The Basics of Buying Cryptocurrency for Online Gaming 

impermanent loss
impermanent loss

Casino users live in an age where they can gamble with cryptocurrency. Online gambling is one of the few places that have been quick to embrace the use of digital currencies for payments. A fair number of gambling websites accept different virtual coins, such as Bitcoin, Bitcoin Cash and Dogecoin, thus, enabling players to capitalise on the advantages of cryptocurrencies. With their fast transactions, low costs and privacy, it’s not surprising digital currencies continue to attract a growing portion of gamblers. The biggest problem for new users is that cryptocurrency has been painted an overly technical market that some people find intimidating. 

Knowing how to buy digital coins can seem like a big deal to players who want to gamble with crypto. However, once you grasp a few elementals, such as the best places to purchase crypto, the rest falls into place. As crypto performance persists on an upward trend, various coins are becoming readily available, hence, making it easier than ever for players to acquire Bitcoin and other altcoins. This guide walks you through some of the most critical aspects of owning cryptocurrency. 

How to Own Digital Currency 

So, you are a complete newbie to blockchain transactions and wondering how to get your hands on a particular coin to use for online gambling. Well, you have a few options. The process of obtaining crypto is the same for different coins. Therefore, you only have to know how to buy one. This guide highlights some of the simplest methods for beginners.  

Before getting into that, though, online gamblers should know that crypto wallets are necessary. When you purchase digital currency, you need a place to store it, and a wallet is it. A wallet allows you to send and receive funds. The market provides a variety of storage options, including desktop, mobile and online wallets. Picking a wallet is a whole other subject, but you have to find the most secure, reliable and convenient storage for your online gaming bankroll. 

You can get Bitcoin and other currencies from private sellers. Currency holders looking to offload their coins can agree to sell to individuals. After agreeing on a price, the seller transfers the purchased funds into your crypto wallet. However, prior to dealing with private sellers, ensure that you familiarise yourself with the basics of crypto, like answering the question ‘what is BCH,’ before spending money on the currency. 

Crypto ATMs dispense money almost similarly to traditional ATMs. Rather than getting cold cash for the machine, you need a mobile wallet with a QR code that you can scan to receive digital coins. The downside is that crypto ATMs are available in selected regions, including the US, the UK, and Canada. Another drawback is that you have to travel to the ATM location, which can inconvenience online gamblers. Crypto ATMs impose up to 7% in charges, hence, they can be costly. 

Brokers are another alternative to consider when you want to acquire digital coins. Casual gamblers who need quick access to funds will find crypto brokers more than adequate. Working with online brokers is uncomplicated because you only have to pay with your credit card, debit or other available means. The biggest disadvantage is that brokers limit transactions, meaning that you might not get all the funds you want for your casino gaming. 

Cryptocurrency exchanges are the most popular and easiest means of acquiring Bitcoin and altcoins. An exchange is an online platform where customers can buy or sell digital currencies. You can also convert one currency to another, for example, Bitcoin Cash to Litecoin, or crypto to fiat. These services have easy-to-use interfaces that make it easy for novice currency holders to trade in digital coins. 

Picking a Crypto Exchange 

As cryptocurrency becomes more desirable over time, the number of exchanges is growing to cater to the surging demand. Consequently, gamblers have hundreds of services at their disposal. So, settling on one coin exchange can be daunting. Below are some features to prioritise when comparing Bitcoin exchanges. 

Supported Coins 

A suitable coin exchange should provide the currency you need for your online gambling. Some companies deal with a single virtual currency, while others handle hundreds. Hence, your requirements will determine the best one. A player who only uses Bitcoin for casino gaming won’t mind an exchange that only offers BTC. However, if you use different coins, and for more than just gambling, then you might want more options. 

Accepted Payment Methods 

How does a coin exchange let you pay for crypto purchases? A majority of providers support credit and debits cards. However, some only accept cryptocurrency, while others allow payments through digital wallets like PayPal. An exchange that supports fiat currencies is ideal for a beginner acquiring coins for the first time. 

Platform Usability 

When using a coin exchange for the first time, you want the experience to be smooth sailing. So, find services with simple websites that favour beginners. Make certain that an exchange has a functional customer service you can turn to if the need arises. Exchanges with educational resources are a plus because you can learn what’s necessary before using the services. 

Credibility and Security 

Cases of cryptocurrency exchanges falling victim to cyberattacks send chills down the spines of currency holders worldwide due to the magnitude of losses incurred. Regardless of how much you intend to spend on online gaming, you want an exchange that guarantees safety. Thus, start by looking at a company’s reputation. Does the platform have a history of data breaches? What do other users say about it? Reviews are good sources of information on a particular provider. Ask about the security measures instituted to protect customer funds before trusting an exchange with yours. 

Gambling with crypto is becoming increasingly easy because accessibility to digital coins has improved considerably. Whatever currency you decide to play with, you can find a convenient method of obtaining it. Take the time to learn everything about buying cryptocurrency to ensure you get the most out of your investment.  


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