How to Buy Bitcoin for Crypto Casinos

Crypto casinos are online gambling platforms that allow players to deposit, play with, and or withdraw their funds using cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and Binance Coin (BNB).

Crypto casinos have been on a rising trend in recent years. They have hit a sweet spot for both operators and gamblers. Cryptocurrencies allow casino operators to reduce their costs while enhancing the privacy and user experience for gamblers.

By Stan

December 24, 2023 5 min read

Pros and Cons

Pros

Security and Privacy

Cryptocurrencies can grant you a high level of security when you are gambling online. Online players are not required to reveal their financial information to complete a transaction. In addition to enhancing privacy, the decentralized nature of the blockchain technology that underpins cryptocurrencies ensures that transactions are highly secure and transparent.

Quick Transactions

Cryptocurrency transactions are fast, but this depends on the crypto being used. While crypto technology and speeds are constantly improving, they are not quite as fast as Visa or Mastercard transactions. In general, the transaction speeds are similar to many e-wallets where it can take from a few seconds to minutes, which for most gamblers should be sufficient.

Fast withdrawals & Higher Limits

An area where crypto is really shining is when it comes to withdrawals. Many crypto casinos offer automated and instant withdrawals for crypto. You will also note that in general, the withdrawal limits are higher than other traditional payment methods.

Lower Fees

Cryptocurrency transactions are made peer-to-peer, with no intermediaries such as banks involved. This ensures lower fees, which translates to a larger bankroll for gamblers to play with, as well as larger withdrawals after winning. There are also no service fees or subscription fees with cryptocurrencies.

Global Accessibility

Cryptocurrencies have virtually no geographical restrictions so you can make payment from almost anywhere in the world. This can help casino players to perform transactions even in locations where gambling transactions are often unreliable with other methods.

Bonuses and Promotions

Crypto casinos offer lucrative bonuses and promotions to gamblers. Where fiat currency promo offers may reach a few hundred dollars, crypto offers can often be up to 1BTC or more.

Cons

Price Volatility

Cryptocurrency values are typically very volatile. This can greatly impact player holdings and even the value of their winnings. This unpredictability can mean a big difference when converting their funds back into traditional fiat.

Limited Acceptance

Cryptocurrencies are not supported by all online casinos. While the number of casinos accepting crypto is growing rapidly it is still going to take some years until crypto is completely mainstream with gambling sites.

Complexity

Navigating cryptocurrency payments can be a little complex, especially for new users. This means that some gamblers may require a learning curve period before they can seamlessly use cryptocurrencies to deposit and withdraw funds from their casino accounts.

Legal Issues

Cryptocurrencies have different legal status in different jurisdictions. They may be completely banned or actively restricted, and this can be somewhat inconvenient for casino players.

Getting Started with Crypto Casinos

To get started with a crypto casino, you simply need to have Bitcoin or any other cryptocurrency you prefer that is supported by the casino you with to play at. Here are some of the ways you can buy crypto coins/tokens to use at a crypto casino:

1. Buy Directly from Casino

This is the fastest and most straightforward way to buy Bitcoin and other cryptocurrencies for online gambling. Many crypto casinos have integrated payment gateways such as BitPay and MoonPay that allow gamblers to directly purchase cryptocurrencies using conventional payment methods such as debit/credit cards and popular eWallets.

Some of the benefits of buying cryptocurrencies directly from a casino include:

It is a simple process for any gambler to undertake.
Your crypto coins/tokens are deposited directly into your casino account. There is no need to perform other secondary transfers.
It is a secure process because crypto casinos partner with trusted and reliable third-party payment gateway providers.
You do not require a crypto wallet because the coins will be deposited directly into your casino account.

2. Convert from a Payment Wallet

This is a convenient method for gamblers to buy crypto using a payment method they are already conversant with. Payment wallets such as MiFinity allow users to convert fiat into crypto within their platform. You can then deposit your crypto into your casino account by sending coins to the provided wallet address of the casino.

Some of the benefits of using this method include:

It is easy and convenient to buy crypto because you are using a payment method familiar to you.
You can convert fiat into crypto in real-time.
Low conversion fees.
You do not have to deal with the hassles associated with crypto exchanges.

3. Buy from Crypto Exchanges

Crypto exchanges are digital marketplaces where users can buy and sell their cryptocurrencies using fiat. You can also exchange Bitcoin for other crypto coins/tokens. To buy cryptocurrencies at an exchange, you need to open an account, fund it and exchange for the coin/token you want.

You can then transfer your crypto holdings to a secondary wallet or use the one provided by your exchange. After that, you can deposit funds into your casino account by transferring them to the casino’s wallet address provided.

Some of the benefits of buying crypto via an exchange include:

Safety and Security – Top-tier cryptocurrency exchanges have implemented top security protocols to safeguard user holdings and offer account protection in the event of a breach.
Variety – Crypto exchanges have a wide variety of cryptocurrencies to select from.
User-friendliness – Leading exchanges such as Coinbase and Binance have easy-to-use interfaces as well as the option to use either beginner or pro versions of their platforms.
More control – You are in full control of your cryptocurrency transactions and holdings. Plus, you never need to reveal personal payment details.
Lower fees – Crypto exchanges generally offer better rates for buying and selling cryptocurrencies than buying from the casino or using an e-wallet.

4. Buy from Peer-to-Peer Marketplaces

Peer-to-peer (P2P) marketplaces provide a platform for users to buy cryptocurrencies from each other using local payment methods as well as local currencies. To buy crypto on P2P sites, you simply need to create an account and browse through the list of available crypto sellers.

It is important to filter sellers based on aspects such as reputation statistics, online availability, offer terms, payment method, verification status, as well as location. After choosing your preferred seller, you open a trade with the amount of fiat you wish to buy crypto for.

The crypto coins/tokens will automatically be held in escrow by the P2P platform until the transaction is complete. You will also be able to chat with the seller as soon as you initiate the trade. The seller will provide payment instructions, and after your payment is confirmed, he/she will release your crypto coins/tokens to you.

You can then proceed to deposit into your casino account using the wallet or QR code provided. Some of the most popular P2P platforms include Paxful, Noones, and Remitano.

Here are some of the benefits of buying crypto on P2P platforms:

Buy crypto according to your own terms by choosing your seller and customize your offer terms.
Buy crypto using your local currency and preferred payment method.
Excellent escrow services and dispute resolution mechanisms when buying crypto.
Relatively fast transaction times. Transactions on P2P sites are time-restricted, and trades must be completed within a certain time period – usually 30 minutes.

5. Buy from Bitcoin ATMs

Bitcoin ATMs operate like traditional automated teller machines, but instead of being linked to banks, they are linked to crypto exchanges or wallets. You can buy or sell bitcoin at a crypto ATM using cash, debit/credit card, as well as a cryptocurrency wallet.

Bitcoin ATMs are highly intuitive, and you will be prompted effectively on the steps to follow to buy crypto. You will require a wallet address where your crypto coins will be deposited. This is usually provided by scanning the QR code linked to your crypto wallet.

After the scan, you can input the amount of coins you want to buy and will be prompted to pay with cash or card. The coins will be deposited into your crypto wallet within 10 minutes. You can then transfer to your casino account to start gambling with crypto.

Some of the benefits of buying crypto via a bitcoin ATM include:

Recognizable technology as Bitcoin ATMs operate similarly to traditional ATMs, therefore making it easy for even new users to navigate.
No personal or financial information needs to be disclosed to buy Bitcoin at an ATM, so your privacy is protected.
Quick transactions ensure you will receive your coins in your crypto wallet within 10 minutes.
You can easily locate a Bitcoin ATM near you using an app.

Are Crypto Casinos Legal?

The legality of crypto casinos varies depending on jurisdiction. Generally, crypto gambling is considered legal in a jurisdiction where online gambling is not banned. In most countries around the world, cryptocurrencies do not have any legal status- they are neither allowed nor prohibited.

It is generally not illegal to gamble with cryptocurrencies in many jurisdictions around the world. But it is important to stay updated on the regulatory status of both online gambling and cryptocurrencies wherever you are located.

Tips for Safe and Responsible Crypto Gambling

Crypto casinos are increasingly becoming popular, but if you want to play responsibly and ensure your online security, it is important to understand their unique risks and opportunities.

Online gambling itself comes with inherent risks, and when crypto is added into the mix, the risk is further enhanced. Here are some tips for safe and responsible crypto gambling:

Choose the Right Crypto Casino

One of the best tips for successful crypto gambling is choosing the best casino. Research your crypto casino thoroughly to assess factors such as licensing and regulation, variety of games, crypto coins/tokens supported, user reviews, customer service, bonuses, and promotions, as well as any other important aspect that is relevant to your gaming experience.

There are many crypto scams online designed to fleece you out of your crypto holdings. By only playing at reputable online casinos, you are not only seeking a good gambling experience but also the security of your cryptocurrencies.

Understand the Risks Involved

Cryptocurrencies have unique characteristics that change the dynamics of risk when gambling with them online. To start with, you need to be very careful when making crypto transfers because a transaction cannot be reversed. It is also important to secure your wallet so that your crypto holdings stay safe at all times.

A major risk to consider is volatility. That said, not all cryptocurrencies carry the same level of risk. Major cryptocurrencies, such as Bitcoin and Ethereum, are generally less volatile than altcoins, such as Dogecoin.

On the other hand, if you wish to achieve the same level of fiat stability with cryptocurrencies, you can consider stablecoins such as USDT, USDC and others that are designed to hold a steady value.

Stay Informed

Crypto gambling requires a casino player that keeps learning. You should always track the value of your holdings so that you continue playing within your risk parameters. This means keeping tabs on news in the crypto space so as to identify sources of risks and opportunities in your pursuit of fun.

As the crypto gambling ecosystem evolves, there will be many changes in regulations and legalities, so it is important to make sure you are always abiding by such requirements.

Final Thoughts

Crypto gambling is here to stay. Already, there are practical advantages of crypto casinos, such as enhanced security and privacy, quick transactions, low fees, as well as global accessibility.

The future of crypto gambling is, however, not limited to only payment support as there are practical applications of blockchain technology in gambling that will result in fairer and more transparent games.

Still, as you explore crypto gambling, it is important to learn and understand the risks involved, as well as choose the best casino that will provide a safe and rewarding playing environment.