An Easy Guide on how to gamble with bitcoin

mycasinolawyer
March 29, 2022
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how to gamble with bitcoin

How to gamble with Bitcoin

how to gamble with bitcoin

I still remember the first time I encountered Bitcoin. It was in 2015 in an online casino that had just started accepting Bitcoin as a payment method. You could literally gamble with bitcoin and was even a whole page with instructions on how to do it. I was really curious about it, so I started searching the web, hoping to find something to help me out. Even though back then, Bitcoin didn’t have the fame it has now, there were a lot of people talking about it. Who would know that 6 years later, Bitcoin would still be here and not only that but become the King of Cryptocurrencies. Well, now there are a lot of platforms that accept Bitcoin and other cryptocurrencies as a payment method and I believe now things have started to become more simple for all the world to understand what they are all about. So without further ado, let’s start from the beginning and explain it with the most simple way.

What are Bitcoins?

Let’s explain. Bitcoin is a digital currency or Cryptocurrency. You can buy it through the use of real money. Bitcoin and all other cryptocurrencies are NOT created by any bank in the world. Bitcoins are created by a process called mining. The big difference between cryptocurrencies and fiat currencies ( dollars, euros, yen, and every other currency) is transparency. With cryptos, you can check every transaction made anywhere in the world by using blockchain, but you can’t know who is behind these transactions. When it comes to security Blockchain is a system that not only keeps track of every single piece of information but also makes it close to impossible to hack it. Nobody controls Blockchain. That means nobody can cheat.

Fun fact: El Salvador is the first country in the world that accepted Bitcoin as a legal tender.

Crypto wallets

To be able to acquire and save bitcoin or any other cryptocurrency, you need to have a crypto wallet. For people that are familiar with e-wallets, it’s the same thing, with a couple of differences when it comes to the types of wallets. So let’s see.

• Hot Wallets: In this category, we have Desktop, Web, and Mobile wallets. All these are connected to the web. You can access them anywhere you are in the world. The only con we could give is the not-so-strict security they have.

• Cold Wallets: Hardware and Paper wallets are what we call vaults. People with a large amount of crypto usually place it in a hardware wallet. These wallets are not free and of course, they are not connected to the web. So we can say they are offline wallets. Now, you can combine hot and cold wallets for better transactional flexibility.

Best Bitcoin wallet for online gambling

From our experience dealing with Bitcoin casinos, we saw that many crypto gambling sites accept Coinspaid as a processing gateway. Of course, this is just an observation rather than a recommendation. You are free to choose between other websites that offer hot wallets. 

 

how to deposit bitcoin in a Crypto casino

After you have created your wallet the first thing you need to do is buy Bitcoin or any other cryptocurrency you like. To make that happen you need to enter your desktop or mobile wallet and go to the tab that says Buy or Sell. You type the amount of money you wish to spend in order to buy bitcoin.

Now that your wallet is topped up with some Bitcoin you are ready to deposit in your preferred bitcoin casino. Let’s start step by step.

• Go you your preferred bitcoin casino and press the deposit tab. Click on Bitcoin and there a scan code will appear and under it, there will be an address code.

• Copy the address code and go back to your crypto wallet.

• Click the send button in your crypto wallet and then you will need to type the amount of money you want to send.

• You will also need to paste the address you copied earlier into the tab. Press continue or send.

• After you send the money to the address you copied from the bitcoin casino, wait 10 minutes.

• After 10 minutes, enter the bitcoin casino and you are ready to play.

how to withdraw bitcoin from an online casino

Withdrawing winnings should be the easiest way. So to see your winnings into your crypto wallet, fast and easy the only thing you need to do is follow the steps below.

• Go to the casino website and click withdraw.

 

• Find Bitcoin which must be there and click on it.

• Go to your crypto wallet and select the receive tab.

• Retrieve your personal address and copy it.

• Paste it on the withdraw button and type the amount you want to withdraw.

• Press withdraw.

• Done! Enjoy your winnings.

How bitcoin casinos work

Crypto casinos are mostly licensed by the Government of Curacao. Other regulators such as MGA and UKGC are not against Bitcoin casinos but there are some obstacles. For example, UKGC requires SoF ( Source of Funds) which is a problem for some crypto casinos to fully provide the history of the source of funding.

What are Bitcoin casinos?

The answer is simple. They are traditional online casinos that offer a portfolio of slot providers and a Live casino. The difference is that they are working only with cryptocurrencies.
When it comes to Crypto casinos we could divide them into 2 separate categories.

Bitcoin Casinos (Crypto casinos). These casinos are accepting only Bitcoin or any other cryptocurrency. This means that players that deposit through other methods for example debit cards or e-wallets will not be able to deposit or play here.

Semi-Bitcoin casinos. These casinos accept cryptocurrencies and other payment methods in fiat currencies as well. This means that every depositor is able to deposit and play.

Are Bitcoin casinos legal?

Regarding bitcoin gambling, there are no laws that prohibit it. Countries can take their own legal measures towards online gambling or bitcoin. The recent directive by E.U concerns the providers of cryptocurrency exchange services with regular currencies and companies that manage exchange platforms and exchange brokers. The above persons are now defined as “obligated persons” of the anti-money laundering legislation. We are safe to say that bitcoin gambling falls into a grey area where players can legally play.

How to gamble online with Bitcoin

Our Website has a dedicated section of Bitcoin Casinos where the players can choose which casino suits them the best. We review each online casino and give our honest review on each case! Don’t forget that you can write your own Honest Review and share your experiences!

Best Bitcoin casinos 

According to our rating system, BitStarz and Winz Casino are considered the best bitcoin casinos. Recently we wrote an analytical review about them and you are welcome to read it and find out what they offer and why their trust status has skyrocketed. BitStarz offers 20 sign-up free spins for new players that register! No deposit is required! Just make sure you are not country restricted. 

Frequently Asked Questions

We have gathered the most important questions and tried to give the best answers.

Of course, you can. Just make sure the casino accepts Bitcoin as a payment method. Most Crypto casinos offer additional cryptocurrencies such as Tether, Bitcoin Cash, Litecoin, Dogecoin, Monero, and more.

The first step you need to make is to make sure you comply with your country’s laws about online gambling. You can browse the web and make sure to find the best Bitcoin casino that suits you the best according to your preferences. We suggest reading the terms and making sure the casino accepts your country. On our website, we provide information about every online casino. We review every single casino that’s displayed on our website and inform you about the availability of responsible gaming tools. We recommend you to take a look and you can be the judge to decide.

The one million dollar question. Technically you can. You will surely need a white label provider. License, platform, KYC system are required. The casino needs to be on a secured server and get lawyers that are experts in this area. Usually, the fees are high so you will need a big capital to start such a big project. The KYC system is required to make sure players don’t cheat. The license is a must-have, otherwise, no player will trust a bitcoin casino with no license. Would you? Moreover, you will need to pass tests and make sure the games you are offering are fair. Even though these seem to be simple, they aren’t. We recommend talking with people that are experts or companies that are involved in this area.

Bitcoins were created in a way that makes them secure. They are encrypted and have extremely low fees. Every bitcoin casino uses methods that add to your bitcoins more security. For example, many casinos use cold encrypted wallets. This means that they are separated from any online system.

Author mycasinolawyer