Buying Bitcoin For Gambling
Our guide to buying bitcoins for gambling online and offline with your cryptocurrency wallets. We cover local exchanges, online exchanges, and more.
If you're getting into crypto gambling, you're most likely wondering how to buy Bitcoins for gambling (i.e., poker, casino, sports betting, slots). Bitcoin offers good transaction speeds and much better privacy for online casino players.
Let's dig into how can someone safely buy BTC for gambling.
How To Get Started With Buying Bitcoins For Gambling Online
Listing down the Bitcoin casinos you are interested in is the first step to consider before buying Bitcoins. Certain sites accept different cryptocurrencies such as Ethereum, Litecoin, or even FUN.
You must consider several factors to own Bitcoin, one of which is where to safely buy the digital currency. The majority of businesses that sell cryptocurrency are online exchanges and brokers. To transact with these sites, you need a working email account and a government-issued document or ID to pass their KYC procedures.
Private sellers are another option for you to buy Bitcoin, which is highly risky in exchange for staying anonymous. Fortunately, you have methods on how to get BTC for gambling while protecting your private information and money that are mentioned below.
The bitcoin wallet is the second factor to consider when Buying Bitcoin since this is where you will store the digital currency as well as your winnings. Like exchanges, you have several storage options available to you and most of them are free. Other paid options give you better security for your digital money such as hardware wallets.
Different Ways To Buy Bitcoin For Online Gambling
With a Bitcoin wallet ready, it is time to ask where to buy Bitcoin for gambling. You have several Bitcoin sellers to choose from with various rates and advantages. Here are some of our recommended places to buy digital currency.
Online Bitcoin Exchanges
Bitcoin exchange sites are where you can buy Bitcoin with cash or altcoin such as Ethereum and Litecoin.
|Binance||Binance is one of the most diverse Bitcoin exchanges that have more than 300 digital currencies available, allowing you to buy altcoins that your preferred casino supports. However, the U.S. site is not available in 22 U.S. states.|
|Coinbase||Coinbase is a pioneering exchange that is fully regulated and licensed. More than 100 countries have access to the exchange site, making them available to areas that are not supported by other Bitcoin exchanges. It is important to note that Coinbase has full ownership of their users' private keys, which can be a concerning issue for casino players.|
|Kraken||Touted as the first Bitcoin exchange to have Bloomberg Terminal display the site's trading prices and cryptocurrency volume. For many Bitcoin gambling, Kraken is one of the best places to buy BTC and other cryptocurrencies used for gambling with low fees.|
|Paybis||An international exchange available in 180 countries as well as 48 states in the US, Paybis is highly trusted by cryptocurrency gamblers because it is registered with FinCEN. Paybis also have low fees and a fast ID verification process for new accounts.|
|BTCC||BTCC is a China-based Bitcoin exchange that also offers a mining pool, Blockchain engraving, payment processing, and payment processing services. Their strength comes from their low fees and consumer protection.|
|Bitfinex||Based in Hong Kong, Bitfinex is a Bitcoin exchange with traders in mind by offers more than 50 trading pairs of cryptocurrencies and various order options. A hacking incident also led to the exchange improving its security measures to protect all members' money.|
Local Bitcoin Exchanges
As the name indicates, local Bitcoin exchanges cater to the residences within the country apart from foreign buyers. Local exchange is beneficial to residences since it supports bank payment and other payment services available to people living within the country.
|WazirX||A local Bitcoin exchange based in India, WazirX has one of the strongest security measures within the country. Every transaction requires only seconds to complete from this exchange. Unfortunately, the Bitcoin exchange does not support credit card deposits.|
|Netcoins||A Canadian local Bitcoin exchange located in Vancouver, Netcoins has incredibly fast transaction speeds and low fees. They are also regulated by the MSB that operates under FINTRAC, making them a trusted exchange.|
|LocalBitcoins||LocalBitcoins is a platform where you can buy Bitcoin directly from another person. With the local exchange acting as an escrow service, you can pay other people through various payment options such as wire transfer, online payment, and bank deposit. A reputation system is set to help you find trusted sellers or buyers within the exchange.|
While Bitcoin exchanges involve buying cryptocurrency from other users who are selling them, brokers are direct sellers of the digital currency. Brokers let you buy and sell BTC at their set price to help you avoid buying BTC at a higher cost.
|eToro||eToro is a trading platform that offers a wide variety of stocks, ETF trades, commodities, and cryptocurrency. This Bitcoin broker is available to a large number of countries and offers low fees on buying cryptocurrencies. One issue to note is the limit on where you can withdraw your Bitcoin, which is only to an exclusive eToro wallet.|
|BitTrex||Based in Seattle, Washington, Bittrex offers a wide range of cryptocurrencies supported by popular online casinos such as Litecoin and Ethereum. US customers are highly welcomed by the platform since they are based within the country.|
|Robinhood||Accessibility is Robinhood's forte as a Bitcoin broker with its zero-fees and transactions made and zero minimum holding requirement for all accounts. Buying or trading cryptocurrency on the platform is easy thanks to Robinhood's user-friendly interface. One notable flaw about the platform is its weak customer support that does not let you reach their staff via phone.|
A physical or off-line option of buying Bitcoin is available through specialized ATMs that are available in the US, Canada, Australia, and the UK. Updated All Bitcoin ATMs feature instantaneous transaction speeds that are similar to regular cash ATMs.
Unlike online exchanges or brokers, you do not need to use your email, phone number, or other personal information. You only need a mobile wallet app installed on a phone that can read QR codes. ATMs within or near casinos or sportsbook lets you bet with cryptocurrency in person instead of fiat cash.
With the lack of personal information and connection to the internet, you can enjoy better privacy and security with Bitcoin ATM when buying Bitcoin for online gambling. However, the limited availability and high fees make the machines inconvenient for casino players.
What Are The Safest Bitcoin Wallets For Gambling
To own Bitcoin or any form of cryptocurrency, you need to have a digital wallet. Fortunately, you have plenty of options available to you.
Your account within Bitcoin exchanges or brokers is already a wallet where you store your cryptocurrencies. You can also find dedicated online wallets such as the one offered by Bitcoin.com.
Bitcoin wallet programs for desktop computers running on different OS give you full control over your digital currency. Desktop crypto wallets are often free while others are a part of a hardware wallet. One issue with desktop programs is their susceptibility to malware or viruses that allow criminals to steal anyone's Bitcoin.
Portability is the key factor among mobile app wallets, letting you make transactions in physical stores or casinos that accept Bitcoin. It is important to note that your digital currency is tied to your phone, making it difficult to retrieve should you lose the device.
Hardware devices such as the Ledger Nano X and the Trezor let you protect your Bitcoin from potential threats of malware by isolating it from any net connection. In place of security, buying Bitcoin for gambling and storing it in a hardware wallet can be inconvenient.
With the four wallets listed here, we arranged them from being the least secured at the top and the most secured at the bottom. Security comes down to one factor, you having control over your private key. Private keys are proof of your ownership over the wallet. Online wallets are the worst among the four since the business has control over your private key.
Online connectivity is the second factor to consider. Desktop programs and mobile apps are at risk of getting hacked by criminals when they are connected to the net.
After considering both factors, hardware wallets offer the best possible security for your Bitcoin. Think of them as a security vault for your Bitcoin winnings.
Be Careful With US Laws & Exchanges
Sending your Bitcoin immediately from a Bitcoin exchange or broker can lead to legal trouble, especially for US residents. Users who decided to skip reading exchange's TOS and decided to send money to their favorite casino are at risk of having their account permanently suspended.
One example is Coinbase that prohibits any users from buying Bitcoin for gambling.
It pays to go through the rules of exchange to know if they have any rules on where you can send your money. Even if an exchange does not have any restriction on your transaction, they can change their terms and not allow payment to Bitcoin casinos at any time.
You can avoid losing access to your digital money by sending any Bitcoin you bought from a strict exchange to your digital wallet. As long as the wallet is not an exchange and you have control over the private key, you will not have any problems being locked out of your money when sending your BTC to a casino.
With the availability of Bitcoin sellers and wallets, you can easily enjoy any crypto gambling sites. Always keep in mind an exchange's terms and conditions as well as ownership of your private keys to ensure your Bitcoin is safe.