Although most casinos allow customers to try out some games prior to making a real deposit, learning how to buy bitcoin is an integral part of betting with bitcoin. There are lots of different platforms that provide detailed lists and recommendations of the most successful bitcoin exchanges and brokers.
With probably dozens of choices to choose from, choosing a means to purchase BTC can be a challenging task. This guide will teach players how to buy bitcoin for gambling, and you can find tips on choosing the best bitcoin casinos here.
Bitcoin exchanges
Thanks to its simple user interfaces and relatively low fees, exchanges are the most convenient ways for buying Bitcoin. When purchasing Bitcoin on an exchange, it is important to avoid sending the money from the BTC exchange wallet directly to the casino, sportsbook or poker room. Exchanges of bitcoin in the USA are limited, such that gambling-related transactions are not allowed to continue. Therefore, before you deposit into a Bitcoin gambling site, users need to transfer their bitcoin to an intermediary wallet.
Bitcoin Brokers
A popular way to buy Bitcoin is from an online broker. Brokers are an excellent way for casual players to purchase bitcoin in the US and anywhere quickly and easily. One example of this is Circle, which enables US customers to buy digital currency through their debit cards, credit cards or bank transfers. Bitcoin brokers typically come with advantages and disadvantages. In Circle, its benefits include the immediate delivery of the bitcoin created by credit cards and the fact that newbies can easily access such cryptocurrency.
Local Bitcoin
Services like Local Bitcoins are a simple way to buy BTC sporting, poker, and casino gambling cryptocurrency. It consists of talking to real people who buy or sell bitcoin, negotiate a price, and then move it. Whilst rates are often lower than on an exchange, the risk of scams is also higher since local bitcoins do not function as a broker for their transactions. Sellers sometimes request more protection by requesting to meet in person to buy BTC, which can be inconvenient.
Using a Bitcoin ATM
Finally, Bitcoin sports fans may also use Bitcoin ATMs (also known as BTMs), and the same goes for Casino and Poker enthusiasts. The average BTM fee is 7% and is the most costly way to buy bitcoin. This is a typically healthy option, but going to their location can be very uncomfortable. Some ATMs require users to provide their ID, so anonymity becomes a problem. There are also cases in which the amount that can be allocated is restricted because while this is a safe way to purchase digital currency, not everyone who plays online is able to do that.
