Do you remember a time when “cryptocurrency” wasn’t a word? Such a scenario is almost unthinkable, now that Bitcoin has a trading value in at least 50 countries worldwide. Cryptos are going to be the mediums of exchange for the future, which is why the likes of BTC have value and why it continues to trend positively (for the most part).
As a bettor, you’ve seen it infiltrate the gambling industry. Nowadays, operators gladly offer deals and promos that involve cryptocurrencies, leading you to ask a single question – “can I place wagers using Bitcoins?” The answer is yes, and this is how.
Open a Wallet
A wallet is like a bank account for cryptocurrencies. As Bitcoin is the primary crypto on the market, 99% of companies offering wallets will gladly host your BTCs. You need an account because it’s pretty much impossible to hold coins otherwise. Think of the process as a combination of a bank account and an e-wallet. Although PayPal isn’t crypto-optimised just yet, several hosted wallets will let you load money from your bank or sanction withdrawals. Once the resources are cleared, there’s an option to turn the cash into coins. When you have possession of Bitcoins, it’s possible to start playing at online casinos or sports betting companies that accept the form of currency.
Choose an Operator Carefully
The temptation is to go with any provider that accepts BTCs. This school of thought believes that accepting Bitcoin is the biggest stumbling block, so once you have a solution, the problem is solved. Yes, allowing you to gamble with cryptos is essential, yet it isn’t the only feature to factor into your decision. For example, you should analyse the other payment options to ensure you have a backup plan, as well as evaluating the website and searching for a mobile app. Also, the operator should be available in your country. After some extensive research, you’ll notice that the choice selection is smaller. However, this Bitcasino.io review includes all of the above and much more, making it a savvy choice. The decision is yours, but it’s important to exercise caution when conducting your search.
One of the benefits of Bitcoin is that it reduces the fees involved with wagering. You benefit from this since there are fewer charges for depositing and withdrawing, but so do operators. Since there’s no need for banks, businesses can move large sums of money without incurring the same costs. Therefore, lots of them encourage customers to use cryptocurrencies, which is why the welcome packages and loyalty deals are sometimes superior compared to fiat currency offers. Freebies mean you can stretch your betting budget further, so it’s always worth considering any extras that are on the table.
Understand the Risks
Bitcoin has stabilised a lot in the last 13 years, and hopefully it will continue to do so for the sake of the economy. Still, the value fluctuates wildly in short periods, making it risky from an investment point of view. You may use it for the security and anonymity elements, which is fine. Of course, if the share value is part of your calculations, you need to know the potential pitfalls. Thankfully, the price of a coin hasn’t tanked dramatically in a while, yet it could do so quite easily.
Can you gamble using Bitcoins? Yes, you can, as long as you have a hosted wallet, a trusted operator, a good deal, and know the risks.