How To Buy, Deposit And Withdraw Using Bitcoin
You might be thinking to yourself that setting up a cryptocurrency account for online gaming is something that only a technological geniuses can accomplish, well I’m here to tell you that anyone can!
We created a step by step guide to help you get started on your cryptocurrency journey. Watch our comprehensive video below:
Getting Setup With Bitcoin
When getting started with any cryptocurrency, the very first thing you will need to do is identify the right cryptocurrency wallet for you, your crypto wallet is essentially exactly that, it helps not only store your cryptocurrency, but also gives you the ability to buy, sell, and pay.
Now there are hundreds, if not thousands of crypto wallets available today, all of which carry with them their own unique benefits and features. The official Bitcoin website has developed a great, easy to use system that allows you to view the crypto wallets that will best suit your needs.
So the first thing we recommend is to head to bitcoin and select a crypto wallet. You will find that most crypto wallets come with mobile apps for easy, on the go access.
When you have chosen your crypto wallet you will need to then load funds onto it, this can be done very easily mainly through bank transfer or alternatively instant EFT.
Once you have loaded your crypto wallet with funds, now is the time where you are able to actually purchase your crypto of choice. When it comes to online casinos, it’s important to know that most online casinos have made bitcoin the main crypto for deposit and withdrawals, so we recommend looking at purchasing Bitcin for your first time.
Making your First Deposit Using Bitcoin
You have your crypto wallet setup and you have bought your very first share of Bitcoin, congratulations, welcome to the very exciting future.
It’s now time to make your very first deposit using Bitcoin. Below you will find a step by step guide on how to go about making your very first deposit.
For this tutorial we are using the Luno Crypto wallet, and Yebo Casino to make our Bitcoin deposit
For easy deposit using bitcoin we recommend that you have your mobile phone and your crypto wallet handy as we will be using the QR code payment function to make our first deposit.
When it comes to crypto wallets, at first most will allow you to top up your wallet, buy and sell Bitcoin, however if you would like to actually pay using Bitcoin there is often a request that needs to be sent for this function to be enabled.
If you are using the Luno app like we are, then this process is very easy, simply login to your Luno app and click on “Send”. Luno will then ask you if you would like to enable the payment feature, you will say “yes”. It is important to note that once you have requested this, it takes up to 24hr for Luno to process and enable the function.
Once you have enabled the Send function on your app you can now head to your casino of choice to make your deposit, in this case Yebo Casino. Login to your Yebo Casino players account and head on over to the “Cashiers” section where you will be able to choose the deposit method you would like to make use of
From the deposit method options, scroll down until you find Bitcoin, select this. You will now be able to enter the amount you would like to deposit using Bitcoin. With Yebo Casino it states the min deposit amount is ZAR25, however we found that ZAR75 and on only works.
Step 4 is the time where you will need to have your mobile phone and your Luno app open. On the casino side you will be shown a unique payment code, you can either use this or the unique QR code, we found when making Bitcoin payments that the QR code is easiest
Go into your Luno app and select “send”. The app will then ask you where you would like to send Bitcoin to, you can either enter the unique bitcoin address, or alternatively in the top right hand corner of the app you will see a small QR code icon, if you click on this is will open up your phones camera and you can scan the QR code on the casino deposit page.
The app will then register the payment and ask you how much you would like to deposit, it will also ask if you’d like to add a reference.
Step 5 is the final step, once you confirm the purchase, Luno will send you an SMS to authorise the payment, once you authorise the payment the casino will process your payment. Most transactions will be credited to your account within 10 minutes of submission. But this timeframe can vary based on your chosen mining fee and volume of bitcoin transactions.
Monitoring Your Balance
You can easily keep track of your Bitcoin balance using the Luno app. It tracks all cryptocurrencies that you currently own and shows how their respective markets are doing in real time.
If Bitcoin is a route you are considering, Luno is a must have app.
Some Things to Keep In Mind
By its very nature, cryptocurrencies are incredibly volatile. You need to be vigilant when making investments. Don’t invest money that you aren’t willing to lose.
If you want to use Bitcoin as a method of withdrawal understand that its value will fluctuate. The money that you have in the wallet will go up or down depending on what the market does on any given day.
You could also use the fluctuating market to your advantage, if the value of your investment is higher than your original input you could potentially deposit more into your desired casino balance.
Understand that not every casino will accept Bitcoin as a banking method, pay close attention to which ones do and which ones don’t when making your decision where to play.
Bitcoin Friendly Casino Slots
While you browse around various online casinos you may come across games developed by BGaming, Booming Games, iSoftBet, Tom Horn and Yggdrasil. All of these suppliers create Bitcoin friendly casino slots meaning that you’ll be able to take advantage of specific Bitcoin bonuses that they offer.
What Are The Advantages?
- It’s an investment, you could see high returns on what you put in as the market grows and strengthens
- Faster withdrawals and transaction processing times
- Bitcoin and transactions involving Bitcoin are secure and anonymous
- It’s independent, you don’t have to go through a bank if you don’t want to
- Some casinos offer exclusive Bitcoin bonuses
- Some BTC casinos offer provably fair games
- Bitcoin exclusive brands have proprietary software, unique tools and perks
As we’ve already stated, Bitcoin, and cryptocurrencies as a whole, tend to be quite volatile. They can grow exponentially, yes, but they can also crash and have done so a few times in the past. Understand that what you have in your Bitcoin wallet is constantly changing and often at times might be lower than what you anticipated.
Bitcoin can be an incredibly useful tool to use in the online gaming sphere. You could easily double your investment or have it get halved, it’s all based on what the market is doing on that particular day.
If you decide to make a deposit when your wallet balance is high you’ll be able get more out of your experience than you normally would if you went with a different banking option.
You might also lose a lot of your withdrawn winnings in a Bitcoin Wallet. These are things to keep in mind when making the decision to use a cryptocurrency based method of banking.
These market patterns can be easily tracked but difficult to predict so take some time and think about all your options.
If you can make it work for you, you’ll be at quite the advantage but that isn’t guaranteed.