Fastest & Easiest Ways For Gamblers In The U.S. To Buy Crypto
Bitcoin and other cryptocurrencies are growing in popularity in the United States and it's not all just about speculation. One of the earliest use cases for bitcoin was in the online gambling industry where poker rooms, casinos and sportsbooks were having problems accepting funds from players in certain countries like the United States.
The advent of cryptocurrency has created an exciting new way to take part in the ancient but still popular gambling industry. Never before have players and casino operators been able to transfer money so effortlessly. While the regulations and red tape is much easier, there is still a lot to learn here. This is an entirely new method of transacting after all, and while Bitcoin and other cryptocurrencies do come with many freedoms, that also means that they come with many responsibilities to match.
The most painful part of becoming a new cryptocurrency owner is actually purchasing it. Governments are terrified of cryptocurrency, and so they've tried their best to put roadblocks up the only way that they can. At the entry and exit points where crypto turns into or becomes fiat dollars. In this article we'll be going over the easiest ways that players can purchase cryptocurrency for online games with the least hassle possible.
The advent of cryptocurrency has created an exciting new way to take part in the ancient but still popular gambling industry. Never before have players and casino operators been able to transfer money so effortlessly. While the regulations and red tape is much easier, there is still a lot to learn here. This is an entirely new method of transacting after all, and while Bitcoin and other cryptocurrencies do come with many freedoms, that also means that they come with many responsibilities to match.
The most painful part of becoming a new cryptocurrency owner is actually purchasing it. Governments are terrified of cryptocurrency, and so they've tried their best to put roadblocks up the only way that they can. At the entry and exit points where crypto turns into or becomes fiat dollars. In this article we'll be going over the easiest ways that players can purchase cryptocurrency for online games with the least hassle possible.
COINBASE (USA & GLOBAL) - COINBASE.COM
Coinbase is one of the most popular services to purchase cryptocurrency and is based in San Francisco. This is partially because it was one of the only ones to service the United States for some time. The unfortunate part of Coinbase is that since it's the most popular, it is also under the most scrutiny from regulators. Since online gambling is not technically legal in the United States, this provider actual tracks some of this activity, and they could ban your account if they believe that you are using cryptocurrency for this purpose. The best way to avoid this is by using a pass through wallet such as BRD, GreenAddress or Samourai Wallet in order to make your gambling transactions harder to trace. To keep yourself off the naughty list send your cryptocurrency from Coinbase to the other wallet, and then from that wallet to the gambling platform of your choice.
If you plan to use Coinbase then you should also be prepared to submit a lot of personal information in order to be approved for an account. While this process is usually pretty quick, some people may not really like this practice. However, if you do go through the hassle, then you'll enjoy some of the lowest fees for cryptocurrency purchases and high limits on how much you can buy. This is particularly true if you plan to purchase using a bank card as many other providers charge very high fees for this. Coinbase is also easy to use if you want to cash out your winnings and send them to your bank account. Keep in mind that the IRS will expect you to report these winnings on your taxes, and Coinbase will be providing them with any transfers in and out of your account.
Coinbase is one of the most popular services to purchase cryptocurrency and is based in San Francisco. This is partially because it was one of the only ones to service the United States for some time. The unfortunate part of Coinbase is that since it's the most popular, it is also under the most scrutiny from regulators. Since online gambling is not technically legal in the United States, this provider actual tracks some of this activity, and they could ban your account if they believe that you are using cryptocurrency for this purpose. The best way to avoid this is by using a pass through wallet such as BRD, GreenAddress or Samourai Wallet in order to make your gambling transactions harder to trace. To keep yourself off the naughty list send your cryptocurrency from Coinbase to the other wallet, and then from that wallet to the gambling platform of your choice.
If you plan to use Coinbase then you should also be prepared to submit a lot of personal information in order to be approved for an account. While this process is usually pretty quick, some people may not really like this practice. However, if you do go through the hassle, then you'll enjoy some of the lowest fees for cryptocurrency purchases and high limits on how much you can buy. This is particularly true if you plan to purchase using a bank card as many other providers charge very high fees for this. Coinbase is also easy to use if you want to cash out your winnings and send them to your bank account. Keep in mind that the IRS will expect you to report these winnings on your taxes, and Coinbase will be providing them with any transfers in and out of your account.
CASHAPP (USA ONLY) - CASH.APP
This application run by payment processor Square allows users to quickly and easily buy and sell Bitcoin. This might be the most convenient option on the list, because of how much you can do with the app. Not only can you buy and sell Bitcoin, but you can also send money to anyone, withdraw from ATMs, and they'll even send you a debit card for your account. The only problem with this app is that options are limited, and you may be restricted as to deposits or withdrawals from outside wallets.
I just deposited $20 from my debit card into my @CashApp and then bought $20 worth of BTC in 30 seconds.
— Jack Mallers (@JackMallers) November 18, 2017
Mind you it's Saturday. Banks are closed. Feeling blessed □ pic.twitter.com/lcssb4kCBV
COINMAMA - COINMAMA.COM
This service offers the benefit of fast approvals. You'll likely go through less hassle here than using Coinbase, but you'll pay for it in fees. Coinmama only accepts credit or debit cards. They take a 5% cut for themselves, but the payment processor will also take 5% off the top of your purchase as well. This means that you'll actually be taking a significant haircut in fees. However, you can be up and running to make a purchase in about 10 minutes. If speed is your game, then this could be a good option if you don't mind paying a little more. They also have surprisingly high spending limits, with basic accounts allowing purchases up to $5,000 per day with minimal hassle.
Unfortunately, Coinmama does not allow you to sell cryptocurrency back to them. This is a one way trip, and if you want to get your winnings back into US dollars or whatever currency you prefer, you'll need to look elsewhere. They also are more limited in what countries they support, and while they do accept US customers, only some states are supported. You'll need to check and see if they will accept payments from your region before proceeding.
LOCALBITCOIN - LOCALBITCOIN.COM / PAXFUL - PAXFUL.COM
If you'd like to purchase your cryptocurrency anonymously, then this is likely the only option left to you. This can be particularly useful if your region bans most cryptocurrency exchanges. However, you need to be very careful using these sites. You are not dealing with a business. You are trading with individuals. The opportunity to get scammed is very high here, and you need to take extra precautions. Make sure to only trade with people who have a lot of positive reputation, and it's probably advisable to do only small purchases at first.
While sellers here will accept nearly every payment method under the sun, many of these come at a very high price. You'll need to check the value of what you're getting to make sure you're not taking too much of a haircut. Particularly scam worthy payment options such as Paypal or gift cards usually come with the highest price tag.
If you'd like to purchase your cryptocurrency anonymously, then this is likely the only option left to you. This can be particularly useful if your region bans most cryptocurrency exchanges. However, you need to be very careful using these sites. You are not dealing with a business. You are trading with individuals. The opportunity to get scammed is very high here, and you need to take extra precautions. Make sure to only trade with people who have a lot of positive reputation, and it's probably advisable to do only small purchases at first.
While sellers here will accept nearly every payment method under the sun, many of these come at a very high price. You'll need to check the value of what you're getting to make sure you're not taking too much of a haircut. Particularly scam worthy payment options such as Paypal or gift cards usually come with the highest price tag.
BITCOIN'S ATM - COINATMRADAR.COM
Bitcoin ATMs can be a particularly convenient way to purchase your cryptocurrency. In fact this is often the quickest way possible because you can buy crypto on the spot with cash at these locations. Normally you'll be asked to provide meager identification details such as a scan of your driver's license and a phone number. However, the wait time will be only a few minutes, and then your cryptocurrency will be transferred to your wallet immediately after purchasing.
This all sounds great, but unfortunately there is a very big downside to using these machines. For starters, the fees are typically very painful. The providers charge a large fee for convenience, and it's often the least cost effective method. Purchasing limits are also normally quite low here, and the trip from fiat to crypto is normally one way. Most do not offer cash out options, at least in the United States.
Bitcoin ATMs can be a particularly convenient way to purchase your cryptocurrency. In fact this is often the quickest way possible because you can buy crypto on the spot with cash at these locations. Normally you'll be asked to provide meager identification details such as a scan of your driver's license and a phone number. However, the wait time will be only a few minutes, and then your cryptocurrency will be transferred to your wallet immediately after purchasing.
This all sounds great, but unfortunately there is a very big downside to using these machines. For starters, the fees are typically very painful. The providers charge a large fee for convenience, and it's often the least cost effective method. Purchasing limits are also normally quite low here, and the trip from fiat to crypto is normally one way. Most do not offer cash out options, at least in the United States.
ITBIT - ITBIT.COM
Our final entry brings good news for those who live in New York. This state famously passed legislation that made it impossible for most cryptocurrency based businesses to operate there. They've even gone so far as to prosecute everyday users on sites like LocalBitcoins for not having a license to operate as a "money exchange service". This means that many providers won't touch you with a ten foot pole if you live in this state. This is more of a full service exchange which will allow you to both buy and sell cryptocurrency, and they offer some very attractive fees.
The bad news is that their verification is just as invasive or maybe even more so than Coinbase. You'll also be very limited with payment options. They actually require wire transfers, which could make them not the best option if you only want a couple hundred dollars worth of crypto.