The advantages of gambling with Bitcoin are numerous. Just to name a few:
3. Fast deposits and withdrawals
If you are wondering how to start gambling with Bitcoin and make use of these adventages you have come to the right place! This article will explain in 3 easy steps how to buy Bitcoin and how to gamble with Bitcoin on your favourite gambling website.
Step 1 – Get a Bitcoin wallet
Just like every other currency you will need a place to store your coins, a wallet. A Bitcoin wallet consists of a private key for signing and sending Bitcoins and a private key for receiving Bitcoins. The person or third party which owns the private key controls the Bitcoins in the wallet. There are a couple of wallet types available, but almost all gambling websites make use of an online wallet. Online wallets are the easiest type of wallets where Bitcoins are stored by a third party (the gambling website) on their servers. You can log in to your account at the gambling website to access your coins. This means that you can access your coins from any device and that you don’t need to take responsibility for security yourself.
If you do not have a gambling account, this would be the perfect time to create one. Be sure to check out our Top 10 Bitcoin sportsbooks, Top 10 Bitcoin casinos and Top 10 Bitcoin poker sites for a reputable gambling website. All our websites do accept US players. Once you created an account go to your account settings and copy your Bitcoin address. This address should look something like this: 1LyAmbVbDJMDnrRAiupGoFjJHRTWDP
Step 2 – Find a Bitcoin exchange and trade your local currency for Bitcoin
If you are new to Bitcoin you will soon find out that there are a ton of websites where you can acquire Bitcoin. Some offer possibilities for institutional trading while others are simpler wallet services with more limited buying and selling capabilities. Exchanges, like for example Coinbase, are the best option to buy Bitcoin for online gambling, but they do require you to provide proof of identity and detailed contact information. This is simply the law in most countries an no regulated exchange can get around it, as any company interfacing with the current financial system must meet ‘know your customer’ (KYC) and anti-money laundering (AML) requirements.
Step 3 – Send Bitcoin to your gambling account
Some exchanges provide the option to send the coins directly to the Bitcoin address of your gambling account. In other cases this option is not available and the Bitcoins will be added to the Bitcoin exchange account you created. You then need to send the Bitcoin to the address in your gambling account.
Instead of sending the Bitcoins directly from your exchange to a gambling website, a lot of people recommend adding a middle man wallet between the exchange and the gambling website. This is mostly done by US citizens to avoid issues with Coinbase. If you want to add a middle man wallet you first have to choose a wallet. We recommend blockchain.info where you can create a wallet and then back it up to your computer. The login on blockchain.info will allow you easy access to your wallet and gives you the option to send and receive Bitcoin. In case you want to use a middle man wallet your buying experience will look like this: