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There are plenty of resources explaining what Bitcoin is, how great it is,
and how big of an asset it is for online gaming, but there seems to be almost no
resources to help walk you through the steps to get started and begin using
Bitcoin to play online today. Never fear, though, because we’re going to give
you the important things you need to know about Bitcoin and then walk you
through the entire process step by step.

To make things easier on those that already know they want to use Bitcoin,
we’re going to start with the steps to get started and then follow up with any
additional information including benefits, how they work, and anything else we
feel you should know to be a more informed consumer.

The overall process is broken down into three easy steps for depositing onto
your favorite online casino or sportsbook.

1. Open a Bitcoin Wallet Account
2. Fund your Bitcoin Wallet Account
3. Use your Bitcoin Wallet Account to deposit onto your favorite site.

Step 1 – Open a Bitcoin Wallet

A Bitcoin wallet is an online hub for buying and selling Bitcoins. While
there are some types of Bitcoin wallets called software wallets, we are only
going to be concerned with hosted wallets. A hosted wallet is a way to store
your Bitcoins with a third party, much like you would do with a bank. A perfect
analogy would be if we kept all of our money in a shoebox in our room that would
be like a software wallet. If we kept all of our money with a trusted bank, that
would be like a hosted wallet. It basically means that we are using
another company to handle the security and storage of our money (in Bitcoin
forms).

A Bitcoin wallet is going to feel exactly like using something like PayPal.
You will use your bank or credit/debit card to load money onto the wallet and
then you can use that wallet to make purchases or deposit into an online gaming
site the same way you would with PayPal. The only difference is that when you
load the money onto the wallet, you will be able to convert it into Bitcoins so
that you can make your transactions.

To open a Bitcoin wallet account, it is again the same procedure as if you
were opening a PayPal account or something like that. Find a provider, follow
the instructions and you’re all set.

Here are a few popular ones we see used a lot.

Step 2 – Deposit Money Into Your Bitcoin Wallet

Once you’ve got your account all set up, the next step is to deposit some
money and purchase some Bitcoin. Remember, just like with any currency the rate
of Bitcoin will fluctuate so make sure you look at the rate you are getting when
you purchase. Don’t get too worked up on this as it will always be fluctuating
some in each direction.

You can deposit into your Bitcoin account through a debit or credit card or
by directly linking your bank account to your Bitcoin wallet. All of these
methods will work the same so just choose the one that you prefer the most. Some
Bitcoin wallets may also allow you to deposit through PayPal or some other
payment methods if you prefer.

Step 3 – Deposit Your Bitcoins Into the Casino or Sportsbook

Once you’ve got your money on your Bitcoin wallet, you’re ready to make your
deposit onto the online casino or sportsbook and get to playing. All you need to
do is navigate to the deposits page of the casino or sportsbook you want to play
at and click on the Bitcoin option. They will give you specific instructions on
how to make your deposit, and that’s it! It shouldn’t take more than a few
minutes from when the transaction is approved for you to have your money on the
site and be playing or betting.

If you haven’t found a Bitcoin casino or sportsbook to play at yet, here are
a few of our favorite options. The depositing and withdrawal methods are
extremely straightforward and easy on all of these sites listed.

Step 4 – Withdrawing Your Winnings

After you’ve played and won, it’s time to withdraw your winnings. All you
need to do is process a withdrawal through the online sportsbook or casino you
are playing at, and they will transfer your Bitcoins back into your Bitcoin
wallet for you. Once you receive your Bitcoins, you can then convert them back
into your usual currency and send back to your bank account or use to purchase
things online from other sites that accept Bitcoin.

That’s all there is to it. One of the perks of Bitcoin is its simplicity and
ability to be used all over the world through the exact same process. For those
of you wanting to learn more about Bitcoin or for those of you still with
questions, we’ve included a considerable amount of additional information below
to help out.

What Is Bitcoin?

Bitcoin is a type of digital crypto-currency. In simpler terms, it’s a new
form of currency (money) that is set up to be used over the internet.
Transactions using Bitcoin are completely anonymous, free, and use no banks to
complete transactions.

Contrary to what you might think, it’s not an actual physical coin but a data
block that is created through an intensive computer process. Basically, you
can’t hold a Bitcoin in your hand, but you can certainly use it to make
purchases and transactions worldwide online. We won’t bore you with the
technical details, but in short,

With each
Bitcoin made, the next one becomes more and more difficult to create to where
eventually it will be impossible to make any more. This means a finite supply
which allows the coins to have value.

You can imagine these are kind of like a precious metal that takes a lot of
effort and manpower to dig out of the earth. Each time more is dug out, the next
piece is further down and requires much more manpower until there eventually
aren’t any more left.

Why Are Bitcoins Valuable?

Any form of currency is only valuable for two main reasons. One, there needs
to be a finite supply of the currency and two, people need to agree that the
currency will be used to trade for goods and services. Look at paper money. The
paper itself isn’t worth the value we give it, but because there is a limited
supply of it and we have all decided that we are willing to use it for goods and
services, it has value.

Here’s a great analogy. Imagine the prison ecosystem where they don’t have
traditional forms of currency. In a lot of jails and prisons, cigarettes have
become their form of currency. Why? There is a limited supply of them, and the
prisoners have all decided that they will accept them for goods and services. An
actual cigarette might only be worth $0.50, but since it is being used as a form
of currency, it can be exchanged for things of much higher value.

Bitcoin has its value because people have begun accepting it as a form of
currency and for trade for goods and services. The more companies and
organizations that begin recognizing and accepting the currency, the more
valuable it is going to become. Here are just a few examples of some major
corporations and companies that accept and acknowledge Bitcoin as a form of
currency.

• Amazon
• CVS
• Dell
• Home Depot
• Microsoft
• Sears
• Subway
• Target
• Victoria’s Secret
• Whole Foods
• Zappos
• Zynga

These are just a few examples of thousands of major companies coming onboard.
The more of these companies that get on board, the higher the value of Bitcoin
is going to soar.

Pros and Cons of Bitcoin

Pros

Safe and Secure

A lot of people are scared to use their credit cards or banking information
with online gaming sites. While there is no real concern for this, we can
understand the concern some people have and the want to keep them separate.
Bitcoin wallets act as a middle man that allow you to deposit and withdraw
completely anonymously without ever exposing your personal information to the
sites. This safety and security extend for those that do a lot of shopping and
online transacting. Instead of sending your personal information to tons of
different sites, you only have to use it for the wallet, and then you are hidden
and protected everywhere you go online. In the day and age of digital crime,
this is a big security plus.

Cost

Using more traditional methods of moving around money will carry significant
costs and fees. Due to the completely digital nature of Bitcoin and no need for
banks, transactions are either free or have a negligible fee for making a
transaction. This can save you tons of money especially if you are moving around
larger sums of money or are making lots of deposits and online purchases. Many
online gambling sites will give you additional bonuses for using Bitcoin because
it saves them a ton of money in the fees that they usually cover for you on
deposits.

Speed and Flexibility

Due to the nature of how Bitcoin works, transactions (both withdrawals and
deposits) are infinitely faster than other traditional methods. Usually, other
methods are processed and sent in a few days where most sites process Bitcoin in
a few hours. Not only are the transactions faster, but the limits are usually
considerably higher on both deposits and withdrawals.

Transparency

This one confuses people sometimes but is actually a huge benefit. They’re
confused how something can be completely anonymous, yet still be completely
transparent. This is what we mean. All transactions done through Bitcoin are
publicly listed for everyone to see. However, there is absolutely no personal
data attached to each transaction. There is only a transaction code that is ONLY
known by the sender and the receiver of the Bitcoin. This means that the sender
and receiver have a very transparent way of checking on their transactions and
making sure things are done. This prevents a lot of scams and makes things a lot
clearer for every party involved.

This transaction code is not known or handled by a bank or some sort of
Bitcoin middle man. It is only known by the sender and receiver and never anyone
else. This is how it can be transparent to the right parties and hidden from
everyone else who has no business knowing what you are doing with your money.

Cons

Changing Rate

All currencies are going to fluctuate up and down every single day. As
Bitcoin is also a form of currency, this is to be expected. The important thing
to note, though, is that due to the face Bitcoin is a newer currency, the
fluctuations have the potential to be slightly bigger than with other more
mainstream currencies. The good news is the historical trend up until now has
been with this moving up. We can’t say which direction the trend is going to go
in the future, but there are definitely a lot of positives on the horizon for
Bitcoin.

Learning Curve

Sometimes it can take people a few minutes to understand Bitcoin which could
be viewed as a negative. Frankly, though, after reading this article we would
hope you have a pretty good idea of how the currency works and how you can get
started taking advantage of all the positives it brings to the table, not only
for online gaming but also for everything else you do online.

Frequently Asked Questions About Bitcoin

What If I Don’t Want to Buy a Full Bitcoin?

While Bitcoins are technically full units, you can buy them in extremely
small pieces, basically for any dollar amount you want. A lot of people assume
that a Bitcoin is like a bar of gold and can’t be split up. It’s better to
imagine a Bitcoin like a jar of sand, where you can purchase the whole jar or
just part of the sand if you want to.

How Much Can the Exchange Rate Fluctuate?

Just like with any currency, it’s impossible to say how much up or down
something can fluctuate. The more established that the currency becomes (which
is the current trend), the more stabilized it will become and the smaller the
potential fluctuations will become.

Can I Make Money If the Exchange Rate Changes?

Yup! For some reason, people only look at the fact that they could lose money
if the exchange rate fluctuates. What they forget to realize is that if Bitcoins
become more valuable during the time they purchase and the time they cash out,
they’re actually going to make additional profit.

Which Wallet Is the Best?

All of the wallets we listed above have a few small differences that make for
pros and cons. The biggest thing we recommend is going with a reputable and
established wallet. Honestly, as long as the wallet is reputable, you should be
fine to use any of them.

Is Bitcoin Really Safer Than Using Traditional Methods?

It definitely is. With all of the cybercrime and identity theft, the less you
can put your information out on the internet, the better. Bitcoin wallets allow
you only to have to supply your information to one site and then you can
complete all of your transactions 100% anonymously without ever having to submit
your name or any banking information to the other sites. It acts as a cyber
security buffer for you.

Can I Only Use My Bitcoins for Online Gaming?

Nope! There are hundreds and hundreds of sites and companies that are
starting to take Bitcoins as forms of compensation. We listed a few of them
above but
here’s a more complete list of larger companies using Bitcoin. This
list is a few years old so you can expect that a more current list would be
significantly larger than this one now!

Is It Hard to Convert My Bitcoin Back to “Real Money?”

Nope. While your Bitcoin can be used as real currency at a lot of places, we
definitely understand that there will be times you want to convert it back to
your country’s standard currency to make other purchases or move it into savings
or something like that. This is just as easy as it is to purchase the Bitcoins
and can be done directly from all of these wallets.

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The strict online gambling regulations in the USA make the life of local players tough.

Fortunately, there are some gambling sites on the internet that are safe and accept US customers.

One of the best of them is Bovada. Among the many reasons I like the site so much is the opportunity to use cryptocurrencies and Bitcoin, in particular.

This is one of the fastest and most reliable payment options for US players. If you haven’t tried it before, I think you should give it a shot.

This post will help you learn more about depositing at Bovada with Bitcoin and the exclusive BTC bonus for new customers.

Also, I will share some recommended wallets for crypto and look at other US betting sites that accept Bitcoin.

Let’s start with a simple explanation of how to join Bovada and make a deposit with Bitcoin.

If you don’t have an account with Bovada, the first step would be to join the site. Please click here to get started. Orread our Bovada review if you want to know about the site first.

Once you’re on the site, you can start the registration process via one of the many “Join” and “Join Now” buttons on the home page.

You will be required to fill in some personal information like your name, address, email, country of residence, and similar. You also need to pick a password that you will later use to log in.Make sure to make it complicated so that no one can guess it.

The first thing that will happen after you open a new account is that Bovada will ask you to pick a 4-digit PIN that will be used to verify you later on when you decide to request a withdrawal.Make sure to remember the one you fill in.

Once you’re done, it’s time to visit the deposit section. You can do that by clicking on your balance in the top right corner of the screen. A huge “Deposit” button will appear, and it leads youto a screen where you can pick the payment provider you wish.

Bitcoin is on top of the list, so click on it. The next step is to get the Bitcoin address generated by Bovada and send BTC from your own wallet. If you don’t have one, I will share a couple ofrecommendations for a reliable option later in this post.

Within a minute after you send the money, it will appear in your Bovada account. You shouldn’t forget to take full advantage of the $5,000 Bitcoin bonus of the gambling site.

The biggest welcome bonus of Bovada is for Bitcoin users. You can get up to $5,000 in free cash on your first four BTC deposits.

Bovada will give you a 50% first deposit bonus of up to $500 when you add funds with Bitcoin for the first time. This means that a deposit of $1,000 will be enough for you to claim the fullamount.

There are certain terms and conditions you should be aware of. The Bitcoin bonus is available for the Bovada sportsbook, racebook, and casino. You can’t use it on the poker tables.

You need to wager the bonus 5 times in the sportsbook or the racebook. If you decide to use it in the Bovada Casino, you have to wager the Bitcoin bonus 30 times.

If you request a withdrawal before meeting the wagering requirements, you will lose the Bovada bonus.

If you are a casino player, you can have another three Bitcoin Bovada bonuses. Each of them is worth 100% of your deposit of up to $1,500 and can’t be used in any of the other sections of Bovada.

The following terms and conditions apply.

• Only deposits of $1,000 or more qualify for the Bovada Casino Bitcoin bonuses
• You need to wager every bonus 25 times prior to withdrawal
• Only slots and specialty games contribute 100% of the stakes placed towards the wagering requirements. Bets on products from other categories count for up to 20% of the value
• Bets on live dealer games and craps don’t count towards the wagering requirements
• If you request a withdrawal before clearing a bonus, you lose it, as well as the winnings from it

If you are not entirely sure if you should use Bitcoin for betting online, you should learn the advantages and disadvantages of the cryptocurrency. Let’s start with the positive sides.

Using Bitcoin is one of the fastest ways to withdraw your money from almost every betting site on the internet, and Bovada is not an exception. You can get your cash within 48 hours most of thetime, which is superb, especially for the USA.

Compare that to the 3-14 business days required for most of the other popular options, and you will see what I mean. If you want fast payouts, Bitcoin can certainly deliver.

Some of the banking methods available at Bovada come with fees. That’s not the case with Bitcoin.

The gambling site covers all the fees for the transactions, so both the deposits and withdrawals are free for the users.

There’s no full anonymity, but Bitcoin allows many options for more privacy in comparison to other payment providers.

The decentralized nature of the cryptocurrency means that every transaction remains in the blockchain, but there are no institutions like banks and governments that keep a detailed record ofevery person.

While I see Bitcoin as a mostly positive experience, there are certain downsides of using the cryptocurrency.

The exchange rate of Bitcoin is constantly going up and down. While you could control that to an extent by using wallets that support fiat currencies too, you can’t completely nullify thevolatility.

https://omgpurple.netlify.app/white-earth-casino-star-lake.html. For example, you may place a bet, win it, and still lose value because the price of Bitcoin has dropped in the meantime.

Bitcoin For Online Gambling

On the bright side, the opposite could happen, too. You might actually end up winning way more thanks to the nature of the currency.

While Bitcoin is no longer some shady concept that is unknown to the masses, it’s still a bit complicated for most users. Understanding how everything works might be difficult for a lot ofpeople, so it would take time and energy to learn how to operate with Bitcoin.

The good news is that some of the wallets I recommend in the next section are among the easiest to use out there. If you think that would be important for you, make sure to check them out.

Recommended Wallets for Depositing Bitcoin at Bovada

Some of you probably already have a wallet for Bitcoin, so you don’t really need help in this regard. Others might just be entering the world of crypto, so it would be a good idea to receive sometips first. I will share a couple of reliable wallets but also explain how I selected them.

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You have effectively just lost $120 even though you “won” a bet.It is very important to understand that roulette odds of winning do not change from spin to spin regardless of what the previous outcome was. You win the even money bet on red but lose the rest. That’s a $160 worth of bets. Roulette best chance of winning. The ball lands on red 27. Even if red is spun 80 times in a row, the next spin has the exact same odds that a red, black, or green will be spun.

This will help you find one on your own if you prefer to conduct separate research.

Let’s start with some general advice for picking a Bitcoin wallet for gambling purposes. I always explore the following aspects of any service.

• Safety
• • You should always pick companies that can be trusted. The safety of your money is the top priority of the selection process, so make sure to check the reputation of each wallet and theexact way the information is stored and protected

• User experience
• • One of the downsides of using crypto is that it’s not exactly a piece of cake for beginners. Fortunately, most wallets nowadays are much easier to use compared to a couple of years ago

• Country
• • Using Bitcoin for gambling purposes from the USA could be an issue. If the wallet you are using is owned by a company in the US, it might be monitoring your activities. A lot of peoplehad their wallets shut for that reason. There are plenty of legit wallets based in countries where crypto is a grey area. I recommend that you stick to them, and there will be no issues

• Fiat currencies
• • One of the biggest downsides of using Bitcoin for gambling purposes is the high variance in the price. It goes up and down constantly. If you want to avoid big losses, you should pick awallet that lets you keep your money in a fiat currency like US dollar or euro. That way, you won’t care what’s going on with the price of Bitcoin

If you want to learn more details about the different types of wallets, I recommend that you visit the page below. It features plenty of useful information on the topic.

Before I move on to my actual recommended Bitcoin wallets for betting, I would like to share a couple of words about the different types you could get. They all have their advantages anddisadvantages.

• Web wallets
• • As the name suggests, you can go to the internet and find various sites that offer such a service. Some have a cloud-based platform, while others are basically exchanges that includewallets to their service. They are easy to use and require less time, but the security level is lower compared to some of the other options

• Desktop wallets
• • Another solution would be to download a desktop wallet. You simply need to install additional software to your computer. While people believe this is a safer approach compared to webwallets, you need to secure your computer well if you pick a desktop wallet

• Mobile wallets
• • You could also use a mobile app that would serve as your wallet. The logic is similar to desktop wallets, but this time, you add the software to your phone or tablet instead of yourcomputer

• Hardware wallets
• • The most secure way to store Bitcoins and other crypto would be to use a hardware wallet. That’s an external device that holds all of the information offline. You can connect the deviceto a computer when you need to move your money, but that’s it. The extra security comes at a cost, though, as the hardware wallets are the most expensive and rather hard to use

My recommendation to beginners would be to try one of the first three types of wallets first. If you like Bitcoin and you decide to invest more for some reason, explore the hardware options.

I will share my top choice for each group above, though, so it’s up to you. All of the recommended Bitcoin wallets can be used to deposit and withdraw from Bovada and other online bookmakers thataccept Bitcoin.

Let’s start with my recommended web Bitcoin wallet for gambling purposes. A lot of people think Coinbase is the place, but not for US players. You will most likely get your wallet closed, as thecompany is based and regulated in the USA.

Instead, you could give GreenAddress.it a shot. The platform is easy to use and has a flawless reputation. It’s one of the best for beginners out there, and there are some extra layers ofsecurity such as two-factor authentication options, the option for a hardware wallet, and others.

If you are looking for a solution that’s easy, safe, free, and fast, GreenAdress.it is a solid choice.

I was a bit torn on which desktop wallet to recommend, but Electrum gets the nod. It’s one of the safest desktop wallets thanks to some excellent encryptions and other measures designed toprotect your money. For instance, you can use a second computer that stays offline as storage.

At the same time, Electrum is completely free and one of the easiest desktop Bitcoin wallets to use. Even people with no experience with crypto should be able to quickly learn how to comfortablyhandle the software.

The good news is that Electrum is also available on iOS and Android. Feel free to visit the website of the wallet and learn more foryourself.

There are plenty of options on mobile, but I like Mycelium the most. That’s one of the earliest mobile wallets for Bitcoin out there. Initially, it was only available on Android, but you can nowuse it on iOS too.

Mycelium offers multiple features that provide security to your account. A good example is the “Watch Only” mode that allows you to view all activities while the transactions are disabled.

One of the downsides of Mycelium is the outdated design, but the user experience is still decent, and the app is certainly among the best mobile Bitcoin wallets on the market.

You can see the download options here.

The undisputed leader among hardware Bitcoin wallets is Trezor.io. If you want the best and most secure option on the market, that’s it. You can buy the device from various places, includingAmazon. It’s the only paid option on my list, but it’s worth the $70-80 you have to spend.

The Trezor.io device can be connected to Windows, Linux, iOS, and Android, so you can use it with pretty much every mainstream OS out there.

Another advantage is the encryptions implemented by Trezor.io that make sure your password is secure. You can easily restore your money if something happens, too, so this is the full package.

If you want one, Amazon is one of the places you can get it.

Bitcoin Gambling Website

Other Betting Sites That Offer Bitcoin to US Players

Bovada is my top choice for a betting site that works with Bitcoin and accepts US players, but there are other trusted sportsbooks that do the same.

Best Bitcoin Gambling Sites

All of them offer a reliable service and a bunch of gambling products, including a sportsbook, a casino, and a racecard for horses.

If you have never tried Bitcoin for sports betting and you are in the USA, you are missing out. The cryptocurrency provides a reliable and fast way to gamble online.

Best Bitcoin Gambling

I would recommend you to at least give it a try. Bovada is probably your best option, but the other gambling sites mentioned here would be an excellent choice too.