Betting with Bitcoin; a guide

And this is not surprising, as Bitcoins and other crypto-currencies are ideal for this environment. They are completely anonymous, significantly more secure than credit cards, they are often deposited directly into your wallet and there are usually no transaction fees.

Bitcoin is coming!

The terms faster, cheaper, anonymous and secure are obviously music to the ears of online gamblers, and online casinos are taking advantage of the same benefits. Bitcoin is the largest, most widely accepted crypto currency on the market today. Here you can learn how to gamble in a Bitcoin casino and what to look out for.

Betting Guide with BitcoinBitcoin Betting Guide

  • 1) Create a wallet

    Before you can start using Bitcoins, you need to create a wallet. This is an application that allows you to receive and spend your money. The term wallet is a bit misleading, as this gives the illusion that all your Bitcoins are collected in here. In reality, however, they are scattered across different addresses (each time you receive Bitcoins they are deposited to a new address), making them considerably more secure than your Euros in your bank account. You can easily download this wallet, on your PC, tablet and cell phone, and this is often done fairly quickly. Now you are ready to buy bitcoins.

  • 2) Buying bitcoins

    In your wallet you will find a receipt address, often accompanied by a QR code. This receipt address is randomly generated and consists of a large number of numbers and letters. It is important that you copy this address exactly, so using the QR code is very handy. If you provide this incorrectly, you will not receive your Bitcoins and you will lose your money. Then you go to an Exchange and buy Bitcoins at the rate of that moment. This rate is determined by how much the currency is being traded and can fluctuate significantly from one moment to the next. You provide your delivery address (no further personal information is required) and then pay using, for example, PayPal or a credit card. Once the payment is accepted, your bitcoins are placed in your wallet and you can start using them.

  • 3) Find a safe casino

    Unfortunately, bitcoins and other crypto-currencies are still often accepted by unlicensed casinos or casinos which cannot prove that their games are fair. If you want to be sure that your casino is trustworthy, there are some points you can check. You start with the licenses and this information can often be found at the bottom of the homepage.

    It is important that these are issued by the Dutch authorities (KSA).

    The SSL connection that the casino uses is also important, because an insecure connection means that the data you pass on can be found out by others. A reliable online casino will be happy to show what they do to offer fair play to their customers. So you should be able to find this information easily and often a full internet page is dedicated to this. If this is not the case then it’s better not to join the casino and continue your search.

  • 4) Don’t get hung up on the bonuses

    Another tip that you can use for safe Bitcoin gambling is not to focus on the amount of welcome bonuses. It is better to first check if your casino is legal before letting the bonuses factor in. Bitcoin casinos can offer higher bonuses because they too are dealing with low or no transaction fees. In addition, they don’t have to pay back any wrongly transferred money, which is the case with credit card payments. The money they save is often invested in bonuses and promotions, both for new and returning players.

    First make a list of the Bitcoin casinos that appeal to you, filter out the reliable and safe ones and then look at the bonuses. There is no point in receiving a high welcome bonus if you can’t bet it on a fair game.

  • 5) Deposit and start

    You have Bitcoins in your wallet and you have found a reliable Bitcoin casino you want to join. That means you can start now. After registering at the Bitcoin casino in question, you can transfer your money to your casino wallet. The online casino will provide you with a receiving address which again you need to copy very precisely and here you send the number of Bitcoins you want to use. You probably won’t pay any transaction fees on this and it will be available for use almost immediately. You will also receive your welcome bonus and you are ready to get started. This whole process, from start to finish, takes no more than a few hours.

    Sometimes creating a wallet can be time consuming because it needs to synchronize and it does make sense to take the time to choose your Bitcoin casino. This way you can start betting with Bitcoins safely, cheaply and quickly.