VegasCasino’s Ultimate Guide to Buying and Selling Bitcoins
Unless you were living under a rock on a remote island in 2017, you’ll have probably heard about people making millions from bitcoin. Thanks to an impressive surge in price, early investors were able to make significant returns thanks to a huge price pump. Although the level of positive traction we saw in 2017 can’t and won’t last forever, the general consensus is that bitcoin’s value will continue to increase. With this being the case, the question of how to buy bitcoins becomes important. Regardless of whether you’re a professional trader, a keen novice or a casino player, it’s hard to ignore the potential money you can make buying bitcoin.
To this end, we’ve compiled another one of our ultimate guides – and this time it’s about buying and selling bitcoins. However, instead of simply telling you how to join an exchange and trade cryptocurrencies, we’re going to put things in context. That’s right, inside this overview of how to buy bitcoins, we’re going to talk in general about the process and then show you how our casino makes it even easier.
Buying and Selling Bitcoins Online: Nailing the Basics
To kick things off, let’s talk about the basics of buying and selling bitcoins online. To enter the market and start trading, you need two main things: a bitcoin wallet and access to a bitcoin exchange. Today, thanks to the rise in popularity of bitcoin trading, you can actually get both of these things at the same time. By creating an account with one of the major cryptocurrency exchanges, you’ll automatically have a place to store your funds. However, if you talk to any experts, they’ll always tell you that it’s best not to leave large amounts of money on an exchange. The reason for this is that you don’t really have any control over it. Although the leading platforms such as Coinbase, Poloniex and Binance offer a simple wallet solution that does protect your funds to a certain degree, it’s not fool-proof. If the exchange is subject to an attack, if it suddenly goes offline or someone manages to access your account, you could lose your coins.
Now, a simple way to mitigate the risk of someone compromising your account is to use the Two-Factor Authentication system. In fact, when you join any of the major exchanges you’ll be prompted to do this following the sign-up process. Put simply, Two-Factor Authentication is an extra layer of security that comes after you’ve entered your password. Linked to your phone, the system produces a random six-digit code you’ll need to input on an exchanges login page. Each site will have its own link to the Two-Factor system and when the code you’ve entered matches the one recognised by the exchange, you can log in.
Find the Right Wallet Before You Buy
Now, for anyone thinking about buying and selling bitcoins, using Two-Factor Authentication is a must. However, as we’ve noted, there can still be issues with regards to an exchange suffering some form of cyber-attack. In this instance, you’re at the mercy of the site’s security team, which is why seasoned experts suggest using a separate wallet. Because this guide is more focused on how to buy bitcoins and then sell them, we won’t delve too far into the nuances of bitcoins wallets. However, in general, there are three options: online, paper and hardware. Of the three, hardware wallets such as the Leger Nano S are the best. As well as being able to hold multiple currencies, hardware wallets can plug into your computer, download the necessary storage information and then operate offline. Because the wallet can function offline, it virtually eliminates the risk of a virus infecting the system and someone stealing your coins.
If you don’t want to use a hardware wallet, paper options allow you to generate a bitcoin wallet address and print it on some paper. Your funds are then stored on this address and, whenever you need to make or receive a payment, you use the details you’ve printed. For easier yet slightly less secure access to your bitcoins, there online wallets. Much like your Vegas Casino or bitcoin exchange account, these wallets require you to create an account and then login when you need to use them. Naturally, if you’re not careful with your passwords or the site itself is subject to a cyber-attack, you could lose your funds.
Basically, if you’re interested in buying and selling bitcoins, you need to have a wallet and access to an exchange. For simplicities sake, you can start off by using an exchange and storing your funds there. However, once you gain some experience and your investments grow, it’s important to create a separate wallet and then move funds between the two.
Bitcoin Exchanges: The Bureau de Changes of the Crypto World
Once you’ve joined an exchange and feel comfortable using a bitcoin wallet, you need to know how to buy bitcoins. In practice, there are two ways you can load up on the world’s leading cryptocurrency. The first and easiest way is to convert your native currency into bitcoins. Later in our ultimate guide to buying and selling bitcoin, we’ll give a couple of places where you can do this. For now, however, the thing you need to know is that the process requires a credit/debit card, a bank account or an eWallet. After choosing an exchange, you can select bitcoin as the currency you want to buy, check the price and then make a payment using your desired method.
As you’d expect, there will be a small charge added to the price of the purchases, but most of the major operators will instantly convert your local currency into bitcoin. If you already have an alternative cryptocurrency, you can also use this to buy bitcoin. The process is virtually the same except you’ll have to send your bitcoins to an exchange in order to convert them. Of course, if you already have money on an exchange that allows you to buy bitcoin, you can skip this step and simply make a purchase with whatever coins you have.
At this point, if you’ve taken on board what we’ve had to say, you’ll be ready to visit an exchange. You should also know how to buy bitcoins using your own currency or another cryptocurrency. The final step in the buying/selling process is to navigate your way around an exchange. Yes, you can use the information we’ve given you, buy some bitcoins and then ship them to your wallet. However, we think you’d be interested in selling bitcoins too. Why? Well, the first reason is that you can trade them on exchange and make a profit by buying low and selling high.
Buying and Selling Bitcoins in a Few Simple Steps
The second reason why it’s important to know how to sell bitcoins is because you probably will, at some point, want to convert your Vegas Casino winnings into a currency you can spend at your local shops. Based on this, you need to become comfortable with bitcoin exchanges. One of the best ways to approach these sites is to think of them like giant online bureau de changes. When you want to go on holiday, what do you do? You go to a bureau de change, find the currency you want, check the rates and make a trade. When you return from your holiday, you go back to the bureau de changes and sell them your foreign currency for your native currency.
In the cryptocurrency world, the process is virtually identical. The only differences you’ll notice are that the number of coins you can buy/sell is huge. On top of this, the value of each currency will rise and fall more dramatically than a standard currency. If you can get your head around those two points, buying and selling bitcoins will be extremely simple. To show you just how easy it is, here’s the buying and selling process from start to finish in a few moves:
To buy bitcoins…
- Join a cryptocurrency exchange such as Coinbase.
- Create a bitcoin wallet if you wish.
- Login to your exchange account and find the “deposit” or “buy” option.
- When prompted, input the amount of BTC you want to buy and the payment method you want to use.
- Wait for the transaction to be processed and check your balance.
- Once you’ve converted your currency into bitcoin, you can keep the funds on the exchange or send it to your bitcoin wallet.
To sell your bitcoins…
- Login to your exchange account.
- Find the currency you would like.
- If you want to buy GBP, find this option, check the rate and make the switch. If you want to purchase another cryptocurrency, follow the same process and you’ll have offloaded your bitcoins for different coins.
Learn How to Buy Bitcoins at Vegas Casino
In reality, buying and selling bitcoins isn’t that tricky. The main reason newbies struggle with the process is that exchanges are a little chaotic, the denominations are often filled with decimal places and it’s all slightly less organised than traditional bureau de changes.
However, when you strip everything back, the fundamental process isn’t something you can’t get to grips with fairly swiftly. In fact, this brings us onto our role in all of this. Being experts in the industry, we know how to buy bitcoins in the most efficient way possible. For you as a Vegas Casino member, this means you’ll get access to features that make the process as efficient as possible. To show you want we mean, here’s another breakdown of how to buy bitcoins at VegasCasino.io and why it’s the easiest way to do it:
- Visit the VegasCasino.io homepage and click the “register” button.
- Create your first account, verify it and then visit the “cashier” page.
- Once inside your cashier page, select the option the “get bitcoins” option.
- In the menu that appears, choose “exchange now”.
- Decide which payment method you want to use out of the following: MasterCard, Visa, Skrill or Neteller.
- After making your choice following the secure link to Cubits.com or Coinimal.com depending on what our software tells you to do.
- Once at the site of the exchange, make a purchase and return to Vegas Casino.
- Note down our bitcoin wallet address, go back to the exchange and then send your funds to the address.
Assuming you can follow these simple steps, you’ll have not only bought some bitcoin, but you’ll have added them to your Vegas Casino account. Our mission is to make your life as stress-free as possible, which is why we’ve made it possible to buy bitcoins directly from your account.
In fact, you can also sell bitcoins using the above system in reverse: withdraw your winnings to the bitcoin wallet address linked to your chosen exchange and then sell them. For most of you, following the steps above is enough. However, we do think it’s important to understand how to buy bitcoins outside of our platform. Indeed, by understating the process as a whole, you’ll not only be able to make better decisions when you’re with us, but when you’re out in the bitcoin community at large too.
Now, we started off this ultimate guide to buying and selling bitcoins by referencing the dramatic increase in value the cryptocurrency has received in recent months. With the market offering such potential, any canny investor should be ready and willing to take advantage of it. However, to take advantage of the currency’s momentum, you need to understand how it works. For this reason, you can take the information we’ve outlined in this article and use it to boost your bankroll in a variety of ways. In the first instance, you can bet on our casino games, win some money and revel in your success. However, when you’re not playing, you can use your newfound knowledge to buy and sell bitcoins for a profit on the major exchanges. If you can combine these two pursuits, making money from bitcoin should, in theory, be a breeze.