Have you recently been having problems being able to use a debit card or credit card to make deposits into online gambling site accounts? If so then you are not alone, for many banking institutions and credit card issuers no longer let their customers use their cards and accounts as a way of funding gambling site accounts online.
That will then often force the hand of gamblers, regarding them then having to start to make use of a web or e-wallet or even a prepaid voucher as the way they then go about funding gambling site accounts, but web and e-wallets can be very expensive to use.
You may therefore have been considering using one of the huge number of different cryptocurrencies as your main gambling site funding method, and as a high percentage of such sites have now added cryptocurrencies onto their banking interfaces making transfers into such sites and getting paid out your winnings in a cryptocurrency as opposed to a fiat currency is a breeze.
However, you will first need to understand how you can go about using digital currencies as way to fund such accounts and that is the main reason for me putting together the following guide, so read on and educate yourself on the benefits of using cryptocurrencies as an online gambler!
Which Cryptocurrency Is Best Suited to Gambling Transactions?
You can use virtually any cryptocurrency to make deposits into you gambling site accounts, if the sites you are gambling at accept them! However, there are several cryptocurrencies that most such sites will always tend to accept, and as such let me run through each of them.
Bitcoin is the most instantly recognisable cryptocurrency and that is one that you may be interested in using but be aware that it is also one of the most volatile of cryptocurrencies, so you may end up buying it when the price is high, and then selling it on later for a much lower price.
So be aware of that fact and keep it at the forefront of your mind, as you could lose a percentage of your winnings down to volatility when you sell on your Bitcoin holdings later.
Ethereum if another often used cryptocurrency for gamblers, and it is a much lower cost one that Bitcoin, and there will be no end of gambling sites of every description that will accept it.
You could also choose to use Litecoin as your preferred cryptocurrency gambling site account payment method, that is an even lower cost one to purchase than the two I have mentioned above, and you should have no difficulties being able to buy it and then sell it on at one of the many digital currency exchanges.
You Will Need a Digital Wallet
The very sharp learning curve you must go on when you want to start using Bitcoin or any cryptocurrencies is worth going through! For as soon as you have mastered the art of doing so you will then find there is no better way to make deposits and/or withdraw funds from online or mobile gambling site accounts.
There is however a requirement for you to get a digital wallet first and foremost when you want to start using cryptocurrencies, and you can download on onto your computer or mobile device, and that will then allow you to store any cryptocurrency on the blockchain and access them and move them around with relative ease.
Just make sure that you always take every single safety and security precaution to protect your log in details or your digital wallet, to ensure you never fall victim to a hacking attack!
Cost Effective Ways of Buying and Selling Cryptocurrencies
There are processing and often some transaction fees you are obliged to pay when buying or selling any cryptocurrencies, so always be aware of that face and choose a method that is both convenient to you and one that isn’t going to cost you a small fortune.
The fastest and most commonly utilized way that people do buy and sell cryptocurrencies is by making use of a digital currency exchange, and by using one you will be able to purchase any units of any cryptocurrency and will have a range of different payment options you can use to buy them with too.
A Bitcoin ATM is another way you may choose to buy any cryptocurrencies, and all that you will need to do to use one of them is cash to buy your chosen cryptocurrency with and a digital wallet in which to get them transferred into once you have performed the transaction.
Some websites also now link you up with someone who is nearby where you live, and as such if you want to buy a cryptocurrency they will pair you up with someone who wants to sell that cryptocurrencies, and the other way around if you want to sell cryptocurrencies in person!
How to Deposit and Cash out Cryptocurrencies
By getting yourself a digital wallet, buying your chosen cryptocurrency and then having them stored on the blockchain you are always going to be able to access them and can fund absolutely any type of online or mobile gambling site account.
There are no hoops to jump through when you do wish to make a deposit into such a site, for you simply need to log into your account, click or tap onto the banking or cashiers button and then select the cryptocurrency you wish to deposit into that site.
Be aware that some gambling sites will let you use a cryptocurrency as your chosen account currency, and some will also allow you to use a fiat currency on your account.
By launching the banking interface, you can then select how much in a cryptocurrency you wish to deposit, and you will be given a digital wallet address to send those funds to, or when you wish to top up your account in a fait currency.
But by paying for that deposit using a cryptocurrency the banking interface will give you the digital wallet to send those funds to but will also do the currency conversion for you.
Gambling Site Cryptocurrency Bonuses and Promotions
At the end of the day, no matter which type of gambling activities you choose to make use of online, you are going to want to end as many of those sessions showing a profit as you can.
One thing that you are always going to be tempted to make use of are the many bonus offers and deals that all gambling sites not only give away to their newly sign up customers, but the ones that are available on an ongoing basis too.
However, not all bonuses are going to be as generous as they may first appear, for attached to every single one of them will be a set of terms and conditions, and by not reading through them and understanding them you run the very real risk of falling foul of them.
As such when you do see a bonus offer at any gambling site, make a point of reading through all the bonus rules and any additional terms and conditions, as that way you will never risk losing any winnings you do amass by falling foul of any of them!