Unless you’ve been out of the loop for several years now, chances are you’ve probably heard about cryptocurrencies.
So, what you may not know is that these digital assets have found their way into the world of gambling as well. That’s right.
Online casinos have embraced the crypto revolution and begun accepting Bitcoin deposits and bets. In fact, betting with cryptocurrencies such as Bitcoin is easier than you think. Still, do keep in mind that cryptocurrencies are only accepted in online casinos, like this one: https://www.bovada.lv/bitcoin
Currently, land-based casinos have been slow to adopt Bitcoin with many accepting only cards or cash payments. But all of that may change in the near future as Bitcoin and cryptocurrencies become increasingly popular.
Before we get started, keep the following in mind:
- Cryptocurrencies including Bitcoin are extremely volatile. These assets are traded 24/7 all year round and are 100% unregulated and decentralized, meaning that price fluctuations are a regular occurrence. So, when you’re betting with cryptocurrencies, keep in mind that your holdings can very rapidly devalue or appreciate.
- Gambling is illegal in some countries. It goes without saying that you should always obey the laws within your own country. For this reason, we at Crypto Ninjas do not and will never condone illegal gambling.
- Scam sites and fake casinos do exist. It is difficult to track and regulate online casinos, because of this there have been many instances of punters getting cheated by fake or scam sites. So before you transfer your deposit over, make sure that the online casino you’re patronizing is legitimate.
- Some online casinos accept more than just Bitcoin. The popularity of cryptocurrencies has encouraged online casinos to start accepting more exotic cryptos. Just be sure that payouts are available in your chosen type of cryptocurrency.
Now that’s out of the way, let’s take a look at how you can start betting with Bitcoins at your favorite online casino.
1. Prepare Your Crypto Wallet
Before you start placing bets with Bitcoin, the first thing you need to do is set up a crypto wallet. Crypto wallets are digital services or platforms that allow you to store, receive, and send cryptocurrencies of your choice.
They are free to use and give you ready access to your chosen cryptocurrency. Keep in mind that there are 2 types of crypto wallets i.e. hot and cold variants.
Hot wallets are the most common type and are best suited for sending and receiving cryptocurrencies from online casinos. Meanwhile, a cold wallet is a more secure form of storage that is fully offline. It usually comes in the form of a hard disk or USB drive.
Unlike hot wallets, cold wallets need to be bought and can be quite pricey. But if you have a large holding of Bitcoin or other cryptocurrencies, a cold wallet will ensure that your assets are safe from hackers and thieves.
2. Buy Some Bitcoins
After setting your crypto wallet up, it’s time to start buying Bitcoins. Like all other cryptocurrencies, Bitcoin is traded on specialized exchanges such as Crypto.com and Coinbase.
Both of these exchanges are highly reputable and have a proven track record of safety. Some hot wallets even come with integrated exchanges that let you directly deposit Bitcoins into your wallet.
As always, remember to only buy cryptos from trusted exchanges to reduce the risk of you falling victim to a scam.
3. Choose a Casino
Once you’ve purchased the desired amount of Bitcoin, you can start shopping around for the right casino. Thanks to the competitive nature of the online gambling scene, there are hundreds of casinos that you can choose from.
All of them offer a different variety of games you can choose from. Whether it’s poker, blackjack, roulette, or even slots, you’re sure to be spoilt for choice. The key thing is to ensure that you’re gambling with a reputable casino.
For guidance, you can always check out gambling forums or ask around within the scene. And also, be sure to check whether the casino accepts crypto payments.
4. Understand What The Rules Are
Having chosen the right casino, it’s also important for you to know what the house rules are. These range from minimum deposit requirements to payout terms. To ensure that you have a good time, read the rules and understand them.
5. Collecting Your Winnings
After winning big at the tables, you can then collect your winnings. Since you’re betting in Bitcoin, you only need to provide the casino with your crypto wallet address. Once that’s done, your winnings will be made available immediately in your crypto wallet for you to enjoy.
Closing Thoughts
Betting with Bitcoin is an excellent way for punters to grow their crypto holdings while still having a good time.
So, as is key with all forms of gambling, it’s important that you know your limits and stick to them at all times.