While gambling is a fun way to pass the time, most of the thrill of playing casino games comes from putting real money on the line and winning some of it back. That’s why there are so many online resources like https://www.gambleonlineaustralia.com/deposits/ on how to withdraw and deposit money into your gambling account. But what if you want to use bitcoin to gamble? How do you deposit, bet and cash out this digital currency? Bitcoin, which was first introduced to the online gambling scene in 2012, has recently become a popular transaction option among gamblers. Below we look at everything you need to know to use bitcoin to play your favorite casino games.
Setting up a Bitcoin Wallet
Before you start worrying about depositing bitcoins, you need to create an online bitcoin wallet. Think of it like your online PayPal or bank account; it only owns digital currency, in this case bitcoin. Most popular and trusted sites that offer Bitcoin wallets feature encryption to keep your wallet balance and personal information safe and private.
Buying Bitcoin
After setting up a bitcoin wallet, your next step is to buy some bitcoins. Your options include shopping the open market for good deals or shopping through your wallet’s official website. To buy bitcoins, you must provide your name, physical address, and credit card number. The process of “purchasing” actually involves exchanging US currency for digital currency.
Your bitcoins are loaded
You already have a loaded bitcoin wallet, which means you can use them to gamble at your favorite casino site. The next step is to load some bitcoins into your player account. Instead of entering your credit card details as you would when using regular currency, you need to enter your bitcoin wallet address and preferred deposit amount. It shouldn’t take more than a few seconds for the casino site to process the deposit request. You can play now.
Bitcoin Value
The value of a single bitcoin often fluctuates depending on factors such as market volatility. However, it is always over $100 and has stayed well above that mark for many years. But what if you don’t want to bet $100 on a casino game? It’s not always possible to bet $100 or more, especially if it exceeds your budget.
Fortunately, technology allows you to deposit fractions of bitcoin. Some online casinos even offer the option to play with bitcoin in terms of familiar currencies such as USD. You can bet .001 BTC, but you can view, calculate and cash out your winnings in USD. In fact, you will still be gambling with bitcoin, but represented in a currency you understand.
Withdrawal with Bitcoin
Did you win something? Cashing out Bitcoin is as simple as making regular withdrawals. Start by selecting the amount you want to withdraw and enter your bitcoin wallet address. The operation must be completed immediately.
Final Thoughts
Gamblers and gambling sites have been moving towards cryptocurrency over the past few years, and now you can use bitcoin too. The attractiveness of this currency is that bitcoin transactions usually do not require any commission. When they do, these fees are highly controlled. Bitcoin deposits and withdrawals are also instant, allowing you to receive and use your funds as you wish. Withdrawing a bitcoin cash only takes seconds. But perhaps the biggest benefit of using bitcoin is the security and anonymity it provides. Built on blockchain technology, your bitcoin wallet is encrypted for anonymity and online security. You don’t have to worry about your personal or financial information being stolen.
CaptainAltcoin’s writers and guest post authors may or may not have an interest in any of the projects and businesses mentioned. None of the content on CaptainAltcoin is investment advice, nor is it a substitute for the advice of a certified financial planner. The views expressed in this article are those of the author and do not reflect the official policy or position of CaptainAltcoin.com.
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