Crypto betting is the hottest new trend in the industry, and you’re missing out on a lot if you have no idea how it works. There are so many benefits to betting in digital currency, and with exposure, people are adopting cryptocurrency casinos.
However, many punters still don’t understand how a crypto casino works. If you are one of them, all you need is a crypto casino guide for newbies, and you should be good to go.
In this article, you’ll get a detailed guide on how to start betting with cryptocurrency for complete beginners. You should have no problems choosing a good casino and winning bets if you act according to this crypto casino guide.
Pros and Cons of BTC Casinos
BTC casinos have several benefits and drawbacks compared to regular currency casinos. In a guide for newcomers to the casino world, it only feels natural to start with the pros and cons to help players understand the investment they’re making.
With that said, here are some of the pros and cons of BTC casinos.
- Stable payments
If you’ve placed enough bets, you’ve almost certainly encountered a card rejection scenario. The issue complicates depositing to an online casino, uncomfortably hindering the betting process. With BTC casinos, however, that’s already a thing of the past.
Bitcoin payments are stable and consistent, with nothing equivalent to a card rejection. Your request should always work as long as you have enough funds to make a deposit.
Not everyone wants to be anonymous while betting, but Bitcoin casinos are a no-brainer for the few shying away from prying eyes. Unlike traditional payment methods, cryptocurrency payments are anonymous, keeping your name and location discrete as you place bets.
- Can be technical
If you’re technologically savvy, you’ll find transacting in Bitcoin straightforward. However, that is not the case for most people, and you can’t blame them; cryptocurrencies only came around in 2009! While it has become much easier to use BTC recently, a learning curve still exists.
- Unstable exchange rates
When using a Bitcoin casino, you’re subject to its terms and conditions, especially concerning the exchange rate. It’s no secret that the value of cryptocurrencies fluctuates, which may cause issues when exchanging them.
If your chosen Bitcoin casino uses a rate considerably lower than the industry standard, you’ll not get the correct value for your deposits. When vetting your online casino options, you better check what they all have to say about exchanging cryptocurrency.
How to Start Betting with Bitcoin
At this point, you’ve likely seen some of the benefits and drawbacks of Bitcoin casinos. With the wealth of information at your disposal, you should’ve decided to play at a casino that accepts cryptocurrencies.
If you’ve chosen to start betting with Bitcoin, this section is for you. While you can probably go through the process without assistance, it’s always better to seek help. This section provides all you’ll require to navigate Bitcoin casinos like a pro.
Without further ado, here are the steps to using a Bitcoin casino for a beginner.
- Get a cryptocurrency wallet.
This step is not optional; you need a cryptocurrency wallet to make your first deposit at a Bitcoin casino. A cryptocurrency wallet is a digital storage medium for your cryptocurrency. It works just like a bank account for fiat money.
There are different types of Bitcoin wallets, but signing up for a platform like Coinbase or Binance should be sufficient for beginners. Make all the necessary verifications and acquire some Bitcoin (or other popular cryptocurrencies); you’ll need it soon enough.
- Find a credible BTC casino.
There are enough Bitcoin casinos around for you to use a new one every day for a lifetime. As you’d expect, however, most of those casinos are mediocre, and you shouldn’t trust them with your money. Before making a deposit, you want to ensure you’re working with a credible online casino.
You can use a search engine to generate ideas for a good BTC casino. Vet each of the items from the options you get, and you should end up with something usable. For the best results, consider looking at their ages, popularity, and the bonuses they offer to new and existing customers.
Once you discover a Bitcoin casino that looks and works excellently, you can create an account.
- Make your initial deposit.
Once you’ve created an account with your first Bitcoin casino, it’s time to make your first deposit. Depositing money with Bitcoin isn’t difficult, but you can easily make a mistake if you’re unfamiliar with the process.
Depositing to a crypto casino is more or less the same as transferring crypto to someone else. You get the casino’s QR code or wallet address, send the exact amount you intend to deposit, and go through the necessary verification process.
- Start playing games
Once you make a Bitcoin deposit to your favorite crypto casino, it should reflect almost immediately, allowing you to stake and play games. Sometimes, your deposit will show up in USD or some other arbitrary currency, which is normal. It’s a measure by the platform to cushion the volatile tendency of cryptocurrencies in general.
With your recorded deposit, you can start playing the games the casino offers. Some online crypto casinos will offer exclusive games for players who deposit in Bitcoin, but you’ll only get the regular library in most cases.
- Withdraw your winnings
If you’re lucky enough to record winnings after playing games at a crypto casino, you generally want to withdraw back to your crypto wallet. Most BTC casinos will pay winnings in cryptocurrency, but you should have the option to withdraw your wins in your traditional currency.
To withdraw your proceeds from betting, you’ll have to provide your wallet address to the crypto casino. That way, they’ll deposit whatever you win back into your wallet, just like you did when making your first deposit.
Cryptocurrency may be technical, but using it at an online casino doesn’t require you to be insanely tech-savvy. As long as you can send and receive Bitcoin and other cryptocurrencies, you’re knowledgeable enough to use a crypto casino.