Bitcoin and its other cousin cryptocurrencies are steadily gaining popularity among online gamblers. As much as there is still a big gap between the conventional methods of transacting money and cryptocurrencies, it would be foolish to ignore this legal tender that is growing at a quick pace. The fact that it is being used in some casinos both online and offline ones as well gives every gambler something to ponder about concerning this currency. Read BTC casino reviews for more details on the advantages of using bitcoins in online gambling.
It goes without saying that you need access to a PC, MacBook or another device that can help you connect to the internet. A secure and robust Wi-Fi connection is also essential since all these transactions are done online.
Before you can even establish whether you are eligible for a bitcoin wallet or not, you need to know whether or not you have access to bitcoins if you were to purchase them. Luckily, you can find these online from a variety of trusted vendors. Take your time to research on these to avoid losing money to online scammers.
Open a Bitcoin Wallet
A bitcoin wallet is what is used as a storage for bitcoins. It is equal to a bank account. Go online and search for your preferred software. Once you are on the page, find the sign-up button and complete the registration details. Make sure you create a super strong password. All your wealth may probably rely on it.
Details like your email and your phone number are very crucial. They are used in the two-step recovery process in case your account security is breached, and you need to restore it. Be sure to input those details that are valid, and you use frequently. Other ways in which you can open a bitcoin wallet are available here.
Create Your Bitcoin Address
Your bitcoin address can be generated using a few steps. Unlike the email, you can only use an address once. Every time you need to make payments using bitcoins, you will be required to generate a new one. Once this is completed, you receive a QR code that you will be needed to scan if you’re using your wallet on a mobile gadget. If however, you are making a bet using your PC, when making the payment, you will select the option of paying as a client then follow the instructions to seal the deal.
Buy Your Cryptocurrency
The moment you have a bitcoin wallet and address; you are now eligible for a bitcoin purchase. Your regular bank account needs to have enough money to support this process. Choose a platform that you would like to get your bitcoins from and make the payment through with the use of a visa card or optionally make a direct transfer of funds to the seller. You will then receive your new currency equivalent to the money you wired to the company selling you the bitcoins, sent via your address.
As a safety precaution, you have to dig deep into the internet and other relevant sources of information to get to know the legitimate and legal bitcoin vendors.
Use The Bitcoins to Gamble
At this point, all you will have to do is visit your preferred online gambling site. Be sure to research about the credible places available. Register as a bookmarker account which will enable you to send and receive funds. Deposit funds to this gaming account and verify your address then return to your wallet to authorize that transaction.
You will have to click the send funds button then copy the address to which the money is being directed to. Add the amount of money you are transferring to the bookmarker account you had registered previously. Proceed to accept the confirmation message and the funds will be successfully transferred. Now you can place your bets and play as many games as you would wish, or as the casino restricts.
Now you should know that a majority of gambling sites do not require you to set up an account with them to participate in the live games and bets. They provide a wide range of games that are payable through bitcoins. On your side, you will select the wager you want to participate in, then enter the address to enable transaction of fees to take place. Once you win, you will also be required to key in your address so that the funds can be sent to your bitcoin wallet.
It is evident that the process of setting a bitcoin account can take quite some time, but in less than fifteen minutes, you can have it up and running. The use of this system to play games is picking up swiftly because players are assured of security and the transaction process is less tedious unlike when you have to use a bank account as a medium to send your betting funds.
Safety is another aspect that should prompt you as a gamer to use bitcoins for staking. The manner in which processes are completed swiftly using bitcoins makes the gambling process entertaining and somewhat compelling to engage in.
Finally, keep your personal log in details to yourself. Sharing the password and other critical information may result in a fraud which may not be easy to track as it will be considered to be an inside job. With all these things in line, you are ready to begin the new era of online betting.