Bitcoins are becoming more and more popular with each passing day. Once an obscure concept, bitcoins have come out of hiding straight onto the big stage, becoming widely recognized and accepted. This popular cryptocurrency has found its application in many walks of life, but online gambling remains one of the leading areas where bitcoins thrive.
If you’ve ever wondered what bitcoins are, how to get started with them, and how to gamble using BTC, this article will provide you with a quick and concise guide on the steps you need to take.
What is Bitcoin?
Bitcoin was envisioned and created as a decentralized cryptocurrency, i.e. an alternative to traditional currencies. The idea behind it was not just to create more anonymity for the users, but also to build a financial method that would be independent of any country or physical method of insurance. Its value stems simply from the fact people around the world accept it as a payment method, and it the worth of bitcoin grows with the number of people and businesses accepting it as such.
Getting Started with Bitcoin
Back in the day, it may have been hard for someone who’s not tech-savvy to get started with Bitcoin. However, these days, it is a fairly simple and straightforward process. The first thing you’ll need is a bitcoin wallet, and you can find plenty of these by simply looking on Google or any other search engine. Some popular wallets include MyEtherwallet and Jaxx. However, the safest and most secure option is to get a hardware wallet such as the Ledger Nano S.
Once you get the wallet, you’ll need some Bitcoins to be sent to your address/wallet, which will be provided to you. You can either have someone send you some, or you can purchase bitcoins on any of the numbers of cryptocurrency exchanges available these days such as Kraken.com, Coinbase.com or Bitpanda.com. Many of them accept payments via bank transfer, VISA card or from large e-wallets, such as Skrill and Neteller.
If you buy your Bitcoins via an exchange, then you don’t really need a wallet since the exchange offer wallets for their customers. However, It’s always recommended to get your own wallet since there is always a risk that these exchanges get hacked and you lose all your funds (see the MT Gox scandal)
Bitcoin and Gambling
Once you have some money in your Bitcoin wallet, it’s time to find a reliable casino that will let you deposit and play in BTC. There are quite a few good Bitcoin casinos out there, such as Bitcasino.io, Loki Casino, and Bitstarz.
Once you take your pick, you can quickly create your account and then proceed to transfer funds from your wallet to the online casino. The process is very simple and straightforward, as you’ll just need to provide your wallet address and confirm the transaction. Within a couple of minutes, the money will appear in your cashier on your Bitcoin casino account, and you’ll be good to go.
A lot of casinos will offer a free casino bonus for UK players, but if you’re lucky you can collect free spins if you’re from other countries as well.
Pros & Cons of Gambling with Bitcoin
There are quite a few upsides of gambling using bitcoins. Deposits and cashouts are fast, you’re often not required to send in any sensitive documents, and you can keep your transactions private. Additionally, players from restricted countries such as United States are able to play on Bitcoin casinos because of the anonymity. In simple terms, if you use a VPN when gambling, the Bitcoin casino can’t tell from which country you are playing, therefore allowing players from restricted countries. This is kind of a grey area, but it works.
The biggest downside is the fact that bitcoin has a tendency to fluctuate quite a bit. So, if you keep your gambling bankroll in BTC, you could lose a significant chunk of its value overnight simply due to bitcoin worth going down. Of course, things can also go the other way, with bitcoin value going up, and all of a sudden you have more money available to you. Especially if we are to believe John MacAfee who predicts that Bitcoin will reach $500 000 per coin in a couple of years.
Overall, if you don’t mind some volatility, bitcoins represent a very interesting and convenient option for online gambling. As long as you stick to reputable BTC casinos like ones mentioned here, there is really nothing to worry about at this point in time.