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How to Use Bitcoin for Online Gambling?

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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.

Bitcoin

Which altcoins can you use for gambling when bitcoin is crashing?

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Since the advent of online betting, Bitcoin has been the preferred cryptocurrency. Time, however, is evolving. In the first quarter of 2022, its share fell dramatically. This week alone, Bitcoin’s value dropped by 15% over 24 hours, reaching its lowest point since December 2020. And this, according to experts, is tied to the increased interest in Ethereum and Litecoin, the second-leading cryptocurrencies. Their respective market capitalizations have increased by 3.45% and 2.95%.

What to expect for crypto betting in 2022?

According to the research, it is expected that cryptos would see growth, albeit with adjustments to coin share. And the diversity of cryptocurrencies used for betting will be a major trend.

But what is an altcoin, and which one can you use for gambling when bitcoin is crashing?

What is an altcoin?

The word “altcoin” gained popularity in 2017 when hundreds of different Bitcoin alternatives appeared on the market. However, by 2022, most of the top 100 cryptocurrencies will no longer be Bitcoin alternatives. Today, the market is flooded with new applications and products, some vastly different from others. With millions of cryptocurrencies already in circulation, it’s hard to keep up with everything that’s going on in the market.

In short, altcoins are non-Bitcoin cryptocurrencies. However, some are popular, with technological improvements that set them apart from Bitcoin. And there are several reasons why players prefer altcoins over Bitcoin. Let’s find out some of them below.

Why using altcoins for online gambling is a good idea?

There are many good reasons for gamblers to use altcoins. Here are some of them:

  • Availability

When compared to other coins, gambling with bitcoin can be expensive. Bitcoin is the most expensive coin right now (even though recently it has crashed seriously) and can be costly to buy compared to Ripple and Litecoin. They cost less.

  • Quicker transactions

Unlike Bitcoin, sending altcoins like Ethereum to online casinos for transactions is faster. In addition, some altcoins have added features that help transactions go faster.

  • Wise investment

Some altcoins can be used as an investment tool because their value keeps increasing. Because of this, investors buy a lot of altcoins to increase their chances of making money.

So, which are the most popular altcoins?

The following are some of the most popular altcoins used by online gamblers in the industry, especially when Bitcoin suffers its worst times.

Top gambling altcoins

Ether (ETH) – Popular cryptocurrencies are ranked by market capitalization, and Ethereum is the second-largest after bitcoin. In addition, Ethereum transactions move quickly, mainly when depositing money to online casinos.

Dogecoin (DOGE)– Even though it was made from an internet meme, the coin has become more prevalent in recent months. And casinos love it.

Litecoin – With quicker transaction speeds and cheaper costs than Bitcoin, Litecoin is undoubtedly one of the best options for gambling, particularly after a Bitcoin meltdown.

Conclusion

For the final remarks, we would like to point out that while Bitcoin struggles to regain its former glory, you can save time. Select one of the various altcoins and play freely in any crypto casino, like FortuneJack, where you can find the most exciting gambling atmosphere.

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Drake gives away $1million in Bitcoin (35 BTC) via Stake.com as rapper loses $20million on first live Twitch stream

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Drake joined Stake’s live Twitch stream last night to give $1million in Bitcoin away to fans around the world.

The rapper broadcast his night at the online casino, sharing  live action across a number of games with the highlight being an $18million win on his lucky number 11 on the roulette table as part of their first official live stream collaboration.

Though, it wasn’t the artist’s best night on the tables, losing $20million. However, he was able to bring a smile to a number of fans.

Viewers were selected at random to receive gifts worth up to $75,000 in Bitcoin (2.6 BTC), as Drake video called winners around the world, sharing the love with his fellow Canadians and as far afield as Argentina, India, Mexico, Brazil and Jordan.

Drake recently launched a collaboration with Stake.com, the world’s largest crypto currency betting platform, which saw the rapper place a number of large sports wagers on the site – including a recent $2.6 million parlay win.

Stake .com have confirmed Drake will be live streaming and giving away crypto to fans on Twitch again soon.

The night ended well for Drake as the Golden State Warriors secured the Western Conference, netting the Toronto native a million dollars in winnings after he bet $200,000 on Steve Kerr’s team at 4/1.

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Crypto Betting Expected To Reach All-Time High Level For Champions League Final

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Cloudbet Announces Cash Out Feature for Wimbledon 2022
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Bullish prediction from crypto gaming pioneer comes even amid slump in cryptocurrencies

A significant global increase in crypto sports betting has set the stage for the 2022 Champions League Final to become the biggest Bitcoin sports betting event in history.

Next Saturday’s showpiece is the world’s biggest club soccer game, with over 700 million fans tuning in to the 2021 match (per Front Office Sports). This year’s final, to be contested between traditional European powerhouses Liverpool and Real Madrid at the Stade de France on Saturday May 28, is expected to draw an even bigger audience—and an unprecedented level of crypto betting activity.

These expectations come against the backdrop of a crypto betting market that is developing at a significantly faster rate than its traditional currency counterpart. According to software developer SOFTSWISS, cryptocurrency use in sports betting increased 116.7% year-on-year in the first quarter of 2022, compared to 60% growth in overall sports betting.

And despite the recent slump in the value of cryptocurrencies, data from crypto betting pioneer Cloudbet suggest that it has not  erased customers’ desire to bet: Turnover has largely held steady – and in the case of casino spend, it may even be increasing.

“As two of the biggest teams in the world meet in the most-watched club match on the planet, we anticipate the busiest day ever for crypto betting,” said Cloudbet Director Leandro Rossi. “It is clear that the Bitcoin betting boom will continue despite the sector’s setbacks, and that an increasing number of bettors are reaping the benefits of the decentralized blockchain model. “The array of Champions League markets available at Cloudbet represent a tangible opportunity for users to grow the size of their respective Bitcoin investments.

“In the four years since Liverpool’s last Champions League Final against Real, the Bitcoin market has grown exponentially, offering tremendous potential returns for soccer fans despite recent market fluctuations.”

On the day of the Reds’ clash with Real Madrid in the Final of May 2018, Bitcoin was trading at $8,500. Even after the recent crypto slump, that coin is still up by over 250% in the current market, offering incredible value to those who have held Bitcoin since the last time the La Liga Champions and Jurgen Klopp’s men contested soccer’s biggest domestic prize.

Cloudbet is offering a full slate of Champions League Final markets for Bitcoin, including full time result, Asian Handicap, and Both Teams To Score.

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