To use bitcoins for your online casino payments and withdrawals you need to first be able to buy them. Since these are not government regulated or controlled by financial institutions like banks, where do you buy them from? On this page we will discuss briefly about how to buy bitcoins.
Step-by-Step Analysis of Buying Bitcoins
Buying bitcoins is done online. You will need access to a computer with Internet connectivity. The steps are quite simple.
- The first step is to visit a Bitcoin Exchange. A bitcoin exchange is a website where you can buy and sell bitcoins. Since it is a peer-to-peer environment you can buy or sell bitcoins from other users on the site. Once you are at the Bitcoin Exchange you will need to register yourself with it. Register is simple, easy, and also free.
- Click on the Sign Up button.
- Some bitcoin exchanges have the sign-up box open on the home screen itself.
- Enter the relevant details on the form provided.
- Select a password.
- Click the Terms and Conditions checkbox to agree to the terms of the exchange.
- Click the Register button.
- Check your e-mail to provide the confirmation required.
Your Bitcoin Exchange account is now open.
- The second step is to log in to the bitcoin exchange. If you already have an account with the bitcoin exchange, all you have to do is log in with the account credentials. Once you have logged in you can now buy bitcoins. Most bitcoin exchanges allow you to buy bitcoins using:
- Credit card
- Debit card
You should know that purchases made with a credit card may be subject to a fee to cover risk and processing fees associated with the card. On the main page enter all the necessary details.
- Enter the amount of bitcoins you want to buy in your local currency.
- Enter your location; this is usually the country you are currently in.
- Choose a payment method from the ones listed.
- Click Search.
- You can also view all the offers for buying bitcoins available at the site. This you can do by clicking the relevant button, usually ‘All Online Offers’.
A list of online offers available appears on the resulting screen.
- The third step is to choose the right trader. The list that appears on-screen indicates whether a trader is online; this is indicated by the standard colors:
- Green for online and active
- Yellow for online and inactive
- Grey for offline
Choose a trader from the list provided. You can get the basic details about the trader and the trade itself at this point. The information provided includes the:
- Trader’s name
- Number of trades he has engaged in; this is a direct indicator of his reputation
- Price of each bitcoin in your local currency
- Any limits applicable for buys – minimum or maximum
- Payment method supported.
You can get more details about the trade if you click on the relevant button – either a Buy or ‘View Offer’ button usually; some sites allow you to click on the trader’s credentials. The additional information provided includes the exact terms of the trade. You can go back to the original list if you do not agree to the terms of the trade at this point.
- The final step is to complete the purchase. If you are okay with the terms, the next step is to complete the purchase.
- Enter the amount you want to purchase in the box provided.
- Type in a message to the seller as well.
- Send the request to the trader by clicking the relevant button.
- Make the payment using the method you have chosen. If you do not complete the payment the transaction is cancelled.
- Click the given button to complete the payment process. It could be the Mark Payment Complete button at some exchanges.
The trader then verifies that the payment has been made and transfers the bitcoins to your casino wallet. You are now free to use them to fund your casino account.