Bitcoin is a revolutionary decentralized crypto-currency, which uses peer-to-peer technology. This means nobody has control over it, no banks or any financial institutions. Therefore transactions are made from person to person via Internet without involving third parties. Please check below video to have a better understanding what Bitcoin is:
This Bitcoin guide we will walk you through how to get everything set up so you could gamble with bitcoins. Are you still in doubt why it is better to use bitcoins as a payment method or how to make a first bitcoin deposit? Below advantages will shed some light on why it is better to utilize bitcoins in gambling:
- No banks are involved in processing bitcoins. This means transaction fees are much lower if you would use a credit or debit card
- Ubiquitous currency, which means you can use it all over the world. Whether you are based in Brazil or China, you would have same currency to use
- It is anonymous. No personal details required to send or receive payments.
Now you are 3 steps away from becoming a bitcoin user. It doesn’t matter whether you want to gamble online or pay for a product and service using bitcoin you still need:
- To Open a Bitcoin Wallet
- Buy Some Bitcoins
- Spend Some Bitcoins
How to Open Bitcoin Wallet
The first thing you have to consider is to create a bitcoin wallet. Bitcoin wallet will store your bitcoins online or offline, in other words in cloud or on your computer (flash drive). If you operate with huge volumes of bitcoins it is highly recommended to store them offline and transfer the required funds to a wallet when
needed. This will allow to secure your funds and prevent from hijacking your account and stealing the funds from your wallet.
There are number of wallets available, choose the Bitcoin wallet that fits you the most. You may choose a Bitcoin wallet that could be used on mobile, web or desktop PC. Again it depends on your preferences which one to choose, so spend some time to review the specifications.
When Bitcoin Wallet is created the next step you will need to do is to buy some bitcoins. There are numerous ways how to get bitcoins, we will discuss the most common ones
How to Get Bitcoin Online / Offline
In order to obtain bitcoins there are 2 options of doing that: online and offline. We have listed the most common ways for you, but you can always make a research and find the way that may be the most applicable for you.
The easiest way to buy bitcoins is to get them from localbitcoins.com. This is a peer-to-peer platform where users buy and sell bitcoins in your local area. There are different ways of making payments: wire transfer, Paypal payment or meeting the seller in person. This platform is similar to eBay, where each seller has its own ratting and reviews. After reviewing seller’s profile you may find the most trusted source and make a purchase.
Localbitcoin.com can be considered as a hybrid platform because you can obtain bitcoin either online or offline. The main benefit from using Localbitcoins.com that it helps you to elude from high transaction commissions, especially when you meet seller in person, in comparison if you would buy bitcoins on exchange. So Localbitcoins.com can be your number 1 place to buy bitcoins online
Bitcoin Exchange is an alternative way of buying bitcoins online. There are number of bitcoin exchanges online, just make some research in google and read the reviews. But we have selected the most popular ones, which operating history speaks for themselves:
The main advantage of all exchanges is simplicity to use. When you register it is a matter of seconds to make your first trade and buy bitcoins online. You have to decide which payment method is more convenient to you: will it be a wire transfer, credit card or Paypal payment. When the payment is made you should receive bitcoins to your exchange account, which can be used as a wallet, alternatively the funds can be transferred to your personal bitcoin wallet.
Taking into account the convenience delivered by bitcoin exchanges, still there are 2 main disadvantages we have to inform you about.
- The main disadvantage would be the price of a Bitcoin. When you decide to buy one, then the price will be much higher than the actual price of a Bitcoin. Same thing happens when you decide to sell bitcoins, usually you will be offered way less if you bought it from localbitcoins.com Also, you have to pay attention to processing commission, as it varies from one bitcoin exchange to another.
- Beware, you will need to provide your personal information like National ID or Driving Licence, if you exceed the limit allowed. In US and EU anti-money laundering regulations require ID proof to complete the transaction. When the identity is verified you may increase your daily limits of buying and selling bitcoins.
If you still find aforementioned steps a little bit complicated and you need someone to assist you in buying bitcoins, there is still an option of doing that. The most conservative way of buying bitcoin is to buy Bitcoins through Bitcoin ATM. The procedure remains the same, you either pay by cash or by banking card in order to buy bitcoins.
Click on this Bitcoin ATM map, where you can find the nearest one to you. Follow the instructions on the screen, define the amount of bitcoins you are willing to buy, make a payment and scan the barcode to transfer the money to your bitcoin wallet.
The main reason to consider bitcoins as a payment method in gambling industry is convenience with low transaction fees, speed and anonymity. So if you are ready to place some bets with bitcoin you have to complete 3 following steps:
- Create Bitcoin Wallet
- Buy bitcoins
- Place a bet
Important thing to remember is that buying bitcoins at Bitcoin Exchanges or ATMs might require ID proof. However, there is always an option to buy bitcoin from a seller directly, so verification processes can be excluded. Before completing the trade examine terms and conditions and make sure that seller has good feedback, this will secure the process of buying bitcoins.
Another thing to remember, while having bitcoins it is impossible to trace where and how they were spent. The cryptocurrency is decentralized and is not controlled by any bank, so it will not negatively reflect on your banking history.
In countries where gambling is forbidden or limited, or if banks heavily monitor payments history, bitcoin gambling can be the best solution to overcome these barriers. When you join any bitcoin casino online, you do not need to provide any personal information. You only need a username and email address to create an account, this creates safe, transparent and anonymous environment for players all around the world.