If you've been hearing terms like Bitcoin and Cryptocurrency and you're wondering if you can use this to gamble online., then, read on my friend your online gambling experience will be elevated to a whole new level.
The first question that comes to mind is what is Bitcoin?
Bitcoin or cryptocurrency is a decentralized virtual currency. That means that unlike paper money Bitcoin are not guaranteed by an institution. While I understand that this can raise some concern for some people. Bitcoin is just secured using a different method, and that is via blockchain technology.
Blockchains are used to record your transactions in a series of blocks that are connected via encryption. The codes that hold together these blocks is very resistant to change and are readable by the public. That is why they are used in cryptocurrencies.
Some of the advantages of using Bitcoin in online gambling are:
- Since there is no need for a bank account you can rest assured that your personal info is secure. Unlike using a credit card where it leaves a paper trail and those transactions could be hacked to get to your personal info.
* Bigger Winnings
- Since most sites like those for poker the Rakes are smaller or they will give a bigger Rakeback when you use Bitcoin.
* Faster Payouts
- Typically you'd need to wait up to 5 days to withdraw your winnings. Using Bitcoin it will only take 24 hrs and in some cases instantaneously.
The next question is how do you start?
Since you're reading this article you're already well on your way to elevating your Online Gambling experience.
But I would suggest that you do a bit of research regarding your country's laws when it comes to Gambling online. While there is no separate legislature for the use of Bitcoin, it still prudent to equip yourself with stocked knowledge regarding what's enacted in your country's law.
Next, you'd need to get a Bitcoin wallet. There are tons of Bitcoin wallets you can download online each with their own features and benefits. So choose one that is a good fit for you.
Next is to buy Bitcoin. Just like your wallet, there are a host of sites you can go to buy and sell Bitcoin. Some of the more popular sites are Coinbase, Gemini, Coinmama, Bitstamp, etc. Be sure to check the different reviews and comments before choosing to buy from any of these sites.
Now that you're loaded up with Bitcoin the only thing left to do is to use it on a game of your choice.
Bitcoin is great if your game of choice is poker. One of the reasons I've already mentioned earlier is that the Rake is lower on most sites if you decide to use Bitcoin.
Thousands of poker players have already discovered the ease and security of using Bitcoin. Not to mention how lucrative it can get if you play your cards right. Choose a poker site that accepts Bitcoin and read the reviews and comments players leave about that site.
Again it all boils down to equipping yourselves with the right information before jumping the Bitcoin band wagon.