Probably, you can remember our article about the first world’s bitcoin bank. Bitcoin is getting increasingly popular. There is a number of reasons for that starting from the anonymity it provides and ending with the steadily growing price.
Many players ask us how to play with bitcoins at online casinos. And indeed, the process of using bitcoin for deposits and gambling is somewhat different from what we’ve got used to with credit cards and traditional payment systems. It may seem a bit complicated at first but, in fact, it isn’t. Follow our step by step guide and you’ll make your first spins with bitcoins very soon.
1. Choose software
We will need special software, a bitcoin wallet, to store our bitcoins. There are multiple options available on the web but we will consider only those which are present on the official website https://bitcoin.org/en/
Option 1. Bitcoin Core local software. The most popular bitcoin local wallet.
However, this software has one serious disadvantage – it takes 112 Gigabytes on my hardware and its size never stop growing as the software saves all the blocks for all the time of usage (8 years) on the hard disk. Thus, it should be fully synchronized before you can use it. It took me 3 days to do that even though my connection speed was good! Actually, without that this article would have been published 2 days earlier.
If you are willing to keep such wallet on your computer, follow the link https://bitcoin.org/en/download to download it, run it, and wait for the synchronization to be completed.
After that, click ‘File’ and create a backup of your wallet so you’ll be able to restore it if something goes wrong.
Option 2. MultiBit HD local software
This is the second option I choose. Unlike the first option, it doesn’t require that much space on your hard disk and is very fast to download. If you are willing to use this type of software, you can download it at https://multibit.org/
It is vital to save the date stamp and wallet words. We would suggest you to write them down, not to scan or take photo of them. They will be necessary to restore your wallet if something happens to it.
Option 3. Bitcoin Wallet – Android mobile app
The software can be downloaded at https://play.google.com/store/apps/details?id=de.schildbach.wallet You can use your wallet once you install the app. Make a backup by choosing it from menu and setting the password to be able to restore your wallet. After that, copy the backup file to another device; otherwise, if you lose your mobile device, you’ll lose your wallet and backup file with that!
Option 4. BitGo.com web interface
If you are not willing to download any software, you can use this web interface at https://www.bitgo.com/wallet
Don’t forget to save Key-card. It is a PDF-file which you’ll need to restore your password if you forget it. Notice, you need Google Authenticator to log in and to make transactions. That’s why you’ll be asked to scan a QR-code or enter your phone number (whichever you prefer). After that, you’ll get full access to the web interface. Another option is to order YUBIKEY.
Two Factor Authentication reset
If you reinstall Google Authenticator or change your phone number, you’ll have to reset Two Factor Authentication. Clear cookies, enter your email on the login page and follow the link saying “Unable to access your Two Factor Authentication device? Request reset” to reset the code. Soon after that, you’ll get an e-mail to your registration e-mail address with the confirmation link. Follow the link and the Authentication will be reset in 48 hours so you’ll be able to set it up again!
Option 5. Cubits.com platform
I consider this platform as many new bitcoin casinos offer it as a deposit option. The main advantage is that you can link your Skrill account and bank card to it. However, you’ll have to verify your account before that by showing yourself in a camera during the support working hours.
2. Buy bitcoins
Naturally, we will have to buy bitcoins before we make a deposit to an online casino. Below you’ll find a number of the most popular bitcoin exchange services supporting different languages and payment options.
Bitstamp allows its users to exchange bitcoins 24/7. They accept a number of currencies, including US dollar, euro, British pound, and Swiss franc. The platform supports such payment methods as Wire Transfer, EU Bank, Ripple, and AstroPay.
Kraken is another popular bitcoin exchange service. It supports 12 trading pairs and is known as a highly-secured platfrorm implementing such security measures as master key, two-factor authentication, and PGP public key. Kraken is also popular thanks to its transaction fees which are as low as 0.2%.
These are only few bitcoin exchanges. To see the whole list of trusted platforms visit the official page https://bitcoin.org/en/exchanges
All of these services will require your bitcoin address to send payments to you. Let’s consider how to find it for each particular software.
a. Bitcoin Core (local software)
Go to File -> Address
b. MultiBit HD (local software)
c. Bitcoin Wallet (Android app)
Make a request and choose ‘Send via SMS’ or ‘Send via e-mail’. This is how you get your bitcoin address and copy it without having to enter it manually.
d. BitGo.com (web interface)
Click ‘My BitGo wallet’
e. Cubits.com (platform)
Click ‘Get Address’
3. Make deposits to online casinos: Fees
I exchanged my bitcoins and they got into my wallet like in 30 seconds. However, they got available for usage only in several minutes.
Now, it’s time to make our first deposit to an online casino! I decided to make a deposit to TTR Casino so I activated bitcoin and went to the deposit tab.
I can see my personal address for deposits. In other words, I can simply make deposits from my bitcoin wallet into this permanent address to upload funds into my account.
Let’s consider the address you can see on my screen under the number 2. (I asked my friend to make a couple of screenshots for me so the address may be different on some of the screenshots).
I copied this address to BitGo.com send form.
As you can see, they charged me with 0.00036300 BTC fee which is equal to $0.42.
Having sent the payment, I switched to the casino tab at once. I can see that the transaction status is pending. In fact, the money is already available for play. We will return back to this at the withdrawal stage.
If you consider to use mobile app Bitcoin Wallet, all you need to do is to scan the QR-code from the screen, enter the amount you want to deposit and confirm the payment. This service charges fee as well but it is lower.
To pay with MultiBit HD simply click on the link of your wallet on the deposit page to launch the software. In this case the fee is even lower than with Bitcoin Wallet.
There is a link on the deposit page for Cubits.com. Deposits via Cubits.com are fee free.
It is you who chooses the fee size when making a deposit with Bitcoin Core. The higher the fee is, the faster the payment is processed. It matters when you want to withdraw your funds from the casino. We will come to this soon.
4. Play with bitcoins
Now I have bitcoins in my balance so I can play!
The first thing to do is to understand what the sum displayed in our balance stands for. 1 bitcoin is almost equal to €1000 at the moment and 1 mBTC = 0.001 BTC or €1.
Here is the list of providers supporting bitcoins:
- Pragmatic Play;
- Booming Games;
As you can see, the list misses many popular providers. Some casinos offer in-casino exchange services allowing its players to play NetEnt, Microgaming, etc. but this is a topic for another review.
I have 17.94 mBTC in my account or about €18.
5. Order a withdrawal
If you decided to withdraw your funds, that’s easy. All you need to do is to enter the withdrawal amount and your bitcoin wallet which you can find following the instruction from the second step.
Keep in mind that you won’t be allowed to withdraw your funds before the casino receives the payment confirmation. There is a direct line between the fee you pay for the transaction and the speed the confirmation is received to the casino. Normally, the casino will have the confirmation by the moment you decide to withdraw your funds but at times it make take up to a few hours.
When your withdrawal is approved, you will receive the confirmation link into your e-mail address. After you click the link, the funds will get into your account almost immediately. For example, I received the transaction confirmation while I was writing this sentence.
When you receive your funds, you can change them back to any currency supported by bitcoin exchange services we covered at the second step.
As you can see, it is really easy to use bitcoins for gambling and, moreover, bitcoin has a lot of advantages compared to the flat currencies and traditional payment systems.