Crypto casinos are becoming the driving force of online gambling because of their many benefits and advantages over traditional fiat currency-based online gambling websites. And just like gambling at casinos, online users are looking for ways to spend their bitcoin on sports betting, with sites like Coincasinos betting solely catering for this market.
As operators open more sites and create more ways to play, the popularity of digital gaming sites that accept cryptocurrency as part of their payment system will continue to increase.
This article will discuss the steps you need to follow to get started betting with Bitcoin and other cryptocurrencies.
Step 1: Create Your ExchangeAccount
The first step in your Bitcoin betting journey is to create an account with a cryptocurrency exchange like Coinbase to purchase Bitcoin for later transfer to your Bitcoin wallet.
You can use whatever legitimate crypto exchange you choose to buy Bitcoin, but we’ll use Coinbase as our example.
Once you’ve signed up,you have to link your Coinbase account to your checking account’s debit card. After that, you need to buy some Bitcoin to prepare for the next step. The amount you buy is entirely up to you, but it’s the cryptocurrency you’ll eventually use for gambling.
Step 2: Create a Blockchain Wallet
Your blockchain wallet is like a digital debit card account. It functions like a traditional checking account with debit card privileges. Although there’s no physical card to swipe, you can execute online peer-to-peer transactions to pay for products and services with Bitcoin using your keys.
For our purposes, you’ll use it to transfer Bitcoin from your Coinbase account to a blockchain wallet and from that point forward, your cryptocurrency transactions are safely hidden.
Sign up on the BlockChain.com/wallet website to create a blockchain wallet using your desktop computer, laptop, tablet, or smartphone. Click the “Sign Up” button and enter the requested information into the secure online form.
When you’re done, click the “Create Wallet” button to finish, but keep this window open because you’ll need it for the next step.
Step 3: Transfer Bitcoin to Your Blockchain Wallet
Are you still with me? Good, because now you’ll move Bitcoin from your Coinbase account to your blockchain wallet.
Open a new window and sign back into your Coinbase account (or whatever exchange you used to purchase Bitcoin) to do a transfer. Once you’re signed in, click the “Send/Request”link and use the copy and paste function on your device to input your blockchain wallet address into the secure area of your Coinbase account.
Next, you want to specify how much Bitcoin to transfer. When that’s done, verify all your information is correct and click the “Send Funds” link. You’ll get one more chance to confirm the amount of Bitcoin you’re sending and where you’re sending it, and then boom, your Bitcoin is in the netherworld of the blockchain, safely secured in your wallet.
Now you can log out of your Coinbase account but leave your blockchain wallet account open in a separate window because you’ll need it to move Bitcoin from the blockchain to your crypto casino for gambling.
Step 4: Transfer Bitcoin to a Betting Site
The final step in the process is to transfer cryptocurrency funds from your blockchain wallet to a gambling casino so you can start enjoying the fruits of your labours.
Start by opening a separate browser window and logging into the online casino where you want to play. (Make sure you’ve done your due diligence and confirmed that it’s a legitimate, licensed site that’s safe to use.)
Navigate to the screen that allows deposits and select Bitcoin as your payment method. Input your wallet’s address and send your Bitcoin to the crypto casino’s wallet address, and you’ve successfully funded your account.
Your Bitcoin should show up in your casino account in a few minutes, and you’ll be ready to start enjoying the games on the site.