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A Beginner’s Guide to Gambling with Bitcoin:  Step by Step Guide

 A Beginner's Guide to Gambling with Bitcoin: Step by Step Guid

Bitcoin is no longer that novel and many casinos offer it as a method of payment. There are numerous advantages in doing so for both the player and the casino.  It’s safer, anonymous, and allows for fast and reliable transfers.

It’s important, however, for a player that’s new to the world of cryptocurrency to learn about Bitcoin and how to use it to gamble beforehand. That way you can use the payment system to its full capacity and without worrying about being scammed.

How to Find a Safe Bitcoin Casino?

The first step towards safe bitcoin gambling is to find a casino that you can trust. Many casinos are offering this payment method since it’s new and useful, but that doesn’t mean that all casinos are reliable and secure.

It’s important to make sure that the casino has a proper license issued by the gambling authority in the country it’s based in. If this is the case, it’s a good indicator that the casino and its payment methods can be trusted. It’s also useful to learn about the reputation that the casino has cultivated online if it has one.

Online Reputation

There are numerous online resources that can be used to learn about the casino you plan to play in. Take the time to investigate this and learn about the casinos you’re interested in. Levels of protection and the proper licenses are important but so are the reviews coming from the players themselves.

If there’s a pattern to the reviews and many former players are complaining about similar problems, chances are that there’s a reason for it and you should pay attention to the issue or avoid the casino altogether.

What Games Are Offered?

Not all casinos offer Bitcoin as a payment method for all games. That’s the next thing you should inquire about. Start by figuring out what games you plan to play. This depends on how familiar you are with them and what games the casino offers. You should make sure that those games offer Bitcoin as a payment method.

If the game you plan to play isn’t supported with this method, you should consider a compromise in terms of trying another game. However, when it comes to the most popular gambling games out there, such as slots, chances are they will be supported.

How to Use Bitcoin to Gamble?

Setting up a Bitcoin transaction can be somewhat challenging to those who haven’t done it before, but it’s a relatively straightforward process and one that’s explained and talked about online. The transfers are made through the system of online wallets.

Bitcoins are peer-to-peer systems such as the ones that were once used to transfer data. They are sent and received through wallets. A player can have as many wallets as they want at the same time. Each transaction comes with a small fee, and the transactions are settled within minutes if not less.

Making A Deposit

Once you have cryptocurrency itself you can start gambling with it by making a deposit via an online wallet that’s used as a way to transfer the payments. Setting up a crypto wallet has nothing to do with the casino and that’s something that you should do before finding the casino you plan to play in.

Setting up an account with the casino is also simple and easy and comes with a lot of help from the casino itself. Make sure to do this with great care so that you don’t make any mistakes when copying the addresses and connecting your wallet and your casino account.

Withdrawal Policy

Withdrawal policies are often a casino practice that gets overlooked and that can be rather damaging towards the player if they don’t pay attention to it. It refers to the rules as to when you can withdraw your funds from the casino and to your wallet.

Sometimes the casinos will require you to earn as much as ten times as you’ve initially deposited before you can withdraw your funds. This is an unfair practice and those kinds of casinos should be avoided. Make sure to learn about these policies before making a deposit.

How Long Do Transactions Take and How Expensive They Are?

One of the biggest advantages of using Bitcoin is how quick and simple the transfers are. It takes about ten minutes for the transfer to take place. In many cases, it will take less than that and it can even be instantaneous.  If the transfer takes longer than that, it should be cause for concern.

There’s also a fixed fee for using Bitcoin. These fees are the same regardless of how much you’re withdrawing and therefore plans need to be made in terms of when is the right time to make the withdrawal. Luckily, those fees are rather small.

Conclusion

Bitcoins are becoming a part of the gambling world since they are simple enough to use and the transfers are made quickly and safely. However, for this to be true, the player needs to take some responsibility for the process as well.

It’s important to learn about the casino and its practices before you start using it. The casino needs to be properly licensed and it needs to offer Bitcoin as a payment method for the games that you plan to try. It’s also useful to set up everything related to the cryptocurrency before making a casino account.

 

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