How to Buy & Deposit Bitcoin for Online Gambling 2024 Step by Step Guide

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We’ll take you through the process of setting up your own crypto exchange account, creating a secure bitcoin wallet and signing up and depositing Bitcoin in a crypto casino. Whether you’re new to the world of cryptocurrency or just looking to expand your knowledge, this guide is designed to make the process as easy and straightforward as possible. So, let’s get started!

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Introduction to Bitcoin Gambling

Bitcoin gambling, or crypto gambling, is a relatively new and rapidly growing industry that allows players to use decentralized digital assets such as Bitcoin, Ethereum, and Litecoin to place bets and play games at online casinos. Crypto casinos are similar to traditional online casinos in many ways, but they have a few key differences that make them an attractive option for many players.

One of the main benefits of crypto gambling is that it allows for faster and more secure transactions. Transactions are processed on a decentralized blockchain network, which means that there is no middleman needed, like a bank, to process your transactions. Consequently, deposits and withdrawals are processed almost instantly, and there is a lower risk of fraud or theft.

Another advantage of crypto gambling is that it allows players to have greater anonymity. Since players are not required to provide personal information such as name or street address, it is possible to play at crypto casinos almost completely anonymously without revealing your identity.

If you’re new to crypto gambling, it’s important that you understand the basics of Bitcoin and what exactly you need in order to get started with your crypto gambling journey as soon and with as little hiccups as possible.

Best Bitcoin Exchange for New Players

Firstly, you’ll need an account on a cryptocurrency exchange. Buying cryptocurrency through an exchange is the safest and most ensured way of receiving it. We would like to point out that It is also possible to buy cryptocurrency directly in your cryptocurrency wallet (at least in some wallets), where the overall process is much shorter and easier.

However, you will require an exchange account, if you later wish to convert crypto back to fiat currency. This is also one of the reasons, besides the overall security of this process, that we decided to describe the steps you have to take to buy cryptocurrency in an exchange. You can also buy Bitcoin for online casinos with a credit card, however, we recommend that you purchase crypto in an exchange, because that way you will keep your anonymity in the casino.

A cryptocurrency exchange is a platform that allows users to buy, sell and trade digital assets like cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. That means that the crypto exchange is a sort of a marketplace for buyers and sellers of cryptocurrency.

There are also two different types of exchanges: centralized and decentralized. Centralized exchanges are operated by a single entity that holds custody of the users’ assets and matches the buyers and sellers. Decentralized exchanges, on the other hand, operate on a blockchain network and allow users to hold custody of their own assets and trade peer-to-peer. But you don’t need to worry about this right now. What we recommend and what you will also see a couple of steps below are two different centralized exchanges that are user friendly, safe and reliable.

When it comes to selecting a cryptocurrency exchange, the general rule of thumb is that you pick the one which is deemed the most trustworthy and has the best community feedback. That way you can’t miss it. The same goes for crypto casinos.

Exchange

Our exchange recommendation is Bitstamp (based in Luxembourg). It is one of the leading global cryptocurrency exchanges. It offers trading in both fiat currencies and cryptocurrencies. Bitstamp is known for its security standards. It has undergone several audits and has obtained licenses from various regulatory bodies, including the Luxembourg Financial Supervisory Commission and the New York State Department of Financial Services. Trading fees are generally 0.25% per trade.

Coinbase (based in San Francisco) is also a good pick because it excels in all the aspects, just like Bitstamp.

Due to their enhanced security measures and insured offline holdings, Coinbase has a user-base of over 68 million users and is one of the safest and most legitimate crypto exchanges on the market today – The Financial Geek

How to Setup an Account at a Cryptocurrency Exchange?

Download Bitstamp

Estimated time: 30min

Step 1: Go to the App Store or Google Play store and download the Bitstamp app.

Register at Bitstamp

Step 2: Click on the “Register” button.

Step 3: Fill in the registration form by providing your country, name and last name, email address, and date of birth. You will also need to agree to the terms of service and the privacy policy.

Confirm email

Step 4: Verify your email address by clicking on the link sent to your email.

Step 5: Now is the time to set your password. After that the app will take you to the PIN setup screen. PIN code is used so that you don’t have to enter your password every time you open the app, when you are already logged in and have a session running.

Step 6: Complete the verification process by providing your personal information such as phone number, home address, country and town of birth, take photos of the front and back of your ID and record a video of yourself and saying a couple of numbers that appear on the screen. This is a standard security procedure at all crypto and fiat exchanges.

After that you will have to provide your current occupation status, your annual deposit estimation, your source of funds and tax residency. You will also have to state what you will use the exchange for. This information doesn’t carry any weight and you don’t have to worry too much about what you put in here, since most people use exchanges for various purposes. It’s mostly informative.

Google Authenticator

After that you will have to wait for Bitstamp to confirm your identity. The whole process of signing up takes about 30 minutes (including wait time, which takes up the majority).

Step 7: Secure your account by enabling two-factor authentication(2FA) using the Google authenticator app, SMS or email.

Step 8: Once your account is verified and secured (including 2FA), you can proceed to depositing funds into your account to start trading. Bitstamp accepts a variety of deposit methods, including bank transfers, credit cards and crypto deposits.

Buying Cryptocurrency on the Bitstamp Exchange

Enter the app

Estimated time: 3 min

There are actually two ways you can obtain cryptocurrency in the Bitstamp app:

– deposit fiat currency first, by clicking on the green button at the bottom of the screen and then converting it into cryptocurrency

Open the menu

– or by clicking the green button and choosing the option “buy with card” (we will showcase this one since it is the most beginner friendly in a sense that you’ll learn the most). This option is the fastest since you buy crypto with your credit card.

Enter the amount

After that you select the cryptocurrency you wish to purchase. We selected Bitcoin☺ And then enter the amount. After that you press the button “Preview buy”.

Purchase crypto

At the preview you receive brief information on how much you will be paying and how much of the cryptocurrency you will actually be getting after all the fees are deducted. If you’re satisfied, all you have to do is click the “Confirm buy” button and enter in your credit card details. That is it! It might take a couple moments for your purchase to show in your account.

Best Cryptocurrency Wallet and Which One to Choose

What is the best bitcoin casino wallet one might ask? Well, there are several types of crypto wallets, including software wallets (also referred to as hot wallets), hardware wallets (also referred to as cold wallets), and paper wallets (which is also a form of cold wallet). Software wallets are digital wallets that can be accessed through a website or mobile app, while hardware wallets are physical devices that store your private keys offline. Paper wallets are physical copies of your public and private keys that you can store in a safe place.

For every instance of asset storing we recommend that you choose a cold wallet (Trezor or Ledger are the best ones), because it’s safer. However, to get familiar with wallets a hot wallet is good enough. Cold wallets are more expensive and on top of that you have to wait for a few days if not weeks for it to arrive.

So let’s get right to it!

Our recommendation for a Bitcoin hot wallet is the Trust Wallet. Trust Wallet is used by many and it allows its users to store a huge amount of different cryptocurrency. In addition to crypto you can also use it for buying crypto and collecting NFTs!

Note: Buying crypto in your crypto wallet is also a viable option. You do need to have an exchange account though, if you wish to later withdraw your funds to your bank account, since wallets don’t provide you with that option. It’s also possible to hold your assets in the wallet of your exchange account and use it to transfer funds directly to the casino, but we don’t recommend it – it’s always a safer option to have your own wallet, where everything is under your control and you own all the security keys.

How to Setup Your Trust Wallet

Download wallet

Estimated time: 3 min

Step 1: Download the Trust Wallet app in your App Store or Google play store

Create wallet

Step 2: Open the Trust Wallet app and tap the “Create a new wallet” button. Read and accept the terms of service and privacy policy, and create a passcode.

Secret phrase

Step 3: Write down the 12-word recovery phrase and store it in a safe place. This is the only way to recover your wallet if you lose access to it. Verify that you have written down the recovery phrase correctly by tapping on the “Verify Recovery Phrase” button and select the words in the correct order to confirm that you have written them down correctly.

Adding Cryptocurrency to Your Trust Wallet

Recieve crypto to your wallet

Adding cryptocurrency to your wallet is the easiest part. All you have to do is hit the “Receive” button in your Trust Wallet app, choose the cryptocurrency you’re going to send and then copy the address, by clicking the “Copy” button.

Withdraw from exchange

From here you go back to your crypto exchange account (Bitstamp) where your Bitcoin is already waiting for you. There you click on the green button in the middle of the screen, click withdraw and select your crypto, which is in this case Bitcoin.

Withdraw from exchange

Then you paste the address that you’ve previously copied in your Trust Wallet, set the amount and click the button “Withdraw”. Bitcoin should be in your wallet in about an hour. As mentioned previously, it is important that you not exclude this step and transfer your assets directly from exchange to the casino to ensure the highest level of security.

Best Bitcoin Casino Account Setup and Bitcoin Deposit

BitStarz is a popular online casino that allows players to make deposits and withdrawals using a variety of cryptocurrencies including Bitcoin of course.

In addition to traditional casino games like slots, table games, and live dealer games, BitStarz also allows players to buy and trade cryptocurrencies directly on the platform. To purchase Bitcoin or other cryptocurrencies, players can simply click on the “Buy Crypto” button on the deposit page, however by doing so you give up your anonymity, since you have to provide your personal information.

BitStarz also offers one of the biggest Bitcoin welcome bonus packages. You also have the opportunity to use the exclusive BitStarz no deposit bonus of 25 free spins instead of the regular 20 just for signing up and just for Gamblineers players!

First deposit bonus has a bonus of 100 % up to 1 BTC + 180 free spins and a 40x wagering requirement. The bonuses from the welcome package are valid for 7 days. Otherwise, the minimum deposit for the first deposit bonus is 6 mBTC.

However, if you wish to pick a different casino, you can check out BC.Game or Thunderpick, which both excel in different aspects. BC.Game has a sea of different cryptocurrency and a ton of interesting game features, while Thunderpick consists of an extensive sports betting service.

Creating an Account and Depositing Bitcoin at Bitstarz Casino

Firstly you click on the play now button on our website, which will take you to the casino.

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Signup

When you’re in the casino you have to click the “Sign up” button, and follow through the steps to create your account like entering your email, setting your username and entering your password.

Display currency

After that it is time to select the display currency by clicking on it and agreeing to the Bitstarz’ terms and conditions. Display currency doesn’t affect the deposit currency.

Deposit

When you enter your account, the first thing you’ll see is a Bitcoin deposit window. All you have to do now in order to deposit Bitcoin from your cryptocurrency wallet is to copy the “Private deposit Address”.

Withdraw from wallet

Next step is to head back to your Trust Wallet and withdraw the funds previously deposited there from your exchange. There is no need for panic if your Bitcoin is not in your Trust Wallet yet. Just wait a couple more minutes.

You withdraw or rather transfer your Bitcoin by clicking the “Send” button, selecting Bitcoin and pasting the address that you’ve previously copied in the Bitstarz casino. Here comes the time for using Bitcoin for online gambling!

How to Withdraw Your Bitcoin from a Bitcoin Casino?

Deposit to your exchange

By now, you probably have mastered the basic functionalities of cryptocurrency platforms, since they all function pretty much in the same way from a grander point of view. The process of withdrawing Bitcoin from a casino is rather simple.

Here you have two options. If you wish to keep your crypto, you can deposit it back to your wallet (the process we will describe here is the second one where you withdraw to an exchange, however it is in both cases almost identical). If you wish to convert your Bitcoin back to fiat, you can deposit straight to the exchange by clicking the “Deposit” button on the Bitstamp’s home screen, selecting Bitcoin as the cryptocurrency you wish to deposit and copying the address.

Cashout

Then you head into the Bitstarz’ menu and click the “Cash Out” button. Afterwards you paste the address you’ve previously copied in the exchange and click “Request Cash Out”. It usually takes about 10-20 minutes for your Bitcoin transaction to come through.

How to Withdraw Bitcoin from an Exchange to Your Bank Account?

Trade

Keep going! you’re almost at the end! After your casino withdrawal arrives to your Bitstamp (exchange) account, you can finally transfer it one more (and truly the last) time to your bank account.

Firstly, you must convert your Bitcoin back to the preferred fiat currency by clicking the “Trade” button and choosing the option “Sell”, which can be located at the top of the window.

Trading pair

Afterwards, you choose what fiat currency you want to swap your Bitcoin to, by selecting the correct trading pair. Once selected, you press “X” and type in how much Bitcoin you wish to sell.

Fiat currency

With the conversion complete, this is the very last step, where you once again click on the Bitstamp’s big green button in the middle of the navigation bar. This time however, you select the “Withdraw” option and select the currency you’ve decided to swap your Bitcoin into. After that you enter the amount you wish to send to your bank account and click on the “Add Bank Account”. From there you enter the details of your bank account and send your winnings. The money should be there in a couple of days. Yay! You are done!

Have fun gambling and may the odds be ever in your favour!

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FAQs

The answer is YES! There are many online casinos that accept Bitcoin as a form of payment. Bitcoin is a decentralized, digital currency that can be used for online transactions.

Cashing out from a Bitcoin casino can be done in 5 easy steps: go to your casino account, find the withdrawal option, copy your crypto wallet’s deposit address, paste it into the casino and click the cashout button.

Generally speaking, Bitcoin transactions are carried out in about 10-20 minutes. The time it takes to withdraw Bitcoin can vary depending on the current demand for Bitcoin, since the demand, or rather congestion, affects the network’s speed. It is also important to note that some online casinos may have their own withdrawal policies that could affect the time it takes to cash out.

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