Want to start betting with Bitcoin? Here’s what you need to know!
Bitcoin has been around since 2008 when it was first introduced to the world by the mysterious Satoshi Nakamoto.
For most of us, the thought of migrating from “normal” money (known as fiat currency) to some ephemeral, digital creation that’s still growing in popularity can be daunting. But fear not! The definitive BitStarz guide to Bitcoin will hopefully allay your fears and answer those questions that have been milling about in your head.
So grab a drink, sit back and hold on tight. It’s going to be an interesting ride.
Getting to grips with cryptocurrency
Cryptocurrency was created due to an inherent distrust in central authorities (eg. a bank). It’s no wonder then that Bitcoin surfaced not long after the 2007/8 financial crisis that, in combination with the housing bubble bursting in the United States, brought the world’s economy to its knees.
Any form of currency needs to have certain attributes in order to be successful: the first two are fungibility and divisibility. Fungibility is when every unit is the same as any other unit. Divisibility refers to the need to be able to break the whole into smaller parts and reassemble them again.
Other factors which are crucial for currency are durability, portability, scarcity, and acceptability.
Every unit of Bitcoin is the same as any other; it’s divisible (think Satoshi’s – the smallest unit of Bitcoin); it’s durable (it lives across a decentralized system); it’s portable (lives in e-wallets on phones and computers); only 21 million will ever be made, and it has become increasingly accepted and will continue to do so.
Why bet with Bitcoin?
Now that we know Bitcoin is real money, why should we use crypto gambling sites and why is BTC betting superior to all other ways to play?
When you play with Bitcoin, all you share is an address (think website link).
Because some countries don’t yet consider Bitcoin a currency, it’s not seen as illegal to bet with crypto (but it would be with fiat currencies in those territories).
Fast payments and withdrawals
Money can be deposited or withdrawn in a matter of minutes (up to a few hours at maximum). In fact, at BitStarz, you can withdraw your crypto in 10 minutes or less!
Save on costs
Wins can be converted to cash without the intervention of a bank, which means no transaction fees and no prying eyes.
How to get Bitcoin
Hopefully, at this stage, we’ve convinced you that Bitcoin is real money and that there are a lot of solid reasons why you should consider it for gambling purposes.
The next question then is how we get Bitcoin. Basically, you’ll need a place to buy from and a place to store your Bitcoin.
Step 1 – Choose an exchange
Signing up to an exchange will let you buy, sell or hold your crypto. Be sure to look out for one that allows you to withdraw your Bitcoin to your personal e-wallet, though.
Here is a list of the best exchanges as of 2021. The ones considered the easiest to get into, from a Bitcoin perspective, are Coinbase, Kraken, and Gemini.
Step 2 – Connect your exchange to a payment option
Each exchange will require that you submit some personal information. (This information lives here and won’t be revealed when you’re gambling with Bitcoin.)
After the exchange is happy with what you’ve submitted, you can then connect a payment option. Do note though that some banks won’t accept deposits at your chosen exchange so do check on this, as well as on the exchange fees.
Step 3 – Place an order
Buy your Bitcoin!
Step 4 – Get a wallet
You’ll need to store your precious Bitcoin somewhere, and that’s where e-wallets come in. There are a bunch to choose from, so here is a list of the best ones of 2021. If you’re still uncertain or scared of the whole e-wallet thing, why not sign up for a course and learn more about them?
Depositing and withdrawing with Bitcoin
So now you’ve bought some Bitcoin, or part thereof, and it’s living in your wallet. The following will guide you on how to deposit and withdraw your Bitcoin at BitStarz.
- Go to your wallet and click “Deposit”. You’ll find it on the right-hand side of your currency
- Copy the wallet address on your screen
- Deposit coins to this address
Your coins will now appear in your balance after the transaction has been confirmed.
- In your wallet, click “Withdrawal” – also on the right of your currency
- Copy the address you see
- Insert the number of coins you want to transfer
- Past your wallet address into the withdrawal destination
- Click “Withdrawal”
Your withdrawal will be processed in mere minutes!
Games you can play with Bitcoin
You’re now armed with information and ready to get into online gambling with Bitcoin, but which games take crypto and which don’t? BitStarz – which is the world’s first fiat-crypto casino hybrid – has you covered. We’ve allocated all of our BTC games under one big banner so check out our extensive list.
The world of Bitcoin casino action is waiting!
BitStarz casino is regularly voted among the best crypto casinos available. Try us on for size today by grabbing our loaded welcome bonus that’s sure to have you rocking the reels in no time!