How to Work with Bitcoin

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How to Work with Bitcoin – Practical Tips for Online Players

The Bitcoin cryptocurrency is getting increasingly popular with every single day and that trend is likely to continue way into the future, so what we’re getting now is a lot of articles that are dedicated to basic info about Bitcoin and how to work with it. However, the vast majority of those articles focuses on very basic stuff and goes on to explain everything step-by-step. That’s great, of course, but what about some practical tips for people that want to actually use the cryptocurrency on a regular basis – say, for depositing to a bitcoin casino? Well, we’re yet to see a good article written on that topic, so we’ve decided to sum up a few practical things that we’ve learned by playing with Bitcoins on our own.

Buying Bitcoins

If you’re going to add Bitcoin to your arsenal of currencies, you’ll have to find a suitable marketplace for the actual purchase of Bitcoins. We don’t really have any favorites and new exchange services are constantly popping out, so you should do your own research into that, but there’s one thing that we would like to bring your attention to.

Strangely enough, some of the services that sell Bitcoin directly to their users are doing some snooping on the side by actually following the sold Bitcoins for a while. And, if they decide that they don’t like what you’re doing with the currency (and it seems that some of them – including the fairly popular Coinbase – don’t like online gaming in any shape or form), they’ll close your account and stop offering their services to you.

We suppose that it’s their right to do that and the good news is that they aren’t going to block your funds, but there’s simply no point in trying to use those services given that there are plenty of marketplaces that don’t seem to have these side-intentions. If you want to get the best possible experience, you should take a closer look at the services that work like an actual marketplace that allows people to both buy and sell.

It’s All about Reputation

Once you get into the online gaming scene that’s running solely on Bitcoins, you’re going to notice that it’s basically impossible to find an online casino or an online bookmaker that has any of the big licenses that all the regular operators have. Well, there’s a good reason for that – all those licenses require the operators to play by rules that simply aren’t compatible with what Bitcoin is all about.

Therefore, Bitcoin-only operators that don’t want to give up on many of the advantages of Bitcoin (like anonymity) have to roll with not having any of the licenses, which naturally makes them less trustworthy in the eyes of many players.

That’s a natural reaction, but one that you’ll have to get past in order to fully enjoy the Bitcoin scene. Put simply, this is a scene that doesn’t rely on external regulation – instead, it’s the reputations of the online casinos that are the most important thing to go by. You’ll need to read more reviews and browse more forums instead of just going by the licensing logos, but that might actually be a good thing in the sense that the playing field is completely level from day one. It’s impossible to buy reputation by getting a license – only online casinos that deliver on their promises will make it!

Have Multiple Wallets!

If you’re the proud owner of a single Bitcoin, there’s probably no need to think about how to split your bankroll into different wallets for additional comfort and security. However, if you’ve got significant money invested into the cryptocurrency, it’s definitely a good idea to have more than just a single Bitcoin wallet.

Of course, you’re always going to have a part of your bankroll at the online casino of your choice if you’re a player – and the key here is to never lose access to the online account. Yes, we know that this might sound ridiculous, but it’s important to remember that some Bitcoin-only casinos and bookmakers don’t actually require you to tie your account to your real name or to your actual e-mail address, which means that there might not be a way for you to recover your password if you lose it. Our recommendation is to always add an e-mail when opening an account at a Bitcoin-only casino – if you want to stay completely anonymous, just make a new e-mail address at one of the free providers.

The second part of your bankroll – the one that you’ll actually be using on a regular basis – should be stored in a software or a web-based wallet, preferably the former. There are many interesting wallets available out there and each of them comes with its own perks, so you should go through at least a couple of them before narrowing the choices down to the one that you’ll be using. The great thing about these wallets is that they allow you to send and receive Bitcoins without any hassles, but they do come with some risks – for example, your computer might get stolen (and your Bitcoins will be gone with it). Therefore, you shouldn’t have significant amounts of Bitcoins stored in these so-called hot wallets – and you might also want to consider using some of the more advanced security features many of those wallets offer.

Finally, the rest of your bankroll – which means all the Bitcoins that you don’t need quick access to – should be stored “cold”, i.e. in the offline world. Interestingly, you can actually purchase dedicated hardware for Bitcoin storage and that’s probably the way to go if you want to be a true power user, but we reckon that most players will be completely happy with traditional Bitcoin paper wallets. There’s no need to bother with learning how to create them on your own – there are dedicated (and safe!) online services out there that will do everything for you. You’ll only need to print the wallet, fund it with the desired amount of Bitcoins and store it in a safe place, which is a process that won’t take you more than twenty minutes – unless you run out of ink or Bitcoins, that is.

Keep Exploring!

The final tip – and also perhaps the most important one – that we can give you is that you should always keep exploring the Bitcoin scene, as it’s a very dynamic one and as it’s changing virtually all the time. There are numerous dedicated community boards that are full of interesting technicalities that will give you additional insights into the inner workings of the cryptocurrency – and some of them can even bring you practical benefits in that you’ll learn how long your transactions are going to take and how big a chunk of all the Bitcoins you actually own.

When it comes to online gaming, we recommend withdrawing all the Bitcoins that you don’t want to be using as soon as you come to that very conclusion, as there are still a few question marks hovering above virtually every single operator out there. We aren’t going to say that there are no trustworthy online casinos and bookmakers, because that statement simply isn’t true, but we do believe that it’s a good idea to stay as careful as possible until the casino you’re playing at gets through its first few years without any controversies.