The cryptocurrency niche is red hot. In 2009, Satoshi Nakamoto reinvented how we transact by inventing Bitcoin. More than a decade later, Bitcoin easily ranks as the #1 most popular cryptocurrency. What many viewed as a fad is now causing positive disruptions in the finance industry and other multi-billion-dollar sectors such as online casinos.
Today, we focus on Bitcoin as a mode of payment in the online casino industry. It is the latest online trend, with tens of casinos popping up either offering Bitcoin and other cryptocurrencies or mixing with the fiat currency.
This Bitcoin gambling guide shows you how to gamble with the currency. From purchasing to depositing and claiming bonuses such as the Ice Casino 25 euro bonus, this guide covers everything.
BITCOIN 101 – What Is Bitcoin?
A quick primer for anyone who doesn’t know what Bitcoin is. This is a digital currency. Unlike fiat currencies (traditional government-issued currencies), Bitcoin only exists on the internet.
No company, agency, individual, or government controls the Bitcoin ecosystem. This makes it completely decentralized. It also lets the price of Bitcoin be determined by users, fluctuating depending on the demand and availability.
Since 2009, the value of Bitcoin has risen tremendously, going from a fraction of a cent to an all-time high of $60,000. That equates to an appreciation of more than 60,000%.
Bitcoin is minted online by a special group referred to as “miners.” All the accounting or transactions take place on a public ledger called a “blockchain.” And to transact, you’ll need to have a wallet – which you will use to store your Bitcoin.
Creating a Wallet
A wallet is what it sounds like – a medium that stores/hold your Bitcoin. It acts like your PayPal, Skrill, or any other eWallets you can think of. Bitcoin wallets can either be cold or digital. Cold wallets are those that store Bitcoin offline, while digital wallets are those that store Bitcoin on the internet.
There are plenty of wallets you pick from, which include BitPay, Electra, and Ledger (this is for cold storage). Open an account at any of these wallets and then purchase your Bitcoin.
Purchasing Your Bitcoin
Once you have a wallet, purchasing your Bitcoin is next. This is done on exchange sites. Many such platforms exist, but I highly recommend Gemini, Kraken, Coinbase, or Binance. They are all reputable platforms and have hundreds of millions of users.
To purchase Bitcoin on an exchange site, you’ll have to follow the steps below:
- Open an account at any one of the exchange sites.
- Link your preferred source of funding for the exchange. It could be wire transfer, through PayPal, or any other option that’s available at the site and which suits you.
- Fund your account.
- Purchase Bitcoin from any one of the users. This is done by sending the fiat currency in exchange for Bitcoin.
Fund Your Wallet
Once you have Bitcoin in your exchange account, send the Bitcoin directly to your wallet. How do you do this? It’s simple. Copy the unique wallet address and paste it into the exchange’s send section. Enter the amount and confirm send.
It’s Time to Fund Your Online Casino Account
If you’ve successfully managed to fund your wallet, you’ll have to repeat the same process when depositing to your online casino account.
- Log into your online casino account.
- Click on the deposit button.
- Select Bitcoin as the payment method.
- Copy and paste the unique address to your account.
- Log into your wallet.
- Click send and paste your unique Bitcoin address.
- Enter the amount.
- Confirm the transaction to complete transacting.
You are now ready to start playing real money games using Bitcoin.
Advantages of Bitcoin as a Payment Method
Why should anyone choose Bitcoin over traditional currencies while playing at online casinos? Because it offers unmatched advantages. Here are a few examples.
The lazy and FUD reporting on Bitcoin casino games is real. I’ve read articles published by all sorts of people – including some operators – selling the notion that Bitcoin is 100% anonymous.
The truth of the matter is, it isn’t. Ask some of the drug-pushing cartels how they ended up behind bars. They’ll gladly tell you they believe that using Bitcoin to do their dirty business is what put them there.
However, Bitcoin casino gaming is pseudonymous. This is much more private than traditional bank wire transfers, credit card payments, and other fiat transactions.
Traditionally, eWallets used to offer “lightning fast” transactions. This would take up to 24 hours in some cases to clear. With Bitcoin, you can withdraw your winnings within minutes or hours.
Zero Transaction Fees
From the casino’s side, there are usually no fees on Bitcoin transactions. You may, however, have to pay a small fee on the Bitcoin exchange site. This small fee is the “miners” commission for dedicating their resources to ensure you have the Bitcoin.
Transactions Cannot Be Blocked
In some countries, especially where there are vague laws on online gambling, transacting using fiat currencies is a hassle. Some banks or even eWallets won’t allow you to deposit or withdraw money to or from your casino account. Since Bitcoin is decentralized, you can transact seamlessly without these roadblocks.