Buy, Store, Deposit and Withdraw Bitcoins from a Bitcoin Casino
Learn how to make you first deposit and much more on a Bitcoin Casino
Bitcoin (BTC) casinos have lately become the talk of the day because of their innovative technology and quality. Gamblers enjoy the anonymous nature of the sites and the data protection they provide. For those that plan to wager more, BTC casinos offer some of the highest limits on the market and most fleshed out VIP programs.
In this article, we shall learn how to:
- Open a secure, user-friendly BTC wallet for storing BTC
- Buy BTC using US dollars
- Transferring Your BTC to Your Wallet
- Deposit BTC at your favourite Bitcoin casino
- Withdraw earnings from a BTC Casino
- Convert your BTC into dollars
Before that, let’s compare BTC Casinos with Standard Casinos.
Although exceedingly controversial in the financial space, BTC has steadily become the choice alternative to the widely accepted USD and EUR. There is no verification process. BTC is convenient and cost-effective for anyone looking to send payments anywhere in the world, especially in the US where depositing and withdrawing with traditional currencies is slow and expensive. Some of the benefits of BTC include:
Anonymity. Protect your private information!
Secure transactions. Thieves can’t intercept your credentials.
No fee structures. Bank and transaction fees can increase, but not with BTC.
Quick, active deposits and withdrawals. Using the ACH is a thing of the past.
Step 1: Opening a Personal BTC Wallet for Storing Your Coins
A BTC wallet is where you store your coins after acquiring them from a crypto exchange or a gambling casino. This step will enable you to store your bitcoins in a place that you are the only one who can access it through the private keys provided at the end of the sign-up process. It is advisable to keep your keys as private as possible to keep away scammers from accessing your wallet.
Remember to write down the keys in a piece of paper for account retrieval purposes in case you lose your phone.
There are few choices of BTC wallets available. I highly recommend a hardware wallet, even though they are not freely given. You will spend some few pennies on acquiring one, but they are worth the cost. There are several wallets available in the market for crypto users to choose, but I prefer Trezor and Ledger wallets.
According to many crypto users, Trezor wallets are easier to handle and have a more straightforward log-in process compared to Ledger wallets. Besides, Trezor regulates crypto forks more efficiently; hence users are always assured that their investments are secure.
Practice the crypto rule of the thumb when purchasing a hardware wallet; make direct purchases from the manufacturer, for instance, Trezor.io and Ledgerwallet.com. Avoid third-party deals like buying via Amazon since the trust of third parties in the crypto space is poor. Not long ago some ill-intentioned middlemen were reported to have copied private keys of the hardware wallets they had sold. Once buyers deposited substantial amounts in those wallets, the fraudsters took control of the wallets using the stolen private keys.
Those who are not planning to hold the coins for long or those intending to stake small amounts can take advantage of desktop wallets, which are downloadable, or online wallets that are quickly and securely accessible.
There are applications, online wallets and desktop software available for crypto users to download and use. I strongly recommend the wallets below to our users:
Trezor (hardware wallet, buy directly from Trezor.io to avoid traps of ill-intent mediators).
Ledger (hardware wallet, make your order from Ledgerwallet.com and not through Amazon).
GreenAddress (an online wallet that is freely accessible and safe for use).
BRD (there are two versions for iPhone and Android users).
Electrum.org (this is desktop software that is also very secure).
Step 2: Acquiring Bitcoins to Use in Wagering
US citizens are more likely to purchase their BTC from Coinbase, Localbitcoins, or Bitquick crypto exchanges. These are the top three exchanges, but there exist many other crypto markets to exploit. So, don’t limit yourself to only those three.
Here you are with your dollars, but you need BTC to gamble on a BTC Casino. Cast out your fears and pay close attention to the next steps.
Coinbase (special guidelines)
Coinbase is the most significant USD to BTC crypto exchange in the US. Hence, it is safe to purchase your wagering coins from them. The exchange offers two payment methods; direct purchase by linking your bank account and indirect purchase by making good use of your debit card. Any of these methods will enable you to make your BTC order promptly and safely.
Note: You can’t use Coinbase to send or receive coins from a betting platform directly!
Localbitcoins
This is a Person-2-Person (P2P) crypto market people buy and sell BTC. We will only talk about its basics, but you can read a comprehensive Localbitcoins review here if you are interested.
Do not rush for the offers which appear too good to be true, especially from new traders. Scammers like using new accounts with lucrative deals.
Avoid sellers who have little or no feedback.
Avoid purchasing significant amounts at once. Make sizeable purchases at different intervals.
Bitquick
This is a BTC to fiat marketplace with proof of BTC held in an escrow system. Typically, sellers hold their coins with Bitquick, and buyers scrutinize the available offers before making acquisitions.
Buyers finalize deals by taking sellers’ bank details and depositing fiat currency there. After obtaining a receipt of the bank transaction carried out, you create and upload a clear picture of it to Bitquick. After verifying it, Bitquick support releases the agreed amount of coins.
Pick the best option from the above exchanges. Besides, you can also search for a bitcoin ATM near you, pay via fiat currency and you will receive your coins in your personal BTC wallet. Bitcoins ATMs are being installed at a high rate in the US, and the next five years each neighbourhood in the US will own at least two BTC ATMs.
Step 3: Transferring Your BTC to Your Wallet
Once you have acquired the gambling bitcoins, you must transfer them to your wallet. Remember earlier on we said that it is impossible to send and receive cryptocurrencies from betting casinos into crypto exchanges.
Now, how do you transfer your coins from an exchange to a personal wallet?
Log into your personal BTC wallet.
Click on the button labelled “Receive.,” and then select the option “Create a New BTC Address.” Copy this address.
Open a fresh tab and log in to the crypto exchange where you made your purchase. Scroll to the button labelled “Send” and click it. Paste the address you copied from your BTC wallet.
Copy-pasting will help you avoid providing a wrong address, a mistake that arises when users try to type their addresses.
Enter the amount of BTC you want to transfer. Verify whether you have provided a correct address and delete any space before and after the address. Click the send button to complete the withdrawal.
It usually takes a few minutes to receive your coins in your wallet. The BTC network traffic determines the duration at the time of the transaction.
You will receive the same amount of coins you sent, but a small mining fee will be deducted from it. Mining charges vary with market conditions, though they are usually small portions.
Once you receive your coins in your BTC wallet, you are now a step to placing your bet.
4. Depositing Bitcoins on Your Bitcoin Casino
Sign up or sign in (if you already have a betting account) to your favourite BTC Casino. Most BTC Casinos have simple interfaces, so don’t be worried about finding the deposit button. BTC is the major cryptocurrencies that most casinos use as a medium of exchange.
Click on the deposit button, and you will see a deposit address to use. Copy it.
Visit your BTC wallet and scroll down to the ‘Send’ option. Enter the amount of BTC you plan to use and paste the address you copied from your BTC Casino in the ‘Send To’ section. Verify both your gambling casino address and the figure you are transferring before clicking the ‘Send’ button.
Back to our gambling casino account. Your coins will probably reflect within some few minutes. Most BTC casinos show an equivalence of your coins in USD; hence you will likely make an informed decision of the amount you are staking.
5. Withdrawing Your Earnings
Wager as you want but remember to stake what you can afford to lose! To cash out your winnings, you must create a new BTC address in your BTC wallet.
Click on the cashier > withdraw button in your casino account. Enter the figure you intend to cash down and paste your BTC address.
6. Converting Your Bitcoins into Fiat
There are several methods of converting BTC into fiat currency. We shall discuss four of them in this guide.
Coinbase/Coinbase-pro. Access your Coinbase account, click the ‘Deposit’ box and select BTC as your deposit currency. Transfer your coins from your Private BTC wallet to your Coinbase account using the address provided. Trade you BTC with USD and withdraw your money to your bank account.
Localbitcoin. The platform allows users to buy and sell BTC. After creating an order, the buyer will deposit the agreed amount into your bank account. After confirming the accumulated amount, you will then release the escrow.
You can also use Bitquick. You will act as a seller, and the whole process is like that of Localbitcoins.
Lastly, you can explore USA Fiat Exchanges, which are fully licensed and regulated to sell your cryptocurrency.
