Only a few years ago it was becoming increasingly difficult for US casino fans to get their money on board. Bitcoin matured at just the right time. It went from being an obscure idea known only by geeks, to a mainstream way of moving your money around.
This page takes stock of the current situation – giving you a step by step guide to using Bitcoin for online casino deposits and withdrawals.
While there are some new ‘Bitcoin Only’ casino brands, I prefer to stick with the longer running and reputable offshore casinos. This may change in the future, though safety (as well as game selection!) is paramount here.
You’ll find out that using Bitcoin is very simple, with just 3 steps before your money is in the casino and you are ready to hit the tables. After the step by step guide you’ll find pros and cons, then some great news about casino bonuses for Bitcoin users. At the end of the page, Litecoin gets a mention, and there is a mini Q&A to cover common questions
Get a Bitcoin Wallet
Unless you are dealing with $5k or more at a time, my view is that an online Bitcoin wallet is all you need. Offline ones, which sit on your hard drive or an external drive (USB type) can also be used for bigger amounts or for those who prefer the extra security. You can read up on the types of Bitcoin wallet in this article.
Online wallets are available from most Bitcoin exchanges. The advantage of getting one from somewhere like CoinBase is that you can easily access their exchange with just the single sign-up.
Buy Some Bitcoin at an Exchange
If you have a friend willing to send / sell you some Bitcoin, you can skip this step altogether.
For the rest of us, you need to use an exchange to buy some BTC (the abbreviation for Bitcoin).
Again, once you have done it once, you’ll see how simple the process is. Exchanges bring together buyers and sellers, taking a small fee for their service. You sign up (CoinBase is recommended), send some money via your bank and receive Bitcoins into your wallet in exchange. You do not need to buy whole Bitcoins – these come in 1/1000th units (micro Bitcoins or mBTC).
Quick Note on LiteCoin and Etherium
Litecoin Casino DepositsThere are 100’s of cryptocurrencies (anyone remember Dogecoin?). Other than Bitcoin, the only two that have gained serious traction are LiteCoin and Etherium.
Litecoin is already accepted at the BetOnline Casino. This is a long running brand which started out as a sportsbook. They are based in Panama, and have been welcoming US players via telephone and online for more than 11 years. BetOnline also accept Bitcoin.
Etherium looks very interesting. This has an ecosystem alongside the currency component. There is already talk of Etherium poker rooms opening in 2018. I am looking forward to seeing which of the mainstream casinos takes the plunge first. At the moment, this is niche – so only people who know about Bitcoin (and usually, have a wallet) use it.
The Winning Poker Network (which has casino games) now accepts 60 cryptocurrencies. You can check the leading site on this network – America’s Cardroom – for the details.