Highly Secured.
Cons
High volatility.
Shaky legal status.

Tips

How To Choose the Best Bitcoin Casino? Now that you have followed the steps to becoming a new Bitcoin owner, the time has come to test the waters of crypto gambling. We always recommend that you consider the following when choosing where to bet your Bitcoin:

Getting Started

How To Buy Bitcoin for the First Time - Once you have chosen an exchange to transact on, follow these easy steps to buy your very first Bitcoin:

1 Open your free exchange account

As with any financial account, select a strong password and keep the information private. Also, ensure your email is correct as it is used to verify your account.

2 Select Bitcoin from the menu

Once verified, access your exchange account, and select Bitcoin as your preferred currency. Now select the banking method you want to play with.

3 Make the trade

With Bitcoin selected, your purchase method locked in, all that is left to do is authorize the transaction, and the crypto-exchange will exchange your fiat cash for your first cryptocurrency.

4 Ensure the transaction was approved

Once your transaction has been approved, your exchange account will reflect your new Bitcoin balance within moments. If you are not using Coinbase with its built-in wallet, be sure to transfer your balance from the exchange to your wallet as soon as possible.

Bitcoin Casino vs Standard Casino

Before choosing an online bitcoin casino, take your time to review their differences. Here are key differences to consider:

Bitcoin Casino Standard Casino
Deposit Bitcoin and Cryptocurrencies Deposit regular FIAT Currency
Very High-Level Security Good Level Security
Transparent and Fair Games Transparency is lacking
Top Bitcoin Casinos

Want to learn more about Bitcoin Casinos? Visit our Bitcoin Casinos guide where you find the top BTC Casinos rated and reviewed by our experts.

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Crypto Wallets

Finding the Best Bitcoin and Crypto Wallets: We mentioned using your Bitcoin wallet instead of using another deposit method, much like depositing at a casino with an eWallet like PayPal or Neteller, you will store your digital cash in a crypto wallet. These online wallets can be safely downloaded for use on your home computer and your mobile phone. When discussing crypto wallets, you may hear references to either "hot" or "cold" storage; This refers to whether the storage device has internet access or not. The most secure option is "cold storage", which is not connected to the internet. In plain terms, these are nothing more than USB drives with special secure software where you enter a private pin to access your Bitcoin information. Based on their online reviews, here are five popular wallets for you to consider:

Coinbase Wallet

Free. One of the most recognized names in Bitcoin and crypto storage. Low transaction fees.

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Exodus Crypto Wallet

Free. It accepts all major cryptocurrencies, including Bitcoin, and offers excellent customer support.

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Mycelium Crypto Wallet

Mycelium Crypto Wallet is one of the best mobile-first crypto wallet exchanges.

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Ledger Nano X Wallet

Purchase fee. Security-focused wallet with the option for cold storage.

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Trezor Crypto Wallet

The Trezor Crypto Wallet comes with a purchase fee; however, it is considered one of the most secure crypto wallet providers.

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Bitcoin Exchanges

To have Bitcoin stored in your crypto wallet, you first need to acquire some. The simplest way to do this is to head over to a cryptocurrency exchange and buy some. An exchange is just another term for an online market where people buy and sell crypto. The top 3 exchanges for buying Bitcoin online are:

Coinbase

You will notice that Coinbase is also listed above under the wallet section. Coinbase facilitates the sale of Bitcoin and offers its customers a wallet to store them in, making them the ideal starting point for first-time buyers.

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Kraken

They are a regulated US exchange with an excellent reputation for safety. The only downside to Kraken is that they do not accept credit card transactions.

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Binance

One of the world's largest digital exchanges, Binance serves as a global hub for Bitcoin and other cryptocurrency sales. Best of all, they accept credit cards, SEPA bank deposits, and third-party solutions such as Simplex.

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FAQ

Bitcoin is a cryptocurrency (or blockchain), an electronic currency generated through encryption techniques. It is "money" that is a completely decentralized form of crypto as it does not have a central authority to control it.

Bitcoin or Crypto wallets are digital accounts designed to hold, send, and receive encrypted digital currency. When using Bitcoin as "money", you would generally store your purchased Bitcoin and then transfer it from your wallet as you would any other currency.

Get a Bitcoin or Crypto wallet and buy Bitcoin with any currency using your preferred payment methods such as Credit Cards, EFTs, Bank Transfers or others. You can also buy, sell and transfer Bitcoin from one another. For example, anyone with a Bitcoin wallet can sell to another Bitcoin Waller Holder.

Yes, You can convert crypto Money to any foreign currency. You can also turn your crypto-currencies into your preferred traditional cash. Then, you may spend it anywhere and for anything you want.

A few countries have declared Bitcoin and cryptocurrencies as illegal payment methods. However, most of the world agree that crypto coins will be the future of all types of payments. Some countries have even created their own national crypto money. The trendy creations of a national cryptocurrency signify that cryptocurrencies will dominate the traditional ones.

Yes, several countries like Canada, Algeria, Bolivia, Ecuador, Bangladesh, Nepal, Cambodia, Iran, Vietnam, Thailand, and Jordan do not allow cryptos of any form. Those restrictions are because these countries have a common characteristic of being relatively weak IPC (Income Per Capita) compared to the rest of the globe. For example, India has banned crypto banking transactions but does allow residents to store and trade them.

No. The primary advantage of using Bitcoin and altcoins (alternative coins) is tax-free. In addition, Bitcoin is decentralized and controlled by the blockchain network; therefore, cryptocurrency transactions cannot be tracked. It cannot be tracked by financial institutions, organizations, or government authorities, including banks and central banks.

One of the "problems" with Bitcoin is that there is no personal control at any step of the blockchain process. Instead, all crypto transactions are processed according to pre-defined software algorithms. As a result, the actual Bitcoin owners control the Bitcoin network.

Curacao licenses most crypto casinos under the Antillephone license. You can check your casino by looking for the flag logo of this regulation.

Yes, most online cryptocurrencies trading platforms or wallet services allows you to exchange Bitcoin with other crypto coins and traditional currencies. Once you have registered with one or more of them, you can start converting your crypto coins.

No, Bitcoin is not like a physical written form like Treasury Bonds, Foreign Currencies, or Stocks. However, like any currency, Bitcoins can be stored physically as algorithmic series of numbers in digital wallet gadgets.

Yes. Due to its crypto nature, all the transactions are being made anonymously and do not include personal information. However, you can only purchase or receive crypto-money in a digital online wallet account. Remember that this will require you to prove your identity at that e-wallet website server.

At this point, you don't need to provide your personal information for Bitcoin money, and you can deal in bitcoin currency through a single email ID. There is a chance that soon governments will implement legal regulations to this type of currency to make it acceptable across all domains and stakeholders in today's modern world.

Yes. Like real money gambling, you can get bitcoin without spending your money when you sign up for an account with bitcoin casinos. However, when taking advantage of such offers, promotions, and bonuses, be ready to abide by the terms and conditions.

In general, because the background of the technological infrastructure is under their complete control (and they may adjust your winnings and payouts), an online casino to cheat you. However, when it comes to "Provably Fair Gambling," all the games' payouts are controlled in an independent and transparent way, so players do not face any manipulation on their winnings.

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