7.1 How to Get Set Up with Bitcoin
Bitcoin is a little different from other payment methods. But while you’re technically paying in a different currency from the one you want to be gaming with, it does still involve putting money into an account and making a deposit from there.
To start with, you’ll need a Bitcoin “wallet”. Major wallets include Coinbase, Blockchain, and BitGo, among others. These are your accounts into which you’ll pay your money and from which you’ll make your gaming site deposits.
Registration will vary from wallet to wallet, but you’ll probably need a few personal details and a means of payment. Once you have a card or equivalent connected to the wallet, you can make payments into the wallet.
Bear in mind that Bitcoin is highly volatile and a speculative market, and the value of your Bitcoin is likely to change rapidly with almost no warning.
7.2 How to Get Set Up for Online Gambling with Bitcoin
Once your Bitcoin wallet is set up, you need to find your online casino Bitcoin address, a string of numbers and letters separated by dashes which should be available from your gaming site account. Once you’ve found this, go to your own wallet and write in that address exactly, and choose how much to deposit. Once you confirm, in most cases, the payment will be made in under an hour.
The same applies for withdrawals – find your wallet’s Bitcoin address and input that into the gaming website as well as the amount you wish to withdraw.
7.3 Advantages and Disadvantages of Bitcoin
Bitcoin in a Nutshell
- Maximum anonymity
- Fast processing times
- Volatile currency
What are the Advantages of Bitcoin?
Bitcoin’s primary advantage is the anonymity. While you have to make payments to buy Bitcoin itself, your wallet is entirely disconnected from paying the gaming site itself, meaning there’s no chance of your payment details being at risk when making a deposit to a site. This is all part of Bitcoin’s lack of regulation – it isn’t connected to any bank, and as such has a level of freedom unafforded by other payment methods.
But perhaps more advantageous is the speed of Bitcoin transfers, as well as the convenience of set up. If the network isn’t overloaded, Bitcoin transfers are among the fastest in the industry.
Not only is Bitcoin becoming more widely accepted among casinos, some casinos are specifically aimed towards BTC (Bitcoin) users and offer larger deposit bonuses to incentivise the use of this growing currency.
What are the Disadvantages of Bitcoin?
As it’s a comparatively new currency, not all gaming sites with an online casino accept Bitcoin. This means that if you’re keen to start gambling using BTC, you should check out our interactive tool to find those which do accept it before putting all of your gaming money into a Bitcoin wallet.
Bitcoin is also very volatile as a currency. While it was relatively stable for many years, in 2017 there was a large spike of interest and value, which has affected the way Bitcoin may be used.