How to Acquire Bitcoin for Online Casinos
You may have read our past articles about how to deposit using Bitcoin or reasons you should be playing at Bitcoin casinos. However, we’re also often asked about how to acquire Bitcoin.
While acquiring Bitcoin may seem difficult, it is actually quite easy. Today, we will go over the best ways to acquire cryptocurrency to use at Australian online casinos. This article assumes you already have a Bitcoin wallet or know the basics of using one. We’re just giving you some of the best ways to acquire it.
Bitcoin Exchanges
The most common way that people acquire BTC or other cryptocurrencies is through Bitcoin exchanges. Sites like Coinbase, eToro, and others will allow you to use fiat currencies to buy Bitcoin. You can then use your crypto directly from the exchange or send it to your wallet.
Please note that you should never keep your crypto on a crypto exchange. There are various reasons for this, but the most relevant to this article is that online casino deposits from exchanges generally fail. What’s worse, if the transaction fails, your crypto will be lost. This doesn’t happen if you send money directly from a crypto wallet.
Faucets
Many people use Bitcoin faucets as a way to acquire crypto. Faucets are programs on websites that give away a small amount of BTC. This is done as a way to drive traffic to their site, get people to register or sign up for their programs, or more.
The downside to faucets is that you get a very minute amount of BTC. It often takes a while to build up enough to deposit at an online casino. Also, many faucets run out of money or are shut down due to abuse. Finding consistent faucets can be challenging. Coinpot offers a series of BTC faucets along with faucets for various altcoins. They are probably your best option for a consistent faucet.
Bitcoin ATMs
Depending on your location, you may have access to physical Bitcoin ATM machines. These ATMs will allow you to buy Bitcoin directly using cash. You will deposit cash and the machine will spit out a BTC cold wallet voucher that you can then transfer into your Bitcoin wallet.
The main advantage of acquiring Bitcoin this way is you get a physical voucher that you can hold onto until you’re ready to use it. The main downside to this is you will generally pay more for your crypto than using an online exchange. Premiums may be as much as 20% over the standard asking price. Sites like Coin ATM Radar are a great place to research ATM locations and rates.
Peer-to-Peer Purchase
In the early days of Bitcoin, one of the only ways to acquire the currency was to buy it from another user. This is still a common way of acquiring Bitcoin. You send a person some money, and they send Bitcoin to your wallet.
This is the riskiest way to acquire Bitcoin unless you already know the person. Will the seller be trustworthy? How long will it take to receive your crypto? Some crypto exchanges allow peer-to-peer transactions but many transactions are done through message groups or other mediums. Honestly, this should be more of a last resort method of acquiring crypto.
Cash Out From Another Casino
An alternative way of acquiring cryptocurrency is through online casinos. If you deposit using a credit card or your bank account, some online casinos will allow you to cash out using Bitcoin. For example, if you play at Ignition Casino and decide that you want to play at Johnny Kash Casino, you can request to cash out using crypto.
The casino will then send your BTC to your wallet and you can then use it how you see fit. We recommend contacting your casino ahead of time to see if they have any restrictions on deposits. Some casinos require you cash out using the same method as your deposit.