What is Bitcoin gambling and why should I be interested?
Bitcoin is the world’s most popular cryptocurrency and is responsible for the current innovation of the online gambling industry. Yes, it’s hip and exciting, but for a lot of good reasons.
When online gambling was first discussed in the 1990s, it was viewed with a lot of suspicion and took a long time to get a foothold. No one expected how much it would grow to be accepted and recognised. By the mid-2000s, online casinos were sponsoring football teams in the English Premier League.
But Bitcoin has led its own quiet revolution since its use in gambling as early as 2012. From concepts such as provable fair systems, microbetting and transparent house edges to eponymous games such as Bitcoin dice and plinko, Bitcoin and crypto gambling have introduced an exciting niche to online gamblers that promises to grow more and more popular. Click here if you’re interested to learn more about how Bitcoin gambling works!
How do I start?
First of all, you need to have a place to keep your bitcoins, called wallets. There are many wallets to choose from, depending on how important you value your privacy and security. Here are a few wallets we would recommend:
For a good mix of ease of use and security, try either Electrum or Exodus. Both give you full control of your private keys and/or seeds, while giving you clean interfaces to manage your coins. Electrum allows for more advanced features such as setting your own fee and change addresses, and we rate this highly. Exodus keeps it to a simple “specify your spend address” and takes care of everything else for you.
Site-based online/app wallets are for those who only want to remember a username and password, in which case you can choose from Xapo or Coinbase. We can’t guarantee your privacy here (even if they imply that they do), though.
If you’re planning to own significant coins, you’ll want to go for a hardware wallet such as Trezor or Ledger. Considered the most secure, these are also referred to as “cold” wallets as they are usually stored offline to prevent unauthorised access.
If you’re really just interested in a hassle-free experience and only want to gamble, you CAN opt to simply register an account at a Bitcoin casino. You can generate a Bitcoin address in the deposit section and you’re ready to go. Any bitcoin you send to this address will remain in the casino account until you withdraw it. We do NOT recommend this, however. No matter how much you trust a casino, using this option means you have no way to recover your funds if the casino runs away or loses your coins.
Gimme my bitcoin!
The only way you can obtain Bitcoins without buying them is through the process of mining. But we’ll assume you aren’t a miner and want to get some coins to gamble.
There are a growing number of services that will sell you bitcoins for fiat currency payments, called exchanges. Depending on your nationality and location, you can easily buy some with your credit card, debit card or a bank wire transfer from exchanges like Coinbase and Coin-mama. Some like Paxful also let you buy using gift cards, while Europeans can use SEPA to buy from Bitonic.
If you prefer doing business face-to-face (exchanging cash for Bitcoins) or wish to trade with people in your area, the peer-to-peer exchange Localbitcoins is your best bet for competitive pricing.
Can’t wait? The beauty of Bitcoin casinos is that many give out free (small) amounts of bitcoins through “faucets”. This way, you can try gambling with real coins at no risk to yourself.
Bitcoin gambling basics
If you haven’t already, you should read more about how Bitcoin gambling works. Once you’ve educated yourself about the unique attributes of Bitcoin gambling, feel free to browse our sites for more information about other aspects such as legality, legitimacy and regulations for Bitcoin casinos. There’s plenty of interesting topics to read and it’s very important that you enter into Bitcoin gambling equipped with this knowledge.
Once you’re ready to dive in, read our independent reviews of Bitcoin casinos. These will give you our objective view of the games, payments, entertainment value and even bonuses at various Bitcoin gambling portals.
Most importantly, do your own research! And oh, don’t forget. Have lots of fun discovering Bitcoin gambling!