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Bitcoin Gambling Guide for Newbs - How to Buy, Send & Gamble w/BTC

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One of the most appealing features of Bitcoin is that there can be almost complete anonymity with each transaction. This feature has unfortunately made systems exceptionally intricate but also very secure. This can turn a lot of people off, though, because the process looks daunting. ProfessionalRakeback.com is here to help you 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 bitcoins for online poker, or anything else you care to use it for. There are thousands of merchants who accept it these days!

Some of the poker sites that will accept your Bitcoin deposits are Ignition, BetOnline, and Intertops, but these are only a few examples. The way it works is that any bitcoins you place in your account will be converted automatically to USD (fiat). Then you can play your dollar-denominated games like normal. When it’s time to request a BTC payout, the USD amount of your withdrawal will be calculated in terms of bitcoins, and that amount of coins will be sent to the Bitcoin address you specify.

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A Step-By-Step Guide to Using Bitcoin For Internet Poker, Sports, Casino (Anything Really)

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 worldwide.

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 South African Rands.

This article is intended for those of you who have heard about Bitcoin before but were too intimidated to get set up using it. With this handy guide, which details each step along the way for you, including pictures 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 Bitcoin transfers (and base the guide on such). These two sites are Coinbase.com and Blockchain.com. 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 bitcoins using different funding methods and has a long and successful track record of keeping very sensitive information safe and secure. Blockchain.com 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.

Recommended Bitcoin Sites

Now, how do we get these bitcoins to the gambling and poker sites? We have created an easy-to-follow walkthrough using Coinbase.com, along with Blockchain.com, to help you 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!

Sign up to Coinbase through ProfRB's link

After signing up, Coinbase will send you an email asking you to verify your account, which is as simple as clicking the link:

Coinbase Account Verification Email

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:

Account Setup at Coinbase

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:

Adding a Bank Account to Coinbase

Once you have done this, you are ready to purchase your Bitcoin!

Next, you will be taken to the main screen for your account. To buy Bitcoin, click on “Buy/Sell” in the top menu and choose “Buy" and “Bitcoin” in the interface. 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 in dollars. Click buy, and confirm on the following screen, and you will have your purchase. *Note that there is 1.49% fee, with a 15 cent minimum, per purchase.

How to Buy Bitcoin at Coinbase

Coinbase will quote you a timeframe by which the bitcoins will be available in your account. These estimates tend to be a bit conservative, and it's likely that your Bitcoin will be ready for you to use well before this deadline. You can proceed with the next steps in our guide (creating a Blockchain.com wallet) while you're waiting in order to save time.

The next step takes us to Blockchain.com. Professional Rakeback strongly recommends that players send their Bitcoin to Blockchain after purchasing and send it to Blockchain when cashing out from an online gambling site. At Blockchain.com, you click “Sign up” in the upper right-hand corner or “Create Your Wallet” on the left side of the page:

Home Page of Blockchain.comBlockchain.com Is the Renowned BTC Wallet and Informational Site Formerly Known as Blockchain.info

You only need to supply a valid email address and create a password to get a wallet at Blockchain.com. No dox demanded or required! Fill out the fields and then press the “Continue” button.

Blockchain.com Wallet Creation

After your wallet is set up, you'll get an email from Blockchain.com asking you to verify your email address. This is a straightforward step to complete because you need only click on a link in the message.

Welcome Message From Blockchain

The next step is optional, but it's very important, and we recommend that you complete it as soon as possible. Once you have signed up with the site, you can request a backup recovery phrase. This is the ONLY WAY for you to restore your wallet in case you misplace your password. Additionally, this 12-word string works in any compatible application to import your wallet, so it's a good form of insurance in case Blockchain.com becomes unavailable in the future for some reason.

First, go to the Security Center within your Blockchain wallet:

How to Get to the Security Center in Blockchain.com

Then, click on “Backup Phrase”:

Request Your Backup PhraseAlways Keep Your Backup Phrase in a Secure Place

You will be given a mnemonic phrase of 12 words as three sets of 4 words at a time. This phrase unlocks your private keys. It keeps your account safe and means that only you can access your bitcoins.


** 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.

You also have the option to print out a Recovery Sheet if you so desire. However, the normal backup phrase process involves you writing down the words manually. It doesn't really matter which one you select.

Starting the Backup Recovery Phrase Process

The words will be shown four at a time. Take care to write them down accurately because any errors you make could compromise your ability to get to your bitcoins in the future. After you write down each series of words, click “Next 4 words” to continue to the next words:

The Backup Recovery Phrase Is Displayed Four Words at a Time

Fortunately, you have a chance to make sure that you copied everything down correctly in the final step of the Backup Recovery window. It will request that you type in four of the words. Only if you successfully input the right strings will the system allow you to complete the Backup Recovery Phrase process:

Verifying That the Backup Recovery Phrase Was Properly Saved

Now that this security measure is out of the way, you're ready to begin using Blockchain.com and Coinbase to move your BTC around for online poker and other gambling games.

You'll want to generate a Bitcoin address within Blockchain and send the bitcoins you purchased at Coinbase to it. Go to “Request” near the top of the page.

Where to Request a New BTC Address in Blockchain.com

A pop-up will appear with several fields for you to fill out. Ignore these details; they're not necessary at this point. Instead, what you'll want to focus on is the Bitcoin address that Blockchain generated. Whenever you receive bitcoins, you should request a new address. It's possible to reuse old addresses, but using a new address each time helps to preserve your security and anonymity.

Creating New Bitcoin Receive Addresses at Blockchain.comIt's Not Necessary to Input Any Information Into These Fields - Just Copy the Address

 Highlight and copy the entire address, or press the “Copy” button, and now head back to your Coinbase account. Click the “Send” button at the top of the Coinbase main screen. In the “Recipient” 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.

Coinbase will calculate a miners fee that will be added onto your transaction. This is an incentive paid to BTC miners who maintain the distributed ledger and keep the entire Bitcoin network running smoothly. In most cases, this fee will be less than $1. Thus, you won't be able to send the entire sum of bitcoins you purchased earlier; a small portion will need to be dedicated to this fee.

Hit the blue “Continue” button to proceed:

Sending Bitcoins From a Coinbase Account

Coinbase will show you a summary of your send transaction. If everything is correct, hit the blue “Confirm” button:

Confirm BTC Send at Coinbase

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:

Transactions History at Coinbase

If you would like to see the progress of confirmations, you can go back to Blockchain.com, and from the main page, paste you Bitcoin wallet address in the search bar:

Searching a BTC Address at Blockchain.com

And you will get a screen telling you how many confirmations your transaction has received. Confirmations will begin generally in about 10-15 minutes:

Viewing the Status of a Transaction at Blockchain.comNot Only Can You Search Bitcoin Addresses at Blockchain.com But Also Hashes, Transaction IDs, Blocks, and More

You might have to wait for a certain number of confirmations (perhaps six) before your Bitcoin will be ready to spend at the gaming site of your choice. Once this has happened, your Bitcoin can now be sent to your preferred site for sports betting, online casino, or online poker games.

From your Blockchain account, click the “Send” button

Where to Click to Send Bitcoins From a Blockchain Wallet

Paste in the address provided to you by the site you are depositing to. Some sites, such as Black Chip Poker, Intertops, and SportsBettingAG will provide this address in your cashier and convert your incoming coins to USD, while others, such as Nitrogen Poker and SwC Poker, will keep your balance in bitcoins for you to play with. Enter the amount of Bitcoin that you are sending in the appropriate section.

Much as with Coinbase, you have to pay a fee to transmit your bitcoins from Blockchain.com. You can select either “Regular” or “Priority” fee levels. In addition, there's the possibility of customizing your own fee. For now, the Regular fees that Blockchain calculates are fine. Later on, as you become more familiar with digital currencies, you may wish to input your own fee amounts to expedite transaction processing or to conserve financial resources.

After all the data has been entered/calculated, click the blue “Continue” button:

Send Bitcoin Form at Blockchain.com

 

Blockchain will present you with an overview of the details of your proposed transaction. Assuming there are no mistakes, press the blue “Send Bitcoin” button. Or choose “Go Back” if you want to change something.

Confirm Bitcoin Send at Blockchain

At this point, you have now successfully deposited onto your favorite Internet gambling site! It may take a few minutes for your money to be credited into your real money balance though.

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 “Request”, and you will see a new address to send the funds to. 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 rather than reusing addresses that you have already sent bitcoins to before.

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 hold onto it for a while, deposit it at another site, or send it to Coinbase and move it over to your bank account.

To withdraw your winnings and transform them into U.S. dollars, go to the Accounts section of your Coinbase account and click the “Receive” button next to your Bitcoin wallet: A screen will pop-up that provides your Coinbase Bitcoin address. Click the copy button next to the text address, or scan the QR code if you're using a mobile device:

Generating a Bitcoin Address at Coinbase

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 top of your Coinbase screen, and then select the “Sell” tab and choose Bitcoin as the currency. Type in the amount of Bitcoin you wish to sell.

Coinbase will tell you how long it will take for the money to reach your bank, but this is a pessimistic estimate and you'll probably get your funds well before this date. The fees for selling Bitcoin (1.49% with a $0.15 minimum) will also be displayed for your approval. If everything looks good, click the blue “Sell Bitcoin” button at the bottom of the screen. After clicking the blue button, you will get a confirmation screen:

Transforming Bitcoins Into Dollars at Coinbase

BitPay Visa Card

If you're looking for an additional way to convert your bitcoins into spendable currency, then you might want to check out the BitPay Visa card. It allows you to exchange your BTC into U.S. dollars and load them onto a prepaid debit card that can be used wherever Visa is accepted.

Shift Debit Card

Another option for crypto debit card payments is the Shift card. This is a debit card that's connected to your Coinbase account.

Whenever you make a purchase with your Shift card, your corresponding Bitcoin wallet at Coinbase is debited the appropriate sum. The funds are automatically converted to USD, allowing you to complete your purchase, without any conversion fee charged.

There is a one-time $20 charge for card issuance, which is paid using funds from your Coinbase Bitcoin wallet. Additional fees apply if you wish to perform international cash withdrawals or other transactions.

To get started using the Shift card, you must first have a Coinbase account. Then, go to the Shift Card website and follow the instructions given. Make sure you have at least $20 worth of BTC in your Coinbase account so that you can pay the costs of issuing the card.

After you've completed these steps, your card should arrive in the mail within five to seven business days. Most customers in the United States are eligible to receive a Shift card, but there are a handful of states that are excluded.

Summary

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 cause annoying questions to be answered and hoops to be jumped through.You will save considerable money not having to pay huge deposit fees 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're 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.

Recommended Bitcoin Gambling 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!

Ignition Casino's logo
 USA and AU acceptedUSA Tiny Flag Tiny Aussie flag
 Our #1 pick for poker and casino in US/AU
 200% bitcoin casino bonus up to $2,000
 Unlimited casino reloads 25% up to $1,000
 100% poker bonus up to $1,350
 Fast-fold Zone Poker
 Anonymous games = recreational-friendly
 Mobile- and Mac-compatible clients

sign up button

Read Review
Tiger Gaming Logo
Rest of world accepted Accepts players world wide
 Our #1 pick for casino world-wide
 3x 100% casino bonuses up to $3,000
 20% rebate on casino losses
 100% match up to $1,000 poker bonus
 $25 risk free sports book freeplay bet
 Special high roller bonuses and free spins
 7% Horse betting racebook rebate
 Guaranteed 24 hour payouts

sign up button

Read Review
Sports Betting.ag Poker Logo, Blue
 USA and ROW acceptedUSA Tiny Flag Accepts players world wide
 #1 Recommended sportsbook world-wide
50% up to $1,000 sports bonus
 25% up to $1,000 sports reloads for life
 $50 free bet via mobile sports app
 $25 free live in-game bet
 $1,000 max poker deposit bonus
 Windfall Sit & Go combines poker & lottery
 Best mobile sports and poker apps for US

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Read Review
Bodog Poker Logo
 Canada and LATAM acceptedCanada Tiny Flag Latin America icon
 #1 pick for sports & poker in Canada
 #1 pick for sports & poker in Latin America
 100% match up to $1,000 poker bonus
 150% up to $900 bitcoin casino bonus 
 100% up to $300 bitcoin sports bonus
 Part of world's third largest poker network
 Anonymous poker full of US & Chinese fish
 Mobile apps and Mac-compatible software

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Read Review
Intertops Logo
 USA and ROW acceptedUSA Tiny Flag Accepts players world wide
 In business since 1996 w/ A+ reputation
 Hosts a sportsbook, racebook & 2 casinos
 Best poker bonus 200% up to $1,000
 Industry-leading daily 36% poker rakeback
 Smooth Mac-compatible poker
Up to $200 sportsbook deposit bonus
 European-style sports book
 100% match bonuses at both casinos

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Read Review
America's Card Room Logo
 USA, AU and ROW acceptedUSA Tiny Flag Tiny Aussie flag Accepts players world wide
 100% up to $1,000 poker bonus
 Up to 70% rewards in poker VIP program
 $1,000,001 poker tournaments on Sundays
 Top 10 largest poker network world-wide
 Jackpot Sit & Go combines poker & lottery
 Accepts 70 cryptos including Bitcoin
 Get $10 no-deposit using bonus code:
    PRB10FREE


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Read Review
 



If you have further questions, please do not 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, in our Bitcoin Poker Sites Guide you can read our full list of Professional Rakeback recommended Bitcoin-friendly poker sites.

Bitcoin FAQ

Bitcoin is a relatively new phenomenon in human affairs, so it's pretty understandable if you haven't quite wrapped your head around it yet. If you still have questions, look below where we have gathered together a few answers to the questions we encounter frequently.

What is Bitcoin?

Bitcoin (BTC) is a peer-to-peer, decentralized form of digital money. It disintermediates financial transactions, cutting out banks and traditional institutions to the benefit of end users. There is a maximum cap of 21 million bitcoins ever created, and there's no central authority controlling it, so there's no possibility of printing up an infinite supply or engaging in any of the other hijinks that governments do with their fiat currencies.

How does Bitcoin work?

Bitcoin uses a ledger called the blockchain to record transactions. In order to spend bitcoins, users have to sign their transactions with their private keys to prove that they're the legitimate owners. Miners confirm every transaction by solving cryptographic puzzles that help to secure the entire network, and they collect miners fees for providing this valuable service. Whenever a new set of transactions is confirmed, it's added as a new block to the blockchain, and the miner receives a reward of newly created Bitcoin. It's not necessary to fully understand the inner workings of Bitcoin in order to use it – all you need to do is familiarize yourself with how BTC wallets and exchanges work.

What are the benefits of Bitcoin?

Bitcoin gives you full control over your financial resources without being subject to overzealous blocking of your transactions by credit card issuers or burdensome banking regulations. It lets you send money around the world in less than an hour (oftentimes within 10 minutes) and with very low fees. Bitcoin has a high degree of anonymity if deployed correctly. It's almost infinitely divisible with the smallest unit (one satoshi) being equal to 1/100,000,000 of a bitcoin, which makes it a good choice for micro-transactions.

Who created Bitcoin?

Bitcoin was first conceived of by the pseudonymous Satoshi Nakamoto who published a paper about it in October 2008. Nobody knows for sure who Satoshi Nakamoto is because he has never revealed his true identity although speculation on this topic is rife. In January 2009, Satoshi released the first version of the Bitcoin software, and he continued contributing to the project until the middle of 2010. After this time, he transferred control of all Bitcoin-related code and websites to others, and he disappeared from the scene. Since then, nobody has heard from him, but Bitcoin lives on through the enhancements to Satoshi's work added by others. When Bitcoin was a niche hobby for geeks, there were very few miners, and Satoshi Nakamoto generated quite a few blocks himself, earning around 1 million bitcoins. Almost all them remain unspent until the present day, meaning that whoever control's those private keys holds bitcoins worth about $7.4 billion as of July 21, 2018.

Will I be playing with bitcoins at the tables?

There are a few internet poker rooms that denominate their games in Bitcoin, but this isn’t the way it works at most sites. Instead, the bitcoins you deposit are converted to dollars or another traditional currency at prevailing market rates, and it is this currency that you'll use to buy into tables and conduct all gameplay. Then when you cash out your profits, your fiat currency is exchanged back into Bitcoin and sent to your crypto wallet.

Do I still need to complete identity verification at poker sites? Bitcoin is anonymous, right?

You don't need to prove your identity to use Bitcoin, but you do have to do so at most online gaming companies. You see, these firms must comply with anti-money laundering and know your customer (KYC) laws. The only way they can effectively meet these obligations is by asking users to submit proof of address and photo ID documents. In most cases, such verification must be done before your first payout, after which time you won't have to go through the process again.

Why do the fees needed to send bitcoins to/from Blockchain.com and Coinbase vary?

Bitcoin fees are an incentive for miners to include your transaction in the next block. All transactions that haven't yet been included in a block are contained in the mempool, and there are typically more transactions waiting in the mempool than can fit inside one block. This means that some of them have to wait for subsequent blocks to be mined. The amount you should pay to get priority processing varies based upon the current congestion of the Bitcoin ecosystem. Most of the time, you'll get your transaction included in the next few blocks with a fee of less than $1.

Why do I get a new Bitcoin address for each transaction?

You can reuse old BTC addresses, but this isn't recommended. If you make multiple transactions with the same addresses, someone trolling through the history of your bitcoins could conceivably tie your money movements together and get an idea of what you're up to online. Creating a new Bitcoin address for each transaction is a reasonable step to take to preserve your privacy.

Why is Bitcoin sometimes capitalized and sometimes not?

Although there's no official standard on how to capitalize Bitcoin, certain customs have arisen. When spelled with a capital “B,” Bitcoin refers to the software, network, and protocols related to this crypto money project. With spelled with a lowercase “b,” bitcoin refers to the units of currency contained in BTC addresses, i.e., “I just received 3.5 bitcoins from a friend.”

Comments

Bitcoin has evolved over the years. As of the time of this post, late 2017, the price of sending Bitcoin has gone up dramatically to approximately $10-$40 per transaction (for expedited service). This is the result of a number of negative things going on in the world of btc that are beyond the scope of this post.

The good news is that many of these issues can be resolved over time and we expect the ease of use of Bitcoin to improve with time. However, for those of you who might be hoping for an alternative that is faster, and cheaper to use, Ethereum might be the answer. Ethereum has made great strides in useability, trading liquidity, and prices to move funds are still cheap and efficient. As such, Professional Rakeback has created another detailed step-by-step guide to teach our valued readers how to use Ethereum for the purposes of online gambling. Read our guide here: https://professionalrakeback.com/ethereum-gambling-guide

Your suggestions are for online wallets only. While that is fine for newbie users, from what I have read cold storage offline is the safest method to keep big amounts of coins safe from theft or loss.

Can you recommend to me what is the best hardware solution for cold storage?

The most highly recommended options are the Trezor and Ledger Nano S. Both devices cost approximately $100 USD. Both devices are so secure that you can use them on a computer riddled with malware, trojan horses, and viruses (though we don't recommend that you do so!) and still safely send and receive BTC and a variety of supported alt coins.

Hey guys,

Just a heads-up about the importance of keeping your Coinbase account free from any association with gambling transactions. Remember to make all your deposits/withdrawals to online poker and gambling sites via another wallet as recommended on this page. Otherwise you might get an email from Coinbase like the one they just sent me:

Warning Email From Coinbase

Fortunately, they are just giving me a warning and not closing my account outright, but you might not be so lucky. It's not worth the risk; better to move your coins off of Coinbase first before trying to gamble with them. This guide told me to do so, but I skipped that step, and I almost got burned!

I was skeptical after i was scammed by "a friend" out of $1000 but i finally bought bitcoins from Coinbase. It took a little longer than I expected, but with the help of your guide it went smoothly. Great work guys!

We are glad that you found the guide useful Alvin. Most people think that Bitcoin is big and scary. Hell, we agree, it can be intimidating for a newbie. In fact, it was intimidating to us when we first heard of it back in 2012. However, for that very reason we created this guide to help those interested, but without a clue how to proceed, navigate the ways of performing bitcoin transactions.

Glad it helped you. Spread the word to others in need of a detailed guide!

create wallet use prepaid card to purchase and send to 5 dimes

Anonymity. If that is your goal, you Mark have got the process aced!

While we did not address this in the article, using a pre-paid card is yet another way to add a layer of anonymity into your Bitcoin transactions. It is by no means necessary, but for those of you with extra privacy concerns, it is a valid way to improve security and privacy.

Thanks Mark!

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