How to Deposit with Bitcoin
It’s only been a couple of years since Bitcoin started being accepted at online casinos as a valid form of payment, and even less an amount of time since players could play games in the Bitcoin currency. Yet an increasing number of platforms have begun to incorporate the means for players to fund their accounts by using this cryptocurrency. If you’re new to doing this, then it’s important for you to understand how to make a transfer into your player account. There are several steps and pieces of information that you need to be aware of, which is why we have created this easy guide for you to follow. So, without further ado, come with us and find out how to make a deposit into an online casino or sportsbook with Bitcoin.
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Make Sure That You Choose a Good Bitcoin Wallet
A Bitcoin wallet is exactly the same as a wallet that you would use in your everyday life. It acts as a storage facility for your Bitcoin cryptocurrency. That’s why it’s important for you to select a wallet as your first step towards making a deposit into your chosen online casino or sportsbook. There are various types of wallets available for you select from, including hardware wallets, cloud wallets, and desktop wallets.
It’s better to utilize a Bitcoin wallet that comes with high security. For this reason, we recommend a hardware wallet or potentially even a wallet app for a mobile device. Hardware wallets can be connected to your computer for you to transfer your Bitcoin into and can then be disconnected and carried around with you. This means that they’re not constantly connected to an online source. Therefore, they’re far more secure and less open to being accessed by hackers or viruses.
We do have a guide on the different types of Bitcoin wallets that are available, explaining the pros and cons behind each of them. It’s advisable to read through this before you go ahead with a Bitcoin wallet. If you do decide to go for the hardware wallet, you’ll need to purchase the physical item first before you can use it. The others are free for you to download, although their major downside is the lack of security that you get in comparison to the hardware wallet.
Purchase Bitcoins If You Don’t Already Have Some
Obviously, you need to have some Bitcoin before you’re able to deposit it at an online gambling platform. The main way that you can do this is by purchasing some from an online exchange. Mining is also a possibility, although it takes longer for you to accumulate them. Purchasing Bitcoin from an exchange will require you to enter the address of the wallet that you want it to go to. It isn’t advisable to utilize an exchange wallet, either, so be sure to request them to be sent to a specific external wallet.
This is where your transaction will take place from, should you decide to make a deposit at an online casino or sportsbook. For further details on how to acquire Bitcoin, we have our own guide towards doing this. Make sure that you read through it so that you’re fully aware of the different methods of obtaining Bitcoin. If you’re buying from an exchange, the funds should show in your Bitcoin wallet instantly, and then you’re free to do as you like with them.
Making the Deposit
If you’re intending to deposit at an online gambling site with Bitcoin, then you will, of course, need to locate a platform that accepts such. Quite a few sites now provide players with the possibility of depositing in Bitcoin, so it shouldn’t be difficult to find a casino or sportsbook that caters to your needs. Following on from this, you’ll have to sign up to the site in the standard way and then make your way over to the cashier page of the platform. This is where you will make your first and all future deposits from.
On the cashier page, you’ll be asked what type of payment method you would like to utilize in order to transfer funds into your account. From this list, you will need to select Bitcoin. Be aware that some sites do also accept other cryptocurrencies, including Bitcoin Cash, so you need to ensure that you’re selecting the right option here. It’s also quite possible that when you register at your chosen casino, you’ll be asked what kind of currency you would like to play in. Selecting BTC at this point will ensure that the casino or sportsbook creates a Bitcoin holding wallet for your funds to be transferred into when depositing.
This wallet will come with its own public address. In the same way, the Bitcoin wallet that your cryptocurrency is currently stored in has its own public address. Both also come with private keys, although this isn’t generally exposed to anyone.
From the Bitcoin cashier page, you will see the gambling site’s wallet address on display in two different formats. One of them is via a QR code, and the other is in a long line of text.
If your own Bitcoin wallet is stored on a device that comes with a camera, then you need to go to the “Send” function on that wallet and scan the QR code that is on display. This will automatically understand the wallet address and lead you to the following page. On the other hand, if your wallet isn’t on a device with a camera, you will need to copy and paste the long line of text from the gambling site into your Bitcoin wallet on the “Send” page. Then, you simply need to insert the amount that you would like to transfer to the casino or sportsbook wallet.
That if you have chosen to utilize an exchange wallet for your Bitcoin (which isn’t really recommended), then it’s important to never transfer the cryptocurrency directly from there into a casino Bitcoin wallet. Make sure that you transfer the Bitcoin from the exchange wallet and into your own wallet before you make the deposit at the casino. This is something to be aware of due to the fact that some exchanges have blocked their clients’ accounts due to such transfers being made in the past.
A final piece of information to remember is that you need to input the appropriate amount that you want to transfer and make sure that you include the miners’ fee alongside. This miners’ fee is what is given to the people who maintain the peer-to-peer network, which supports, verifies, and confirms all Bitcoin transactions. This fee is a very minimal amount, though, so don’t worry about this.
After inserting all of the relevant information, you simply need to press the “Send” button on your Bitcoin wallet. This will then take anywhere up to 10 minutes to process through fully, although it’s often done quite instantly. You should then see the Bitcoin transfer in your casino account balance, meaning that you’re ready to start placing your bets on your favorite games.
Issues with Online Bitcoin Deposits
Depositing at online casinos via the Bitcoin option is an easy and swift transaction process. Generally speaking, there are few problems that could occur with such. The main issues would occur if you didn’t have the appropriate amount of Bitcoin within your wallet or if you inserted the wrong wallet address into your Bitcoin wallet. The latter possibility is very slim, though, as it’s just a simple matter of copying and pasting or scanning a QR code.
If you didn’t have the appropriate amount of Bitcoin in your wallet, then you’d either need to try depositing a smaller sum or topping up your wallet before making a transfer. Apart from this, you shouldn’t come across any sort of issues that relate to the deposit of Bitcoin into your chosen casino or sportsbook.
However, there are several checks that you can do to make sure you haven’t lost the coins during the transaction. Of course, check the balance of your Bitcoin wallet. Try refreshing the casino page. And, once more, check to make sure that you do have adequate funds to be able to make such a deposit.