How to Deposit With Cryptocurrency
Cryptocurrency has become a popular method for conducting transactions at online casinos. It offers many advantages including privacy, speed and security. Unfortunately cryptocurrency isn’t exactly user-friendly. Unless you are fairly technically minded the process of depositing funds to an online casino using cryptocurrency can be fairly intimidating. However, it isn’t as difficult as it first appears and we will walk you through the process of making Bitcoin casino online deposits.
Register a wallet CoinsPaid
Bitcoin is the best known and most popular cryptocurrency as well as the most widely accepted. Even if you haven’t used Bitcoin before you have most likely heard of it. There are many different exchanges and wallets to choose from. Exchanges are where you buy Bitcoin and wallets are used to store the public/private keys to track ownership of the cryptocurrency and to send or receive it. The first step in the process is to set up a cryptocurrency wallet for handling Bitcoin transactions. We will be using CoinsPaid. They not only handle Bitcoin but also can be used for many other cryptocurrencies.
● Register a Wallet:It is free to register a wallet at CoinsPaid. They offer both personal and business wallets. The personal wallet is the one that will be discussed here. You will have to provide your country, an email address and a password of at least 8 characters that includes letters, numbers and special characters. It will also be necessary to verify your email address.
● Set up Two Factor Authentication: Two-factor authentication (2FA) provides an additional level of security by requiring users to provide two different authentication factors to verify themselves. Two-factor authentication is set up by scanning a displayed QR code with an authenticator app on your smart-phone. If you don’t already have an authenticator app you can download Google Authenticator for free in the Google store.
● Verify Your Account: Account verification is required by the regulator under which CoinsPaid is licensed. The purpose of this is to prevent money laundering. Until the account is verified you won’t have full use of your account and withdrawals will be limited to the equivalent of €1000 monthly. To verify your account you will need to provide a scan or picture of a government issued ID such as a passport, a selfie of you holding the ID and proof of address.
● Activate Currencies:Go to the tab “Portfolio” in Account Information to activate both fiat and cryptocurrencies.
Your CoinsPaid wallet is now set up and ready to use. One of the advantages of CoinsPaid is that it has a built in function that allows users to exchange Bitcoin and other cryptocurrencies for a fiat currency of their choice immediately. They support over 30 different cryptocurrencies as well as a large number of fiat currencies. There are numerous exchanges where you can buy Bitcoin. Coinbase is probably the largest and best known but there are many others to choose from. CoinsPaid is working on a feature where you can buy Bitcoin and other cryptocurrencies using debit cards.
With your wallet in place and Bitcoin purchased you are now ready to deposit to an online casino so that you can play. The procedure to deposit Bitcoin may vary slightly from casino to casino but are basically all the same. Most online casinos provide instructions that walk you through the process as you make your deposit.
Deposit at King Billy Casino
1. Sign up to the www.kingbillywin.com. Obviously they must accept Bitcoin and the payment platform you have chosen, in this case CoinsPaid. Once you are signed in proceed to the deposit area
2. From the list of deposit options offered select Bitcoin as the method you will use.
3. Depending on the casino you will either need to copy a unique address key which will be linked to your account into your wallet or scan a QR code with your phone. CoinsPaid allows you to store address keys in the address book they provide which is convenient if you are making repeated deposits.
4. From your wallet enter the amount to be sent and confirm your transaction. Your Bitcoin will be transferred from your wallet to your casino account. Depending on the casino your deposit may be held as Bitcoin or it could be automatically converted to a fiat currency
5. Confirm the Bitcoin arrived in your casino account
Deposits made with CoinsPaid are completed almost instantly and there are no fees other than any that might be charged by the casino itself. Minimum and maximum Bitcoin deposits are also determined by the casino.
Bitcoin is the best known cryptocurrency in use but there are a number of others that many online gambling sites accept. The procedure for making deposits to online casinos using these other cryptocurrencies is basically the same as that for Bitcoin.
Bitcoin Cash (BCH) is a cryptocurrency that is a fork of Bitcoin. It was created in 2017 and is accepted at many online betting sites.
Ethereum was released in 2015 and is the second largest cryptocurrency platform with only Bitcoin exceeding it. Many online casinos allow deposits to be made using Ethereum.
Litecoin (LTC) was released in 2011 so it has been around awhile compared to many other cryptocurrencies. Transactions made using Litecoin are generally confirmed much faster than those made using Bitcoin. Although not as widely accepted as Bitcoin and Ethereum there are still many online casinos that allow deposits to be made using Litecoin.
Tether (USDT) is the least well known of the cryptocurrencies discussed here. While not as popular as Bitcoin and Ethereum, there some online gambling sites that accept deposits made using Tether.
Can I play using Bitcoin at online casinos?
Bitcoin is accepted at many online casinos and players will have no trouble finding a reputable gambling site where deposits can be made using Bitcoin. The number of online casinos where users can play using Bitcoin continues to grow.
Is cryptocurrency a safe payment method?
Cryptocurrency is a very safe payment method as encryption is used to verify transactions, which provides security for users. Good cryptocurrency wallets provide additional safety measures such as two-factor authentication to increase security and safety for users.
What are the advantages using cryptocurrency at online casino?
Cryptocurrencies offer a number of advantages when gambling online. These include the ability to complete transactions quickly with more anonymity and smaller fees than many other methods used at online casinos.