Top Ten Tips to Begin Betting with Bitcoin

Betting with Bitcoin is arguably what attracts most people to crypto in the first place. After all, what Econ 101 class doesn’t include some sort of comparison between speculation and ‘betting’ or ‘gambling’?

For those of us who want to take the thrill of Betting with Bitcoin and add the fun of actual games on top, Bitcoin Casinos are the perfect solution. But what exactly do you need to do to get started? Just follow these 10 simple steps!

• Choose a Bitcoin Casino

There are more options out there than you think! It’s probably the most important step, to find a site that has everything you’re looking for. Do you want a casino that only accepts Bitcoin? Or a regular casino that lets you pay this way? How reputable is it? Does it excite you? Check out this list of places to bet with Bitcoin to get some ideas!

• Decide on the stakes

We all want to be a high-roller, but sometimes it’s best to test the waters before jumping in! Each casino, and each game will have its own levels of betting, and it’s a good idea to plan exactly how much you want to risk before you go. It’s not just about what you stand to lose, it’s about how much play time and enjoyment you’ll get from that stake – no sense in betting a whole Bitcoin on one spin of the wheel or blowing your entire wallet on one hand, right?

• Their address

When you decide on which casino and which game is right for you, you firstly need to get their details. What do the casino require of you to begin playing? When it comes to betting with Bitcoin, there’s usually not too much red tape, but you will at a minimum need the casino’s Bitcoin wallet address, to transfer your stake over.

• Create a wallet

Before you can start betting with Bitcoin, you’ll need some Bitcoin! Before you can get Bitcoin, you’ll need somewhere to keep it. This is your Bitcoin wallet, the secure online vault where you’ll be keeping your stakes and collecting your winnings. It’s got its own unique code and you can use it for all Bitcoin transactions, not just betting!

• Secure the wallet

Even though Bitcoin as a technology contains military-level encryptions and super-long key codes, the fact that it’s untraceable means if someone steals Bitcoin, it’s pretty impossible to get it back! That’s why this step is very important, securing your wallet, ideally with at least two-step authentication, is the only way to be certain your stakes and winnings won’t end up getting hacked!

• Transfer funds to you

Once you’ve got a wallet and that wallet is secured, like your own personal, online Fort Knox, it’s time to buy some Bitcoin to bet with! There are a plethora of different exchanges and ways to get your hands on some Bitcoin, so remember your initial stake plan and simply transfer that amount from your credit or debit card into your wallet, via your exchange of choice.

• Transfer funds to casino

Almost there! Before you can start betting with Bitcoin, it’s time to ante up, space cowboy! This is why we got the casino’s details way back at step 2 – making your first transfer from your wallet to theirs is usually all that’s required for a Bitcoin casino to create an account and allow you to start betting with Bitcoin. Just copy and paste the casino’s Bitcoin address into the form that your Bitcoin wallet should have easily available, and it’s time to play!

• Play

This one’s on you friend, have a good time is my only advice! And gamble responsibly, of course!

• Accumulate

When you win funds, getting them back into your Bitcoin wallet is as simple as sending it over was. Just copy and paste your Bitcoin wallet address into the form on the Casino’s page and they’ll transfer it right over.

One thing that is worth mentioning is that even when you’re not betting with Bitcoin, it can be accumulating funds for you. Back in 2009 1 BTC was a few dollars, it’s now over $11,000 and though, like anything, its value can go down as well as up, you might want to consider keeping your funds in Bitcoin and seeing what happens!

• Withdraw

Once you’ve finished betting with Bitcoin and want to access your money in a more traditional way, all you need to do is transfer it back to your bank account. This is simple to do on all Bitcoin wallets and should take seconds to show up, maybe minutes.

Investment, fun, new technology and old games – all at your fingertips when you start betting with Bitcoin! Remember to gamble responsibly and that the value of Bitcoin could go down at any time, and enjoy yourself!