Bitcoin has recently hit a 2-year high, trading above $700. The last time that this digital currency was worth this much was in February 2014, which is still quite a ways away from its all-time high of $1147 in December 2013. Still, this is great news for anyone who mines bitcoins, as they have the chance to turn an impressive profit.

You can use bitcoin to purchase various goods and services online, and it is even possible to gamble with this currency. The bitcoin gambling process is quite complex, so here is a quick guide to help get you started.

How do I get started?

The first thing that you will need to do in order to start gambling with bitcoins is find a bitcoin wallet. This is a digital account where you store all of your bitcoins, and you will be able to fund your online gaming account using this wallet. There are plenty of different options, such as CoPay, AirBitz, GreenBits and Coinomi. It is important to make sure that you back up your wallet. If it gets corrupted, all of the money in your wallet will be lost!

Where can I gamble using bitcoins?

There are plenty of online casinos and gambling sites that allow you to wager with bitcoin. These are sites dedicated to bitcoin-powered games and sportsbetting services. So, you won’t be able to gamble at a regular online casino with your digital currency.

We’ve come a long way from the advent of bitcoin gambling, when you could only find unpolished slots and basic table games. Nowadays, you can find games from big-name developers like NetEntertainment and BetSoft at bitcoin casinos.

There is also a wide range of games available from different developers, so you’ll be spoilt for choice at some of the bigger bitcoin casinos. When it comes to sportsbetting and online poker, the pickings are still quite slim. So, it might be best to stick to slots and table games for now.

How can I use bitcoins to play at real-money casinos?

This requires a bit more work than simply loading up your wallet and depositing at a bitcoin casino. Before you can play at a real-money casino, you will have to turn your bitcoin into cash first. You can choose to sell your bitcoin online using a peer-to-peer network, a direct trade through an intermediary or through an exchange network.

Coinbase and LocalBitcoins are the most popular exchange networks for users in North America, while Brawker and Purse are popular peer-to-peer networks.

You can also sell your bitcoins in person. It is considered the easier way to do so, as it only requires scanning a QR code on your phone and is comparable to accepting cash in hand. The only difficulty is finding someone to buy your bitcoins in person.