Nearly every website is talking about crypto. There are countless blogposts about the history of bitcoin. There are hundreds of resources about blockchain, altcoins, NFTs and ICOs.
However, finding information about how to use crypto for gambling can be daunting. That’s alright, though. In this guide, we’ll break down the process of gambling online using crypto. This process works for all crypto gamblers, whether you’re a sports fan or a poker professional. Let’s get started.
Table of Contents
1—Create a Crypto Wallet
A crypto wallet is like an online banking app. It’s a platform to store your Bitcoin, Ethereum, Litecoin and Shiba coins. Crypto wallets come in different forms. But they can be summed up into two:
- Hot Wallets
- Cold Wallets
Hot wallets store your crypto coins online through an app, desktop software or browser extension. Hot wallets are ideal when you need to access your coins quickly for gambling or making an online transaction.
Examples of hot wallets include Meta Mask, Trust Wallet, Coinbase wallet and Binance wallet.
Cold wallets store your coins offline. They help protect your funds from hackers, malware and other online threats. Cold wallets are ideal for keeping your crypto for the long-term. Examples include Ledger Nano S, Trezor and paper wallets.
2—Find a Trustworthy Crypto Gambling Site
Once you’ve created a crypto wallet, the next step is to find a genuine crypto gambling site. Choose a licensed bitcoin casino to avoid online scams. Ensure the license comes from a trustworthy regulator like Malta, the UK or Curacao.
Next, look at the site’s security features and website layout. Make sure the site is fast, well-organized and user-friendly. Another feature to check is the list of accepted cryptocurrencies.
Most crypto casinos accept Bitcoin. But you probably own a series of altcoins too. If you love Shiba coin, choose a Shiba casino. If you like Ethereum, ensure you pick gambling site that accepts the coin.
If you need help, visit Crypto Gamblers for a list of the best-rated crypto casinos in 2022. Many of these sites support a wide variety of coins. What’s more, they welcome new customers with generous bonuses.
3—Add Funds to your Crypto Wallet
After you’ve found a genuine crypto casino, decide the best coin to use for deposits. Also, determine your first deposit amount. You could deposit the minimum amount or an amount that will qualify you for the casino’s welcome bonus.
All the same, you will need money in your crypto wallet before you can send it to your chosen gambling site. How does this work? You purchase Bitcoin at a bitcoin trading site like Coinbase or Binance.
Bitcoin trading sites will usually require that you create an account. Then you can buy crypto through a credit/debit card, direct wire transfer or e-wallet like PayPal.
4—Fund your Gambling Account
The next step is pretty obvious. Add funds to your casino or sports betting account. Normally, you need to login to your gambling account. Navigate to the deposit section and follow instructions.
Most gambling sites give you an address to send your Bitcoin or altcoins to. Remember you can’t make any mistakes here. If the casino gives you a Bitcoin address, you can’t use it to send Ethereum or Bitcoin Cash.
Making a mistake while sending crypto could cost you the money with no possibility of recovering it. As already mentioned, it’s important to verify the minimum deposit before you send your money.
If you plan to claim a welcome bonus, ensure you deposit the minimum amount required for bonuses. You can always deposit more money to grab a bigger bonus, though.
5—Gamble with your Crypto
Now that you have crypto in a crypto gambling site, the next step is to enjoy your time. Most casinos convert your Bitcoin into an in-house coin. They do this to make it easy to play standard slots and card games.
Some casinos also feature blockchain-based crypto casino games. You can play these games using Bitcoin or Ethereum directly. Generally speaking, though, conventional casino games outnumber crypto games.
What are the best games to play to double your crypto deposit? Put simply, every casino game can double your stake. But it’s easier said than done. Learn how different games work. Then choose games you enjoy playing the most.
6—Withdraw your Winnings
Truth be told, you could deposit bitcoin to a crypto casino. You could enjoy the money at different casino games but fail to win enough money. If you want to cashout crypto profits, find out how to win different games.
For example, read poker tutorials and practice the game through free to play apps. On the other hand, spend time finding high-paying slot games beforehand. This way, you will know the games to play for maximum returns.
After you win some crypto gambling, request a cashout. You already own a crypto wallet by now so the process should be straightforward. The best crypto casinos process crypto withdrawals within 24 hours.
Crypto Gambling: Is it worth it?
Gambling with crypto sounds complex to someone who’s never owned the cryptocurrency. So, is it worth it? The short answer is that it depends. If you love crypto and what it stands for, it’s worth gambling with bitcoin.
If you live in a country where online gambling is heavily restricted, you may also consider Bitcoin. Crypto is largely unregulated. No government can prohibit it. As such, you can use digital currencies to gamble through offshore casinos and sportsbooks.
Crypto vs Fiat for Gambling: What’s better?
This is yet another question with no definitive answer. It all depends on you. Crypto is great for someone who loves its low fees, speedy payments and airtight security.
On the other end, fiat cash is convenient. With just a single click, you can wire money from your bank account to a gambling site. Fiat is also not as volatile as crypto. A dollar today will probably be worth the same one month afterwards. With crypto, the value can go up or down significantly.