Guest Post

How to Use Bitcoin for Online Gambling

Bitcoin is at the forefront of the cryptocurrency revolution, a change in the way that we all use money that has the potential to transform every aspect of the global economy. All around the world, people are learning to use Bitcoin and other cryptocurrencies to carry out various transactions, including shopping, buying leisure services, and even gambling. 

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So whether you are betting on sport or employing the latest blackjack strategies, Bitcoin betting is worth looking at. To help you get used to the idea of using Bitcoin for your gambling, here is a quick guide to the process.

Sign Up with a Bitcoin Exchange 

The first step is to sign up with a Bitcoin Exchange. Coinbase is one of the most popular, and useful if you intend to gamble using your cryptocurrency. Signing up for a new account with an exchange is straightforward. All you have to do is to add your name, email address, and password. Make sure that you take extra care when choosing your password and don’t opt for one that you use at other sites. Although Bitcoin offers strong security as one of its attractions, you should still take care. 

Register Two Factor Authentication

This is another important aspect of using Bitcoin. Adding 2FA will add an extra layer of security to your Bitcoin account. It involves entering a pin code from your mobile in order to gain access to your account, which helps to prevent unauthorized access and keeps your account safe. 

Link your Bank Account

The next stage is to link your regular bank account or payment method to your Bitcoin exchange. The exchange will walk you through this process, which may vary according to which payment provider you are using. At this point, you may also be asked to provide verification of your identity details, which should be straightforward to complete, usually by uploading an e-copy of a form of ID. 

Buy Bitcoin 

With your account set up, you are ready to start buying Bitcoin. Again this process will be straightforward, though it is important to check out the fees involved, that vary according to which exchange and which form of payment you are using. Once you have bought your Bitcoin, they will be added to your wallet quickly, which means you can now take the final steps in betting with Bitcoin. 

Find a Bitcoin Betting Site

Betting with cryptocurrency is still relatively new in the online betting world, so you may have to check out which sites offer this facility. Make sure that you choose a site that is fully licensed and regulated so that if anything goes wrong, you will be covered. Registration is usually a simple process, and you may sometimes find that some sites will provide you with an additional bonus for using Bitcoin. 

Deposit and Bet

Once you’ve set up your account, the next stage is to make your first Bitcoin deposit. Head to the Cashier or Payment section and choose the Bitcoin payment option. Once you have registered your details, the betting site should store them so that you can quickly and easily bet next time you log on. Once you have deposited funds, you can then bet with them on your favorite sports or casino games, and if you make a profit, you can withdraw your money to your Bitcoin wallet. 

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Guest Author

Crypto Journalist and Editor of guest articles in CoinPedia. Also, Outreach & Partnerships Manager. Contact me: Partner@coinpedia.org

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