How To Gamble With Cryptocurrency: A Step-by-Step Guide
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Step 1: Set Up a Cryptocurrency Wallet
The first step in the guide to gambling with crypto is the crypto wallet. You need a crypto wallet to store, manage, and move around your digital assets. It acts as a digital ‘money’ safe, safeguarding your private keys (the codes that grant you access to your funds). Think of all this as a crypto alternative to PayPal, Skrill, and similar.
Yet, not all crypto wallets are the same. There are two main types, with their pros and cons.
- Hot Wallets: These are internet-connected wallets, often accessed through apps or websites. They’re convenient, but are generally a bit less secure because of their online nature. Still, more users opt for this type, as it’s much easier to use for online gambling. Notable secure and user-friendly ones are Mycelium, Electrum, MetaMask, and Exodus, among others.
- Cold Wallets: i.e., offline wallets, are hardware devices for the crypto transactions. They are highly secure, but they require more technical knowledge for the usage. These are offline wallets. They are typically hardware devices you will use when making crypto transactions. Crypto wallets of this kind provide the highest level of security but require way more complex and technical knowledge to use them. Popular examples are the Ledger Nano S Plus, Trezor Model T, and Cypherock X1 among others.
So, to delve more into how to use cryptocurrency for online gambling, first, set up a crypto wallet:
- Choose a wallet type that you prefer.
- If you’re using a hardware wallet, purchase it from a trusted retailer. Download software wallets from the official websites.
- Follow the wallet’s instructions to generate a new wallet.
- Write down your seed phrase or private key and store it in a safe place.
- If available, enable 2FA for added security.
Step 2: Purchase Cryptocurrency
Once you have a wallet set up, the next step is to acquire cryptocurrency. Commonly popular coins are Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Bitcoin Cash (BCH) and Tether (USDT), among thousands of other coins you can use for online gambling or sports betting. If you’re somewhat familiar of gambling with Bitcoin or Ethereum, you can play with any other coin easily.
How to purchase and transfer the coins:
1. Choose a Cryptocurrency Exchange
Select a reputable exchange like Binance or Kraken. These platforms allow users to purchase thousands of different coins.
2. Create an Account
Register for an account on the chosen exchange. You’ll typically need to provide basic information like your email address and a strong password.
3. Verify Your Identity
Most exchanges require identity verification to comply with regulations. This usually involves providing identification documents like a passport or driver’s license.
4. Deposit Funds
Fund your exchange account with your preferred payment method, such as a bank transfer, credit card, or debit card.
5. Buy Cryptocurrency
Jump to the trading section of the exchange, select the cryptocurrency you want to purchase (e.g., Bitcoin), and enter the amount you wish to buy.
6. Transfer to Your Wallet
Once your purchase is complete, transfer the cryptocurrency from the exchange to your personal crypto wallet.
Step 3: Choose a Reputable Crypto Gambling Site
Now you have the cryptocurrency of your choice on your personal crypto wallet. The next step is choosing an online casino or crypto sports betting site where you will play, but ensure to choose a safe and reputable operator that offers fair games!
Here are a few useful tips:
- First, check the license that the casino has. The details should be revealed in the footer of the site or the margins of their page.
- Read online reviews as well. You can see details from previous players; positive reviews and a lack of notable complaints (or resolved ones) can be a good indicator of a reputable site.
- Only consider sites that use SSL encryption and have strong security.
Now that you know how to start gambling with cryptocurrency, it’s time to choose from the best crypto casinos to play at. Some popular operators are:
- BC.Game: The casino offers a massive welcome bonus, plenty of games, and a sportsbook section.
- Vave Casino: Lucrative welcome bonus, interesting user interface, and over 2,500 games.
- Metaspins: Over 4,000 casino games such as slots, poker, blackjack, baccarat and more. In addition, massive welcome bonus too.
Remember, always conduct thorough research before choosing a crypto gambling site. Avoid sites with suspicious promotions, excessive fees, or unclear terms and conditions. By exercising due diligence, you can ensure a safe and enjoyable gambling experience.
Step 4: Make a Deposit Using Cryptocurrency
If you want to know how to gamble online with crypto, you must know how to send and receive coins, or transfer tokens from your crypto wallet to the casino. The entire process is straightforward and typically takes under 5 minutes. Here are the steps you need to take.
1. Find the Deposit Address
Log in to your online gambling account and jump to the “Deposit” or “Cashier” section. You’ll find a unique wallet address for your chosen cryptocurrency.
2. Open Your Wallet
Access your cryptocurrency wallet and select the “Send” or “Transfer” option. You can use an app for this as well.
3. Enter the Deposit Address
Carefully copy and paste the deposit address from the gambling site into your wallet’s recipient field. Always check the address twice to avoid any mistakes. Once you send cryptocurrency to the wrong wallet address, it’s virtually impossible to recover the funds.
4. Specify the Amount
Enter the amount of coins you wish to deposit to the casino. Consider the minimum and maximum deposit limits set by the gambling site. Also, consider the amount you are comfortable spending.
5. Confirm the Transaction
Review the transaction details and confirm the transfer. Your wallet will likely require you to enter your password or PIN for added security.
6. Wait for Confirmation
The transaction must be confirmed on the blockchain network. This process can take a few minutes to several hours, depending on the cryptocurrency used and the network’s load.
7. Check Your Account
Once the transaction is confirmed, your deposited funds should be available in your gambling account. You can usually check your balance in the “Cashier” section.
Step 5: Place Bets and Play Games
Now that you have funded your account, it’s time to gamble!
First, browse the game selection–most of the crypto gambling sites offer table games, roulette, live dealer games, poker, etc. Pick and load the ones you like. If you prefer football betting, this is available as well, but in a separate section.
You can also claim welcome and other deposit bonuses available. These are more lucrative than traditional online casinos.
Next, use the on-screen controls to place your bet. The minimum and maximum bet limits will vary depending on the game and your chosen cryptocurrency. Once you’ve placed your bet, enjoy! Remember to try a strategy, as it can improve your odds and decrease the risk of losing.
When done, exit the game and load another one. Most sites offer thousands of crypto slots too, so make sure you check them out.
You can also check provably fair games and rare options. Notable examples are Aviator, other crash games, Plinko, mines, etc.
Remember to gamble responsibly. Set a budget and stick to it. Never chase a bet you have lost or you will lose again! Know when to stop playing and even use responsible gambling tools on the site. Gambling is a form of entertainment!
Step 6: Withdraw Your Winnings in Cryptocurrency
Of all cryptocurrency gambling instructions, this one has to be the most rewarding. With a bit of luck and patience, you can win big. Once that happens, you can withdraw crypto coins.
The steps are:
1. Request a Withdrawal
Log in to your account on the site. Then go to the “Withdraw” or “Cashier” section. You may need to complete KYC before you are allowed to withdraw. This lessens the anonymity aspect of gambling.
2. Enter Your Wallet Address
Carefully enter the cryptocurrency address of the wallet you want to receive your winnings. Re-check the crypto wallet address to make sure you avoid any mistakes!
3. Specify the Amount
Enter the amount you wish to withdraw. Be aware of any minimum or maximum withdrawal limits set by the gambling site. Some don’t have such limits on crypto payments–meaning, you can get all the winnings from crypto jackpot slots or other games at once!
4. Confirm the Transaction
Review the withdrawal details and confirm the request. You may need to complete additional security steps, like entering a password or 2FA code. Requirements depend on the crypto casino.
5. Wait for Processing
The gambling site will process your withdrawal request. The processing time can vary depending on the site’s policies and the cryptocurrency network’s load. Usually, these withdrawals take minutes to complete.
6. Check Your Wallet
Once the withdrawal is processed, you should see the funds appear in your wallet.
Don’t forget that cryptos are subject to volatility. As such, you may consider exchanging a portion of your winnings for a relatively secure option like stablecoin Tether (USDT), or fiat currencies. You can exchange the latter back to crypto whenever you like and continue gaming.
Now you know how to gamble with cryptocurrency, but remember to have fun, stay within limits, and game responsibly.
Responsible Gambling
Although gambling can be a fun and recreational activity, it can also become problematic in certain individuals who exhibit addictive behaviors.
Maintaining safe, responsible gambling practices is absolutely vital for protecting yourself from gambling harm. Our responsible gambling guide contains detailed information about how you can protect yourself.
