Almost nine years ago, a Bitcoin forum user by the alias of ‘laszlo’ started a new thread that would become part of crypto history.
On that particular thread, he requested two pizzas. Instead of the traditional fiat currency, he wanted to pay with Bitcoin. Since nobody accepted BTC at that time, and only a handful of people actually knew about this invention, Laszlo Hanyecz had to wait five days to find a ‘seller.’
On May 22, 2010, Jeremy Sturdivant aka ‘jercos’ accepted the request and agreed to pay for two pizzas in fiat and send them to Laszlo’s address. For his service, Jeremy who was 18 at that time received 10,000 BTC.
“I just want to report that I successfully traded 10,000 bitcoins for pizza. Thanks, jercos!” Laszlo announced happily on his thread, marking the first-ever BTC trade.
Nine years later, many retailers accept Bitcoin as a means of payment. Moreover, there are over 4,000 BTC ATMs around the globe, according to Statista, a known statistic portal aggregating reports from more than 22,500 sources.
As a result, buying Bitcoin is way easier than it was nine years ago. Plus, much more expensive (when Lazlo bought the two pizzas, 10,000 BTC were worth around $40) and, unfortunately, not that anonymous anymore, as you will read in the next several paragraphs.
So, how you can buy Bitcoins and use it for online gambling? You can purchase BTC using several methods such as:
After you have some Bitcoins in your “pocket”, using the most popular cryptocurrency for gambling on the internet is pretty much straightforward process. Continue reading for a detailed guide.
Probably the most popular way to get into crypto – and the most advertised way, no doubt – is to use a cryptocurrency exchange.
There are many out there, but as a general rule of thumb, always do your research before choosing one. Use a trusted exchange that accepts Fiat deposits – bank transfer or credit card – with good reviews posted on various social platforms like Twitter and Reddit.
Since many states haven’t regulated the cryptocurrency market just yet, you will find many exchanges operating in the grey area. Those exchanges don’t usually have the Fiat deposit option; all they have is different crypto deposit options and stablecoins. You will often see the ‘USDT’ ticket or something similar like ‘GUSD’ or ‘TUSD’ – those are stablecoins – basically, crypto pegged by the US Dollar.
It’s best not to use stablecoins as it involves counterparty risk and only use direct Fiat deposits to buy Bitcoin. The exchanges offering such an option have a very user-friendly interface, so all you have to do is click a few buttons and voila… you are now an official Bitcoin user.
Worth mentioning is that all trusted exchanges that offer Fiat deposit will ask you for personal information as part of the KYC (Know Your Customer) and AML (Anti Money Laundering) legislation, therefore, anonymity is not an option anymore.
Moreover, the fees can be quite significant, depending on your preferred deposit method. For example, using a credit card usually involves a fee of 2% to 5% that goes to the exchange’s pockets. If you use a direct bank transfer, then the fees are much lower.
If you want to remain anonymous and trade the old fashion Laszlo-to-Jercos way, you can always go to an OTC market like the famous LocalBitcoins and try to find a partner who sells bitcoins. Be wary though, keeping your anonymity usually means you are going to exchange your Fiat for BTC at a premium.
If you have no problem revealing your identity but you want to use PayPal or Skrill to buy BTC, the exchange rate is much more convenient, yet, in many cases, you will have to give away sensitive information (ID, passport, etc.) to the seller. In other words, you will have to trust an unknown seller you found on the OTC market who is thousands of miles away from you. We would recommend avoiding giving away information to unknowns, even if that unknown has good reviews. You never know how your information may be actually used, especially in this age where personal data is king.
You can also search locally and maybe meet with your exchange partner in person, to avoid any useless paperwork.
Whether you bought Bitcoin from an exchange or an OTC market, it’s best to move your crypto funds to a safe wallet. Remember: not your keys, not your bitcoins.
In 2018, hackers stole around $900 million from cryptocurrency exchanges, from around the world. In January 2019, Cryptopia – a New-Zealand-based exchange – suffered security breach which resulted in significant loses. Some estimated hackers stole around $16 million in ether and ERC20-based tokens. This could have been your funds lost forever.
LocalBitcoins also was hacked in January of this year, with just around 8 BTC gone missing.
That is why it is important to store your bitcoins securely, optimally on a hardware wallet like Ledger or Trezor.
You may read about other ‘simple’ methods to buy your favorite cryptocurrency, but try to avoid investment apps like Robinhood for example.
Robinhood isn’t a Bitcoin wallet, is just an investment platform. If you buy crypto via this app you won’t be able to transfer your funds to BetBTC for example. You can only HODL and exchange to Fiat when the price is right.
Electronic wallet Skrill can also be an intriguing option to buy Bitcoin. Keep in mind though, just like with exchanges, the fees are quite significant. Online wallet Blockchain.info also offers the opportunity to buy BTC with fiat. The wallet acts just like a gateway between you and a cryptocurrency exchange. Because you indirectly trade via an exchange, you will have to give away your personal information.
Furthermore, Blockchain.info is a hot wallet and your funds may be in peril if a hack happens. Nevertheless, the platform does provide a hardware wallet connected to your Ledger for extra security.
Many services – online retailers mostly – accepting Bitcoin, use gateway payment provider BitPay.
Whenever a client pays for a product or service with Bitcoin, BitPay instantly processes Bitcoin to Fiat conversion. As a result, the merchant actually receives cash, not crypto.
We at BetBTC use such services to process all Bitcoin transactions and protect ourselves from the volatility of the cryptocurrency market. You can deposit as little as ฿ 0.001 or m฿ 1 and enjoy our great games, from hundreds of slots to baccarat, blackjack, and roulette. You can also try your luck with our virtual sports betting or take a seat at a live casino game without leaving the comfort of your own home.
In the near future, you will also be able to use a fully-fledged Bitcoin sportsbook and gamble on your favorite team or sports event.
Most importantly, you now have the possibility to withdraw your winnings in BTC and increase your crypto holdings, so you can have even more when the bulls dominate the market once more.
More winnings, more fun, right?
Enjoy the games!