Betting With Crypto Currencies
If you want to keep your online gambling activities to yourself and away from prying eyes, then you should avoid using things such as a debit card or credit card as the method you use to fund any type of gambling sites account online, as those payments you do make into them will always show up on your bank and credit card statements.
In fact, I have heard of many people who have been told that they must close their bank accounts or even stop using their credit cards by the banks or credit card issuers when they have been using them to make transfers into such sites!
You may also find that some banks will not grant you an overdraft, loan or even a mortgage if you have a track record of using your bank account and the associated cards to help you fund a gambling site account, and that has led to many people looking for some other type of payment system to allow them to do so.
Cryptocurrencies such as Bitcoin and Ethereum are one way that you are going to be able to transfer money both into and out of online gambling sites, and to help you understand how you can go about doing just that I have compiled the following guide, which I invite you to read through and digest!
Bitcoin, Litecoin and Ethereum
The three most used cryptocurrencies regarding gambling site accounts, are Bitcoin, Litecoin and Ethereum, and those three cryptocurrencies are readily available, so you should have no difficulties being able to buy them.
However, the cost of buying any of them is one thing to factor into your decision as to just which one to use but do keep in mind that even though the full single unit price of them may appear expensive, you can buy much smaller units of them.
Most cryptocurrencies accepting gambling sites will accept deposits from their players in any of those three cryptocurrencies and may also offer a range of other additional ones on their banking interfaces, so at the end of the day it will be your decision to make as to just which one you should buy and start using.
There are however processing and transaction fees to be included in the cost price of any of them you do buy and sell, so I would encourage you to find out what those fees and charges are and then opt for the most cost-effective cryptocurrency to use, back on how you intend to buy them and how you wish to receive your funds when selling them.
Best Digital Wallet to Use
You will need to get a digital wallet as soon as you wish to start to use cryptocurrencies, however the way they have been designed are different to a standard type of web wallet you may have used before when signing up to PayPal or Neteller.
A standalone digital wallet for example is used to access your cryptocurrencies that are stored on a blockchain, and as such all transactions you make will then be recorded and verified on the blockchain to ensure they are true and value transactions.
Those standalone digital wallets are the ones you should be using, and not ones that are given to you when using a digital currency exchange, as there are added risks associated with using any wallet linked up to an exchange, such as if the exchange goes out of business then your cryptocurrencies and funds will be lost!
When you find a digital wallet that you wish to download and make use of, you will be supplied with a range of different log in information, which can include a username and password as well as a unique seed code, it is very important you make a note of all that information and never store it on your computer.
If you download a digital wallet onto a mobile device or any computer or laptop by writing down the log in details and store them somewhere safe if you ever lose those devices, get them stolen or they break down you are always going to be able to restore your account using the log in details.
Buying and Selling Cryptocurrencies
There are three ways in which you are going to be able to initially buy a cryptocurrency such as Bitcoin and just as many ways that you are also going to be able to turn a cryptocurrency into any fiat currency you wish to exchange them for.
Bitcoin ATM’s offer you the ability of buying Bitcoin on the spot using cold hard cash, a peer to per service matches you with someone close by where you are so you can either buy or sell any cryptocurrencies in person, and a digital currency exchange will let you buy any cryptocurrency you wish to buy online of via your mobile phone.
If you take all necessary security and safety precautions when using any of those three methods you will never experience any problems, but just be aware there are fees to be paid no matter which way of buying or selling cryptocurrencies you choose to make use of, so compare them and use the most cost-effective method available to you!
Transferring Cryptocurrencies into a Gambling Site
You will be all good to go once you have a digital wallet and some cryptocurrencies store on the blockchain and as such you will now need to know how you go about sending them into a gambling site account, and how you can also cash out any winnings you achieve at such sites too!
Thankfully, there will be a banking interface available at the site you have chosen to deposit into, and you simply must follow the onscreen instructions displayed upon it when you launch the banking interface.
You will be required to select an amount you wish to deposit in the cryptocurrency you wish to deposit by, if that site allows you to gamble using units of that cryptocurrency, or if you want to deposit a fiat currency then select the amount you wish to deposit, and the interface will convert that into your chosen cryptocurrency.
You then simply need to launch your digital wallet and use the wallet address of the gambling site tat which you will be making that deposit and once you end those coins they will then show up in your account.
Tips for Having a Hassle-Free Cryptocurrency Gambling Experience
Stick to only gambling at licenced and regulated gambling sites is my one main tip for anyone wishing to gamble using a cryptocurrency, as that way you will be sure of having an enjoyable and completely hassle-free type of gaming experience.
If you are about to claim any bonuses or promotional offers, then always read through the terms and conditions before claiming them and using those bonus funds.
By doing so you will be aware of what is going to be expected of you when playing off your bonus credits and will be unlikely to fall foul of any of these terms and conditions, which could see any winnings achieved by you when gambling with those promotional funds being voided out if you do fall foul of them!