Why Use Bitcoin at Online Casinos?
You might wonder why anyone would want to use Bitcoin at online casinos
rather than regular Canadian dollars. There are several possible reasons. One is privacy. Using Bitcoin means that you can gamble without giving a casino any financial information
, such as your credit card number. Given the amount of media attention that is given to data breaches (even though they are extremely rare), this is something that appeals to many.
Using Bitcoin at online casinos also helps to keep banking transactions quick, simple and often fee-free
. Deposits are fairly instant, and withdrawals don't take much longer. For this reason, withdrawing via Bitcoin or most other cryptocurrencies is almost always faster than withdrawing to a credit card.
A third reason why Bitcoin is becoming so popular at online casinos is because it's fashionable. If you have your cash tied up in Bitcoin because you think it's the way of the future, it makes sense to start using Bitcoin for everyday transactions. And online casino gaming is one of them.
Once you set up accounts with a Bitcoin wallet, cryptocurrencies are easy to use in online casinos
Sports Betting with Cryptocurrencies
Bitcoin is also becoming popular in the world of sports betting
, and for many of the same reasons just given for casinos. Sports betting with Bitcoin offers more privacy and security
and gives bettors a swift and reliable way of making transactions that doesn't depend on credit card companies. Not all sportsbooks accept Bitcoin, but there are several that do, and we can expect this number to increase as cryptocurrencies become more widely accepted in other areas of business and commerce.
What are some alternatives to bitcoin?
Bitcoin is the most famous cryptocurrency in the world, and it, therefore, makes the most headlines. However, it isn't the only one around by any means. Other cryptocurrencies that are becoming more widely accepted at online casinos are Bitcoin Cash, Litecoin, Etherium, XRP and Tron
How much are cryptocurrencies worth?
Cryptocurrency values fluctuate in much the same way as regular currencies, and for all kinds of reasons. That being the case, the only way to know exactly how much a particular cryptocurrency is worth at any given time is to look it up on a reputable website. As with other currencies, the value of your Bitcoin will be shown as a comparison with its fiat money and crypto counterparts.
For example, at the time of writing this sentence, 1 Bitcoin was worth 62,536.42 Canadian dollars. And at the time of writing this sentence just a few seconds later, its value had dropped very slightly to 62,519.06 Canadian dollars. What 1 Bitcoin will be worth by the time you actually read these words is anyone's guess, but we are pretty certain that its value will be at least a little different every time you check it.
In order to buy Bitcoin or any other cryptocurrency, you need to have a wallet. The most serious crypto users tend to have hardware wallets, such as special USB drives on which the crypto information can be securely stored. Increasingly, however, many people are using cryptocurrency apps on their smartphones, either as an adjunct to a hardware wallet or instead of one.
The advantage of having a cryptocurrency app is that it makes it quite easy to buy, sell, exchange and use your crypto cash in daily life. There are more and more places which are beginning to accept Bitcoin and its competitors, so if you want to take advantage of that, getting an app via the Google Play Store or Apple App Store makes a lot of sense.
Should I start using cryptocurrencies?
After reading everything that we have said above, you might be wondering whether it would be a good idea for you to start using cryptocurrencies yourself. The short answer is that only you can make that decision.
It's a little like asking us if you should obtain a stack of English banknotes. Whether you should or not depends on whether you are likely to need them. If you like collecting foreign currencies, or you plan to visit England, where you can spend the pounds freely, it might be a very good idea. But if you'd only be getting English banknotes because everyone else seems to be collecting them, you should probably think about it a little more.
Similarly, if you want to get into cryptocurrencies for speculative purposes or because you want to start using them in your everyday life, it might make sense to do so. However, if you only want to get involved because it's a hot topic, you should probably do more research before jumping in.
Should you get into cryptocurrencies solely for the purpose of playing at online casinos?
Probably not. There are plenty of regular methods by which you can deposit and withdraw money, so if you don't need cryptos for anything else, good old Canadian dollars should serve you just fine.
Sites for transferring Bitcoins
Most bitcoin users would use blockchain.com and coinbase.com together when transferring or moving their cryptocurrencies. Coinbase is a secure platform that makes it easy to buy, sell, and store cryptocurrency. Blockchain works as a cryptocurrency wallet, which gives you additional security and anonymity. The two sites used together ensure absolute security and anonymity.
They are easy to use, so depositing to an online casino won't be a problem.
Steps to Creating a Coinbase.com Account
Coinbase allows you to convert any currency into cryptocurrency for a very minimal fee. Once you created an account on coinbase.com, you will get a verification email. After the email verification, you can also set up a two-factor identification for added security.
As the next step, you will need to link your new Coinbase account to your bank account and debit card if you want to make instant purchases. Linking your account to Coinbase is entirely safe; account numbers and routing numbers are stored using bank-level AES-256 encryption on their servers, and all traffic goes over SSL to prevent third parties from eavesdropping on your connection.
On the main screen, there is a section with "Buy/Sell" where you can make your purchase. You can enter the amount you want to exchange in dollars, and the system will automatically calculate how many bitcoins you can get for it. Once you made your first buy, you can send your bitcoins to your Blockchain account.
Steps to Create a Blockchain.com Account
With Blockchain, you are only able to use cryptocurrency in all transactions. Blockchain doesn't deal with banks at all, and there is no way to link your account to your bank or exchange dollars to Bitcoins as you do with Coinbase. However, you can send and receive cryptocurrency.
To set up a Blockchain account, go to blockchain.com and create a wallet. Once you filled out the registration form and verified your account, you can log in and generate an address. Your bitcoins from Coinbase will be sent to this address. You need to request the amount from Coinbas, follow the instructions, and your bitcoins will be ready to be spent in a bitcoin casino.
Bitcoin safety and security
In recent years there were multiple phishing attacks against Blockchain and Coinbase. Users who were the victims of these attacks did get money back from the companies, and Coinbase also insured its transactions through Lloyd's of London.
These companies continue to be a target for hackers, but their security rivals or outperforms many of the largest financial institutions. Do your research before opening an account at Blockchain, Coinbase or any other cryptocurrency websites.
Spending at an Online Casino
The Bitcoin should be sent to an address provided by the online casino. When you click send on your Blockchain account, you will need to fill in a form. Make sure all your details are correct before you click "Send Bitcoin." The amount will show up on your account, and you can start playing soon.
To make a withdrawal, the casino will request an address from you to where they will send your winnings. Click on "Request" in the Blockchain account and the address to be generated. Send the address to the online casino company, and they will send your Bitcoins there. You can leave your Bitcoins in the Blockchain account or transfer it back to Coinbase to convert it to dollars and send it to your bank account.