There are many online resources that tell you what Bitcoin is and how to use it for gaming, but few of them walk you through the process step-by-step. Here’s a guide to help you get started using Bitcoin for playing WAGMI’s online games.
But don’t worry, because we will give you the rundown of what’s important to know about Bitcoin and then walk you through every stage.
Steps on how to use Bitcoin for online gambling
To make Bitcoin easier to use for those that already know they want to utilize it, we’re going to start with the steps needed to get started. After that, we’ll include any additional information like benefits, how Bitcoin works, and anything else you should know to be a more informed player.
- Open a Bitcoin wallet
A Bitcoin wallet is a way to store your Bitcoins online. While there are some types of Bitcoin wallets called software wallets, we are only concerned with hosted wallets. A hosted wallet is a way to store your Bitcoins with a third party, much like you would do with a bank. Think of it this way: if we kept all our money in a shoebox in our room, that would be like a software wallet. If we kept all our money with a trusted bank, that would be like a hosted wallet. It basically means that another company is responsible for the security and storage of our Bitcoin funds.
So if you ask how to use Bitcoin for online gambling, well it’s similar to using PayPal. You first load money from your bank account or credit/debit card onto the wallet. After that, you can deposit into WAGMI’s gambling site in the same way as if you were using PayPal. The only distinction is that when you load the money onto the wallet, you will be able to convert it into Bitcoins so that your transactions are quicker. Opening a Bitcoin wallet account is really simple. Find a provider (for WAGMI Casino, that would be MetaMask) and follow their instructions carefully. Soon enough, you’ll have completed all of the necessary steps.
- Deposit your money into the wallet
After setting up your account, deposit money to buy Bitcoin. Just like regular currency, the value of Bitcoin changes often, so check the rate before making a purchase. Don’t worry too much about fluctuations, as it happens with all currencies.
You can load Bitcoin into your account by using a debit/credit card or directly linking your bank to the wallet. All these methods work in the same way, so simply choose whichever you prefer most. Some wallets might also let you deposit money via PayPal or other payment platforms – just dependent on which one you use.
- Deposit the Bitcoin in your WAGMI Casino account
If you have your money in a MetaMask wallet, you can head to WAGMI’s online crypto casino and start playing. Simply go to the deposits page on the casino website and click on the Bitcoin option. We will give you specific deposit instructions, and that’s all! The transaction approval shouldn’t take too long, and then you can start playing or betting with your money on the site.
- Withdraw the amount you want
It’s easy to learn how to use Bitcoin for games, but you also should enjoy the amount you earned. After you’ve won, all you need to do is process a withdrawal through WAGMI’s online casino, in order to receive your Bitcoins back into your MetaMask wallet. Withdrawing your winnings has never been easier!
You can receive Bitcoin payments and then convert them into regular currency, which you can send back to your bank account. You can also use Bitcoins to purchase items from other sites that accept cryptocurrency. That’s all! One advantage to Bitcoin is its uniformity – you can use it many parts of the world with the same process. For those of you still wanting to know more about Bitcoin or who might have questions, we’ve included a lot more information below.
- Why is Bitcoin considered valuable?
If you are new to the crypto industry, before asking how to use Bitcoin for online gambling, you should learn a bit more about this popular crypto. Currency is only valuable for two reasons: there needs to be a finite amount, and people need to agree that it can be used in exchange for goods or services. Fiat money is an example of something that has value not because of what it’s made of, but because there is a limited amount of it and we have all decided to use it in exchange for goods and services.
Here’s a quick analogy. Back in the Middle Ages, European merchants, explorers and sailors used spices as the main currency for the trade of other goods. The reason behind is quite simple – since most spices were brought from India and sailing the sea was slow, the supply was limited. That’s why spices were compared to gold, since you could buy silk, food, weaponry and many more things.
Nowadays, spices are regarded as being generally affordable for most people, because you can find them everywhere. In short, scarcity produces value and there is definitely not enough Bitcoin for everyone in the world. The value of Bitcoin is changing as more and more people are viewing it potential currency. While more organizations begin to see its monetary potential, the demand becomes greater, making it even more valuable.
Pros of using Bitcoin
Some people are anxious about giving their credit card or banking information to online gaming sites. While there is no real cause for alarm, we completely understand the concern and the desire to keep them separate. Bitcoin wallets serve as a middleman that allows you to deposit and withdraw without ever exposing your personal information. This safety measure is useful for those who do regular online shopping or transactions.
If you use a digital wallet, you only must input your personal information once. This protects your relevant online data. With so much digital crime happening these days, this is a big security advantage. How to use Bitcoin for online gambling if not in a safe manner?
Traditional methods of handling money rack up significant costs and fees, whereas Bitcoin is completely digital so transactions are either free or have a very small fee.
If you use Bitcoin instead of regular currency, casinos will save a lot of money on the fees they would otherwise charge for your deposits.
It’s fast and flexible
The great thing about Bitcoin is that transactions are processed much faster than with other traditional methods. With other methods, it can take a few days for the transaction to go through, but with Bitcoin it only takes a few hours. Both deposits and withdrawals see limit increases, on top of the already-quick transactions.
We hope this sheds more light on how to use Bitcoin for online gambling and specifically, on why Bitcoin is still very relevant. To learn more, stay tuned to WAGMI Crypto Casino’s blog and check out the new online slots.