Gambling online using crypto has many benefits as highlighted in a previous article here. In short the benefits are:
- No KYC requirements – Cryptocurrency transactions do not require personal information so many casinos allow you to withdraw without having to verify your identity.
- Lower Transaction Fees – Crypto transactions often come with lower fees compared to traditional banking methods. This is because there are no intermediaries like banks involved in the processing, leading to cost savings for both the casinos and players.
However, if you’ve never transacted with cryptocurrency at an online casino before, it can be overwhelming trying to figure out where to start. Therefore, we’ve created this simple step-by-step guide to show you the process from beginning to end.
1. Buy Your First Crypto Coins
The safest and most popular place casino players acquire crypto is through exchanges specializing in crypto trading.
Numerous crypto exchange platforms are available in Canada, but it’s best to stick with the tried and true. Explore the internet for reviews of the most popular trading platforms in the country. Visit their websites, check their services, read the Terms of Use, and pick the one that works best for your needs.
While buying crypto from an exchange is beyond the scope of this article, there are many guides you can find on the internet which can help you if you get stuck. Just be sure to research as thoroughly as possible.
2. Open a Crypto Wallet (Optional)
Crypto exchanges will hold the coins you’ve bought in an on-site wallet. However, that’s not the safest place to store your funds long-term. Most crypto casino players keep their coins in a separate crypto wallet. However you can choose to keep them in your exchange if you want.
For wallet options, read a few reviews, check the top-rated wallets’ offerings, and register an account with the one you like most. Don’t forget to check whether the wallet accepts the coins you own and ensure its security protocols are up-to-date.
The only thing left to do afterward is transfer your coins from the exchange to the wallet. The process should be quick and easy. Note, you might lose some capital along the way as most exchanges and wallets charge fees for their services.
In the example I give later in this article, I will be using Electrum as my wallet of choice to transfer and receive funds from.
3. Find a Reputable Crypto Casino
For recommended casinos which accept crypto, you can refer this article however, for the purposes of this guide, I will demonstrate the process of playing at Bitstarz with Bitcoin.
Bitstarz currently accepts:
4. Make a Crypto Deposit
In this Bitstarz example, depositing is done by clicking on Deposit, selecting BTC and then entering in the amount. I have opted to deposit 0.001 BTC
It will then show you an estimate of how much this is in $ and provide you with a long deposit address as well as a QR option.
Copy the deposit address and enter it into your wallet/exchange as the address to transfer funds to. In my case, I used Electrum, so in the “Send” section I input the address to the “Pay to” field and entered in the “Amount” of 1mBTC. I also added a description to keep track of what the transaction was for.
Depending on how much fees you choose to pay will affect the speed of the transaction. You can read a more thorough explanation of how fees work here.
You should eventually see the funds received in your Bitstarz account (Note, my account was funded with 2mBTC even though I transferred 1mBTC due to Bitstarz offering a 100% sign up bonus):
With your account funded, you can now go ahead and play any games!
5. Withdrawing Your Winnings
Ready to withdraw? Start by clicking on “Cash Out” and Bitstarz will ask for the amount you want to cash out as well as a BTC address to receive funds into.
In your wallet (or crypto exchange), you need to create this address for receiving funds. This is what it looks like in Electrum:
After you click on “Create Request”, copy the address and put it into Bitstarz:
The transaction is usually processed extremely quick but may take up to an hour depending on the casino. You should then see the funds in your wallet/exchange. Here’s what it looks like in my electrum account:
Conclusion
I’ve shown a step by step guide on how to gamble online with crypto, however, there are some crypto related topics we may have skimmed over since it can be quite a complicated topic and I have only specifically mentioned the use of Electrum and Bitstarz.
If you have any further questions, leave a comment below!
