Simple Guide for Setting Up a Bitcoin Wallet for Gambling

Picture this: You’ve just had a massive score by playing at the online casino and are excited to cash out your winnings. You go to the payout page and are stopped for a verification problem or an issue with your traditional bank.

You get upset and frustrated and curse the online gaming industry for being slow and lame. You could have avoided this by setting up and purchasing your casino funds in Bitcoin.

Bitcoin is a valuable option for those interested in playing in online casinos for a multitude of reasons.

What is Bitcoin?

Bitcoin is a digital currency created in January 2009 following the housing market crash. It follows the ideas set out in a whitepaper by the mysterious and pseudonymous Satoshi Nakamoto, and the value fluctuates daily based on its trading volume.

If you are entirely new to Bitcoin, follow along as we show you how to set up a Bitcoin wallet for your online casino gaming.

How to set up Bitcoin for gambling?

The following steps will help you to set up your Bitcoin wallet and make your first Bitcoin Deposit:

  1. Choose a wallet
  2. Sign up and complete account
  3. Buy Bitcoin
  4. Select a casino that accepts Bitcoin and press deposit
  5. Select the Bitcoin option
  6. Copy the link of the wallet address
  7. Navigate back to your Bitcoin wallet
  8. Paste the link of the wallet address
  9. Select the amount you want to transfer
  10. Click on “Send”

Choose your Bitcoin Wallet

There are a variety of different Bitcoin wallets online, each with its own pros and cons. For this tutorial, we will use one of the safest and most trusted Bitcoin wallets, Coinbase.

Sign up and complete account

Once you navigate to Coinbase and select “Sign up for a new account,” you’ll be directed to fill out a variety of fields. Make sure you accurately fill out each step, which includes:

Account type

Name and address

Identity verification

Payment method

You’ll still need to pay for your Bitcoin with credit or debit, so you’ll have to link a card, a conventional bank, or a PayPal account for quick and easy deposits and withdrawals.

Buying Bitcoin

Buying Bitcoin on Coinbase is a straightforward process. After you verify your identity and your bank account, you can simply navigate your main dashboard and select “Buy.”

You’ll be directed to a page that shows you how much Bitcoin you would like to purchase, which immediately converts it into your currency of choice for reference. A single Bitcoin is currently worth 23,556 AUD.

Your purchase will be stored in your Coinbase wallet until you transfer it out or purchase something with it. 

On Coinbase, your Bitcoin is protected with two security keys, which are long combinations of numbers and letters you should store in a safe place at all times. Without the keys, you’ll be unable to transfer your money. Check out this article for more information on Coinbase keys.

Playing at Online Casinos with Cryptocurrencies

Just like your individual account has a dedicated email address and wallet number, so do online casinos all around Australia. 

Simply navigate to your online casino of choice and press deposit. Select the Bitcoin option to see the casino’s individual cryptocurrency (or Bitcoin) wallet address and copy the link. Think of this as sending an email to a friend. You can’t send the email without the person’s specific address; you can’t send money to a Bitcoin wallet without the correct address.

Navigate back to Coinbase and paste the wallet address into the “Send” field and select how much you’d like to transfer.

Transfers are immediate. Once you get confirmation from Coinbase or a similar wallet, your funds will immediately be at the casino. No waiting. No hassle. No confusion. Just transfer and play. It’s time to enter the 21st century. It’s time to plan at online casinos with CryptoCurrency.

Have any questions? 5 Star Pokies is here for you. 

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