How Bitcoin works
Many online casinos now accept bitcoin as a means of payment. Once it is in your account, it is automatically converted to dollars and from there it is easy to play any game just the same way one does when using the dollar currency itself. To make a payout from the online casino, the amount of dollars in the account is converted to back to bitcoin and the payment is sent directly to your specified address.
Sites for transferring Bitcoins
There are two major sites that are normally used to make transfers. These are: blockchain.com and coinbase.com. The functionality of each of these sites is different and they are driven by different goals. Coinbase.com is easy to use and more secure than other sites. Reviews about the site prove that it keeps sensitive customer information safe and secure. Blockchain.com is usually utilized as an intermediate to optimize on anonymity and security. When these two sites are used together, they ensure absolute security, anonymity and ease of use such that you do not have to worry about making that first payment to an online casino.
Steps to Creating a Coinbase.com Account
The first step involves signing up at coinbase.com so as to create an account. Coinbase.com immediately sends you an email that you need to verify your account. Click on to the link they send you to verify. After email verification, Coinbase.com provides you with a chance to give them your phone number in order to facilitate two factor authentication. This step is highly recommended as it helps in strengthening your account’s security.
The next step involves linking your bitcoin account to your bank account. To make an instant purchase, you will be required to link your debit card too. Coinbase.com will need you to provide your account’s details as well as the routing number to your bank account that you will be using to make transactions. You can now successfully login your account. On the main screen, there is a part on the menu written "Buy/Sell". Click here if you want to purchase. You can enter the amount you have in dollars and the system will automatically calculate for you how many bitcoins are equivalent to that amount. Click "Buy" and make a confirmation for the transaction. Congratulations, You have made your first purchase. We highly recommend that after this first purchase, you send your bitcoins to blockchain.com.
Steps to Create a Blockchain.com Account
To set up a blockchain account, go to the site blockchain.com and click "Create your wallet". Fill in the spaces and then click continue. After setting up your wallet, Blockchain sends you an email to verify your account. Once the account is set up, you can request for backup recovery which ensures that even if Blockchain.com is unavailable in the future, you can still easily recover your information. Backup phrase is activated by going to security centre on the menu and clicking on the part written "Backup Phrase". A mnemonic phrase containing 12 words is generated with three sets containing four words each.This phrase helps you in unlocking the private keys keeping your account safe and secure from any intruders.
After setting the account up, you will have to generate an address. The bitcoins that you previously purchased on Coinbase will be sent to this address. Just go and click on "Request". Note the generated address and for security purposes, you should use a new account every time you are making a request. Go to coinbase and send some bitcoin to the generated address. Your transaction will receive a few confirmations and you can now easily spend bitcoins at the online casino of your choice.
Spending at an Online Casino
The bitcoin should be sent to an address provided to you by the online casino. When you click on send on your blockchain account, you will be provided with some form to fill in some required information. Click continue to get an overview of the details you have provided. If you have made no mistakes, then click "Send Bitcoin", otherwise, click "Go Back" to make any adjustments. You have now successfully deposited to you online casino.
To make a withdrawal, the casino will request for an address from you to where they will send your dues. Click on "Request" in the blockchain account for the address to be generated. Send the address to the online casino company and they will send your bitcoin there. You can hold on to the bitcoin for a while then send it to coinbase for a transfer to your bank account.