If you are joining a casino that deals in cryptocurrency you may have a few questions. Although Blockchain casinos are gaining popularity, Bitcoin is still a relatively new type of currency. So it is no wonder that gamers looking to use Bitcoin for their gambling ventures may get a bit confused about deposits. After all, utilizing a virtual currency is not like a simple bank transaction. There are other steps involved. You also need to beware of scams as they are more common for Bitcoin users. So if you doubt the journey your virtual currency makes to your casino account, here is a simple guide that can show you the right way with no hassle.
Step One: Buy Bitcoins
Obviously, you cannot deposit Bitcoin into a casino account if you do not have it. So first off, let’s look at how to acquire the digital coinage. If you happen to already have Bitcoins in your possession you do not have to worry about this step. There are only two viable ways to garner Bitcoins: exchange or online. Exchange utilizes cash and provides you with the option to buy Bitcoins from a seller. This is a physical transaction with an independent seller. There are many sites out there that can connect you to the nearest sellers to your location. Sellers decide their rates and have a varied amount of Bitcoins available for purchase. Once you find the one with the best rate as well as the amount of coinage you want the transaction is a go. They will provide you with an account to deposit the money in and you will provide a receipt so they will deposit your Bitcoins. Online transactions utilize a virtual market. The market serves as a middle man on the deal. Rates fluctuate depending on the value of Bitcoins and the exchange site you use. The transaction is identical to using cash except online transactions will go through the marketplace. Online transactions are a lot quicker and easier to complete, but the sites will charge a fee for processing the transaction. This is an extra cost that physical cash transactions do not include. No matter what type of purchase you choose, both exchange types will require you to have a Bitcoin wallet.
Step Two: Get a Bitcoin Wallet
Step two (or step one if you already have Bitcoins) is a fundamental part of using Bitcoins for transactions. This is because the wallet will be used by the seller you buy digital coinage and the casino you deposit money into. Virtual casinos use a lot of transaction options for their members. Major credit cards, traditional wire transfers, and e-money transfer services. The Bitcoin version of these transaction types is called a wallet. Wallets are storage units that allow you to both keep and protect the virtual currency. They use blockchains to keep out unwanted access so your funds will only go through you. This is necessary because Bitcoin is a decentralized currency. As such there are no real rules set. Scammer and hackers can do a lot of harm which is why security is necessary. The wallet also serves as the transaction medium. It is where companies go to access the Bitcoins you are selling, and the source they contact to deposit Bitcoins you purchase. You cannot deposit any cryptocurrency into a virtual casino if you do not have a wallet. Now most casinos that deal in Bitcoins can create a temporary wallet to house your funds. This works in a pinch but is not an ideal solution. You want a wallet of your own from a trustworthy source. One that offers top-line protection for your funds. A temporary wallet may not have the degree of protection needed to safely house your winnings. It also cannot facilitate transactions with other sources. If you do use a temporary wallet the option to create one will be on the cashier page.
Step Three – Make the Deposit
A Bitcoin deposit into an online casino is very easy. It is just like any other type of transaction. Once you find the cashier page click the deposit button and several tools will open up to aid you. Each of these tools facilitates a different kind of financial transaction. You want the Bitcoin tool. Once you select the tool simply follow the prompts. You will have to fill out a small form to provide verification information. After the casino verifies you it will issue you a private address to make the deposit. The address will either facilitate the deposit directly once you grant it access to your wallet, or you will need to go into your wallet and manually request the exchange. Either way, the deposit will be made, funds transfer, your casino account will show the load-in, and you will be given a receipt. Rinse and repeat for any future transactions. Withdrawals are done the same way. The only difference is the casino will be transferring currency to you. So when you cash out in Bitcoin you will take the same steps.
Words of Warning
It is a risk to use Bitcoin because of its decentralized status. There are plenty of scammers out there that will pose as sellers with nothing to sell. So make sure you vet every seller and casino you plan to do business with. Make sure sellers have good reviews, a strong reputation, and come from a trusted source. Never just pick one at random without doing some homework. When you are looking at casinos, make sure they have properly licensed from a government authority. If they do not have certification or licensing they are not legit and will take your money. Also, pay attention to reviews and ratings. Sure, the casino may be legitimate but that means nothing if the overall experience is terrible. A final thing to pay attention to is game availability. Bitcoin-based games and casinos are still in their infancy. There are not a lot of them out there. This can limit your gaming experience, especially if you choose a casino that does not carry many Bitcoin options. Always makes sure the casino you plan to join has a wealth of games that accept digital coinage. Do not just look at slots either, also look for RNG table games. If you are depositing Bitcoin you want a return of investment, so make sure the casino can provide that.