What Will I Learn?
- 1 ✅ List of the Top Bitcoin Exchanges 2020
- 2 The Bitcoin Wallet
- 3 Using a Desktop Bitcoin Wallet
- 4 CoinMama
- 5 LocalBitcoins
- 6 BitQuick
- 7 Coinbase
- 8 Gemini
- 9 Bitsamp
- 10 itBit
- 11 Kraken
- 12 Bitifinex
- 13 Xapo
✅ List of the Top Bitcoin Exchanges 2020
When it comes to funding an online casino account and if you are a player from the United States and Australia there are not many options available to you. However, that is not the case if you use Bitcoin with the many casinos that now take that form of currency. You should check out the many Bitcoin wallets online if you are looking to play at an online casino if you are an Aussie or American citizen. Bitcoin is easy to use at reputable online casinos, and there are many Bitcoin wallets that you have to choose from to fulfill your online casino banking needs.
Just a few of the Bitcoin casinos are Sloto Cash, Vegas Crest, MYB Casino, and Casino Extreme. These are just a few, as there are many more and more and more are being seen on the Net all the time considering Bitcoin is so easy to use.
When you deposit into your online casino account using Bitcoin, you have the choice to get a payout in Bitcoin, which is referred to as wage play, or you can also automatically convert American Dollars or Australian Dollars.
No matter what game you want to play at an online casino that accepts Bitcoin you can do so right away using that type of currency. If you want to make a withdrawal and get the money in Bitcoin the money you have won at the online casino, in U.S. or Australian Dollars, will be converted automatically to what the current value of the Bitcoin is. Once that is converted they will then transfer over to the Bitcoin wallet that you use.
The Bitcoin Wallet
You have to use a Bitcoin wallet if you plan to gamble at online casinos to use that currency. There are many of them available to both people from the United States and Australia. With the many Bitcoin wallets that are out there, it can be a little difficult in order to find the right one for you. You have to make sure your Bitcoins are safe, there is top-notch security at the wallet website, you will get 24/7 access to your Bitcoin, you can get cashed out quickly, and a good customer service support system is available to you.
You should be aware that in terms of Bitcoin wallets there are two different types that you can use and both types have their pros and cons. The first one gives you total control over everything while the other one there will be a 3rd-party company that will be in control of the bitcoins that you have. Each Bitcoin wallet option is a good one and totally secure, but you have to pick the one that is best for your specific situation. One thing to look for when choosing a Bitcoin wallet is one that can give you control over your own Bitcoins, as everything in terms of transactions is all up to you.
Using a Desktop Bitcoin Wallet
Bitcoin wallets on your desktop can be a good option, but they may not be the best one. The main reason being a desktop wallet can be prone to malware. If you have a significant amount of Bitcoins they may not be the best option, but, again, with the malware issue, you have to be a little careful, as you do not want to have any issue with your currency.
One of the most popular options in terms of a Bitcoin wallet is Electrum Bitcoin Wallet, which is free and great for desktop users. There is a unique and secret phrase where funds can be recovered and what can also give you a little more security is the fact that you will have encrypted private keys.
On top of that, they also offer even more security with things such as Proof Checking, Cold Storage, No Lock-In, various useful Add-Ons, and Instant On. To go even a step further there is no downtime when using them, which is fantastic, as any downtime with any type of web wallet can be a nightmare, to say the least. Maybe the only disadvantage of using Electrum is that the interface is not very simple at all. They have a very extensive verification process, and this makes it easy for any person that is somewhat tech savvy and wants to use a wallet for their Bitcoin transactions.
CoinMama is a reputable place to buy Bitcoins, and if you are from the United States, you are welcome to do so using a credit card or debit card. There is a 6% fee that is tagged onto every single transaction.
At CoinMama there is no need for you to give verification of identity if you decide to purchase less than $150 worth of Bitcoins. Using CoinMama is a very safe and secure way for U.S. players to gamble online using Bitcoin as a currency.
• Accepted option for residents of many countries.
• You can buy a significant about of Bitcoins using your credit or debit card.
• They have a proven track record in terms of being a Bitcoin broker.
• Withdrawals are very quick.
• There is an automatic fee of 6% for buying over $150 worth of Bitcoins using a credit or debit card.
LocalBitcoins is a very useful escrow service that helps out in matching Bitcoin buyers and Bitcoin sellers. The typical payment form on the site is a simple cash deposit, but at LocalBitcoins you have the option in terms of payment. There is a live meeting between people on the site where users can discuss a Bitcoin transaction. The service is a great one no matter where the user is from and a couple of reasons they are so popular in buying and selling Bitcoins is that the transaction is very secure and private and it is very fast as well.
• 100% Secure and private transactions.
• Fast and convenient transactions.
• With in-person trades, no personal information needs to be given.
• Scams can occur.
• Can be hard to buy a significant amount of Bitcoins.
• It can cost more than other regulation exchange sites.
BitQuick is a very quick way for citizens of the United States to purchase Bitcoins. They have many offers available and all you have to do is make a cash deposit from your bank to the account of the seller in order to buy the Bitcoins. The transaction time at BitQuick is typically around an hour.
• Easy way to purchase Bitcoins.
• A much safer method that cash payments considering the cash is dealt with by the bank teller.
• Withdrawal times are very fast.
• There is a 2% handling fee for every single transaction.
• With volatile prices of Bitcoins when you buy and sell they can be higher or lower than the current price of the Bitcoin at time of any transaction.
Coinbase is available to American citizens and offers a very fast and easy way to buy Bitcoins.
Through Coinbase you can use either a credit or debit card in order to purchase Bitcoins and for every single transaction fee by going through them you will be charged 3.99%.
• You can buy a significant amount of Bitcoins.
• Initial customers will have easy access.
• There is an Instant Buy option for using a credit or debit card.
• Withdrawals are cleared in a quick manner usually in minutes.
• Using a bank transfer it can take up to 5 days to buy Bitcoins.
• If you plan on gambling online you may encounter an issue since Coinbase will keep track of the Bitcoins spent.
Gemini is a Bitcoin exchange company that is based in New York. They allow traders from citizens from most states in America, Japan, Canada, South Korea, and Singapore. Transfers are available via bank wire transfer, ACH transfer, and SEPA.
• A very trusted regulatory exchange.
• The fees are relatively low.
• Can buy Bitcoins instantly.
• Cannot withdraw Bitcoins instantly.
• Maybe confusing to new buyers.
• The service is not available to all 50 states in the U.S.
Bitsamp claims that they are not only the best Bitcoin exchange service in the world but also the biggest. Transactions can be made through bank transfers, an international bank wire, credit cards, and SEPA.
• Proven track record.
• Very low fees and can be only 0.1% of a transaction.
• Many deposit and withdrawal options.
• Very fair market rates.
• Offer an impressive variety of altcoins.
• The service site has been hacked in the past and funds should not be stored there for an extended period of time.
• For smaller Bitcoin purchases when using a credit card, the transaction fee is high at 8%.
itBit is a legitimate Bitcoin trading service that has a New York State Department of Financial Services license. You can buy a significant amount of Bitcoins on the site (100 BTC +) since they are operated on an OTC trading desk that is global. While they allow transactions from America they do not allow citizens of Texas to use their service.
• Can take out a large amount of Bitcoins.
• A free market rate because of liquidity.
• The OTC brokering fee is a small one at 0.1%.
• Overall low transaction fees ranging from no charge to 0.2%.
• Restricted methods of payment.
• Mainly a Bitcoin trading service.
• Verification of ID is needed, and because of this, the service is not the best option when gambling online.
Kraken was established in 2013, and it is the biggest exchange for Euro Bitcoins. They allow their services for citizens of the U.S.A, Japan, and many of the European countries. The methods that you can buy Bitcoins on the site is with bank wire, SEPA, bank deposit, and SWIFT, but only for customers from Japan.
• Capable financial Bitcoin service that is trusted and reputable.
• Lower service fees that typically range from .025% to 0.1%.
• Top notch security in place.
• ID verification needed.
• Below average customer service considering the large volume of users.
Bitifinex is a Bitcoin exchange service and, it is one of the biggest ones from Hong Kong. Bank wire is the only payment method that is accepted, but they have very low transactions fees that can be as low as 0.1%. The company is a reputable one they were hacked in 2016 with their customers losing 30% of their accounts.
• Low fees for cashing out an account.
• The exchange does support altcoins.
• Cashouts can be completed in less than a day.
• Not the most of secure of sights with 2016 issue with hacking.
• Bank wire is the only payment.
Xapo is a Switzerland based Bitcoin exchange where their services are available from people the world-over using SWIFT as a payment method. They have low transaction fees, but for SWIFT transfers can be rather big. Users of the service can get a Bitcoin debit card that can be used for many things one of which is gambling online.
• They have a vaulting service in place with a security invest of $20 million.
• Very secure Bitcoin exchange service.
• Very quick cashouts.
• The exchange does have a wallet service, but Bitcoins should not be stored there.
• You will need to show verification of ID.
There are also mobile wallets that can be used, which lets you scan a QR code and because of this it is very easy for Bitcoin deposits and withdrawals. There are also smartphone wallets available, and they are also very safe and secure. It is pretty rare when a virus shows up on your smartphone. Basically, security is better when using these methods rather than using a desktop, which can be hacked and have viruses.
Some of the betting Bitcoin wallets are iPhone Wallets (AirBitz iTunes), Android Wallets (Mycelium Google Play), Breadwallet iTunes (Free), Copay Google Play (Free), Windows Phone Wallets (Copay Windows) and Blockchain.Info (Free).