How to Use Bitcoin for Online Gambling?

The number of online gambling platforms accepting cryptocurrency as a form of payment continues to grow. In India, one of the well-loved and widely accepted cryptocurrencies is bitcoin. Several companies in India are already accepting bitcoin and other virtual coins as payment methods.

Although cryptocurrency is yet to be regulated in the country, a significant number of companies in India accept cryptocurrency as a payment. Some of the companies that have already started accepting bitcoin include HighKart, Sapna, and The Rug Republic. In addition, a notable number of online gambling platforms also accept cryptocurrencies like bitcoin and Litecoin.

If you are keen to find out how to use bitcoin for online gambling, you have come to the right place. This article will discuss the steps in using bitcoin to make payments on online gambling platforms. The process begins at purchasing a cryptocurrency, sending it to bitcoin wallet, depositing at an online gambling platform, and withdrawing funds in fiat currency.

Setting up a Coinbase account

• Go to Coinbase official website and sign up for an account by putting in your name, email address, and password.
• A confirmation email will be sent to you. Click on the email to verify your account. Add two-factor authentication to add an extra layer of security.
• Every time you sign up for your Coinbase account, a pin code is sent to your phone, and you have to enter the right pin code to prevent unauthorized access to your account.
• Link your bank account with Coinbase because you will need a fiat currency to purchase bitcoins. For instant purchase, you might want to consider linking your debit card.
• You will have to go through the KYC process to enable the instant buy option.
• Click the “buy bitcoin” button, and the money will appear in your Coinbase wallet.

Setting up a bitcoin wallet

A bitcoin wallet is the counterpart of an online bank account. You use it to store bitcoins and other cryptocurrencies. For online gambling, one of the best bitcoin wallets is blockchain.

• Visit BlockChain’s official website and head over to the signup page found at the upper right-hand corner of the screen.
• Provide all the necessary information and click “create a wallet.”
• After successfully creating an account, you are now set to log into your BlockChain wallet.
• Go to the security center and verify and secure your bitcoin wallet.
• To transfer bitcoin to your online gambling wallet, you need to provide a bitcoin address. It is an identifier consisting of 26 to 35 alphanumeric characters. You need to provide the right bitcoin address, or else you will not receive bitcoin.
• Go to your Blockchain.info and click the transactions tab.
• Click the receive button found under the “my wallet” section. You will see a number and letter combination (bitcoin address). There is also a QR code that you can easily scan, which serves as the bitcoin address.

Sending bitcoin from Coinbase to Bitcoin wallet

Once you have your Coinbase and bitcoin wallet ready, you are all set you receive bitcoins from your Coinbase account to your bitcoin wallet.

• In your Coinbase account, head over and click the send/request button.
• Paste your wallet address and enter the amount of bitcoin you want to transfer. Make sure all information is correct before hitting the “send funds” button.
• Log in to your bitcoin wallet to see if the transaction pushed through. The fund transfer is quick, and you will see the funds in your account right away.

Depositing bitcoin at online casinos/sportsbook

• Log in to your account (casino/sportsbook).
• Go to the gambling site’s cashier section and choose bitcoin as a deposit method.
• Key in the amount you want to transfer and key in the destination address.
• Go to your bitcoin wallet and transfer bitcoin to the gambling site’s address. It would just take a few minutes for the money to reflect in your account.

Withdrawing Bitcoin from online gambling platform

To withdraw your winnings using bitcoin, you have to convert bitcoin to fiat money. To do so, simply follow these steps:

• Go to the gambling site’s cashout or withdrawal section.
• Enter your Coinbase details and receive the money in fiat.

Bitcoin is undoubtedly one of the commonly used and widely accepted cryptocurrencies. In India, tons of merchants accept bitcoin as a form of payment. The same thing goes for online gambling platforms. By using Cryptocurrency like Bitcoin, you can bet on your favorite online gambling games like roulette, poker, Teen Patti, and online casino baccarat games and win money. Make sure that the online gambling platforms you sign up for an account with accept bitcoin, which is not quite hard to do now because the majority of online gambling platforms accept bitcoin and other forms of cryptocurrency. Many gamblers prefer to use bitcoin over other payment methods because of the ease of transfer, safety, and the opportunity to transact anonymously. In addition, it is a hassle-free way of sending and receiving funds from online gambling platforms.