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Crypto Currency and Casino Transaction Guide

Learn to use Crypto Currencies

This guide will be updated as things in the crypto currency market changes but currently should contain enough information for you to feel confident in obtaining, storing and doing transactions with cryptos. Feel free to ask nay questions and I can answer by adding to this guide.

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Crypto Quick Start Guide:

Create a local Hardware wallet :

Or create a local Software wallet :

Sign up at an exchange :

  • Kraken - Canadian Exchange offering instant bank transactions with US banks.
  • Coinbase - Most accepted top level exchange
  • Binance - World wide accepted top level exchange

Make a deposit, hopefully win a lot and withdraw to your local wallet, then keep or exchange for local currencies on your exchange of choice.

Crypto Currency Casino Guide

Crypto Overview: This guide is intended to help you understand just how easy getting involved with crypto currency can be, then of course using them to fund your online casino game play. The game play is easy, once you learn some very basic things to become comfortable holding and exchanging crypto currency sending a "Bit" to a casino is a breeze!

Ownership Explanation: With the many different types of storing bitcoin, the one constant you need to understand is ownership. If you buy Bitcoin on an exchange, you can send and receive from there as well, but you do not actually own it. Ownership is any defined by the holding of the keys to the wallet. I am sure you have heard about the FTX scandal where the exchange funneled hundreds of millions to political donations, a sister company that was also fraudulent and im sure many other expenses causing the loss of funds from the FTX users. In this terrible theft of funds, the FTX user learned that they did not own their balance on the FTX exchange, FTX held the keys to the storage crypto assets. Always remember the owner of the keys owns the crypto, with no exceptions, next we will explain what this key or keys are.

Wallet Keys: This may be the most important part of the crypto guide, understanding the keys is the actual "Key" to success! So what is a wallet key? A wallet key is usually a 12 or 24 word combination in exact order, you should always opt for a longer key for enhanced protection. This key consists of simple words such as hammer,door,eagle,triangle along with pretty much any other word. Once the key is established the currency is then ties to that sequence of words or key. As this key is so important you really never want to copt and paste on any pc, email or anything that can be compromised or stolen. A popular hardware wallet is Ledger, this is a small device that hold the key separate from your pc or cell phone, and must be tethered to process any sending of any coins. This physical separation makes it impossible to be stolen via virus or snooping on your computer. Legder gives you card to backup your key, by actually writing the words down and then verifying them back to the hardware, never will they be exposed other than from your own cards. Software wallets are also very secure and the easy to use, they are assigned keys in the same way, but they have been exposed on your device in some way but if your not hacked at this moment your ok, these wallets then set a password to access the funds on your device, but the key still is what holds your funds.

Where to start?: First I would install a software wallet to hold funds locally, write down your key on physical paper or card, store one locally and one remotely, know that giving this key to anyone is giving them access to your funds as well. Once you have the local wallet working you will need to exchange Fiat currency such as US dollars, Euros and others. I do not recommend spending coins from an exchange to any casino, nor to any location your not wanting tracked for whatever reason as they will know the sending (their) address and my track down the receiving address an a know whatever and close your account. YOu need to consider an exchange as what its called, a simple way to exchange one currency for another not where you want to store and spend from. So now you have a local wallet, and your crypto currency on the exchange, go ahead and withdraw your coins to your local wallet.

Send crypto currency to your wallet: Sending is simple but may seem a little scary at first. So you click on withdraw from your exchange and they will prompt you for a wallet address to send the funds to. This wallet address you need to get from you local wallet usually under addresses, or deposit options. You should be given multiple addresses to pick from or in the case of Ledger they will give you a new one for each transaction, know that all addresses will remain pointed yo your wallet after this initial creation so re-occurring payments will work to the same address. At this point you will be asked how fast you want the transaction happen, this process involves crypto miners that actually process all these additions to the blockchain. We will discuss the the blockchain more later in this guide but it is a continuos ledger of all transactions per coin type. Depending on activity fee's are small but you should be aware the small the value of your transfer the costs may be a higher percentage. Click send and then do not panic when your funds are nowhere yet! THe process may take seconds to hours depending on many variables such as transactions going on and amount of speed / fee you chose. Then, you now have funds in your very own local wallet to do whatever you like with!

Deposit to your favorite casino Casinos have made this very simple, when you go to the cashier you select the type of crypto you want to deposit such as Bitcoin, select the amount usually in your local currency value such as Dollars and click deposit. Usually you will see a QR code you can scan with your wallet if on a phone, or an address the same type you used to deposit to your local wallet. They will also give a very specific amount of coin to transfer to be pretty exact to the value you decided to deposit. Enter this data into your local wallet and send! This sounds quite lengthy but its much easier than setting uo a bank account and sending a wire by far and is very easy once you get the hang of it.

Use a VPN to access all games So now you are holding crypto, made a direct deposit to a great casino and want to play some games. Many software producers restrict different countries such as Microgaming for example and the casino does not actually host the games. The games are controlled by the software companies, and this is a good thing to prevent casinos from altering the odds of any such game. To access the most software currently an IP from Canada, but not the Ontario province is recommended.

Pros
  • Crypto ease of use: With all the exchanges and local wallets the use of crypto today is very simple and fast.
  • No need to worry about credit card issues: I have always been against using a credit card for gambling, or any method of gambling that is using funds you are borrowing as this will almost always turn out with debt. The larger credit card issue though is the scrutiny and monitoring of what you spend on, this is avoided with crypto transactions.
  • Holding different crypto currency for diversity: World trends appear to moving more and more towards the use of crypto currencies to hedge against inflation and overreach from governments. With these trends the value of most mainstream currencies is on the rise and will continue to grow as more adoption is achieved.
Cons
  • Learning curve: You will see with this guide that there are some things you need to learn to be safe and comfortable using and holding these new currencies.
  • No recourse after funds sent: A main feature of crypto transfers is that they are one way, there is no ability to reverse a transaction. This is great news if you are selling items and receiving funds as you know the funds are safe, but this is not great if you are concerned with a purchase knowing you will not have any insurance or ability to recover.
Frequently asked questions
Is holding crypto currencies safe?

Will coins like Bitcoin and Ethereum continue to grow?

What are the advantages to Crypto Currency Gambling?

What do I need to start gambling with Cryptos?

What are my storage options for crypto currencies?

ABOUT THE AUTHOR
AFC Chris

Chris Started working on Allfreechips in July of 2004, After many frustrating years of learning how to make a webpage we now have the current site! Chris started by being a player first, and loved online gaming so much he created the Allfreechips Community.

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