How to Buy, Use, and Spend Bitcoin
As online casinos and online casino games continue to rise in popularity, Bitcoin has become a hot topic in the finance industry. However, for those unfamiliar with this cryptocurrency, purchasing, utilizing, and spending it can seem like daunting tasks.
Fear not, we’re here to guide you through the basics of Bitcoin and equip you with the necessary knowledge and tools to start investing, using, and spending this innovative digital currency. Whether you’re a seasoned user of Bitcoin or a curious newcomer to digital finance, let’s explore the world of Bitcoin together and discover how it can enhance your online casino experience.
How to Buy Bitcoin
Purchasing Bitcoin has become increasingly convenient with the rise of various options, from financial apps to traditional brokers and even Bitcoin ATMs. Some of the most popular methods for buying Bitcoin include:
Financial Apps
PayPal and Venmo are popular financial apps that now allow you to trade cryptocurrency. With PayPal, you can easily buy or sell bitcoin using the same app you use for online payments. Trades under $5 will cost $0.49, while trades between $200 and $1,000 incur a 1.8% fee, and trades over $1,000 come with a 1.5% fee.
Crypto Exchanges
Crypto exchanges, like Coinbase, Binance, Crypto.com, and Kraken, are other popular options for buying bitcoin. These exchanges offer low all-in costs for trading cryptocurrency, and many do not charge spread markups. Additionally, many exchanges provide wallets for securely storing your cryptocurrency.
Trading Apps
Trading apps, like Robinhood and Webull, allow you to purchase bitcoin with a spread markup. Robinhood does not charge commissions, but the exact cost of their spread markup is undisclosed. In addition to Bitcoin, Robinhood offers access to other digital currencies, stocks, ETFs, and options. Webull allows you to trade over 25 cryptos, including Bitcoin, but charges a 1% spread markup per transaction.
Traditional Brokers
Interactive Brokers and TradeStation are some traditional brokers that have ventured into the cryptocurrency market. Interactive Brokers offers futures contracts on bitcoin and direct bitcoin trading for a competitive commission rate of 0.12-0.18% of your trade value, depending on your monthly volume. You can also trade Ethereum, Bitcoin Cash, and Litecoin on Interactive Brokers. TradeStation does not offer direct bitcoin trading but allows you to invest in bitcoin futures contracts.
Bitcoin ATMs
If you prefer a physical location to purchase bitcoin from, bitcoin ATMs are an option. However, commissions can be high, with some ATMs charging around 7% per transaction and others charging fees in the teens.
How to Spend Bitcoin
Online casino games, such as the popular aviator game, now accept bitcoin payments too, making it a great option for funding your gaming activities and can add a level of excitement. If you enjoy playing the aviator game online or another online casino game – whether it be blackjack or slots – they are great ways to use your bitcoin.
For example, you can use a cryptocurrency debit card to convert your bitcoin into dollars and spend it with any business that accepts debit cards. Alternatively, you can purchase gift cards from sites like eGifter and Gyft and use them at hundreds of retailers. Another option is to donate your bitcoin to a charity, which can have both social and tax benefits. However, it’s important to remember that cryptocurrency payments are not subject to the same legal protections as traditional payments, and they can be difficult to dispute in the event of an issue.
How to Use Bitcoin
Using bitcoin is akin to sending an email in some ways, except that instead of sending a message to an email address, you’re sending money to a bitcoin address.
Once you’ve provided the necessary information, the website will display bitcoin payment information, which may include a link to “Sign in to Coinbase,” a QR code, or a bitcoin address. The payment process may differ depending on your bitcoin wallet type.
If the merchant accepts payments through Coinbase and you have a funded Coinbase account, you can simply sign in and confirm the purchase to complete the checkout process. If the merchant provides a QR code, you can scan it with your smartphone to pre-fill the recipient’s bitcoin address and payment amount, then complete the transaction from your bitcoin wallet app or Coinbase app balance.
If a merchant only provides a bitcoin address, you can manually enter the recipient’s bitcoin address and the amount of bitcoin to send in your bitcoin wallet software. After submitting the transaction, the checkout page may update to indicate that the funds have been received, marking the purchase as complete.
Bitcoin has become a popular digital currency, with various methods for buying, using, and spending it. Financial apps, crypto exchanges, trading apps, traditional brokers, and bitcoin ATMs are some of the popular options for buying bitcoin. Using bitcoin for payments requires minimal personal information, and payments can be made using a bitcoin address, QR code, or link to Coinbase. While bitcoin cannot be used everywhere like traditional currency, there are still ways to spend your bitcoin holdings, such as using cryptocurrency debit cards, purchasing gift cards, or donating to charity.
