Bitcoin

How To Buy Bitcoin For Online Gambling

How To Buy Bitcoin For Online Gambling

Do you want to gamble at online casinos by playing with real bitcoin?

First of all you are not alone, in fact over the last few years more and more casino enthusiasts and hobby players are shifting towards this ever growing trend. There are a variety of reasons why this phenomenon might be happening - anonymity, jurisdictional / legal reasons and lower transaction fees might just be a few.

If you are a player residing in the USA, Russia, Canada, United Kingdom or Asia then the reason and necessity of utilising Bitcoin casinos will be more than clear to you.

Although most casinos including bitcoin casinos will allow you to register and play their games for free, it's essential to know how to buy bitcoin in order to play for real money. Luckily this process is very easy and there are a variety of different ways to tackle it.

In this article you will the fastest, safest and easiest ways of converting your traditional money to bitcoin and transfer it to your online casino wallet:

Use Bitcoin Exchanges

Bitcoin exchange websites are probably the best and easiest way to buy bitcoin with intuitive user interfaces and fairly low transactional commissions. There are a multitude of these sites to choose from and we will cover a handful of the ones we found to be the best in this article.

Important: If you are an individual residing in the United States you need to know that Bitcoin exchanges are regulated in your country and are therefore not permitted to send or receive bitcoin from gambling websites.

This might seem like a showstopper from the get go however it really is not. A very easy way to circumvent this problem is to use an intermediary wallet before sending bitcoin to the online casino or gambling website.

These wallets are very easy to install on your Smartphone as an app and/or your PC. Here are a few bitcoin wallet apps to check out:

iPhone (iTunes) - Free: BreadWallet, AirBitz.
Android - Free: Mycelium, Copay.
Desktop - Free: Electrum.

Here are a few great online bitcoin exchanges:

Kraken.com (0.16% to 0.26% Fees)
Kraken is a very popular and well trusted bitcoin exchange platform which was founded way back in 2011. Nowadays it has become one of the largest exchanges in the world. Kraken offers fast funding, low fees, bitcoin margin trading and top notch customer support. Additionally the platform can trade in other crypto currencies such as Litecoin (LTC) and Etherium. At the moment of writing, Kraken is open to customers in the USA, Canada, Australia, Japan and are consistently expanding their services to new countries.

Coinbase.com (0.25% to 1% Fees)
Coinbase was founded in 2012 and is part of the GDAX exchange. This platform covers over $3.5 billion worth of bitcoin exchanged, with 4 million customers served and support for 32 countries it is one of the biggest online exchanges around. The platform comes with a free mobile app if you want to use that and has some nifty features such as insurance protection whilst still giving you full control over your wallet and the funds within it.

As with all other exchanges you are required to verify your identity with Coinbase in order to be able to exchange funds (this is done for money laundering prevention and has nothing to do with online casino players). The verification process at GDAX/Coinbase does seem to take longer than with other exchanges but the product is rock solid.

BTCC.com (Flat 0.0001 BTC Fee)
BTCC is a Chinese company that offers exchange services, bitcoin wallets and a mining pool (for you bitcoin miners out there). The BTCC website and overall product is professionally put together, well designed and really easy to use with a very minimal interface that does make you feel like you are attempting to launch a satellite into orbit by trying to transact with them. It worth to mention that BTCC is one of the global top 5 exchanges in terms of trade volume and serve customers from a multitude of countries including the US.

Try Bitcoin Brokers

Another way to obtain bitcoin quickly is to use bitcoin brokers. These type of services are very fast and really well-suited for casual gamblers. At brokers bitcoin can be bought instantly via credit card, debit card or bank wires .

A great example of a bitcoin broker is Circle.com which offers their service at a 1% fee. Circle offers instant delivery of bitcoin to your wallet, the caveat being that you are limited to $300 of purchases in a week. This limit can be overcome with verification as with the Bitcoin Exchanges listed above.

All-in-all Brokers are a good way to get started, they don't hassle too much with identification of their customers, the whole process is generally faster  and easier, if you can live with the lower weekly cap then they are a great option.

Try Local Bitcoin

LocalBitcoin.com (Free to 1& Fee)
Local Bitcoin is yet another service which is available for use in order to purchase bitcoin to use with online casinos and other gambling websites. This service consists of communicating with real human beings who are looking to buy or sell some of their bitcoins in you general area.

You can negotiate a price which you are willing to pay for the exchange and get a deal done. In most cases this system ends up being cheaper than exchanges with much lower fees and better purchase prices!

Be careful however, since this service is a sort of Craigslist of bitcoin there is a chance of getting scammed this way since the Local Bitcoin service does not act as a broker for the transaction. Most sellers are genuine but it's good to keep your eyes open for potential scammers.

This system of getting Bitcoin might work out cheaper but is less secure and more of a hassle over exchanges, so the choice is yours. We never use them.

Try Bitcoin ATMs

Finally the last option would be to make use of Bitcoin ATMs (also known as BTMs). These function in the same way as a regular ATM but instead of depositing money into your bank account will deposit your money into your bitcoin wallet account directly.

There are some rather large fees associated with bitcoin ATMs sometimes as high as 7%-10% so they are the most expensive way to purchase bitcoin. Some BTMs also require users to scan in their identity card which could make anonymity an issue too.

There are generally also limitations on the amounts which can be purchased at one go. All-in-all BTMs are a secure means of purchasing bitcoin however they are not the most convenient or the cheapest way to do so by far. We mentioned them but would advise against them simply because they cost too much and are too much of a hassle to use.

In Conclusion

There are multiple option on how to obtain Bitcoin or other cryptocurrency, some straightforward others more complicated and painful to get done. We really found Bitcoin Exchanges to be the no-brainer option here. They are fast, convenient, secure and cheap.

The variety of options can seem complicated for the first time buyer but in reality getting Bitcoin is just as easy as opening a PayPal account, there is also an added benefit here which we did not mention above - monetary appreciation of Bitcoin.

We've all heard that Bitcoin has grown and grown in value over the last couple of years to a ridiculously high amount. Buying and owning some Bitcoin might be a good idea simply for the reason that its value still has not reached its full potential - at least according to many 'experts' but it's also the general public consensus.

Bitcoin is growing, half a decade ago many of the options we listed above for obtaining Bitcoin did not even exist or were still in their infancy, just the fact that the system is getting adopted more and more and across so many new industries is a strong sign that Bitcoin is here to stay.


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