Tuesday, 25th October, 2016

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How Do You Buy Bitcoins?

So you have decided that you want to try out a bitcoin casino, but there is one thing stopping you – you do not have any bitcoins to deposit. That is perhaps the one drawback to playing at a bitcoin casino: they nearly all do not accept any form of centralized currency as payment, instead opting for a bitcoin only solution.
But how do you purchase bitcoins to play at a bitcoin casino?

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The first thing you need to do is get yourself a bitcoin wallet. The term ‘wallet’ keeps it simple in that fact that you would treat it the same way as you would treat real money – you put it in your wallet and then spend it as and when you require it. You could also think of it like a bitcoin account – a safe place to keep all your electronic currency until you need to use it. But you need a bitcoin wallet to make bitcoin transactions, whether you like it or not, unfortunately!

There are many bitcoin wallets out there (and probably more will have popped up by the time you finish this article), with three main categories: web wallets, software wallets and mobile wallets. A web wallet is a more centralized service that actually holds on to your bitcoins. It is the easiest way to secure your bitcoins, but you should take the time to look into them, as some offer better services than others. A Web wallet is the closest you will get to a bitcoin bank. Coinbase lead the way in terms of security and fraud protection, which are two of the most important factors you should consider when looking for a bitcoin wallet. A software wallet takes the idea of a web wallet, but gives you complete control. You are in charge of securing your bitcoins using a software wallet, so if something happens to your bitcoins, you are responsible. This is exactly the same as keeping all your physical cash in an actual wallet – it is all down to you to keep your money away from trouble. Finally, a mobile wallet is almost self-explanatory. This wallet is on your mobile device (your tablet or phone), and it allows you to make purchases on the go. You might want to use your bitcoins to pay for coffee, so if you have currency in your mobile bitcoin wallet, you can pay using that method, usually by scanning a QR code or by using a ‘tap to pay’ device.

Once you have picked your wallet, you need to start filling it up with bitcoins. To purchase bitcoins, you need to do it through an exchange. Think of it like purchasing foreign currency – you do your research, find the best rate and then exchange one currency for another. In this case, the currency is electronic instead of physical. As with any currency purchase the values fluctuate on a regular basis, so it is worthwhile doing your research into the rates before you dive in and make a purchase. There are many, many bitcoin exchanges out there, but not all of them are suitable for various parts of the world. If you are in the United States and are looking for an exchange to purchase bitcoins at, Coinbase is the perfect place for you to go. In fact, it is a one-stop shop for all your bitcoin needs and leads the way in terms of ease of use and also security. However, if you are a European bitcoin user, Bitstamp is a great exchange that caters to the needs of Europeans and is definitely worth checking out.

Once you have decided upon which exchange to use, all that is left is to purchase a quantity of bitcoins. The amount each transaction costs will depend on the current rate, so again do your research on the best time to buy, shop around and treat it as you would any other transaction: find the deal that is best for you.
After the purchase has been completed and you have some currency in your bitcoin wallet, you can then use it to play at a bitcoin casino. mBit Casino and 365 Bet Bit are two great places to if you are looking to play at a bitcoin casino, and also help to guide you through the jungle that is bitcoin purchasing.

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