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Last Updated: August 6, 2019

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How to Setup a Bitcoin Wallet and Use It to Withdraw Funds from Online Casinos

Introduction

Bitcoin - a cryptocurrency no one believed could actually make an impact on global financial markets - is becoming a popular choice in online gaming. Players from all around the world are...

...choosing blockchain technology over any other legal tenders and for a good reason.

Back when Bitcoin was first starting to gain traction, no one gave it much thought. Especially not the...

...big wigs of Wall Street. As a matter of fact, Bitcoin and other cryptocurrencies are still the butt of many a joke heard around water coolers in that part of New York City.

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However, a lot has happened between then and now. The world is slowly...

... coming to terms with the importance of one’s anonymity. As it turns out, Bitcoin is one of the best ways to conduct transactions online without leaving a trace.

It was only a matter of time before blockchain reached the iGaming industry. Bitcoin has become a mainstream option. Even currencies such as Bitcoin Cash are in use.

Why Bitcoin?

Anonymity is by far the most alluring reason to turn to crypto, but it isn’t the only one. What most critics of crypto fail to mention most of the time is...

... the speed and security with which Bitcoin transactions are conducted.

There are no fees, no conversions or any other inconveniences that will nibble away at your standing balance. The security of cryptosystems is bordering perfection. Chances of someone hacking your account are nil.

However...

...this can be a double-edged sword. If you lose access to your wallet, there is no one you can turn to for password recovery.

At that point, everything that was on that wallet is simply lost. That being said, may consider such draconian security measures a small price to pay for what you get in return.

Making a case for Bitcoin doesn’t take much effort these days. However, making a case for its use in online casinos is a whole different matter.

Online casinos have been accepting crypto for a while now and...

... many players are making the transition from credit cards and FIAT currencies. Why? Because it’s just easier and much quicker.

With Bitcoin, you can often bypass account validation procedures which are standard in most casinos. All that is necessary is...

... your wallet key. Best of all, the entire process takes far less time than it otherwise would.

That being said, not all online casinos accept Bitcoin.

Furthermore, some will accept it as a legitimate way to deposit money, but won’t allow you to...

... withdraw your funds in Bitcoin. Fortunately, the number of online casinos that accept Bitcoin is growing at what appears to be an exponential rate.

All of the above should serve as a good enough answer as to why Bitcoin is a good alternative for online casino use. Just in case, here’s a quick summary:

  • Bitcoin allows for anonymous transactions under multiple layers of encryption
  • Players can bypass lengthy verification procedures
  • Transactions are fast, cheap and reliable
  • Chances of someone hacking your wallet are infinitely small
  • Now that we better understand the benefits of Bitcoin, how does one set everything up?

How to Create a Bitcoin Wallet and Use It at an Online Casino?

A wallet is like a bank account for your cryptocurrencies. There are online and offline wallets, both of which have...

... their pros and cons. Today we'll focus on online wallets as they are easier to create and use for an average user.

Step 1: Choose the Right Wallet

Back in the day, there were only a few trusted wallets available. Today there are dozens upon dozens that...

... offer the necessary protection and security. The choice comes down between desktop and mobile wallets.

 

Mobile Wallets – With a mobile wallet, you can use your phone's or tablet's camera to scan QR codes and conduct transactions even faster than you can with desktop wallets. Some of the best mobile wallets are Electrum, Mycelium and Blockstream Green. Both of these are user-friendly and feature an intuitive User Interface.

 

Desktop Wallets – With desktop wallets, there is a much wider array of options. However, Electrum is probably still the best place to start. It is free, simple for beginners and proven to be secure.

At the end of the day, choosing a wallet is a personal thing. The ones we've mentioned are a great place to start but you might find yourself wanting something different after a while. Feel free to shop around and find what works best for you.

Step 2: Purchase Bitcoin

With your wallet set up properly, you can now add funds to it. To do this, you'll need to...

... set up an account with a reputable exchange. One name that comes to mind is Coinbase. They have been around for long enough and have a relatively spotless track record.

Your other choice is to find a peer to peer service that allows you to buy Bitcoin straight from other individuals. If you're just getting into crypto...

...we strongly suggest that you stick with reputable exchange for the time being.

Step 3: Deposit/Withdraw Funds to and From Online Casinos

With brand new wallet and Bitcoin in your possession, you are now ready to...

... deposit or withdraw funds from your online casino of choice. Speaking of which, it's is important to play at reputable casinos.

Since Bitcoin transactions are final and non-refundable in most cases, you'll want to do your homework when it comes to places you play at.

The process of linking your wallet to your casino account is simple in most cases. You'll be prompted to...

... select the preferred payment or withdrawal method. Bitcoin should be one of the available options. Once selected, you'll be prompted to input your wallet's address and that's it.

Depositing or withdrawing smaller amounts is done momentarily. However, larger sums might take some time depending on your casino of choice.

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Conclusion

Bitcoin is no longer a taboo currency. It is still fairly volatile but we are seeing more and more institutions formally recognizing it as a valid financial tool.

Whether or not Bitcoin is the future of currencies is left to be determined but we can comfortably say that...

... crypto is here to stay. If you are worried about privacy and want a more secure method of payment depositing or withdrawing funds from online casinos, give Bitcoin a shot.


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