Deciding to begin gaming in an online casino can be confusing, and so is the decision to use Bitcoin. It can be a daunting prospect to some people, and it’s not good to take it lightly.
Learning a few things about online gaming and bitcoin is vital for punters who want to combine the two. Taking some time to learn and prepare yourself is wise. Whether you are currently using bitcoin or you are an online gamer who wants to start gaming in casinos that accept bitcoins, we have curated several tips for you.
Learn about bitcoin and understand how it works
Unlike online casino that uses typical methods of payments, the first thing you need to do if gaming with bitcoin is doing a proper research. It is crucial to have some knowledge about what bitcoin is, how it was created and how it works.
Bitcoin is not like the normal currency that bettors use in online casinos use. It has its learning curve. It is an unregulated, decentralized digital currency. This means that no nation maintains or governs it, and no banking authority oversees it.
Since it is a digital currency, you cannot see it or touch it. It relies and operates on cryptography and algorithms. Users have to believe in the math to start using this currency.
Bitcoin utilizes a thing known as blockchain to ensure its information and transactions are safe. Once a block is added, no one can access or penetrate it. If someone tampers with the block, the whole chain of blocks will collapse as a safety measure. The blockchain technology is becoming very popular and is being used in big industries such as hospitals for record-keeping.
Understand the risks involved
Both online gaming and investing in bitcoin come with some cons.
Mostly, the main concern among online gamers has to do with the security of the finances and the safety of their details. However, if you start using bitcoin as the main method of payment, you will reduce this risk. However, note that bitcoin is a very volatile currency. Its value can change several times in a day. There are times it is stable, but sometimes it can spike or plummet.
Majority of individuals worry that if it plummets below the original value, they purchased it, they will lose the cash they invested. Note that you can reverse or insure bitcoin transactions because of its unregulated nature and blockchain. If you accidentally send someone your bitcoins or someone gets access to your wallet you might never recover them.
Know how to purchase and sell bitcoin
If you are planning to use bitcoin in an online gambling platform, you need to learn how to purchase and sell the cryptocurrency. If you are not a bitcoin owner, you need to know how to purchase it to start gaming with it.
Some research on the ways people buy Bitcoin and factors to consider when looking for a reputable bitcoin broker is important if you want to buy and sell the currency. The most common way of purchasing and selling bitcoin is by bitcoin exchanges.
These are websites on the internet that allow every user to conduct P2P (peer to peer) transactions. They are mostly simple to use and fast.
You begin by depositing a specific amount of your legal tender, also known as fiat currency into the exchange account. You can now proceed to purchase the Bitcoins the deposit can purchase. If you have attached a wallet to the exchange, the bitcoins you’ve bought will appear there.
Knowing how to use an exchange is crucial.
Choose a bitcoin wallet that suits you
Having a secure, safe and accessible wallet is crucial if you are planning to buy or use bitcoin. Depending on your frequency of visiting online gaming websites, the wallet should differ. The types of bitcoin wallet range from ultra-accessible to ultra-safe. Your priorities and habits will determine the compatibility of your wallet. The more accessible a wallet is, the more susceptible it is to theft and hacks. However, you can use a wallet structure. This is where you keep an offline hardware wallet and an online wallet to make it easy to access your currency for gambling and receiving payments.
Types of wallets one can choose
- Online exchange wallet – It is the most basic type and the least safe. You will not find them in every exchange website out there but can be found in most popular Bitcoin exchanges. Although they are very convenient if you are a frequent user, they can be very risky as well.
- Online 3rd party wallets – These are some of the most convenient wallets. However, the host is a 3rd party website which means that if your exchange got hacked, your wallet would be safe. Your information such as keys and passwords are store in that website which increases vulnerability in case the site is attacked.
- Hardware wallets –These are known as the most secure wallets but not very convenient to access and use. They connect to your PC via USB drive. You can only access your bitcoin when connected and attached. If you would love to have total control over your bitcoin, this is a suitable option.
Check the laws in the area you live
As said earlier, Bitcoin is an unregulated and anonymous currency which means that there are no laws that allow or regulate its use. As long as you are not conducting illegal activities such as dealing drugs or money laundering, you are safe to do whatever you like with your bitcoins.
However, you should still check the local laws since some nations have started to regulate bitcoin use while others have banned the use of cryptocurrencies completely.
On the other hand, there are laws regarding online gaming. Most nations have legalized online gambling, and there are regulations and guidelines in place to ensure that it is done safely. If a nation has made online gaming illegal, the online casino that is offering the services gets punished in most cases and not the gambler. However, it is still important to go through the gambling laws in your country to be on the safe side.
Find a reputable bitcoin casino
After learning how to buy and sell bitcoin, your next step is to find a reputable online casino that accepts payments through bitcoins and start betting with your bitcoins.
Note that although bitcoin use in online use is becoming more popular, not all casinos accept bitcoin payments. Fortunately, there are many great websites that you can find online that accepts bitcoins as a currency of payment.
Bitcoin online gaming sites not only accept payments via bitcoin but also reward players with sign up bonuses that range from a match-up bonuses to the deposit amount to free spins.
You can locate an mobile casino that accept bitcoin by reading online reviews. Many trusted sites review bitcoin casinos and can even rank them using several factors such as the number of games, bonuses and more. You choose the casino you like from the reviewed ones depending on your needs.
The safety and anonymity of Bitcoin mean gamblers love it. This is increasing its popularity in online casino websites. The above tips will help you if you are planning to use bitcoin in online gaming.