How to Buy Bitcoins for Online Casinos
The term Bitcoin is a mystery to many. Using Bitcoin sounds scary, but actually buying Bitcoins online is where everybody stops dead in their tracks. In reality, buying Bitcoins online is as easy as buying any other item on the internet. This time around, you’re just buying a crypto currency, as if you were entering a foreign exchange office to buy a foreign currency. An even simpler example is buying an item from Amazon or eBay.
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Here, we’re going to show you how to buy Bitcoins to play at any online casino that is willing to accept them. Follow each step carefully if you want to avoid any unwanted situations.
1. Find a Licensed Bitcoin Exchange
An exchange is exactly what you think it is. It’s a platform where people like you can buy Bitcoins, and afterwards spend them anonymously. If you fail to find a licensed Bitcoin exchange, you put your money in jeopardy. That’s why the first thing you should do is find a reliable, safe, secure Bitcoin exchange, where you can exchange your USD, EUR, GBP, SEK, NOK, CAD, AUD or any other currency for Bitcoins.
Some of the most reliable and popular Bitcoin exchanges are Bitstamp, Circle, Localbitcoins, Gemini and CoinBase.
Things to Consider Before You Join a Bitcoin Exchange
o Fees - The casino won’t charge you any fees, at least in most cases, but you will have to pay a certain fee when you exchange your domestic currency for Bitcoins, in other words, when you buy Bitcoins. These fees are in the range of 0.20% to 0.50%. The higher the amount of Bitcoins you’re buying, the lower the fees get. Check the fee percentage before you join an exchange, compare it with other exchanges to find the best Bitcoin exchange platform.
o Proximity - It’s a growing market and new Bitcoin exchanges are showing up on a regular basis. When you’re evaluating the exchange offer, make sure you consider the proximity of the platform to your location. Most likely, there’s a Bitcoin exchange based in your country. It’s better to trade with people that are close to you for various reasons.
- UK players should pick Bitstamp or Coinbase;
- Australian players could opt for Bit Trade Australia;
- US, Finnish and Norwegian players can join Localbitcoins;
- Swedish players will find Safello as most appropriate for their needs;
- Canadian players find Kraken as most friendly.
o Accessibility - In order to avoid having to switch to another Bitcoin exchange you better cons
ider how stable, how long has the exchange been online. Downtimes can cause severe damage to an exchange’s reputation, but it can also affect your Bitcoin experience. Bitcoin attacks have been on the rise over the past few years. Bitcoin exchange operators are doing everything they can to minimize the risk of these attacks.
o Liquidity - High volumes make the exchange market efficient. If the gap between supply and demand is big, the price can shift rapidly. Although there’s an average “efficient” global Bitcoin value, on an individual level, it all comes down to who has the advantage. If there’s a surplus of Bitcoins, and there’s a lack in demand of them, you might get a good deal, paying less for your Bitcoins. But, it can go the other way around as well. Liquid Bitcoin exchanges guarantee a fair trade.
2. Open an Account at a Licensed Bitcoin Exchange
Once you’ve decided what the best Bitcoin exchange for you is, it’s time to sign up, or open an account. The registration procedure requires a valid email, your full name and the country in which you’re currently located. Don’t worry, this information is kept private. You will receive your login details via email. Make sure you keep your customer ID and your password private.
Now you should verify your account. You will have to provide additional personal information such as your address and your birth date. Provide correct, valid and current information because you will have to send a scan of your documents. This information is kept by the exchange, nobody else has access to it. Meaning, the online casino operator won’t see any of this.
You might as well verify your phone number, but only after you’ve verified your identity with the Bitcoin exchange. Once you’ve verified your identity, you can now add a debit card, credit card, an e-wallet with which you can buy Bitcoins.
3. It’s Time to Buy Some Bitcoins!
Yes, the setup process takes some time, but you better be safe than sorry. Bear in mind, you have to this once only. If you’ve verified your payment method as well, now you can buy some Bitcoins. The price of the Bitcoin should be located somewhere at the top of the page. This is the current price you have to pay to get 1 Bitcoin.
- First, make a deposit to your Bitcoin exchange account. Find the deposit button and deposit an appropriate amount.
- Second, place an order for a Bitcoin. Once the seller is notified and responds, the transaction will be completed.
- Congratulations! You are now a Bitcoin owner.
4. Setup Your Bitcoin Wallet and Transfer the BTC
Now you’ve set up your Bitcoin Exchange account, and you can buy and sell Bitcoins. Bitcoins are universal and anonymous. The number of online casinos that are willing to accept your Bitcoins is on the rise. You can find more information on how to set up your Bitcoin wallet in our very own guide.
The difference between a Bitcoin Exchange and a Bitcoin Wallet is apparent. The wallet is the “Bank” whereas the exchange acts like a “Stock Exchange”. Bitcoin Wallets add additional layers of security.
Furthermore, Bitcoin Exchanges might charge you a certain fee, a tax, if you keep your Bitcoins there for a long time. Bitcoin wallets are more convenient. They make the use of Bitcoins convenient, friendly and secure. Setting up a Bitcoin wallet is similar to opening a Bitcoin Exchange account. However, in order to be sure that you will set up your Bitcoin wallet properly check out our step by step guide.