Deposit with Bitcoin at Online Casino

Deposit with Bitcoin at an Online Casino: the Easiest Way (Without a Wallet)

In this article, I am assuming that you don’t possess any bitcoins so far, and keeping bitcoins on your own wallet is rather an intimidating prospect for you. The good news that there is less “nerdy” way to get bitcoins and use them as a payment method at online casinos. As a crypto enthusiast, I can ensure you, that for the majority of people it will get the job done perfectly well without unnecessary wasted time.

I will explain the whole process in details and illustrate every tricky part with images. However, there are some prerequisites in order to finish this guide successfully:

  • you will need a credit/debit card (in order to buy bitcoins)

  • you will need an email address

Going forward, I would say that using Bitcoin as a payment method at online casinos is super beneficial for casino players, because it ensures:

  • privacy (your payment at online casinos won’t be tracked by anybody)

  • low fees. In comparison with other payment methods, Bitcoin is rather free. However, it costs 3.5% (updated on 26 June 2020: 0% fee for VISA in the EEA (European Economic Area)), for per transaction or 10 USD (whichever is higher) to buy Bitcoin (charged only one time) or 10 USD

  • usually more generous bonuses for Bitcoin deposits. It happens because Bitcoin exempts online casinos from paying enormous fees and allows them to provide their players with more lucrative promos

  • online casinos set more flexible policy for Bitcoin depositors (bigger withdrawal limits, faster processing time)

Given that was said, I would highly recommend to learn about Bitcoin as a payment method at online casinos rather sooner than later. It doesn’t take much effort but pays off in a big way.

The whole procedure comes down to these 3 phases:

  • open an account with Binance (the best crypto exchange)

  • buy Bitcoin with Binance using a bank card

  • deposit this bitcoins at any online casino which accepts it

Well, let’s jump right into it.

A few words about how Bitcoin works as a system

I won’t dive really deep into how Bitcoin works, because it is a huge topic. However, I feel like you should have an understanding of some basics at least.

Think of Bitcoin as your regular bank account. It has got an account number (bitcoin public key), and some monetary value is supposed to be stored on it (Bitcoin itself is getting stored on your Bitcoin account).

However, there is a huge difference between bank account and Bitcoin account (bitcoin public address) in terms of how you are getting access to the account and who is managing your account.

In case with a bank account, the bank is in charge of user verification. The bank is in full control of setting a password as well as managing your account in general (all transactions are processed by the bank).

With Bitcoin, you don’t have to rely on third-party (Bitcoin decentralised network is in charge of all verifications and transactions processing) and have to register an account manually on your own. Of course, it allows you to benefit from Bitcoin in full capacity, but it also has many downsides, which could become critical for the less experienced users:

  • If you lose your private key (a password from your Bitcoin account), all your bitcoins are gone forever. In case with a bank account, you would just visit a bank’s office and restore everything with no problems.

  • If you send bitcoins to the wrong account (Bitcoin address), this transaction cannot be cancelled, and bitcoins are gone. It would not be an issue with a bank account, because such a transaction would not be valid.

  • If you were hacked, and the hacker got access to your Bitcoin password (private key), then all bitcoins will be stolen. In case with a bank account, there are high chances that all stolen money is going to be brought back.

Why crypto exchange makes the life of a casino player much easier?

We can eliminate some above-mentioned disadvantages of Bitcoin and mitigate others by using a crypto exchange as a third-party, while all Bitcoin advantages stay intact.

It is important to note that it won’t be necessary to open an account with Bitcoin network anymore (this method doesn’t require a Bitcoin wallet, Bitcoin private key etc). Hence, all technical intricacies are going to be left behind.

If you use a reliable crypto exchange, it ensures the safety of your crypto funds by using top-notch software and engaging the team of cybersecurity experts.

Open an account with Binance crypto exchange

Why Binance? I have used tens of crypto exchanges so far, and Binance is the best one with the big gap. I say such thing relatively rare, but almost everything is done perfectly on Binance: security, variety of currencies, top support (within minutes on Telegram), buying crypto with a bank card. However, if for some reason Binance is not an option for you, the other reliable crypto exchange would be Coinbase (it has US license, but the operation of its website and support team are less smooth).

Step 1. Go to Binance.com and register an account as you do with any other online services. A confirmation code will be sent on your email address. Enter it, and that’s basically it. Now you have an active account with Binance.

However, in order to be able to buy Bitcoin with a bank card/bank transfer on Binance, you have to make some settings and pass verification.

Step 2. Enable 2FA (two-factor authentication). With this feature, each time you are logging in, you will be asked not only to enter your password but a one-time code as well. This feature ensures that even hackers somehow steal your password, won’t get access to your account.

Binance won’t allow you to buy crypto until it is done. They just want to make sure that all your funds are safe since you are going to buy real assets.

Click on account icon on the right side on the top and choose “security” section. Here we are provided with two options how to enable 2FA: SMS Authentication or Google Authentication (an app is required to download on your phone for Google Authentication). I will stick with SMS authentication as the easiest one. Thus, click on “On” button in front of either option.

None

After that, you are supposed to enter your phone number (don’t worry, they won’t spam you at all). Then enter a 6-digit one-time code into the field. Once you have done it, 2FA is set for your account.

Step 3. Pass KYC (Know your customer) procedure.

Within your account, click on “settings” and choose “Basic info” section. There click on “verify” button.

None

Then enter your name, date of birth and the address.

Step 4. After that, you will be notified that photo of your ID, driving license or passport is needed. Click on “start”. Here choose one of the above mentioned-options.

A Binance’s goal is to make your life easier, so to speak, you can:

  • download photo of your document from PC

  • take a photo of it by using your web camera

After a few minutes, your account will be verified. Now you are able to buy Bitcoin either with a bank card or bank transfer.

Buy Bitcoin with Binance using a bank card or bank transfer

As for now, Binance sets policy for crypto purchases on their platform:

  • Visa payments are available in Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Russia, Slovakia, Slovenia, Spain, Sweden, Switzerland, UK, Ukraine.

  • Mastercard payments are available in the following countries & regions: Cyprus, Czech Republic, Denmark, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Netherlands, Poland, Romania, Russia, Slovenia, Spain, UK, Ukraine.

Step 1. Navigate on “ Buy crypto” on the right side on the top of the website and choose either “bank card” (both credit and debit are fine) or “bank transfer”.

None

Enter the sum (in USD), choose BTC (since we want to buy Bitcoin) and press “Buy”.

None

Step 2. Depends on the method you have chosen, fill all required fields out. Other than that, nothing special to be said about this step. The procedure is the same as for any other online purchase.

Within 10-30 minutes, your bitcoins are going to be credited on your Binance account. Now we can do with them whatever we want as though it was full-featured Bitcoin wallet.

Deposit with Bitcoin at an online casino

Step 1. Visit the casino’s website and choose Bitcoin as a deposit option. Here you will be provided with Bitcoin address (weird looking 26-35 digits alphanumeric sequence). Then copy this address. We will use it a few moments later.

None

Step 2. Navigate on your “Wallet” and click on “Spot wallet” section. Then press “withdraw” button in front of Bitcoin.

None

Step 3. Very carefully fill these three fields up and press “submit”:

  • firstly, choose Bitcoin in the “1” field, since we are going to withdraw bitcoins

  • in the “2” field enter the Bitcoin address, that we copied from the online casino’s website

  • in the “3” field enter the number of bitcoins you are going to deposit at the casino

I would like to stress out that if you enter the wrong Bitcoin address, your bitcoins will be gone forever. Hence, compare carefully casino’s Bitcoin address with what you are entering on Binance. It is basically the only part of the process where we must not make any mistakes.

None

Step 4. Binance is going to establish your credentials (2FA code, email code in some cases). Once it is done, your transaction will be processed by the Bitcoin network. Depends on the workload of the network, it is going to take somewhere around 15-30 minutes.

Congrats as you have made your first payment on the internet with Bitcoin.

Withdrawing bitcoins from an online casino to your Binance account

If you have successfully gone through the steps described above, you have a Bitcoin address on Binance platform. Now you can receive bitcoins from wherever you wish as well as send bitcoins to any address without limitations.

In order to do so, navigate on your “Wallet” and click on “Spot wallet” section (exactly the same how we did in the previous chapter). But instead of “withdraw”, click on deposit in front of Bitcoin.

Binance will provide you with Bitcoin address (26-35 digits alphanumeric sequence) in which you can receive bitcoins.

Enter your Bitcoin address at an online casino if you decide to withdraw a winning.

Security tip

We have secured our account on Binance by enabling 2FA, but it still has one huge weak point. If your email address ( which you used to be registered on Binance) has been hacked, then a hacker can reset your password on Binance using compromised email and steal all funds.

To prevent this from happening, enable 2FA for your email address as well. All big players on the market allow doing so.

Some other questions you may ask

If I lose Binance password, my bitcoins are gone? No, your funds are intact in this case. Just restore the password by email, and enjoy Binance services again. The same is not applied for “true” Bitcoin wallets, and this is the main advantage of Binance.

What about fees? Binance charges you 3,5% or 10 USD (whichever is higher). Bitcoin network fees fluctuate but rarely exceed 1 USD per transaction (no matter how much money you transfer)

I have heard about crypto exchanges being hacked. Is Binance platform safe enough? The safest option on the market. It was hacked once in 2019, but customers funds weren’t affected by the attack, because Binance covered all losses from its own pocket. You need to understand that everything can be hacked on the internet. What matters is how a crypto exchange deals with such situations. Unfortunately, the majority of them won’t recover customers funds, but not Binance.

What about privacy? Binance is a company with headquarters in Malta (used to be in Japan, but too strict regulations were applied there), and it adheres to the highest standards in terms of personal data security. It won’t disclose information about your transactions until it has strong reasons to do so (only when obvious fraudulent acts take place). So far, I have never heard about such issues with Binance.

Can I pay with Binance Bitcoin address on other websites? Absolutely yes. Binance will be happy to process any number of transactions for a small fee.

Conclusion

Summing up, if you are not eager to invest some time learning Bitcoin, then using the crypto exchange as a Bitcoin wallet is a smart thing to do. It is a great starting point of getting familiar with the Bitcoin network. And you can switch to “true” Bitcoin wallet and transfer all your bitcoins there at any moment you wish.

The majority of crypto experts agree on that with good reason. There are many stories on the internet how less experienced crypto individuals got wrecked in the crypto world, because of lack of knowledge.