How to Gamble with Bitcoin: The Ultimate 2018 Guide
Are you currently sitting on a quantity of Bitcoin and thinking about trying your luck at an online casino? Well before you do, make sure that you read my ‘How to Gamble with Bitcoin’ guide in its entirety. I am going to show you everything you need to know – from getting started with a wallet, choosing the right casino and of course, how to withdraw your winnings.
By the end of reading it, you will have a comprehensive understanding on why crypto-casinos are causing grave disruption to traditional operators that focus purely on fiat currencies such as USD/GBP/EUR. This mainly centres on the casino’s ability to facilitate anonymous gambling, transparent gameplay and instant deposits and withdrawals – something that conventional operators are unable to match.
Let’s start the ‘How to gamble with Bitcoin’ guide by looking at these benefits in greater detail.
What are the advantages of gambling with a Bitcoin casino?
To understand why the masses are now transitioning over to the world of cryptocurrency gambling, it is highly relevant to first take a look at the standard process with a fiat online casino. The initial stage will require the player to open an account, whereby they will need to provide a range of personal information. I have listed the minimum requirements that fiat casinos must ask for.
- Full name
- Full address
- Country of residence
- Date of birth
As you will see from the above, the player needs to submit a lot of private information. However, the intrusions don’t stop there. Upon registering an account, the play will then need to verify the information that they have provided. To do this, they must the upload a range of documents such as a passport and proof of address.
If you momentarily take a step back, think about how you transact in the real-world using cash. Whether it’s a trip to the supermarket, butchers, local restaurant or even to a nightclub – when using cash you are able to transact without revealing your personal information.
On the flip side, imagine repeating the same process and not only having to give the salesman your private information, but then subsequently having to back this up with documentation. That’s not a system that anybody wants.
As a result, the regulatory burdens that traditional online casinos enforce on their customers is nothing but intrusive. And here’s where crypto-specific casinos differ. When a player decides to start using a Bitcoin casino for the first time, all they need to provide the platform is an email address.
No name, address, date of birth or nationality – just an email addresses that is needed in the case of a forgotten password. Furthermore, as the player is not required to reveal their identity, that also means that there is no KYC (Know-Your-Customer) process.
Note: KYC is an industry-wide term that demands an individual to confirm their identity by uploading various documents
Now that we’ve covered anonymity, the next part of our ‘How to Gamble with Bitcoin’ guide is going to look at security and speed.
Security and speed
A further advantage to gambling with Bitcoin over fiat currency concerns security and speed. Firstly, when using a traditional online casino, the most commonly used payment method is a debit or credit card. All the player needs to do is enter their long 16 digit card number, along with their expiry date and CVV. After that, the deposit is normally credited to the player’s account straight away. However, here lies an underlying issue.
Cyber-crime is now a multi-billion dollar industry, with bad actors constantly finding new and improved ways to defraud centralized systems. One of the key attractions to cyber-criminals is the acquisition of a victim’s sensitive financial information – notably debit or credit card details. As a result, there are some clear security risks when entering your bank details on to a website.
On the contrary, when depositing funds using cryptocurrencies such as Bitcoin, all of these security risks are alleviated. The reason for this is that the player does not actually need to directly provide the crypto-casino with any of their payment details. Instead, they simply make a transfer from their external Bitcoin wallet, straight in to the wallet of the casino. The only person that has access to this wallet is the person that holds the private keys, which would be the owner of the Bitcoin.
When it comes to speed, crypto-casinos also come out in front. When attempting to withdrawing funds from a traditional fiat casino, the end-to-end process is highly inefficient. You might remember how I mentioned earlier that player’s need to upload a variety of documents prior to making a withdrawal? Well, this can sometimes take up to three working days.
The delays do not stop there, as one the payment team authorize your request, you are then at the mercy of your payment provider. In most cases, mainstream banks take between three-to-five working days to process a merchant refund, meaning you will have to wait at least a few days before the funds are returned to your account.
Bitcoin withdrawals are in stark contrast to these deficiencies, by a considerable amount. When the player makes their withdrawal request, the vast majority of crypto-casinos process this automatically, meaning that you should receive your funds within a few minutes. A Bitcoin transaction normally takes 10 minutes before it is confirmed as valid, so you shouldn’t ever have to wait longer than this before receiving your winnings.
Fairness is guaranteed
The final advantage that we wanted to discuss in our ‘How to Gamble with Bitcoin’ guide was with regards to the fairness of the games offered. When playing at a traditional fiat casino, the operator keeps all of their internal gameplay data behind closed doors. In a nut shell, this means that there is no way to guarantee that the games on offer are not being manipulated to benefit the casino.
Although this might sound extreme, a simple Google search will illustrate the point further. Time and time again we hear about online casinos rigging the games they offer, with there being no mechanisms in place for players to ascertain this for themselves. Once again, Bitcoin casinos completely alleviate these concerns through the installation of something called Provably Fair.
A Provably Fair protocol is a highly complex piece of technology that guarantees that each and every gaming outcome to true and fair. For example, if an online casino was offering the player a house-edge of 97% on a particular slot game, then the Provably Fair protocol would guarantee that this was the case.
As the underlying technology is supported by cryptography (just like Bitcoin), there is no way for the casino to manipulate the outcome. Moreover, the outcome cannot be pre-determined by the casino either. Sound good right? Well talk can at time sound cheap – however in the case of Provably Fair, everything can be independently verified by the public.
This is because each gaming outcome that the Provably Fair protocol generates is completely transparent. All in all – for the first time in online gambling history, there is no requirement for the player to trust that the operator is playing fair.
So now that you know the advantages of crypto-casinos and why they are severely disrupting the industry, the next part of our ‘How to Gamble with Bitcoin’ guide is going to discuss how you can get started.
How to Gamble with Bitcoin – Getting Started
If you like what you have read about the many benefits that cryptocurrency casinos bring to the player, but you are still unsure how to gamble with Bitcoin, the section will guide you through the process.
Make sure you have some Bitcoin in a personal wallet
Although this might sound like an obvious thing to say, before you can get started on your Bitcoin gambling journey you will need to make sure you have a personal wallet funded with Bitcoin. If you tick both of these boxes – simply move on to the next section.
If at this stage you don’t actually own any Bitcoin, the easiest way to obtain it is through an exchange. The safest, easiest and most popular Bitcoin exchange is called Coinbase. They allow users to purchase coins using conventional payment methods such as a debit/credit card or bank account.
When it comes to selecting a Bitcoin wallet, there are literally hundreds to choose from across both desktop and mobile devices. The most popular options are either Jaxx, Coinomi, Electrum or Exodus – however there might be others that you prefer.
Once you have your wallet set up, the next thing to consider from our ‘How to Gamble with Bitcoin’ guide is which casino to choose.
Choosing a Bitcoin Casino
So now that you have a personal wallet loaded with Bitcoin, it’s now time to go and choose a casino. There are now more than a hundred online casinos that specialize purely in cryptocurrency deposits and withdrawals, so competition is fierce. Moreover, you also need to decide what type of Bitcoin gambling you want to engage with.
This can range from traditional table games such as blackjack, roulette or craps, slots, sports betting or poker. It is also possible to gamble with Bitcoin at a casino that facilitates live dealer. This is where an actual real-world person deals you your card, without any need for you to leave the comfort of your own home!
We at Crypto-Gaming have tested, evaluated and subsequently reviewed practically every Bitcoin casino currently in operation. We have managed to narrow down the best operators to just five casinos and four sportsbooks. The good thing is that most of the operators we recommend cover all of the above gambling products, meaning that you can remain on a single platform for all of your betting needs.
It is probably best that you take a few moments to check out what each of the casinos offer, as we have provided a full independent and impartial review on all of them. This includes things such as support cryptocurrencies, withdrawal times, what games are available and the availability of promotions. Once you have chosen a casino, you can then move on to the next step of our ‘How to Gamble with Bitcoin’ guide!
Now that you have chosen one of our recommended casinos, proceed with the account opening process. Don’t forget, you won’t need to provide the casino with anything other than a username, password and an email address. If you are unsure how to open an account with your chosen casino, check out the review section of our website, which gives you a step-by-step guide on what you need to do.
One you’ve gone through the 30 second process of opening an account, you will then need to make a deposit. Within the deposit section of your newly created casino account you will find your unique Bitcoin public address. This is like a bank account number and sort code, meaning that nobody else has access to your specific address. As the Bitcoin address will be a long alpha-numeric number, it is best to copy it to your clipboard.
Once you’ve done that, head over to your personal Bitcoin wallet, paste in the recently copied wallet address and transfer the funds across. As we mentioned earlier, Bitcoin transactions take approximately 10 minutes before they are confirmed. However, most crypto-casinos are happy to credit a player’s account on 0 confirmations, so you should be able to start gambling with your Bitcoins straight away.
Now that we’ve covered the deposit process, the final part of our how to gamble with Bitcoin guide is going to discuss the withdrawal of funds.
Now that you’ve played around with the website and (hopefully) made some profit, it’s now time to cash out! The process is as straight forward as the above deposit procedure, however in reverse. Once you go in to the payments section of your casino account, select the withdrawal option.
In most cases, the Bitcoin wallet address that you used to fund your account will automatically pop up. This means that all you need to do is enter the amount of Bitcoin that you want to withdrawal and click on submit. Crypto-casinos normally process Bitcoin withdrawals instantly, so you should receive your winnings back in to your personal wallet within 10 minutes.
Finally, once your personal wallet displays your recent withdrawal, you can either leave them there for safe keeping or alternatively – convert them back to your local currency. If you decide to choose the latter, then the easiest way to do this is through Coinbase. You can simply transfer the Bitcoin over to your Coinbase account and then request a bank account withdrawal.
Conclusion – How to Bet Online with Bitcoin
And that concludes our ‘How to Gamble with Bitcoin’ guide. If you’ve read it from start finish, you should now have all of the tools necessary to take the crypto-casino plunge. As you will have hopefully ascertained, the advantages of choosing a Bitcoin casino over that of a traditional fiat casino are endless.
Not only do they allow players to remain anonymous, but they also facilitate instant deposits and withdrawals. Moreover, the underlying technology also ensures that each and every gaming outcome is transparently true and fair.
Ultimately, if you really like the sound of using your Bitcoin (or other cryptocurrencies such as Ethereum or Ripple) to gamble online in a safe and secure eco-system, then we wish you all of the luck in the world! Don’t forget, if you need any guidance on which casino or sportsbook to use, feel free to check out our small list of recommendations.