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How to get started gambling with Bitcoin
Get A Wallet
A wallet is a place to keep your bitcoin until you spend them. Getting one is easy! Simply go to the app store and download one to your smartphone.
- Breadwallet: is easy to use, has enhanced security features and is among the most recommended wallets for both Android and iOS. Look no further!
- Blockchain: is widely known and used by Bitcoin professionals. Easy to open and manage online.
You can buy Bitcoin instantly with your credit/debit card through a regulated exchange.
Regulated exchanges are extremely safe, but they usually require a picture of your ID to create an account. It may take a little while for them to verify your identity, but once that’s done you will be able to make instant purchases!
The three exchanges that have earned high ratings for safety and customer’s satisfaction (information subject to change so please verify before opening an account)
Funding: USD & CAD
Bank Transfer (ACH/EFT)
- Rhode Island
- Tier 2 – $2,000 daily/ $10,000 monthly
- Tier 3 – $25,000 daily/ $200,000 monthly
Don’t have your ID with you?
You can buy Bitcoin using your Credit Card without supplying any ID through Bitcoin.com, but the funds can take up to 24 hours to arrive in your wallet. You can also view our full list of buying options below.
Sending Bitcoins to your wallet
Some exchanges will ask for your wallet address before you make a purchase. If not, you’ll need to send your Bitcoin from your exchange account to your wallet. Don’t worry, it’s easy!
- 1. Select “Send Bitcoin” in your exchange account
- 2. Copy & paste (or type) your wallet address into the input field and click “Send”.
If you made it this far, you’re an official Bitcoin user.
You’re ready to start spending Bitcoin! Not only on gambling but on a variety of companies that now accept Bitcoin. If you really become a Bitcoin enthusiast then you can begin online shopping with your Bitcoins or even go to a Bitcoin ATM and withdraw money. Good luck and below are a list of online sportsbooks that accept Bitcoin.
For those looking for more in depth understanding of Bitcoin we have added the following.
Types of Bitcoin Wallets
- Mobile Wallets: Mobile wallets are downloaded directly to your smartphone from the app store and they usually provide enhanced security features. They also enable QR code capability, which allows for instant payments.
- Desktop Wallets: Desktop wallets need to be downloaded directly to your computer. They are generally less recommended than mobile wallets because desktops are at a higher risk of being infected by malware that might steal your bitcoins. Some, like those listed below, provide enhanced security features to help mitigate those risks.
- Online Wallets: Online wallets are accounts that you create online in order to store and manage your bitcoin. These are the least safe of all wallets, as they have a history of being hacked or of disappearing overnight with all of their users’ bitcoins. Some exchanges provide an online wallet when you create an account to purchase bitcoins, but even these are at risk of being hacked. We recommend sending your bitcoin to a downloaded wallet as soon as they’ve been purchased.
- Paper Wallets: Paper wallets are great for storing large amounts of bitcoin for long periods of time. They are among the safest types of wallet, because they are completely offline and cannot be hacked. To get a paper wallet, you need to generate a wallet address at org or Blockchain.info. Once you have the address, you print it out on a piece of paper with your private key. You can then send bitcoin to this address. Make sure to keep the paper in a place that is safe and dry! A safety deposit box is recommended.
- Hardware Wallet: These are small devices that you can purchase for the sole purpose of storing and managing bitcoin. They are secure for storing large amounts of bitcoin, but also good for sending and receiving transactions online. They’re generally a great option, but only worth the investment if you plan on becoming a big bitcoin user.
How to buy Bitcoin
Regulated Exchanges: Buying from a regulated exchange is like buying currency from a bank. Regulated exchanges are a safe and simple way to buy your bitcoin online. Most of them require a picture of your ID to make a purchase, but once this is validated, the entire process can be completed within minutes.
Peer to Peer Exchange: Peer to peer exchange sites are similar to Air BnB: the site will put you in contact with someone, but the transaction happens between the two of you. LocalBitcoins.com is a good place to find people who are selling their bitcoin around the world. When you purchase from a peer, you can potentially buy bitcoin using cash, making it effectively untraceable. Some sellers ask for ID to protect themselves against fraud. Similarly, you should protect yourself by only choosing sellers who have a solid reputation based on past transactions. Read their rating before you buy!
Bitcoin ATM: Bitcoin ATMs are easy to use and are extremely safe. You can look for one near you using CoinATMradar.com. If you find one in your area, this is what you should expect:
- Some machines may ask for ID before allowing you to make a purchase, but others do not.
- You will need to provide the bitcoin address to which you want to send funds.
- You will then be asked to insert cash into the ATM.
- Lastly, you’ll need to verify your address and confirm the transaction. Your bitcoin will be sent instantly once this is done.