Beginners Guide to Using Bitcoin for Gambling

Beginners Guide to Using Bitcoin for Gambling

The first part of this blog is dedicated to creating an online bitcoin account for your gambling needs. The second section is dedicated to tips and tricks to remember when using your online bitcoin account.

Creating An Online Bitcoin Account

1) The first thing you need to do is create an online coin account. You will need our name and email address to start. You will also need a password that you can remember, but hard for others to get to. Some words of wisdom: Please do not use the same password that you use on other sites. Once someone has access to just one password code, they can get into everything (especially if you are someone who uses the same passcode all the time). We say this especially because bitcoin accounts are very vulnerable to hacks. Not to say that your account is not going to have some good security (because it will). However, it is better to be safe rather than sorry. Choose something that has upper and lower letters, numbers, and symbols. Coinbase will send you notification email that everything is okay once your account is settled. You can log in and start.

2) You are going to have a two-factor identification process once you sign up. Coinbase does this for everyone. All this does is add an extra layer of protection to your account. Coinbase will also let you add a friend or family member as a backup (in case of emergencies). Hackers have a much harder time getting in because they have to know your account passwords, codes, and identification. Those who do not wish to add someone else will have to go through the reset process if their phone is lost. Having a backup number just makes the process faster. It adds another way to identify you, in the event your phone does become lost.

3) You have to add some kind of regular currency to buy bitcoins. That means you will have to provide your banking information. You could also provide your debit card, but it has to be linked to your bank. The addition of the banking information makes everything go faster. Plus, it also adds more security. That is not to say that you cannot get your bitcoin deposited without your banking information (because you can). It might take longer though. Some people have had to wait a few days or more for the money to be there. Those who opt for another payment and deposit method can scroll down the menu and click the one you want.

4) The final part of this section involves buying bitcoins. Any bitcoin will come to your e-wallet right away, but only if you have the “instant buy” checked. You do have to purchase a minimum of 15 cents and that comes with a 1% fee. Word of warning: Those who choose the bank account for their instant buys cannot do that. Instant buys can only be done with a credit or debit card(although your credit or debit card might be attached to your bank). That means you are out of luck if you choose to use your routing number for the instant buys.

Some Tips and Tricks Concerning Your Bitcoin Account Use

We asked some of the experts, and the following tips are their replies.

1) You have to understand how it works. This is not like your other currencies. Some people only use the bitcoin option for online gambling. It is to those our experts speak to specifically. This money is not tangible. It cannot be seen by the eye. It works as algorithms. That means you have to be skilled with math if you use it regularly. Bitcoin uses blockchain to keep everything safe and secure. Nothing can penetrate the blockchain. All the blocks fall if just one is being tampered with. They do that as a security measure.

2) Bitcoin is one of the more volatile and extreme online cryptocurrencies. All transactions are final. That is why you need to know and understand the way it works. Someone could get into your wallet. You are going to be very hard-pressed to see that money again(which means, you probably will not). The other issue you have to be aware of is the regulation. It is not regulated like other currencies are(which means, there is not much happening there). There is no reversal either. Once your investment has been added to the chain, there is no way of reversing it. That is why most experts argue you should be very clear on how and what you want to invest in.

3) Online exchange wallets are one of the more popular options to pick from, but they are also the least secure. Those who are worried about their privacy might want to pick something else.

4) You can also choose a third-party e-wallet. The only issue with that is it is third-party. That means that if something happens, you probably are not going to get anywhere. The other downside is all your information is one that site. What if someone hacks the site? They have access to everything. It does not matter how much you complain, the third-party site is not going to do anything.

5) The one option that works best (according to most online gamblers and experts) is the hard wallet. This wallet will connect via your USB drive. It is not nearly as convenient as other options. Once again, this wallet is (by far) the winner. You can feel safe and secure with your money and information. The one thing you might have to sacrifice is speed, but that might not be much of a sacrifice for people.

Deposits and Withdrawals

1) Everything has to be done using your Bitcoin wallet.

2) You can use your bank and credit card for the deposits. Any withdrawals will come to you via the Bitcoin wallet. There are pros and cons to each. The decisions are yours.

One Final Word Since Bitcoin is so volatile and aggressive, you need to understand the bets, wins, and losses before you begin(as well as the money amounts). This is one step that other sites do not utilize that you will find with Bitcoin. Always use credible Bitcoin sites if you choose this route. That will increase the safety and security of your money and information.