Cryptocurrencies like Bitcoin have been widely accepted as a means of payment for online transactions. They are safer, faster, more reliable, and decentralized, meaning an individual can claim anonymity when making these transactions, and they can protect their public identity and personal information.
Gamblers worldwide love this feature since, with crypto, they don’t have to worry about delayed transactions and other frustrations that come with using credit and debit cards.
Many online poker sites recommended by Top10PokerSites allow players to pay and withdraw using cryptocurrency. Gamblers also often get larger bonuses from these sites when using the cryptocurrency payment method. You can check out these recommended poker sites for more insights into their games, bonus offerings, and more.
If you love poker and other casino games and want to use crypto for all transactions, this how to play online poker with cryptocurrency guide is for you.
How to Get Started With Crypto Poker Online
Below is a step-by-step guide on how to deposit and withdraw using cryptocurrency when playing poker online.
1. Choose a Crypto Exchange
If you’re new to this, the whole process of picking an exchange can seem super confusing. It would be best to research online to determine which crypto exchange platform is legally allowed in your country. After you pick an exchange platform, you’d have to undergo the verification process. For instance, in the USA, Coinbase is a common exchange system that can be used as a wallet, making the process even simpler.
Here are some requirements for most platforms.
- A copy of your passport or driver’s license for personal identification
- Some verification questions
- Void checks
- A confirmation of your phone number.
This verification process may take minutes or sometimes as long as two weeks.
2. Purchase the Cryptocurrency
After successfully creating and verifying your exchange account, you can start the process of buying. Depending on your country, you’ll transfer the fiat currency, e.g., EUR or USD, to your exchange account to be converted to crypto. There are many methods you can use to fund your exchange account. They include:
- Wire transfer
- Debit cards
- Credit cards
- Bank deposit.
Bank deposits usually take longer than transferring with your credit or debit card, although the latter method comes with charges.
After this step, you can purchase any form of cryptocurrency you want. The crypto market is volatile, so if you intend to use it in a casino, you’d have to act fast. Note that it is not uncommon for your bank to flag this exchange as fraud. If this happens, don’t panic; contact your bank and verify the transaction.
3. Get a Cryptocurrency Wallet
The exchange wallet can’t hold large amounts of crypto, and you cannot deposit directly into a casino from an exchange. To do this, you’d have to get a crypto wallet. Many kinds of wallets include mobile, online, paper, hardware, and desktop wallets.
- Online wallet: This is the most popular method of keeping bitcoin, but it can be hacked because it requires an internet connection.
- Mobile wallets: these are typically safer and easier for transactions in person.
- Desktop wallet: This is a safe method, but it could be frustrating if your system breaks down, is misplaced, or is stolen.
- Hardware wallet: This is a USB device you can connect to your computer to gain access to your Bitcoin account. It’s a very safe and secure method, but also expensive. You can also lose everything when you lose the USB stick.
- Paper wallet: As the name implies, it’s a printed document containing your private and public keys. It’s also a super-secure method, but whenever you want access to your account, you’d have to type in your key, which is 34 digits long. Plus, if you lose the paper, you’ve lost all your information. It’s not only stressful but awkward, considering the other methods.
Many people use the online wallet since it’s free, but to be safe, ensure you don’t connect to public Wi-Fi to reduce the risk of hacking.
4. Transfer to the Wallet
After you’ve purchased cryptocurrency using the exchange, you can then transfer it into your crypto wallet. It’s an easy process; you can find instructions on your exchange account to help you through this step.
- Choose the amount you intend to send.
- Use two-factor authentication to confirm the transfer.
- Copy your crypto wallet address and paste it into the exchange transfer form. Some exchanges, as an alternative, use a QR code. All you need to do is scan this code.
5. Create an Online Poker Account
Find a legal poker site you’re interested in and sign up with it. You’ll need to provide your name, mobile number, email address, and house address. The poker site might also require other personal information to ensure you’re not underage. Using cryptocurrency is a smart way to ensure privacy while you play online.
The whole process can be divided into the following steps:
- Register on the desired poker site.
- Create a password, and you’ll be sent a confirmation email.
- Download the software for the poker site. Depending on the site, you may have to download it before or after signing up.
You should research the website thoroughly because there are also scammers online who are looking to take advantage of people.
6. Send Cryptocurrency to Your Online Poker Account
It is simple to deposit in an online casino using any cryptocurrency. It takes seconds or even minutes to complete the whole process. It may differ for different sites, but the general process is as follows:
- Click on the deposit icon.
- Select cryptocurrency
- Enter the amount you’d like to deposit.
- Scan the generated QR code or copy the website’s crypto address.
- Check your inbox.
- Hit the send button.
- Paste the sites’ addresses.
- Select the amount you want to deposit.
That’s all. You’ll be ready to play in a few minutes. It is worth noting that you stick to a budget and play responsibly to avoid the problem of addiction.
Conclusion
Be sure to follow our how to play online poker with cryptocurrency guide. If you already had a cryptocurrency wallet before reading this article, you can directly move to step 5 instead of creating another wallet.
Follow every step carefully and be vigilant to avoid losing your hard-earned money to scammers. Don’t connect to public Wi-Fi if you’re using an online wallet; thoroughly research the poker website before registering.