One of the most appealing features of Bitcoin is that there can be complete anonymity with each transaction. This feature unfortunately has made systems exceptionally intricate, but also very secure. This can turn a lot of people off though, as the process looks daunting. ProfessionalRakeback.com is here to help though by providing a detailed guide on how to set up an account to process all of your bitcoin transactions, for both depositing and withdrawing! This guide will make it easy for you to use bitcoin for online poker, or anything else you care to use it for. There are thousands of merchants who accept it these days!
You may have heard of Bitcoins before, you may have even read about them, they probably sounded convoluted to you if you did. On the surface, it sounds complex, but in reality, it is not all that difficult at all. Bitcoin is a revolutionary new way of moving funds all over the Internet, safely, cheaply, quickly, and cost-effectively. Bitcoin is a hybrid type of money and commodity that trades 24/7 on bitcoin exchanges world wide. As one might expect, this is a virtual gift from the gods when it comes to the world of online gambling, especially for players from the USA. In practice, Bitcoin is a form of "digital money" that you can exchange any time of day or night, 7 days a week, for the real world currency of your choice whether it be USD, Euro, or Zimbabwe Rands.
This article is intended for those of you who have heard about Bitcoin before, but are were too intimidated to get set up using them. With this handy guide, that details each step along the way for you, including a picture to guide you, you will begin buying and selling bitcoins within minutes. Once you have bitcoins in hand, you can use them to gamble at the bitcoin-friendly gambling options offered by our partner sites.
We suggest using two different sites for these exchanges (and base the guide on such.) These two sites are Coinbase.com and Blockchain.info. Both sites function differently and serve a different purpose when looking to help fund your online poker rakeback, sports or casino account. Coinbase is the easiest and most secure way to buy bitcoin using different funding methods and has a long and successful track record of keeping very sensitive information safe and secure. Blockchain.info is used as an intermediary to add another level of security and anonymity. Using both of these sites in conjunction (as our guide instructs) ensures maximum security, anonymity and ease of use in all cases.
Now, how do we get these Bitcoins to the gambling and poker sites? We have created an easy to follow walk-through using Coinbase.com, along with Blockchain.info, to help get started with one of the quickest deposit and withdrawal options available in online poker.
One of the first things you will want to do is sign-up at Coinbase.com, a Professional Rakeback recommended site, in order to create your account. If you use this Coinbase sign up link, when you purchase your first 100 USD/EUR/GBP/CAD/SGD worth of bitcoin, you will receive 10 USD/EUR/GBP/CAD/SGD as a free bonus!
After signing up, Coinbase will send you an email asking you to verify your account, which is as simple as clicking the link:
After verifying your email address, you will be given the opportunity to provide your phone number, which allows you to add two-factor authentication to your account, We highly suggest you do this, as anyone who has ever been hacked can tell you that it is a potentially disastrous occurrence. The extra verification allows you to safe guard your money:
For your next step, you will want to be sure that you have your bank account information. Please note that if you wish to make instant purchases of bitcoin right this second, you will want to link the debit card associated with your bank account as well. Coinbase will ask for your account and routing number to the bank account you wish to use to buy and sell Bitcoin:
Once you have done this, you are ready to purchase your Bitcoin!
Next you will be taken to the main screen for your account, where you can buy Bitcoin. From this screen, you can either type in the amount of USD you wish to send from your bank account, which will show the amount of Bitcoin you will receive, or you can enter in the amount of Bitcoin that you wish to purchase, and Coinbase will show you how much that will cost. Click buy, and confirm on the following screen, and you will have your purchase. *Note that there is a 15 cent fee per purchase.
The next step takes us to Blockchain.info. Professional Rakeback strongly recommends that players send their Bitcoin to Blockchain after purchasing, or send them to Blockchain when cashing out from an online gambling site. At Blockchain.info, you click “Wallet” in the upper right-hand corner:
From there, you’ll click on the green “Create My Free Wallet” button to sign up:
This next step is important. Once you have signed up with the site, you will be given mnemonic phrase. **KEEP THIS PHRASE SOMEWHERE EXTREMELY SAFE** If you lose or forget your password, this mnemonic phrase will be used to help recover your account. If you lose this phrase as well as your account password, any Bitcoin that you have will be no longer be accessible:
After hitting the blue continue button, you will enter your password:
And you will be taken to the main screen for your account. From here, you are given your Blockchain Bitcoin wallet address:
Highlight and copy the entire address, and now head back to your Coinbase account. Click the “Send” button at the top right of the Coinbase main screen. In the “To” box, paste the Bitcoin address from the Blockchain wallet as well as typing in the amount of Bitcoin that you wish to send to the Blockchain wallet, and then hit the blue “Next” button:
After the “Next” button you will be asked to confirm the amount of Bitcoin being sent and the address that you are sending it to. If everything is correct, hit the blue “Send” button:
After hitting send, you will return to the main screen where your transactions page will show that you have sent the Bitcoin and that it is still waiting to be confirmed by the Blockchain. The transaction will read complete once it has been confirmed enough times:
If you would like to see the progress of confirmations, you can go back to Blockchain.info, and from the main page, paste you Bitcoin wallet address in the search bar:
And you will get a screen telling you how many confirmations your transaction has received. Confirmations will begin generally in about 15-30 minutes:
Once your transaction has been confirmed, your Bitcoin can now be sent to an online gambling portal such as your favorite sports book, online casino, or online poker site. From your Blockchain account, click the “Send Money” button, and paste in the address provided to you by the site you are depositing to. Some sites, such as Black Chip Poker, Intertops, SportsBettingAG and SwC Poker will provide this address in your cashier, while others, such as Island Casino, will provide the address via e-mail. Enter the amount of Bitcoin that you are sending and click the green “Send Payment” button:
At this point, you have now successfully deposited onto your favorite Internet gambling site! Now, how do you withdraw your money? While requesting a withdrawal from your site, you will be asked to provide the Bitcoin address that you wish to have your money sent. In your Blockchain account, click “Receive Money”, and you will see the wallet that you previously used. Professional Rakeback recommends that in order to maintain the maximum amount of security, as well as anonymity, that you create a new bitcoin address each time you make a transaction. And do not fret, there is no limit to the number of bitcoin addresses that your blockchain wallet can store. To create a new wallet, just click the green “New Address” button:
Copy the new address and give it to the online gambling site that you are withdrawing from. Once your Blockchain account has received the cash out, you can go to your Coinbase account and click the “Receive” button at the top right of the main screen:
A screen will pop-up that provides your Coinbase Bitcoin address. Click the “Copy Address” button:
Send your Bitcoin from Blockchain (same way you sent from Blockchain above) to the Coinbase address. Once you have received the Bitcoin, you can click the Buy/Sell Bitcoin button on the left side of your Coinbase screen, and then click the Sell Bitcoin button at the top of the screen:
Type in the amount of Bitcoin you wish to sell and click the blue “Sell Bitcoin” button at the bottom of the screen **Note that there is a 15 cent fee each time you sell Bitcoin. After clicking the blue button, you will get a confirmation screen:
Confirm the amount, and the funds will be in your bank account in 2-3 business days.
Bitcoin is quickly becoming one of the most popular ways for people to transfer money from one place to another without having to hassle with credit cards or other third party sources that causes annoying questions to be answered and hoops to be jumped through. You will save considerable money not having to pay huge deposit fess, or withdrawal fees, or foreign transaction charges on your credit card deposits. Not to mention no more explaining those strange charges on your credit card to your spouse any longer. With this guide, we are hoping that you can unlock the ease of these completely anonymous transfers for yourself and take full advantage of the great offers from all of our partner casino, sports book, and poker sites.
Here are some of our favorite bitcoin-friendly online gambling sites below. This mix includes every conceivable form of online poker, sports betting, slots, horse racing, and casino games. All of the sites listed below happily accept players from the USA!
Not interested in sports betting or casino gambling? Just looking to play some online poker? Try one of these online poker sites that accept bitcoins as well as American and International ROW players: Winning Poker Network, Grand Poker Network, or SWC Poker. If you have any further questions don’t hesitate to contact us and we will be glad to help you at any time!
Additional Bitcoin Related Content:
ProfessionalRakeback.com’s Bitcoin Wallet and Exchanges Information for Online Poker Players page for information about alternative bitcoin wallets and other sites where you can buy and sell Bitcoin. Also, which Professional Rakeback recommend poker rooms who accept Bitcoin.