Beginners Guide to Bitcoin Casino Gambling

Beginners Guide to Bitcoin Casino Gambling

Our user-friendly guide to cryptocurrency gambling will help you navigate opening a crypto wallet, buying your first Bitcoin, and ease you into the entertaining world of Bitcoin gambling.

At OnlineCasinoReports we know that new technologies while exciting can also be a little overwhelming, especially when they have an impact on our wallets. With the creation of the Blockchain and the development of cryptocurrencies, there is nothing that 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 and uses a web of servers to ensure that at no time does all your information sit in one single location.

Each of these blocks is separately encrypted, storing your information in thousands of tiny vaults. By 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, more secure 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.

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 are not controlled by any government it has allowed players to enjoy their favorite hobby online without any restrictions.

It also offers instant deposits and withdrawals, 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 favorite slots, table games, and other entertaining casino games.

Finding the Best Bitcoin and Crypto Wallet

We mentioned using your Bitcoin wallet instead of using another deposit method, here is what that is. 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. Based on their online reviews here are 5 popular wallets for you to consider:

  1. Coinbase Wallet – Free. One of the most recognized names in Bitcoin and crypto storage. Low transaction fees.
  2. Exodus Crypto Wallet – Free. Accepts all major cryptocurrencies including Bitcoin and offers great customer support.
  3. Mycelium Crypto Wallet – One of the best mobile-first crypto wallet exchanges.
  4. Ledger Nano X Wallet – Purchase fee. Security-focused wallet with the option for cold storage.
  5. Trezor Crypto Wallet – Purchase fee. Considered one the most secure crypto wallet providers.

When discussing crypto wallets, you may hear references to either “hot” or “cold” storage. This simply refers to whether the storage device has internet access or not. The most secure option is “cold storage” as it is not connected to the internet. In laymen’s terms, these are nothing more than USB drives with special secure software where you enter a private pin to access your Bitcoin information.

How To Buy Bitcoin for the First Time

In order to have Bitcoin to store 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:

  1. Coinbase: You will notice that Coinbase is also listed above under the wallet section, this is because Coinbase both facilitates the sale of Bitcoin and offers its customers a wallet to store them in. This makes them the ideal starting point for first-time buyers.
  2. Kraken: They are a regulated US exchange with a great reputation for safety. The only downside to Kraken is they do not accept credit card transactions.
  3. 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.

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.

Once you have chosen an exchange to transact on following these easy steps to buy your very first Bitcoin:

  • Step 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.
  • Step 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 pay with.
  • Step 3: Make the trade – With Bitcoin selected, your purchase method locked in, all that is left to do is authorize the trade and your fiat cash will be exchanged for your first cryptocurrency!

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.

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:

  • Is the Casino Licensed? The ideal Bitcoin casino will be licensed and regulated by the Government of Curacao. As more regions nail down their legislation regarding cryptocurrencies you will begin to see the UKGC and others begin to offer the same licensing. Having this oversight in place protects you from unscrupulous operators and promises you fair play.
  • Are They Focused on Responsible Gambling? An online casino that supports and promotes safer gambling programs is the best choice for any player as it shows they care about their customers.
  • Are They Partnered with the Best Game Providers? If gaming powerhouses like Evolution Gaming, Quickspin, Playtech, NetEnt, and others offer their casino games at the casino in question they have received their seal of approval as an operator.
  • Do They Offer Good Bonuses? Here it is always best to find a balance between bonuses with good value and those with the best terms such as low playthrough requirements and unlimited withdrawals.
  • Do They Have a Good Reputation? At OCR we pride ourselves in offering fair, insightful, and unbiased casino reviews to help you make an informed decision about where to play next. We recommend reading our reviews before opening any new accounts.

One of the best features of any Bitcoin casino is the option to view “Provably Fair” gaming reports. This shows you what the gaming server result was each game you played allowing you to check the fairness of any payout and hold the casino to account personally.

How To Easily Deposit and Withdraw Your Winnings

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

To make a deposit you simply 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 favorite casino games in seconds.

The Withdrawal process is even easier!

  1. Paste the blockchain address from earlier into the ‘receive money section of your Bitcoin wallet.
  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 the Blockchain withdrawal request can reflect in your account as soon as 5 minutes after being approved by the casino. This is incredibly fast if you consider the 3-5 business days it takes for fiat currency payouts.

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