Using one of the many different cryptocurrencies to make a deposit at an online gambling site is going to be very complicated at first. That is due to the fact you first must get your head around just what cryptocurrencies are, how they work and then set about getting yourself not only a digital wallet to access them but also learn how to buy and sell them too.
However, it is very true to say that cryptocurrencies in general have become a major boost for poker and bingo sites, online casinos and online sportsbooks. The main reason for me saying that is that anyone can access cryptocurrencies, and therefore no longer experience difficulties finding a payment method to allow them to make deposits and get paid out their winnings too.
As countries such as the United States of America have made it as hard as possible for their citizens to use things such as debit cards and credit cards as a gambling site payment option, by switching over to digital currencies, gamblers that are living there can fund such accounts with relative ease.
If you have been thinking about using them as your preferred payment option for such online gambling sites, then this guide will walk you through how you can do just that!
Which Cryptocurrency to Use for Gambling
The very first thing you will have to do if you do want to use cryptocurrencies to make deposits and withdrawals to and from any gambling account, is to decide just which one will be best suited to you and your requirements.
Obviously the most utilized one is Bitcoin, and even though buying a full single unit of Bitcoin can be expensive, keep in mind that you can buy small fractions of them and as you should be able to afford those smaller units if you are a low stake gambler.
However, there are also plenty of other cryptocurrencies to consider using including Ethereum and Litecoin. However, try to select the one that is accepted at most if not all the gambling sites you do bet and gamble at.
Also keep in mind that each cryptocurrency will have transaction fees associated with using them and that is something else you should research to ensure the ones you do use are not going to additionally force you to pay some above average transaction and processing fees. If you don’t make a point of finding that information out, or you may find using some cryptocurrencies will be much more expensive than you first may have thought!
Getting a Digital Wallet
As soon as you have weighed up the pros and cons of using any of the available cryptocurrencies, and that may take some time to do of course, you will then need to get for yourself a digital wallet and one that is fully compatible with that cryptocurrency.
The thing to keep in mind about digital currency wallets, is that they are not like the ones you get with PayPal or Skrill, in which you store your coins and funds directly in them, but they are simply the link in the chain that allows you to access your cryptocurrencies stored on a cryptocurrency blockchain.
There are standalone digital wallets and they as mentioned above give you direct access to your coins and tokens, and some wallets are linked to a digital currency exchange, I would advise you against using those latter named ones, as if the exchange goes out of business or is hacked your cryptocurrencies are at risk.
You do of course run the risk of having your standalone digital wallet being compromised, and as such you should always keep your login details, passwords and seed phrases written down and stored somewhere safe, and not store them on your computer. By doing so you will negate the chances of your cryptocurrencies being stolen.
Using a Digital Currency Exchange
Once you have set up a digital wallet, then you are going to be able to buy cryptocurrencies and move them around with relative ease. However, you will of course first need to buy some units of Bitcoin or the cryptocurrency you have chosen to use.
To do so you have a small number of ways, the first will see you having to pay a visit to a cryptocurrency exchange, and by doing so you will need to sign up for an account, and then select the units of the cryptocurrency you wish to purchase.
You will then be quoted a spot price and will be given a range of different payment options to purchase your chosen digital currency. Be aware though you will have to pay fees and charges on top of the spot price of your chosen cryptocurrency, and in some cases depending on how you intend to pay for them you will have to verify your identity too.
There are also ATMs at which you can buy any of the major cryptocurrencies, and you can also buy them in person.
Depositing to Your Gambling Site Account Using Cryptocurrencies
The final thing you will need to know about if you fancy joining the millions of people worldwide who use cryptocurrencies to fund gambling site accounts online is just how you go about doing so!
You do however need to be aware that some gaming sites will use, for example, Bitcoin as the default currency and when you choose to gamble at such sites you will be able to choose units of Bitcoin as your stakes.
However, some online and for that matter mobile gambling sites will allow you to set your account to use one of the several different fiat currencies as your chosen currency setting for your account, and when you deposit in that currency the site will convert it into Bitcoin.
The banking interface will do all the currency conversions for you, and you will be supplied with a digital wallet address which you must use to transfer your Bitcoin into that wallet address to then get it credited to your gambling site account.
When you want to withdraw any winnings, you need to select Bitcoin or the cryptocurrency you wish to get paid out by and supply your own unique digital wallet address and the site you are cashing out from will then pay you out directly to that digital wallet.
One added advantage of choosing to use a cryptocurrency as your withdrawal option is that you are going to find many gambling sites now offer instant pay-outs, and as such it won’t be very long before you click on the withdrawal button until those cryptocurrencies you have chosen to cash out are then paid out directly to your digital wallet!
Choosing a Crypto Gambling Site
Finding the best cryptocurrency gambling sites and trustworthy crypto casinos is not easy. Only a few of the numerous platforms that provide crypto slots and bets are worth your time. You should read through all of the reviews and choose the right online casino. Each site offers a diverse range of sportsbooks and current gambling options.
You will be able to find anything to suit your needs, whether you are a novice or a seasoned gambler. Make sure you do not miss out on the chance to try your luck and win a prize. Choosing the most appealing option will allow you to immerse yourself in the current gambling world.
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