In April of 2020, top consultancy firm Grand View Research published a report in which it stated that the global online gambling market would reach a size of $127 billion by 2027. According to them, the main reasons as to why this industry will gain traction over the next six years include widespread internet and smartphone adoption and the rise of blockchain technology.
If you have had as much as a fleeting interest in playing games of chance over the internet, then you know that Bitcoin casinos (dofollow link) are now all the rage. Technically, the first crypto platforms appeared around the end of 2013, but it took a while before this section of the sector got its footing.
Today, the digital sphere is full of dice sites that only accept digital coins and regular online casinos that allow many of the most popular cryptocurrencies. Below we provide a few tips that will get you started in the exciting world of coin-based gambling.
You Need a Bitcoin Wallet
Before you can transact using digital money, you will need to store them somewhere. That is where Bitcoin wallets come into the picture. Before you set sail on your gaming journey, you are going to need one. They are software programs that store your coins and contain a private key that corresponds to your wallet address.
There are four main types. These are web, mobile, desktop, and hardware wallets. The latter are physical pieces of equipment plugged into a computer and are immune to virus attacks. However, they are more impractical than the others listed. You can get your wallet by signing up with a company that offers such a service. Exodus is the best one for beginners, while Electrum is the preferred choice for advanced users.
You Need to Exchange Fiat to Digital Currency
Once you have a wallet, you will have to fund it. However, since you are starting, you likely do not have any coins. Thus, this is where a crypto exchange comes into the picture. They let you turn fiat currencies such as the euro and US dollar into digital money. Each one has a different exchange rate, and platforms that facilitate these conversions charge distinct fees.
The most famous crypto exchange is Coinbase, founded in 2012. It allows all debit/credit cards and accepts SEPA payments inside the EU. Other quality options include Kraken and Bitstamp.
Bitcoin Casinos Often Accept Many Cryptos
Many within the industry use the phrase Bitcoin casino as an all-encompassing term for any website that accepts bets made with digital money. Nowadays, it is rare to find a Bitcoin-only platform, as operators do not want to alienate players. Ethereum, Ripple, Litecoin, NEO, and others all have their fans for specific reasons, as each coin has something that makes it stand out. Thus, gambling sites frequently allow the use of more than one. It is up to you to research their perks and discover if you should stick to Bitcoin or branch out.