Bitcoin Gambling Guide for Newbs - How to Buy, Send & Gamble wBTC | P
We suggest using two different sites for these Bitcoin transfers (and base the guide on such). These two sites are Coinbase.com and Blockchain.com. Both sites function differently and serve a different purpose when looking to help fund your online poker rakeback, sports or casino account.
Coinbase is the easiest and most secure way to buy bitcoins using different funding methods and has a long and successful track record of keeping very sensitive information safe and secure. Blockchain.com is used as an intermediary to add another level of security and anonymity. Using both of these sites in conjunction (as our guide instructs) ensures maximum security, anonymity and ease of use in all cases.
Recommended Bitcoin Sites
Now, how do we get these bitcoins to the gambling and poker sites? We have created an easy-to-follow walkthrough using Coinbase.com, along with Blockchain.com, to help you get started with one of the quickest deposit and withdrawal options available in online poker.
One of the first things you will want to do is sign up at Coinbase.com, a Professional Rakeback recommended site, in order to create your account. If you use this Coinbase sign up link, when you purchase your first 100 USD/EUR/GBP/CAD/SGD worth of bitcoin, you will receive 10 USD/EUR/GBP/CAD/SGD as a free bonus!
After signing up, Coinbase will send you an email asking you to verify your account, which is as simple as clicking the link:
After verifying your email address, you will be given the opportunity to provide your phone number, which allows you to add two-factor authentication to your account, We highly suggest you do this, as anyone who has ever been hacked can tell you that it is a potentially disastrous occurrence. The extra verification allows you to safe guard your money:
For your next step, you will want to be sure that you have your bank account information. Please note that if you wish to make instant purchases of bitcoin right this second, you will want to link the debit card associated with your bank account as well. Coinbase will ask for your account and routing number to the bank account you wish to use to buy and sell Bitcoin:
Once you have done this, you are ready to purchase your Bitcoin!
Next, you will be taken to the main screen for your account. To buy Bitcoin, click on “Buy/Sell” in the top menu and choose “Buy" and “Bitcoin” in the interface. From this screen, you can either type in the amount of USD you wish to send from your bank account, which will show the amount of Bitcoin you will receive, or you can enter in the amount of Bitcoin that you wish to purchase, and Coinbase will show you how much that will cost in dollars. Click buy, and confirm on the following screen, and you will have your purchase. *Note that there is 1.49% fee, with a 15 cent minimum, per purchase.
Coinbase will quote you a timeframe by which the bitcoins will be available in your account. These estimates tend to be a bit conservative, and it's likely that your Bitcoin will be ready for you to use well before this deadline. You can proceed with the next steps in our guide (creating a Blockchain.com wallet) while you're waiting in order to save time.
The next step takes us to Blockchain.com. Professional Rakeback strongly recommends that players send their Bitcoin to Blockchain after purchasing and send it to Blockchain when cashing out from an online gambling site. At Blockchain.com, you click “Sign up” in the upper right-hand corner or “Create Your Wallet” on the left side of the page:
You only need to supply a valid email address and create a password to get a wallet at Blockchain.com. No dox demanded or required! Fill out the fields and then press the “Continue” button.
After your wallet is set up, you'll get an email from Blockchain.com asking you to verify your email address. This is a straightforward step to complete because you need only click on a link in the message.
The next step is optional, but it's very important, and we recommend that you complete it as soon as possible. Once you have signed up with the site, you can request a backup recovery phrase. This is the ONLY WAY for you to restore your wallet in case you misplace your password. Additionally, this 12-word string works in any compatible application to import your wallet, so it's a good form of insurance in case Blockchain.com becomes unavailable in the future for some reason.
First, go to the Security Center within your Blockchain wallet:
Then, click on “Backup Phrase”:
You will be given a mnemonic phrase of 12 words as three sets of 4 words at a time. This phrase unlocks your private keys. It keeps your account safe and means that only you can access your bitcoins.
** KEEP THIS PHRASE SOMEWHERE EXTREMELY SAFE **
If you lose or forget your password, this mnemonic phrase will be used to help recover your account. If you lose this phrase as well as your account password, any Bitcoin that you have will be no longer be accessible.
You also have the option to print out a Recovery Sheet if you so desire. However, the normal backup phrase process involves you writing down the words manually. It doesn't really matter which one you select.
The words will be shown four at a time. Take care to write them down accurately because any errors you make could compromise your ability to get to your bitcoins in the future. After you write down each series of words, click “Next 4 words” to continue to the next words:
Fortunately, you have a chance to make sure that you copied everything down correctly in the final step of the Backup Recovery window. It will request that you type in four of the words. Only if you successfully input the right strings will the system allow you to complete the Backup Recovery Phrase process:
Now that this security measure is out of the way, you're ready to begin using Blockchain.com and Coinbase to move your BTC around for online poker and other gambling games.
You'll want to generate a Bitcoin address within Blockchain and send the bitcoins you purchased at Coinbase to it. Go to “Request” near the top of the page.
A pop-up will appear with several fields for you to fill out. Ignore these details; they're not necessary at this point. Instead, what you'll want to focus on is the Bitcoin address that Blockchain generated. Whenever you receive bitcoins, you should request a new address. It's possible to reuse old addresses, but using a new address each time helps to preserve your security and anonymity.
Highlight and copy the entire address, or press the “Copy” button, and now head back to your Coinbase account. Click the “Send” button at the top of the Coinbase main screen. In the “Recipient” box, paste the Bitcoin address from the Blockchain wallet as well as typing in the amount of Bitcoin that you wish to send to the Blockchain wallet.
Coinbase will calculate a miners fee that will be added onto your transaction. This is an incentive paid to BTC miners who maintain the distributed ledger and keep the entire Bitcoin network running smoothly. In most cases, this fee will be less than $1. Thus, you won't be able to send the entire sum of bitcoins you purchased earlier; a small portion will need to be dedicated to this fee.
Hit the blue “Continue” button to proceed:
Coinbase will show you a summary of your send transaction. If everything is correct, hit the blue “Confirm” button:
After hitting send, you will return to the main screen where your transactions page will show that you have sent the Bitcoin and that it is still waiting to be confirmed by the Blockchain. The transaction will read complete once it has been confirmed enough times:
If you would like to see the progress of confirmations, you can go back to Blockchain.com, and from the main page, paste you Bitcoin wallet address in the search bar:
And you will get a screen telling you how many confirmations your transaction has received. Confirmations will begin generally in about 10-15 minutes:
You might have to wait for a certain number of confirmations (perhaps six) before your Bitcoin will be ready to spend at the gaming site of your choice. Once this has happened, your Bitcoin can now be sent to your preferred site for sports betting, online casino, or online poker games.
From your Blockchain account, click the “Send” button
Paste in the address provided to you by the site you are depositing to. Some sites, such as Black Chip Poker, Intertops, and SportsBettingAG will provide this address in your cashier and convert your incoming coins to USD, while others, such as Nitrogen Poker and SwC Poker, will keep your balance in bitcoins for you to play with. Enter the amount of Bitcoin that you are sending in the appropriate section.
Much as with Coinbase, you have to pay a fee to transmit your bitcoins from Blockchain.com. You can select either “Regular” or “Priority” fee levels. In addition, there's the possibility of customizing your own fee. For now, the Regular fees that Blockchain calculates are fine. Later on, as you become more familiar with digital currencies, you may wish to input your own fee amounts to expedite transaction processing or to conserve financial resources.
After all the data has been entered/calculated, click the blue “Continue” button:
Blockchain will present you with an overview of the details of your proposed transaction. Assuming there are no mistakes, press the blue “Send Bitcoin” button. Or choose “Go Back” if you want to change something.
At this point, you have now successfully deposited onto your favorite Internet gambling site! It may take a few minutes for your money to be credited into your real money balance though.
Now, how do you withdraw your money? While requesting a withdrawal from your site, you will be asked to provide the Bitcoin address that you wish to have your money sent. In your Blockchain account, click “Request”, and you will see a new address to send the funds to. Professional Rakeback recommends that in order to maintain the maximum amount of security, as well as anonymity, that you create a new bitcoin address each time you make a transaction rather than reusing addresses that you have already sent bitcoins to before.
Copy the new address and give it to the online gambling site that you are withdrawing from. Once your Blockchain account has received the cash out, you can hold onto it for a while, deposit it at another site, or send it to Coinbase and move it over to your bank account.
To withdraw your winnings and transform them into U.S. dollars, go to the Accounts section of your Coinbase account and click the “Receive” button next to your Bitcoin wallet: A screen will pop-up that provides your Coinbase Bitcoin address. Click the copy button next to the text address, or scan the QR code if you're using a mobile device:
Send your Bitcoin from Blockchain (same way you sent from Blockchain above) to the Coinbase address. Once you have received the Bitcoin, you can click the Buy/Sell Bitcoin button on the top of your Coinbase screen, and then select the “Sell” tab and choose Bitcoin as the currency. Type in the amount of Bitcoin you wish to sell.
Coinbase will tell you how long it will take for the money to reach your bank, but this is a pessimistic estimate and you'll probably get your funds well before this date. The fees for selling Bitcoin (1.49% with a $0.15 minimum) will also be displayed for your approval. If everything looks good, click the blue “Sell Bitcoin” button at the bottom of the screen. After clicking the blue button, you will get a confirmation screen:
If you're looking for an additional way to convert your bitcoins into spendable currency, then you might want to check out the BitPay Visa card. It allows you to exchange your BTC into U.S. dollars and load them onto a prepaid debit card that can be used wherever Visa is accepted.
Bitcoin is quickly becoming one of the most popular ways for people to transfer money from one place to another without having to hassle with credit cards or other third-party sources that cause annoying questions to be answered and hoops to be jumped through.You will save considerable money not having to pay huge deposit fees or withdrawal fees or foreign transaction charges on your credit card deposits. Not to mention no more explaining those strange charges on your credit card to your spouse any longer. With this guide, we're hoping that you can unlock the ease of these completely anonymous transfers for yourself and take full advantage of the great offers from all of our partner casino, sports book, and poker sites.
Recommended Bitcoin Gambling Sites
Here are some of our favorite bitcoin-friendly online gambling sites below. This mix includes every conceivable form of online poker, sports betting, slots, horse racing, and casino games. All of the sites listed below happily accept players from the USA!
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If you have further questions, please do not hesitate to contact us and we will be glad to help you at any time!
Additional Bitcoin Related Content:
ProfessionalRakeback.com’s Bitcoin Wallet and Exchanges Information for Online Poker Players page for information about alternative bitcoin wallets and other sites where you can buy and sell Bitcoin. Also, in our Bitcoin Poker Sites Guide you can read our full list of Professional Rakeback recommended Bitcoin-friendly poker sites.