How to buy and gamble with crypto

Cryptocurrency is all the buzz these days, but what exactly is it, where can you get it, and how can you gamble with it? You’re in the right place! This detailed guide will answer all your questions and have you betting with crypto in no time.

Let’s get started!

Bitcoin: A Brief History of Cryptocurrency

In 2008, the world was introduced to cryptocurrency through a white paper published by an anonymous individual or group known as Satoshi Nakamoto. To this day, the true identity of Satoshi remains unknown, but the creation of Bitcoin has undoubtedly revolutionized the financial world.

The background to Bitcoin’s creation can be traced to the financial crisis of 2007-2008, which led to growing distrust of banks and financial institutions. This dissatisfaction, coupled with the collapse of the U.S. housing market, laid the groundwork for something new to emerge.

Satoshi’s idea was to create a decentralized digital currency—free from government oversight and bank control. The concept involved a network of computers that would ensure transparency and independence from centralized authorities, enabling anyone, anywhere, to use this currency freely.

So why has cryptocurrency become such a hot choice for online gambling? Several factors explain its appeal:

• Anonymity: Gambling with cryptocurrency requires only an address, not your personal or banking details.
• Circumventing Geo-blocking: Some countries haven’t classified cryptocurrency as a currency, allowing players to legally gamble with Bitcoin or other cryptocurrencies even where fiat gambling is restricted.
• Fast Transactions: With crypto, deposits and withdrawals are typically processed in a matter of minutes or, at most, a few hours.
• Lower Fees: By bypassing traditional banks, you can often enjoy minimal or no transaction fees when converting your winnings to cash.

Crypto: Choosing Your Currency

Now that you know what cryptocurrency is and why it’s a great choice for online gambling, the next step is to choose which crypto to use.

Before you decide, consider what you want to do with your crypto—whether you’re gambling exclusively or looking to invest as well. If you’re thinking about investing, it’s a good idea to consult a financial advisor.

For gambling, some of the most widely accepted cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), and Bitcoin Cash (BCH). While other options like Tether (USDT) or Ripple (XRP) are available, they may limit your choice of casinos, as not all sites accept them.

Here’s a breakdown of the pros and cons of popular gambling cryptos. When it comes to transaction fees, rates fluctuate, so it’s always good to check current trends. Bitcoin, for instance, has seen fees peak as high as $53.17, but at the time of writing, they’re around $2.75.

Here’s a comparison of the leading cryptocurrencies for gambling:

• Data accurate as of August 2021

Dogecoin tops the list in terms of transaction speed, followed closely by Litecoin and Ethereum. Bitcoin and Bitcoin Cash are slower, but still fast enough for most transactions.

In terms of fees over the past year, Bitcoin Cash and Litecoin have consistently offered the lowest costs, with Dogecoin also being fairly affordable. Ethereum and Bitcoin are typically more expensive, though Bitcoin’s costs are slightly higher.

Given its quick transaction times and low fees, Litecoin is the top pick for gambling. However, any of these popular cryptocurrencies will work well—each has its strengths depending on whether you prioritize speed, cost, or availability at online casinos.

One note for Bitcoin Cash users: sometimes, transactions fail due to wallet issues from a previous blockchain fork. If this happens, a simple solution is to use a converter to generate a new QR code, which should resolve the problem.

What’s a Crypto Exchange and Why Do You Need One?

Now that you’ve selected your cryptocurrency, the next step is to use a crypto exchange, where you can buy and sell crypto using regular (fiat) currency.

Some of the top exchanges include Coinbase, Binance, Kraken, and Gemini.

When choosing an exchange, make sure it supports both your local currency and your chosen crypto. It’s an easy mistake to spend time setting up an account only to find they don’t offer what you need.

Let’s say you go with Kraken. Here’s how to set up an account with them.

First, visit Kraken’s website and click “Create Account.” Enter your email, create a secure password, and follow the prompts to verify your email address. Once verified, you can set up two-factor authentication (2FA) for extra security using an authenticator app like Google Authenticator.

Next, you’ll need to verify your account by submitting some personal details such as your ID and address. Once that’s done, you can start trading by purchasing your cryptocurrency using a bank transfer or credit card.

Crypto Wallets: Safe Storage for Your Coins

Once you’ve bought your crypto, it’s time to store it securely in a wallet. While some exchanges offer wallets, it’s safer to use a separate one so that you retain full control over your funds.

There are two main types of wallets: hardware wallets and online wallets. Hardware wallets, like the Nano Ledger, offer greater security since they’re offline, but they’re less convenient. Online wallets, on the other hand, allow you to access your crypto from anywhere, making them perfect for quick transactions, especially for gambling.

The Best Digital Wallets for iPhone and Android

Among the many wallets available, Jaxx Liberty stands out for its support of a wide variety of popular cryptocurrencies. It’s also easy to use, making it a good choice for beginners.

Transferring Crypto to Your Wallet

With your wallet set up, it’s time to transfer your crypto from the exchange. For example, if you’re using Kraken, go to the “Funding” tab, select your cryptocurrency, and withdraw it to your wallet by copying the wallet’s address from your app.

After confirming the transaction, the crypto will be sent to your wallet, ready to use.

Playing with Crypto

Now that your crypto is in your wallet, you’re ready to start gambling. BitStarz is one of the top crypto casinos, offering easy deposits and withdrawals.

To deposit, simply scan the QR code provided by the casino using your wallet app. Within minutes, your funds will be available for play.