How To Bet On Cryptocurrency: Step-by-Step Tutorial

With cryptocurrencies revolutionizing the online gambling world, you may find yourself wondering how to bet on cryptocurrency. More and more gamblers are turning to blockchain casinos because of the anonymity they offer, improved security, and growing supported coins. So, let's go through six important steps in our step-by-step tutorial, to place your first bet and start crypto betting.

Step 1: Establish a Cryptocurrency Wallet

Step number one of bitcoin casino deposits is the crypto wallet. You'll need a crypto wallet to keep, manage, and move around your virtual cash. It's basically a virtual 'money' safe, storing your private keys (the passwords to your cash). Think of all this as some crypto version of PayPal, Skrill, and so on.

So, to dive further into using cryptocurrency for online gambling, first, get a crypto wallet installed:

• Choose a type of wallet you prefer.
• If you're using a hardware wallet, purchase it from an authentic seller. Download software wallets from their respective websites.
• See the wallet's guide to set up a new wallet.
• Store your seed phrase or private key in a safe place.
• If enabled, enable 2FA for additional security.

Step 2: Purchase Cryptocurrency

Once you have an established wallet, the next thing is to purchase cryptocurrency. Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Bitcoin Cash (BCH) and Tether (USDT) are most commonly used coins, but there are thousands more of them that can be used to gamble online or bet on sports. If you know slightly about gambling with Bitcoin or Ethereum, it is easy for you to play with any other coin.

Step 3: Choose a Trustworthy Crypto Gambling Platform

Having your preferred cryptocurrency on your own crypto wallet, you need to find an online casino or crypto sports betting platform where you will gamble, but make sure to choose a safe and reputable operator that provides fair games!

Some helpful tips that you should see are below:

• Check the license the casino holds. The information should be in the website footer or the margins on their webpage.
• Read online reviews also. You can get that type of information from past players; positive feedback and a lack of significant complaints (or resolved ones) might be an indicator of a good site.
• Only look at sites that possess SSL encryption and possess strong security.

Remember to always do your research before selecting a crypto gambling website. Steer clear from websites with questionnable offers, too much fee, or ambiguous terms and conditions. By being cautious, you can enjoy a secure and fun gambling experience.

Step 4: Deposit Using Cryptocurrency

If you wish to know how to bet online using crypto, you will need to know how to send and receive coins, or transfer tokens from your crypto wallet to the casino. It is all simple and usually takes under 5 minutes. The steps you need to take are listed below.

1. Locate the Deposit Address

Log in to your online betting account and navigate to the "Deposit" or "Cashier" page. You will be provided with a dedicated wallet address for your chosen currency.

2. Open Your Wallet

Open your crypto wallet and select the "Send" or "Transfer" tab. You can do it through an app as well.

3. Enter the Deposit Address

Carefully copy and paste the deposit address from the gambling website into the recipient field of your wallet. Double-check the address twice to make sure no mistake is made. As soon as cryptocurrency has been transferred to the wrong wallet address, it's virtually impossible to retrieve the money.

4. Specify the Amount

Enter the amount of coins you would like to deposit into the casino. Consider the minimum and maximum that can be deposited into the gaming site. Also, consider what you are willing to lose.

5. Confirm the Transaction

Review the transaction details and confirm the transfer. Your wallet will likely request that you enter your password or PIN for additional security.

6. Wait for Confirmation

The transaction has to be confirmed on the blockchain network. The operation can take a couple of minutes to several hours, depending on the cryptocurrency used and the network traffic.

7. Check Your Account

Once the transaction is confirmed, your deposited funds will be credited in your gaming account. You can usually see your balance in the "Cashier" section.

Step 5: Place Bets and Play Games

Now that you've funded your account, let's play!

• Scroll through the games offered first-most of the crypto casinos offer table games, roulette, live dealer games, poker, etc. Choose and load those you like.
• Football betting is available if you like, but on its own page.

You can also redeem welcome and other deposit bonuses available. They are more generous than the standard online casino.

Next, use the game's controls to bet. The lowest and highest bet will vary based on the game and the cryptocurrency you are playing with. Once you have bet, enjoy yourself! Remember to try a strategy, as it can make your opportunities higher and lower the risk of losing.

Having finished, close the game and start another one. The majority of websites also offer thousands of crypto slots, so don't forget to search for them too.

Step 6: Withdraw Your Crypto Winnings

Of all the cryptocurrency gambling steps, this one has to be the most rewarding. With a little bit of luck and patience, you can get rich. And when that happens, you can withdraw crypto coins.

The steps are:

1. Request a Withdrawal

Sign in to your site account. Next, go to the "Withdraw" or "Cashier" section. You may need to go through KYC before withdrawing. This diminishes the anonymity element of gambling.

2. Enter Wallet Address

Fill in the wallet address carefully that you want to receive your winnings in. Double-check the crypto wallet address to avoid any mistake!

3. Set the Amount

Enter the amount you would like to withdraw. Look for minimum or maximum withdrawal limits set by the gambling site. Some do not have such limits on crypto deposits–you can withdraw all your winnings from crypto jackpot slots or games altogether!

4. Confirm the Transaction

Check the withdrawal details and authorize the request. You may be required to undertake additional security steps, for example, a password or 2FA code input. Expectations differ on the crypto casino.

5. Wait for Processing

The online gambling website will go ahead with the request for withdrawal. The process will take some time and be based on the policies of the website and the cryptocurrency network load. Most of the time, these withdrawals are done within minutes.

6. Check Your Wallet

Once withdrawn, the money should then appear in your wallet.

Keep in mind that cryptos are volatile. You may thus consider exchanging some of your winnings for a relatively secure wager like stablecoin Tether (USDT), or fiat currencies. You can exchange the latter into crypto at will and continue playing.

Now that you know how to bet with cryptocurrency, play responsibly, stick to limits, and enjoy yourself.

Responsible Gambling

Gaming for fun is a recreational activity, but gambling can become a problem for some people who exhibit addictive behaviors.

Safe, responsible gambling is totally key to keeping you safe from gambling harm. Our responsible gambling advice contains detailed information about how you can keep safe.