Anyone who has played at an online casino, on some level, appreciates the convenience it provides. From instant-play Bitcoin casino games to easy payment, playing online offers a lot more than winnings.
Nowadays, to add more to the fluidity of online gambling, casinos are starting to accept cryptocurrency. It’s not uncommon to see Bitcoin on the list of payment methods in most operators. Some casinos even specialize in Bitcoin slots and will only accept the currency for any transaction, showcasing the advantages of Bitcoin in gambling.
Despite Bitcoin becoming mainstream, not every casino offers this option. Also, not every player is familiar with the method. Lucky for you, it’s not a difficult process. It’s actually a lot easier than you think. This article will tell you how to deposit with Bitcoin and why it’s a good idea.
Why Bitcoin and How Does It Work?
Bitcoin first launched in 2009 as a payment system. Enthusiasts at the time generated virtual currency on their computers in the form of solved equations. The complexity of those equations escalated over time, pushing Bitcoin to the state of trade-only.
People prefer to use Bitcoin due to its anonymity. The transactions you make are hassle-free and untraceable. In some cases, paying with Bitcoin is much easier than any other method. For example, online casinos.
While buying Bitcoin isn’t taxable, selling them is. The IRS recognizes cryptocurrency as property. So, if you make money from an exchange, the capital gain warrants income tax.
What You Need to Deposit into a Bitcoin Casino
In case you didn’t already know, you first would need some Bitcoin. The good news is, it’s not that hard to get some. There are many ways you can get your hands on a little crypto, enough to start having fun and play Bitcoin casino games.
Bitcoin circulates in a P2P system, so it’s possible to purchase them from other people. Your friends and family can also send them to you. The Bitcoin received this way is not subject to tax.
There are also exchange platforms where you can trade for cryptocurrency. They function like a stockbroker, except much simpler. Mining is still an option, but not as viable as ten years ago. Considering how much resources one Bitcoin needs, you can forget about it altogether.
Get a Bitcoin Wallet
To remain elusive, Bitcoin needs its own hiding spot. You need a special wallet to store them, and there are two types: cloud and software wallets.
The cloud, or web-based storage, is easier to use and gives you an account in seconds. You won’t need to provide any personal or financial information. All they ask is an email and a username. Some of the best sites include the following:
The other option is downloading a software wallet. These are a little less convenient than their web counterparts but more secure. You can use any of the apps below:
- Bitcoin Core
- Jaxx Liberty
- Atomic Wallet
Depositing into a Bitcoin Casino
After setting things up and fattening your wallet, you’re ready to go. Now, you don’t have to look for a Bitcoin casino, though it does simplify things.
Regular online casinos who have BTC as a payment method allows you to deposit and play with crypto. Thinking of where to play? Players can check out these wolf-themed casinos and cyberpunk-inspired online casinos.
First, create an account at a Bitcoin casino. Some operators give you a temporary wallet to store your currency if you don’t already have one. While it will allow you to play right away, it’s best to get an official storage as soon as possible. Some of the popular BTC casinos include BetCoin Casino, CloudBet, and Vegas Casino.
Second, find the “deposit” button and click on it. If it’s a regular online casino, click on the Bitcoin option on the list of payment methods.
Once you’re in this step, you’d need to get the casino’s bitcoin wallet information. This is the wallet address. Use it to transfer from your Bitcoin account into the casino’s.
In most cases, there will be a form you need to fill out to confirm your payment and the amount being sent. Once the transaction has been verified, the amount you sent will show up on your gambling account. Meanwhile, you can also follow these steps if depositing in a dApp casino.
Last, pick a game you’re good at and start punishing the casino for keeping you waiting. Don’t forget to claim the welcome bonus before unleashing your wrath. This is the extra BTC that comes with your deposit.
While you can deposit with Bitcoin, keep in mind that you can also withdraw it. Some casinos allow you to receive your winnings in cryptocurrency even if you cashed in with real money.
Doing this can earn you Bitcoin without having purchased it anywhere else. The downside of it is you are exposed to exchange rates. An untimely conversion can turn your winnings into losses, if you’re not careful. Not to mention there is usually a fee of up to 2% for such withdrawals.
Are There Any Disadvantages in Using Bitcoin?
As convenient as Bitcoin is, there are some downsides. The most obvious is that it’s hard to count. One coin is worth around $6,800, so you’re not playing around with a whole piece at a time. The result is a whole bunch of decimals that are prone to confusion.
You also have to consider how volatile Bitcoin gets. Like any other digital currency, Bitcoin is susceptible to downswings and even crashes. One can never be sure if his crypto will be worth as much tomorrow as it is today.
* * * *
Bitcoin can take a while to get used to, but it’s worth a try. Imagine doing whatever you want with your money without anyone keeping track or judging your financial decisions. That’s the feeling players get when they’re spinning away on those Bitcoin slots. At the same time, consider making minimum deposits in Bitcoin casinos.
Following the above steps will get you up and running in minutes. One thing to keep in mind is that each casino has different crypto regulations. Some will even charge a fee, so it’s best to read their T&C first. Now that you know how to make a deposit into a Bitcoin casino, it’s high-time you learn how to make a withdrawal from a Bitcoin Casino.
If you’re interested in getting an updated 2020 list of all Bitcoin casino reviews for this market, check out the casino review section.