Last Updated on 29 August 2024 by Nicholas Lim
Bitcoin casinos changed the rules of the gaming industry. Casino operators adopted the digital currency to help reach the global gaming market. And players adopted the technology because it provided anonymity, safety and security. Along with transparency and increased speed to deposit and withdrawal winnings.
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Purchasing Bitcoins
So you have been looking to play at Bitcoin casinos for a while and have decided you are ready to buy some. So how do you get your first Bitcoin? Unfortunately because of strict government regulations, it can be quite difficult to obtain Bitcoin in many countries. It is often a frustrating experience for someone that doesn’t know the right places to look. Lets take a look at some of the best methods to obtain your first coins and strat playing at Bitcoin casinos.
The first and most popular method is getting from an exchange online. Sadly this can be quite a tedious process depending which country you’re from. Because often you have to provide a bunch of IDs and documents just to be able to buy a Bitcoin.
The most common question new buyers have, is which exchange should I use. This question is difficult to answer because not all exchanges are available to everyone and each of them have their ups and downs. A good place to look is Bitcoin.org/exchanges. On that website there is a comprehensive list of exchanges you can buy from. Just make sure you look through and don’t pay ridiculously high fees.
You can see on the website it pretty much covers every single continent and country. Fairly in-depth with a link for most of them, so you just have to look and find your own and see how the fees are. And make sure you’re not getting overcharged. It is very useful directory because some people do have trouble finding exchanges that they are legally allowed to use.
The second more under rated method is to use a Bitcoin ATM. A Bitcoin ATM is a machine that you insert cash into and in return it gives you Bitcoin or vice versa. There are currently over 200 Bitcoin ATMs in Singapore. And there are new ATMs being built every day. ATMs are one of the easiest ways to obtain Bitcoins.
All you have to do is:
- Let the ATM to scan your wallet QR code, which tells the machine your wallet address
- Insert cash into the machine
- The machine will send Bitcoins to your Bitcoin wallet address
You can also sell Bitcoin at many Bitcoin ATMs in a very similar way. If you want to see where is the nearest Bitcoin ATM is to you, go to CoinATMradar.com and you can see where is the closest one is.
The downsides to Bitcoin ATMs is they aren’t easy to access everyone. If you live far away from one of them, there’s really nothing you can do. And they usually have a 3-5% fee on them which is fairly similar to some more expensive exchanges. ATMs are one of the fastest, easiest and anonymous ways you can obtain Bitcoins.
Another method is using a localbitcoins. This website unlike the other exchanges is a peer-to-peer Bitcoin exchange. It’s a marketplace where users combine sell bitcoins to and from each other. Users (called traders) create advertisements with the price and payment method they want to offer. Localbitcoins is good because it is usually anonymous and it is very likely you can find another user that accepts your payment method of choice like PayPal. Though users do often charge a percent higher than the current trading price to make profit. It’s essentially the price you pay for anonymity.
Open Bitcoin Wallet
If you decide to purchase bitcoins online or at ATM how do you receive them and hold them? Bitcoins are held in what is called a wallet. Wallets generally facilitate sending and receiving money as well as listing your balance and transactions.
You first need to open up a new account with your preferred Bitcoins wallet. So the first thing we need to do is to choose the right BC wallet. Some of the casinos recommend specific Bitcoins wallets, so you may want to check the out.
Go to your preferred wallet and sign up. Fill in your details, approve the terms and conditions after reading them. The BC wallet provider will send you a conformation email so the next step would be to log-in to your email and confirm your email address. Your wallet is ready to use.
Send Money From Exchange To Your Wallet
At this step we’re finally going to transfer bitcoins from your Bitcoin wallet to your casino account. And you can finally start playing at the Singaporean Bitcoin casino.
So in the previous step, we purchase some Bitcoins with our credit card and moved it to our bitcoin wallet.
Now what we want to do is to transfer the funds from coinbase to our wallet. The way we do that is to first find out what our Bitcoin address is at the wallet. All we’re going to do is just click ‘Your Address’ button and we’re going to copy the address (link) by pressing command C for Mac or Ctrl C for PC.
After we done that, we’re going to go back to coinbase and click on ‘Send/Requests’ option and in the next screen we want to add our wallet address we copied before, to the ‘Recipient’ box. Next we add the amount of bitcoins we want to transfer to our wallet. Click on ‘Send Funds’ button and then ‘Confirm’ Button.
Go back you your wallet and hit refresh in the browser to see if the bitcoins arrived to our wallet or not.
Send Money From Your Wallet To The Bitcoin Casino
So now we need to transfer the funds from our wallet to our account at bitcoin casino. We now need to login to our bitcoin casino account and click on the ‘Deposit’ Button. The cashier page will how up, and in it we need to choose the Bitcoin deposit option. In the section we can see the Bitcoin address. We need to copy the address by pressing command C for Mac or Ctrl C for PC.
After we done, that we’re going to go back to our wallet and click on ‘Send/Requests’ option, and in the next screen we want to add our Bitcoin casino address we copied before, to the ‘Recipient’ box. Next we add the amount of bitcoins we want to transfer from our wallet to the bitcoin casino. Click on ‘Send Funds’ button and then ‘Confirm’ Button. Go back you your bitcoin casino and hit refresh in the browser to see if the bitcoins arrived to our account or not.
That’s all we need to do. We can now go and hit the bitcoin casino Singapore games and hopefully you’ll win a big one.