Beginners Guide to Bitcoin Gambling for 2023

Have you always wanted to know more about crypto gambling sites? This guide will provide a list of the top Bitcoin casinos earmarked for online gambling along with their advantages, anonymity, game fairness and unique crypto promotions. This fountain of knowledge will be wrapped up with a dive into what it takes to get a crypto wallet and turn fiat money into BTC.

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Overview

OnlineCasinoReports is fully aware that exciting new technologies can occasionally prove formidable, even more so when wallets are concerned. The Blockchain and its sidestep into the world of cryptocurrencies have given Bitcoin a unique place in the world.

The following is a straightforward and easily manageable guide for gambling with Bitcoin at various crypto casinos, including the ones we explicitly recommend. Follow our simple steps and start gambling like a professional numismatist.

What are Bitcoin and the Blockchain?

The Blockchain is the latest piece of information technology that concerns thousands and even millions of minuscule bits of data. This is supported by a wide array of servers that prevents your information from lingering in one spot.

The individual blocks of data are separately encrypted, so they are essentially tiny vaults. Securing the individual bits of data and peppering them across various servers makes stealing data virtually impossible. The latter is the main reason why the Blockchain is regarded as the safest online platform. It even bests banks!

Bitcoin is the infamous digital currency that is built on said network. Bitcoin is not controlled by any country, and there is only a set amount of it in existence, so the value is set by the users (us) and not banks. The fact that it is unhackable has turned it into one of the world’s favourite and most valuable commodities.

Keep in mind: Bitcoin is a singular unit, but you do not have to purchase a full Bitcoin for partaking in the market. Cryptos, like most currencies, are split into smaller segments. Choose how much you are willing to spend and expect to receive the equivalent in Bitcoin.

Gambling & Bitcoin

Online casino connoisseurs, sports bettors and gambling fans the world over consider Bitcoin a game-changer. Its secure servers, without government interference, allow players to partake in their online hobby without restrictions.

Furthermore, its instantaneous deposits and withdrawals with minimal traditional banking fees make it possible to win in a currency that has much greater growth potential than your run-of-the-mill fiat currencies.

The manner in which you play casino games with Bitcoin is akin to playing in your local currency. Your gaming account is funded via the Deposit tab, where you choose your Bitcoin wallet instead of your credit card, enter your desired deposit amount and fund your account. These funds can then be used to partake in your favourite slots, table games and entertaining casino games.

Deposits and Withdrawals

The best part about all this is the manner in which the online casino industry has enabled players to use Bitcoin without steering too far away from central mechanics.

Deposits require:

  1. Opening the banking section of a casino
  2. Copying the unique blockchain address
  3. Heading to your Bitcoin wallet and ‘sending’ your deposit amount to said address

Your Bitcoin wallet will now fund your casino account and allow you to play your favourite games in seconds.

Withdrawing is even simpler!

  1. Enter the previous blockchain address into your Bitcoin wallet’s payment request section
  2. Select your withdrawal amount in the banking section
  3. Choose your Bitcoin wallet for withdrawals

The peer-to-peer mechanics of the Blockchain will make withdrawal requests appear in your account 5 minutes after being approved. Withdrawal times achieve breakneck speeds, especially when compared to the sluggish 3-5 business days reserved for fiat currency payouts.

Pros & Cons

Pros
Lightning-fast payments.
Anonymous and private.
Small fees.
Very secure.
Cons
Very volatile.
Questionable legal status.

Tips

What does it take to choose the top Bitcoin casino? You have successfully become a new Bitcoin owner, congrats! Now it is time to test what crypto gambling is actually like. We suggest adhering to the following when choosing where to bet your Bitcoin:

Getting Started

How to purchase your very first Bitcoin - After choosing an exchange, follow these simple steps and buy your very first Bitcoin:

1 Register a free exchange account

Choosing a strong password and keeping your information private. Furthermore, make sure that your email is correct since it is used to verify your account.

2 Select Bitcoin in the menu

Access your account after verifying it and choose Bitcoin as your currency of choice. Head on over to the banking methods and choose the one that best suits you.

3 Trade

After selecting Bitcoin and a payment method, authorize your transaction, and the crypto-exchange will switch your fiat cash for your first cryptocurrency.

4 Make sure that the transaction was approved

After having the transaction approved, your account will reflect your new Bitcoin balance in seconds. If you happen not to be using Coinbase and its innate wallet, transfer your funds from the exchange to your wallet as soon as you can.

Bitcoin Casino vs Standard Casino

Prior to choosing an online bitcoin casino, you ought to consider the key differences between it and a regular casino. These include:

Bitcoin Casino Standard Casino
You deposit Bitcoin and other cryptocurrencies You deposit a regular fiat currency
Incredible security Good security
Fair and transparent games A lack of transparency
The Best Bitcoin Casinos

Are you interested in becoming acquainted with Bitcoin casinos? Head on over to our Bitcoin Casinos guide and find the best BTC casinos with expert rankings and reviews.

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Crypto Wallets

Searching for the best bitcoin and crypto wallets: We have already gone over Bitcoin wallets as an alternative to deposit methods. These will make depositing at a casino similar to an eWallet, such as PayPal or Neteller, that stores your digital cash in a crypto wallet. Online wallets can be downloaded and used on your home computer or mobile phone. A discussion regarding crypto wallets is not finished until you hear about 'hot' and 'cold' storage. This tag is based on the storage device's internet access. 'Cold storage' is the more secure one out of the two, simply because it is not connected to the internet. This means that you only use USB drivers with special software that has you enter a unique pin in order to access your Bitcoin information. Online reviews make these five wallets worth considering:

Coinbase Wallet

This one is free, has low transaction fees and is famous for Bitcoin and crypto storage.

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Exodus Crypto Wallet

This one is also free and caters to big cryptocurrencies such as Bitcoin. It also has superb customer support.

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Mycelium Crypto Wallet

Mycelium Crypto Wallet is widely regarded as a top crypto wallet exchange meant for mobile devices.

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Ledger Nano X Wallet

This secure wallet with possible cold storage has a purchase fee.

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Trezor Crypto Wallet

This wallet comes with a fee, but it is considered one of the top crypto wallet providers in terms of security.

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Bitcoin Exchanges

The first step to storing Bitcoin in your crypto wallet actually owns it. The easiest way to achieve this is with a cryptocurrency exchange and purchasing it. An exchange is just another phrase for an online market that allows the buying and selling of crypto. The three leading exchanges to this end are:

Coinbase

You have probably noticed that Coinbase is also frequently listed as a wallet. The latter is because it allows for the sale of Bitcoin and also enables its customers to store it. This makes it ideal for first-time crypto buyers.

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Kraken

This regulated US exchange has a superb reputation for security. However, Kraken does not accept credit cards.

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Binance

Often regarded as one of the largest digital exchanges, Binance is a global hub of Bitcoin and general cryptocurrency sales. Additionally, it even allows for credit cards, SEPA bank deposits and third-party solutions like Simplex.

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FAQ

Bitcoin is categorized as a cryptocurrency (a blockchain) that constitutes a digital currency that is minted by encryption methods. This 'money' is entirely decentralized, and there is no central entity that oversees it.

A Bitcoin or crypto wallet is a digital account intended to hold, send, and receive encrypted online currencies. Using Bitcoin as a form of ‘money’ will require storing purchased bitcoin and moving it from a wallet the same as any other currency.

The first step is to acquire a Bitcoin or crypto wallet and buy Bitcoin with any given currency and your preferred payment method. This can include credit cards, EFTs, bank transfers and so on. Buying, selling and transferring Bitcoin can also occur between users, so anyone with a Bitcoin wallet and sell it to another owner to a Bitcoin wallet.

Yes, it is. You can easily convert crypto money into any regional currency. Alternatively, you can convert traditional cash into cryptocurrency. The latter can be used anywhere and for anything.

Some countries have made Bitcoin and cryptocurrencies, in general, illegal payment methods. The majority of the world, however, sees crypto coins as the future of payments. Certain countries have even made their own national crypto money. National cryptocurrencies indicate that crypto will eventually overtake traditional money.

Not necessarily. The main advantage of Bitcoin and altcoins (alternative coins) is that they are tax-free. The decentralized nature and control exclusive to the blockchain network are compounded by untraceable transactions. These are off limits even to financial institutions, organizations and government institutions, such as banks and even central banks.

There is no singular control entity behind Bitcoin, which is occasionally considered a ‘problem’. Crypto transactions are completed by pre-defined algorithms, and the Bitcoin network is, therefore, controlled by Bitcoin owners.

The majority of crypto casinos within the Antillephone license are licensed by Curaçao. Keep an eye out for the logo of this regulation.

Yes, you can. The majority of online cryptocurrency exchanges and wallet services allow you to exchange Bitcoin for other crypto coins and conventional currencies. After registering at one or multiple of them, you can easily switch your crypto coins for the desired currency.

No, Bitcoin are not physical entities like treasury bonds, foreign currencies or stocks. Bitcoin, like most currencies, can be stored in a physical location in the form of algorithmic numbers linked to digital wallet gadgets.

Yes, they are. The nature of crypto makes all of its transactions anonymous and excludes personal info. Note that purchasing and receiving crypto is limited to online digital wallets. You will need to prove your identity on most e-wallet sites if you decide to trade with your bitcoins.

You currently do not have to provide personal info for Bitcoin money. You can simply trade bitcoin with a single email ID. However, governments might soon impose legal regulations for this form of currency and make it acceptable in every nuance imaginable.

Yes, they do. Bitcoin can be acquired without spending money when signing up at a bitcoin casino. The latter policy is a replica of real money gambling. Note that you will have to follow strict terms and conditions when partaking in such offers, promotions, and bonuses.

The underlying concern lies in technological infrastructure that is entirely under the control of operators, which enables them to adjust winnings and payouts and essentially cheat you. This is where “provably fair gambling” comes in and saves the day. Games with the latter tag are independent and transparent, and players are not exposed to manipulation concerning their winnings.

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