Before you jump into online gambling with bitcoin, it is sensible to understand what it is in detail and how beneficial it is. Bitcoin is a kind of cryptocurrency. It is a digital currency that is designed to be used on the internet. It is not a coin you can feel or touch but is created using an intensive computer process. However, even if you cannot touch it, you can use it as a payment method.
Bitcoin creation involves a data mining process, which takes time and massive computing power. With every bitcoin being mined the next one becomes harder and harder to create. Ultimately, it will become impossible to make more bitcoins. It means BTC is finite in supply, so they have value.
Gold, silver, and other metals need manpower and effort to dig out and every time a layer is dug out more effort are needed to dig the next layer out as it is further down until there is eventually nothing left. Bitcoin is like any other fiat currency, which is used to trade, and as it has limited supply people have approved its value.
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How to get started on BTC casinos?
The process to get started on playing with BTC on online casinos is divided into three stages.
Stage 1 – Open BTC wallet account
A bitcoin wallet is a digital hub used to buy and sell bitcoins. There are different types of wallets – software, hardware, paper, and centralized exchange wallets. Learn about them because each has its strengths and weaknesses. Choose one that suits your goals.
The hosted wallet is just like a trusted bank. You keep all your bitcoins in a third-party company, which is responsible to handle your fund’s storage and security. It will be like using a PayPal account. Use your debit/credit card to load funds onto the BTC wallet. The money gets converted into bitcoins for making transactions. Use the wallet for depositing and withdrawing BTC wins from the online gambling site.
Stage 2 – Deposit money in BTC wallet
After setting account, you need to deposit money to purchase Bitcoin. The rate of Bitcoin is just like other currencies. They will fluctuate, so ensure the rate you are getting is appropriate while purchasing.
Deposit money in your BTC wallet using a debit, credit, or bank account. Several BTC wallets even allow deposits via PayPal. Choose the one you feel comfortable with the most.
Stage 3 – Deposit bitcoins into online casino account
After depositing funds in a bitcoin wallet, it is time to deposit BTC onto the online gambling platform and start playing. On the gambling site, visit the deposit page and click on the ‘BTC option’.
You will receive the online casino’s BTC wallet address, which you will need to add to your BTC wallet account. Enter the amount you want to deposit and instantly the BTC will be deposited onto your online casino account. The transaction is quick and you can start enjoying it instantly. Even the withdrawal of your BTC wins is a simple process.