How do I Use Bitcoin for Online Gambling?

Online gambling has been around almost since the birth of the internet. It’s really brought the community of people who enjoy a healthy wager together. And now, with the entrance of bitcoin and other cryptocurrencies, online gambling has become funner and more profitable.

After reading this article, you’ll probably want to go find the best bitcoin gambling site for you.

https://cryptomaniaks.com/bitcoin-gambling-sites

Now let’s dive into the practical, one-two-three steps of how to use bitcoin for online gambling

Bitcoin online gambling -- the Basics

Let’s say you’ve read that soccer is recovering post COVID. Now you’d like to start keeping up with the season again and placing bets. You’ve gone to the link above and found one of the 13 bitcoin gambling sites that suits your needs. So how do you get started?

The first step is to acquire bitcoin or another form of cryptocurrency. You have several options here.

  • A crypto exchange. This is the easiest option. All you need to do is pass some simple KYC verification by uploading your ID. Then you’ll be all set to acquire crypto.

  • You could also try to acquire crypto anonymously. This usually involves meeting  a seller in person. If you choose this method, be sure to be careful about who you meet and where you meet them. Public places with plenty of people around is usually a good thing.

  • A third option is to buy some with your credit or debit card. Buying crypto with a credit or debit card will incur some heavy fees -- since the seller takes the risk that you might go back on your deal with a chargeback. But it is an option to investigate.

Bitcoin Online Gambling -- Store Your Crypto.

After acquiring your crypto you’ll want to store it. You can automatically deposit it with the bitcoin gambling site, but what if they also want to give you BTC back when you withdraw your winnings?

You’ll want to set up a secure storage method for your crypto beforehand. That way you can deposit and withdraw from the safety of your crypto wallet.

There are several methods:

  • On an exchange. You can easily deposit and withdraw crypto on the exchange you bought it from. This is the easiest method but it might not be the safest. The crypto community has seen plenty of exit scams with crypto exchanges. So be sure to be one of the best and most reputable ones if you take this method.
  • Mobile phone wallet. Plenty of mobile phone wallets exist that allow you to transact with your cryptocurrencies just the way you like. Some are more secure than others, so be sure to do your research and find one that is not only compatible with your phone but also with your lifestyle.
  • Hardware wallets. These are wallets that look like a USB stick. They function in much the same way, storing your crypto offline so that no one can access or steal it unless they have the physical drive in their hands.

Bitcoin online Gambling -- Have fun With Your Crypto!

Once you’ve purchased and stored your cryptocurrency, you can finally start having fun. All you need to do is follow the instructions of the bitcoin gambling site you chose.

They will have specific instructions on how to deposit, what the limits are, and any fees that might go along with it.

Speaking of limits. Before you win big, be sure to read the terms and conditions of the bitcoin gambling site you’ve chosen. Some of them can hide some withdrawal limits in there that may make your life a misery.

Some bitcoin gambling sites put limits on how much you can withdraw each day, week, and month. That means if you win big you could be stuck withdrawing for a long time...and if the price dips during that time then your winnings could evaporate.

Best thing to do would be to stick to one of the thirteen bitcoin online gambling casinos listed in the article at the start. They’ve been tried and vetted and given ratings so that you can make the most informed decision possible.