Before you can bet with Bitcoins, you’ll have to get your hands on some first. And before you do that, you’ll need to open a Bitcoin wallet to keep them in.
Although this might sound a bit convoluted, it’s really straightforward. Simply open an e-wallet for your Bitcoins online, much in the way you’d create a PayPal or Neteller account. If you’re accessing via mobile you’ll usually find your e-wallet also has a handy and convenient app.
Once you’ve set your wallet up, you can begin to obtain your Bitcoins. This is done through online exchange from one of many reputable Bitcoin exchange sites online, much in the same way that the stock exchange works. This means that the value of your Bitcoin may change from day to day.
Bitcoins are transferred pretty instantly to your e-wallet, so as soon as you’ve obtained some you’ll be able to credit your online casino account and start gaming. Again, crediting your account is fairly instant, as the encrypted transactions move much faster than say bank accounts and do not need to be checked. This is the same for withdrawal – no further information is usually required to withdraw funds so again winnings can be in your e-wallet in a matter of moments. This is one of the main benefits people enjoy when using Bitcoins to bet.
When you are ready to bet, you’ll find that your Bitcoin funds are converted into credits in your online casino account. 1BTC is worth 1,000 credits, so 1 credit would cost you 0.001BTC. From here on out you simply bet or wager in the usual way on your favourite games, be that buying chips with your credits or simply betting on your favourite slots. Wagering requirements and bonus terms still apply to Bitcoin sites, so you’ll still have to make sure you’ve wagered enough to withdraw any funds.
One of the great things about betting with Bitcoins is the anonymity it offers. For most Bitcoin casinos, you’ll only need to create a username and password, and provide a valid email address. This means that you don’t need to give out any personal or sensitive information, not only giving you peace of mind in terms of online fraudsters getting your details, but also proving hugely convenient as you don’t need to fill out long registration forms, or go through verification processes when trying to make a withdrawal.
In addition to the speed of transactions and anonymity you get by transacting with Bitcoins, a huge benefit is the higher level of online security offered. In addition to the fact that there’s no personal information for anybody to get hold of, the fact that coins and transactions are highly encrypted makes it hard for people to hack into them. Also, most sites will store your Bitcoins in an offline ‘cold wallet’, meaning that the Bitcoins you have in your account that you’re not using for gaming are kept offline and out of reach of hackers.
Betting with Bitcoins has some fairly great advantages, and is relatively easy to set up and do, so there’s no excuse not to give Betcoin betting a go.