Bitcoins are increasingly being accepted as payment in the world of online gambling and are referred to as cryptocurrency. Though there are hundreds of forms of crytocurrency, the one which has gained the most acceptance is Bitcoin. Cryptocurrency, by definition, is any currency that is digital in nature, and that exists, and is transferred digitally. This allows for peer to peer transfer without the use of banks or third party institutions. Because transactions can be made safely, quickly, and anonymously, Bitcoin has increasingly become a favorite means of transferring funds when gambling online.
In order to deposit your cryptocurrency, the first thing you’ll need to do is to create your wallet. This will be similar to applications like Paypal that are used for the transfer of standard currencies, except that you will not need to divulge your personal information. It is your private account for buying and selling with Bitcoin.
When deciding which sort of wallet to use, you will have two to choose from. There are those that are web-based and those that are simply located on your desktop. The former works through the internet and can be used anywhere with any device, while the latter is used through software which you’ll need to download.
Your desktop-based wallet is generally accepted as more secure because it does not need to work with third-party software. Still, it is isn’t fool-proof, and there will always be the need to safeguard your information the best that you can. When deciding which wallet to use, there are hundreds of choices available online.
Once your wallet has been created, you will be provided with your own Bitcoin address from which you will be able move currency. Next you need to stock your wallet with Bitcoin. To do this, you can purchase Bitcoin from the wallet you are using or you can buy from an exchange like Bitstamp or BTC China. Some cities have Bitcoin ATM and you always have the option of purchasing them face to face.
The process of depositing Bitcoin into an online casino is a uniform procedure. You will first need to create your account, and go through the steps to confirm your email address. Then, after you find the cashier/deposit option, choose Bitcoin as your currency. Next, you’ll need copy the Bitcoin address of the casino.
Engage the ‘send money’ option in your wallet and insert the casino’s address, being careful to double-check for accuracy. If you’re using a smartphone, your wallet will open after clicking the Bitcoin address. Decide whether you want confirmation and you’re done. You have now sent your payment to the online casino.