As we all know, Bitcoin is a common payment option in the gambling field. There are now tens of crypto casinos where gamblers can deposit and withdraw in Bitcoin. However, crypto casinos offer multiple benefits, such as low fees, swift transactions, and privacy. But how does a newbie start crypto gambling?
This guide will discuss all you need to know to get started at a Crypto casino. Moreover, we simplify the guide so you understand all the principles in one quick read. Stick around to learn about crypto casinos and how they work.
Bitcoin and Crypto Casinos Explained
We can’t dive into how to start at a crypto casino if we don’t know what it is. This section discusses both Bitcoin and crypto casinos. This way, you know how transactions work and understand the principles better.
So, what does Bitcoin mean?
The crypto asset is a digitized currency that allows transactions between peers without intermediaries like banks. These transactions are done on a Blockchain. The Blockchain traces and records all the transactions to ensure they are secure. As a result, Bitcoin provides a safe and anonymous way to deposit and withdraw funds
Crypto Casinos And Their Benefits
Crypto casinos allow gamblers to pay in cryptocurrency. Besides the payment method, they are similar to regular casinos. Regular and crypto casinos offer the same games and features. However, the difference in payment options impacts several benefits.
Benefits
Here’s how accepting crypto payments sets it apart from regular online casinos:
- Privacy Crypto casinos promote anonymity. They let players access all their favorite games without revealing personal information. Unlike other contemporary options, cryptocurrencies are more coveted. Hence, your information can’t get in the wrong hands.
- Airtight Security Thanks to Blockchain technology, crypto transactions are near-immune to hacks. Hence, playing at a crypto casino means your transactions are safe.
- Low Transaction Fees Crypto has much lower fees than typical payment options. Hence, playing at a crypto casino saves money.
- Swift Transactions Long waiting times are foreign to crypto casinos. You can deposit and withdraw all funds within a few minutes without delay.
Drawbacks
While crypto casinos have several perks, they have flaws as well. Considering these flaws gives a rounded perspective. This way, you know what joining a crypto casino entails. Here is a concise list:
- Volatility Bitcoin’s value fluctuates. When the asset value drops, it affects the size of winnings or deposits. Volatility is a significant deal breaker for many gamblers.
- Regulatory Concerns The regulation of cryptocurrency varies in different regions. Hence, crypto casinos might only be open to some players. If your region is against cryptocurrency, it is best if you steer clear to avoid any complications.
- Security issues While cryptocurrency is safe, improper storage can result in increased risks of fraud and theft. Ensure that you only use trusted exchanges and wallets. Engage in scrupulous research about the crypto exchanges and wallets before using them for transactions.
- No Consumer Protection A perk of cryptocurrency is the lack of intermediaries. However, this means that consumers don’t get protection like they get from banks. Customers have to figure out navigating the crypto space on their own. As a result, there are limited resources if anything ever goes wrong.
Why Research and Preparation Is Important
You now know what Bitcoin is and the perks of crypto casinos. Let’s explore why research and preparation are pivotal. This section covers integral aspects of getting started at a crypto casino. They require extensive research, and the criteria you should look out for:
Researching Reputable Crypto Exchanges
You need a crypto exchange to buy Bitcoin. But what is an exchange? It is where you convert cash to crypto and trade assets. However, not all crypto exchanges are great for beginners. That said, it is necessary to research reputable crypto exchanges. Here are factors to consider when selecting an exchange:
- FeesFees are an important factor to consider when dealing with Bitcoin purchases. Different exchanges have varying fees. When you are researching, consider how much fees the exchanges charge. Lower fees are better, so scout for exchanges that suit the criteria.
- SecurityCrypto casinos with 2FA and other security measures take precedence. Ensure the exchange you pick prioritizes security to protect your funds.
- User-friendly InterfaceUser-friendly casinos stand apart from all the other options. You can visit the exchanges and inspect their user interface. Search for intuitiveness and accessibility. When a crypto exchange is difficult to navigate, it contributes to a poor experience.
- Customer SupportA platform with 24/7 responsive customer support values its users. As a beginner, you might get tied up in confusing situations. You must choose a platform with reliable customer support. This way, you get the help you need whenever you are on their platform.
Top Five Crypto Exchanges
While there are several exchanges on the market, these have consistently outperformed others. Plus, they are well-suited for beginners. Players don’t need to know cryptocurrency to navigate these sites properly.
- BitrexBitrex is famous for its extreme security measures. The platform protects its players’ information and funds. You can get a Bitrex account in a matter of seconds. You can start trading different currencies once you register an account.
- KrakenKraken is a US-regulated website that offers users easy access to Bitcoin. You can buy the digital currency through the mainstream payment options. However, Kraken doesn’t support credit card payments. However, this is only a minor setback, and Kraken remains one of the best exchanges for gamblers.
- BinanceThe biggest centralized crypto exchange is Binance. The platform makes crypto trading seem easy with its approachable interface. Binance streamlines its interface to suit all the essentials, and you can access it via a mobile app. You can get Bitcoin on Binance using your credit/debit card, bank deposits, or other payment solutions.
- BitStampBitStamp is the least popular crypto exchange here. Yet, it works as well as all the others. The platform provides seamless Bitcoin transactions. Although BitStamp is a quiet platform, it is as effective and reliable as the others on this list.
- CoinbaseMany gamblers fancy Coinbase. Users can buy various currencies with credit cards, debit cards, and bank transfers. Moreover, the platform is easily navigable, so they won’t have problems finding integral features. Many use Coinbase as their exchange and wallet to experience seamless transactions.
Buying Bitcoin: Understanding the Legal Regulations
Understanding the regulations that surround Bitcoin purchases where you live is vital. These regulations differ across regions. Some regions have strict laws, while others are lenient.
Research on licensing requirements, related taxes, and policies. You can learn your region’s stance on Bitcoin by searching cryptocurrency on major news channels. This way, you can see if there have been any restrictions you probably didn’t know.
How to Get Bitcoins On A Crypto Exchange
It goes without saying that you need Bitcoin to play at casinos. So, how do you get it? This section answers the question nicely. Here are the generic processes you need to follow to get started:
Step 1: Register an Account
The very first step to owning a Bitcoin is registering an account. This process requires a couple of details about yourself. Most often, the required information includes your email. Once you have entered the email you prefer, you have to create a strong password. The longer the password with symbols, numbers, letters, and cases, the more secure it is.
Step 2: Verify your account
For added security, you have to verify the email account you provided. This step involves tapping on a link sent to your email address. Once you tap on this link, the registration is complete, and you can log in to your account and start to trade.
For most centralized exchanges like Binance, you might have to undergo identity verification. This process requires your National ID before you can partake in crypto transactions.
Step 3: Make A Purchase
Choose the option to buy crypto from the exchange menu. Tap on the currency (Bitcoin) you want to purchase and input how much Bitcoin you want.
Step 4: Make Payment
After picking the amount of Bitcoin you want to buy, the next step is to pay. You can play by selecting one of the many payment options available. You choose which suits you best. The standard methods are credit/debit cards and bank transfers. Ensure you verify if the exchange you select supports your preferred option.
Step 5: Trade Order
You can fill your account with cash and convert it to Bitcoin using a trade order. This process is relatively straightforward. Once your exchange account is funded, go to the market or buy a menu and select instant orders. Under Instant orders, the exchange offers a breakdown of the trade. If you are okay with it, you can proceed with the transaction.
Note: These transactions might seem overwhelming especially as first timers. However, it gets easier over time. Once you know the rhythm, it is as easy as brushing your teeth. Also, note that these transactions typically come with a small fee. Usually, the costs are small. Once the fee is deducted, your Bitcoin will appear in your exchange account in minutes.
How to Set Up A Hot or Non-custodial Wallet Fast
You need to set up a crypto wallet to fund your casino account. These wallets offer you sole control over your funds. They also provide add-on services like staking and lending.
Many of these wallets are easy to use. You can manage all your Bitcoin-related transactions from a mobile app. Plus, there are several available crypto wallets for iOS and Android users. That said, here is how to set up a crypto wallet in a few minutes:
Step 1: Choose a Wallet App
Pick your preferred wallet app and download it on your desktop or smartphone. Several wallet options are compatible with both interfaces.
Step 2: Create An Account
This step is near-seamless. You don’t have to input personal information, so it takes a couple of seconds to complete. You have to create a security measure such as facial recognition and fingerprint.
Step 3: Note Your Seed/Recovery Phrases
Joining a hot wallet generates 12 phrases that correspond to your private key. These phrases are vital. You can’t retrieve your account if you lose your login credentials without the seed phrases. Hence, you have to store the phrases well.
Below, we provide potential options. Download any of the crypto wallets. Register and verify your account with an email or phone number.
You can store Bitcoin through cold wallets, too. However, these methods are better fits for investors who hold Bitcoin for a long time. Since playing at a crypto casino involves regular transactions, options such as hot wallets are more flexible.
How to Fund A Bitcoin Wallet?
After registering your Bitcoin wallet, the next step is a waterslide. Every Bitcoin wallet is unique. However, the basis of transactions is the same across all platforms. The grounds for funding a Bitcoin wallet is a Bitcoin address. This address is a bit like a bank account number. Here is how to invest your Bitcoin wallet in five easy steps:
- Copy the wallet’s Bitcoin address to your clipboard. This address is a long hash with numbers and letters. It is usually found in the “Receive BTC” tab in the wallet’s menu.
- Sign in to your exchange (the platform where you had bought the Bitcoin earlier). On the exchange, request to withdraw your Bitcoin.
- Paste the Bitcoin address from your wallet to the “Send to” space on the exchange to fund your account.
- Once you input the right address, your funds reflect almost immediately. Usually, the waiting time might vary from a few seconds to thirty minutes.
If you are funding your mobile account with a desktop exchange, you might run into the issue of how to get the Bitcoin address across. While you can take each character on the wallet address and write it, it can be exhausting. Instead, you can send the address via email and copy it from there to use in your exchange.
How to Set Up A Custodial Wallet?
Custodial wallets that offer convenience, speed, and lower transaction fees. The crypto wallets are anchored to an exchange for a seamless trading process. Moreover, there is a reduced risk of losing your account as there are no seed phrases. The wallets come with built-in password recovery.
This option is suitable for beginners because of its hands-off approach. There is no need for multiple downloads. The exchange is the one-stop shop for all Bitcoin transactions. That said, here is how to set up a custodial wallet:
Step 1: Find A Trusted Platform
Finding a trusted platform is an essential first step. The best platforms are secure and protect your funds & information. Moreover, they present insurance against loss and offer low fees and bonuses.
Step 2: Sign-Up
Once you have selected a platform, register. For most platforms, you can register on a desktop or mobile device. Create the account by entering your email address alongside a strong password. Unlike with non-custodial wallets, these exchanges require more personal information. You might also have to enter a code sent to your number and present a photo of your ID for verification.
Step 3: Fund Your Custodial Wallet
Your account on the exchange acts as a wallet. On the exchange, you will see lots of assets. Tap on Bitcoin. You can find it through the search feature. Once you find the asset, you can fund it by tapping on the option of “Buy” or a related prompt. Pick a payment option to process your payment and get your Bitcoin instantly.
How Can You Choose the Best Crypto Online Casino?
More and more online casinos in the industry are embracing different payment options. These days the crypto gambling field is packed; hence, choosing the right casino might prove difficult. However, the following are essential factors to consider before you choose a Bitcoin casino:
1) Customer Reviews
All decent Bitcoin casinos have a reputation. The first red flag is a casino with many negative ratings and reviews. You can read up on reviews online. We recommend visiting trusted review platforms and watching out for customer reviews. These reviews offer a rounded overview of the Bitcoin casino’s perks and flaws.
2) Games
The best Bitcoin casinos have exciting selections of games. Whether engaging in slots or tactical table games, the casinos host thousands of games. Moreover, quality and variety are equally as important as quantity.
Bitcoin casinos with excellent software providers often have the best games. Examples of the providers include Games Global, Evolution Gaming, Pragmatic Play, and others.
3) Licenses
The best crypto online casinos have licenses. The licenses are typically from the Curacao government and the UK Gambling Commission. A licensed crypto casino is trustworthy and is more likely to ensure fair play.
4) Responsible Gambling
These tools improve gameplay and ensure players don’t go overboard. A Bitcoin casino with responsible gambling tools is a platform that cares. So, look out for casinos with responsible gambling tools.
5) Bonuses
Good online casinos provide bonuses for Bitcoin deposits. You want an online casino that offers exciting offers for choosing Bitcoin as a payment method. However, you must assess the details of the offers. While some present massive amounts, they are impossible to win. Hence, the bonus is practically meaningless.
Some top-tier operators are Bitstarz, BitCasino, MyStakes Casino, and Lucky Block. There are several other mentions. These casinos feature lucrative bonuses and intense loyalty programs. We have some casinos that offer a welcome bonus of 1BTC! Do proper research to get the best offer on the market. The casino you choose goes a long way in determining your gambling experience.
How to Make A Bitcoin Deposit at a Crypto Casino?
You must fund your casino’s account to start playing at a crypto casino. This section discusses how to fund your account with Bitcoin. The process is straightforward. Here is how to go about the process:
- Find the deposit tab on the casino’s site. Usually, this prompt is at the top right corner next to your balance. Click this tab and copy the Bitcoin address that pops up. This Bitcoin address is unique to your casino account.
- Go to your crypto hot wallet to fund your casino account. When you open the account, you will find a “Send to” space. In this space, paste the unique Bitcoin address from your casino account. After you confirm it is the correct address, tap send.
- In a couple of minutes, your casino account will reflect the deposit you have made. Now, you can start gambling and scoring wins. Most online crypto casinos have an extensive selection of games, so you can go wild exploring them.
How to Make A Crypto Casino Withdrawal in Bitcoin?
You would get enough to withdraw if you played long enough. Thankfully, withdrawing is similar to how you made the deposit. Let’s show you how:
- Open your Bitcoin wallet app and tap the “Receive” option
- Copy the address that appears on your clipboard.
- Visit the casino and locate the cashier. Paste the Bitcoin address you copied earlier to the provided field and request a withdrawal.
Note that once payments are made with cryptocurrencies, they are permanent. Hence, ensure the details are correct before processing transactions. This way, you prevent any losses. Moreover, one impressive perk of crypto casinos is instant withdrawals. Winnings are paid out in less than a day. This timeframe rivals all the other contemporary payment options, which usually take much longer.
How to Convert Your Bitcoin Wins to Cash?
A crypto exchange is needed to convert your Bitcoin winnings to cash. The exchange you show depends solely on your preference. However, ensure the exchange is trustworthy and well-known. Here are steps that you can take for a seamless conversion:
For non-custodial wallets:
- Fund your trade account on the crypto exchange by inputting its “receive” BTC address into your wallet’s ‘send to’ field.
- Once the funds get to your exchange, you can sell the BTC on the platform for your currency.
For custodial wallets:
Converting Bitcoin to cash is a seamless process with custodial wallets since your exchange is also your wallet. It is the same process as above except for step 1. Once you put your “receive” wallet address into the space provided for payout on the casino, your exchange account gets the funds. From there, you can opt right to step 2 and get your cash.
You can payout from the exchange via your credit card or bank account. By now, the account would have been linked when you bought Bitcoin using either method. Some exchanges offer to swap your BTC for cash on the platform directly without needing to trade. It is another factor to consider when choosing an exchange.
If you got this far, you know all you need to know about navigating a crypto casino. You can make a deposit and even request a withdrawal. This section explores all the major tips to have at the back of your mind.
- Be security conscious: Cryptocurrency might be a safe space. However, there are countless ways fraudsters and hackers can get the upper hand. Stick with trusted and well-known platforms. Several exchange scams try to imitate actual exchanges. Once you make a deposit, they disappear with it.
- Play what you are ready to lose: Gambling can be addictive. Resist the temptation. Craft a budget of money and time that you hope to stick to. Don’t chase losses. Don’t enjoy yourself at the expense of your pocket or time. When you reach your set budget, disengage. This way, you don’t get sucked in or develop problematic gambling habits.
- Choose Quality over Quantity for Games: While more games can tremendously improve your gaming experience, the quality is more important than the quantity. One way to gauge if a casino offers quality is to browse through its software providers. Crypto casinos with good sets of software providers usually have the best game selections.
- Choose reputable crypto casinos: Since this field is relatively new, several fraudulent crypto casinos are masquerading as actual casinos. When you are on a search for a crypto casino, examine the options available. Ensure that the site you want to go for doesn’t have foul intentions. This way, you save your time and money.
- Protect Your Seed Phrases: Whatever you do, don’t tell anyone what your side phrases are. It includes the casino. The information can be used to infiltrate your wallet and take away your wins.
Final Thoughts
Crypto gambling changes how gamblers engage with online casinos. Now, gamblers can experience faster withdrawal times and more anonymity. Soon, more Bitcoin casinos will launch. The casinos will provide better offers and more inclusive gaming options. While the future is exciting, we must remember to gamble responsibly. Stay safe!
