Cryptocurrency Online Casinos
Cryptocurrency is a new type of money based on blockchain technology. Being powered by a decentralized ledger, this type of virtual money proved to be very useful as it excludes the need for intermediaries, such as banks. In other words, cryptos can be sent peer-to-peer with minimal costs and minimal transaction times.
One industry that welcomed cryptos with arms open wide was gambling – online gambling, to be precise. Cryptos helped online casinos speed up deposit and withdrawal processes. Moreover, transaction fees are lower, and payments are much secure, thanks to security protocols that are part of blockchain technology.
In other words, despite not being regulated by a central organization, cryptocurrencies are even safer than fiat money, meaning you can make secure transactions when joining an online casino.
Therefore, using cryptocurrencies means improved safety, quick payments, better user privacy, and more. However, this payment method also comes with a couple of drawbacks, which we’re going to discuss in this article.
If you want to learn more about cryptocurrencies, crypto casinos, and how to use digital money to play real money games, you’re on the right page. In this article, we’re going to guide you through the process of making your first crypto deposit and help you understand all the pitfalls along the way. Moreover, we’ll talk about things you need to pay attention to when choosing online cryptocurrency casinos, and how to get the most out of them. Read on!
Using Cryptocurrencies in an Online Casino
Using cryptos to play games in online casinos is not that difficult. However, to do it, you first need to obtain some cryptos, so we’ll start our guide with that first.
How to Obtain Digital Currencies
There are several ways to get cryptocurrencies.
- Buy them – Use a cryptocurrency exchange to buy crypto of your choice with fiat money.
- Earn them – Ask your employer or client to pay you in Bitcoin or any other crypto they might have.
- Borrow them – Ask someone to send crypto to you, and you can send them fiat money.
How to Store Your Cryptos – Using a Cryptocurrency Wallet
To send and receive cryptocurrencies, you first need to install a cryptocurrency wallet. Some wallets specialize in specific cryptos (e.g., Bitcoin wallet), and some accept several cryptocurrencies. You can find wallets for various devices, including a desktop, mobile, tablet, and more. Some wallets are available for several devices.
But wallets don’t only come in the form of software. There are hardware wallets too, which are devices that store your cryptocurrencies. The main advantage of hardware wallets is that they are “cold,” meaning you can disconnect them from the web and have your cryptocurrencies stored offline.
No matter which wallet you choose, there’s one rule that you must remember – never give your private key to anyone!
How to Create an Account in an Online Casino That Accepts Cryptocurrency
Once you have cryptocurrencies in your wallet, you can select an online casino that accepts them and open an account.
Cryptocurrency casinos aren’t that different from standard online casinos when it comes to the registration process. Here it is.
- Select the crypto casino you like.
- Find and click on the Register button.
- Fill out the form (username, password, date of birth, and more).
- Confirm and verify your account.
- Make a cryptocurrency deposit.
How to Fund Your Account
Making crypto currency deposits at online casinos is easy! All you have to do is go to the cashier section on the site and select the crypto you want to use. The casino will generate a random wallet address to use as a destination address when sending cryptocurrencies from your wallet.
Depending on the crypto you used, the transaction should last between a couple of minutes and an hour. If the default currency on the casino is fiat, your crypto will automatically be converted to that currency using the exchange rate when you initiate the deposit.
Please take into account that the process of depositing cryptocurrencies might be different in some online casinos, and we covered the most common procedure that should help you understand how crypto deposits work in general. If you’re depositing for the first time, you should pay attention to crypto welcome bonuses, which we’ll cover below.
How to Play Real-Money Games With Crypto
Once the transaction occurs, and your cryptos are added to your online casino balance, all you have to do is choose the game you like and start playing it with real money.
A Step-by-Step Guide to Withdrawing Funds From a Casino Using Cryptocurrencies
Withdrawals are as simple as deposits, although there are several things that you need to pay attention to
Meeting the Wagering Requirements
If you wish to withdraw funds from your bonus account, you must first meet the wagering requirements. The T&C section of the bonus usually clearly outlines these requirements. For example, if you received $100 in bonuses and wagering requirements are 10x, you’ll have to wager a total of $1,000 before you can withdraw your bonus money. However, if you didn’t collect a bonus, you can skip this step.
Cashing Out Your Winnings
To cash out your winnings, you just need to go to the cashier section and select your preferred cryptocurrency as a withdrawal method. After that, all you have to do is provide your public wallet address and enter the amount of money you wish to withdraw.
Some casinos have withdrawal pending times, meaning you have to wait for the casino to approve your withdrawal request before processing it. The pending time can be anywhere from a couple of hours to a couple of days. This also applies to online casino cryptocurrency payments.
Sending Your Winnings to Your Cryptocurrency Wallet
Cashing out requires using your wallet once again. It means that you’ll receive your money in the crypto you selected. Therefore, you’ll need to use your public wallet address to withdraw money. A wallet address is like your email address where you receive money instead of mail. If you did everything correctly, your winnings should be available in your wallet after the pending time is over.
Using a Bitcoin Exchange
However, if you want to withdraw fiat money using cryptocurrency as a medium, you’ll have to transfer your cryptos back to fiat via one of the available online crypto exchanges. You should make sure that the exchange accepts selling cryptos for fiat currency. If there are no trading pairs for your cryptocurrency and fiat money, you’ll have to exchange your cryptocurrency for another crypto that does have a trading pair.
For example, if you used Stellar Lumens (XLM) to withdraw your funds and the exchange doesn’t offer XLM to USD transactions, you’ll have to transfer your XLM to Bitcoin and then exchange the Bitcoin to USD. This whole process may sound unnecessarily complicated, but you’ll get the hang of it in no time.
Advantages and Disadvantages of Using Cryptocurrencies as a Payment Method
No payment method is perfect. Cryptocurrencies also have certain drawbacks that we will discuss in this section. You should have these in mind when choosing online casinos that accept cryptocurrencies.
Let’s start with the good things, as they definitely outnumber the downsides.
It’s no secret that cryptocurrencies have been able to resolve certain issues plaguing the human civilization for millennia. Only now are we able to use a payment method that’s safe, secure, private, and transparent, all at the same time. Moreover, we’ve reached the era of decentralized money – something that has never been done before in human history. Therefore, let’s briefly discuss what it is that cryptos bring to the table.
Cryptocurrencies are one of the safest payment methods for online casinos, as the underlying technology allows worry-free transactions that keep you protected from all kinds of online threats.
Although cryptocurrencies aren’t the fastest payment method (yet!), they are quicker than most banking options. Depending on the crypto you decide to use, you’ll have to wait between a couple of seconds and an hour before your transaction is processed.
Every payment method has some limits. There are no limits to how much (or how little) you can deposit or withdraw with cryptocurrencies, although casinos often impose limits.
When using cryptocurrencies, you don’t have to provide details about you. You can stay anonymous if you want, although casinos will require you to provide some information as they must comply with procedures against money laundering and terrorism financing. Nevertheless, it’s safe to say that the level of privacy is a bit higher compared to other payment methods.
Cryptocurrencies offer a transparent trading system, as all transactions are stored on a distributed public ledger that relies on blockchain technology.
Cryptocurrencies use technologies such as encryption and decentralization, which makes them virtually impenetrable. Moreover, due to blockchain’s immutable nature, one cannot simply delete a transaction record.
However useful, cryptocurrencies do have a few disadvantages. Let’s take a look at their two most significant drawbacks.
Cryptocurrencies are still new to us, and that’s why we haven’t yet figured out how to make them more stable. It means that the price of a single crypto can vary a lot, depending on its current state on the market.
For example, a single BTC’s price was more than $18,000 on December 18, 2017. In just a month, the price fell to approximately $6,100. After that, the price started often fluctuating, with daily ups and downs of up to several hundred dollars. Other cryptocurrencies also experience these fluctuations, so using them to play casino games can be a double-edged sword.
Let’s say you deposited 1 BTC to an online casino in April 2017, when it’s the price was around $1,200. Imagine having won twice as much and asking for a withdrawal on December 18. Withdrawing $2,400 on that day wouldn’t be worth even 0.25 BTC.
Therefore, you have to be careful when it comes to volatility and follow the price of the cryptocurrency you’re using so that you can make the most out of your crypto casino journey.
Lack of Regulation
Another disadvantage that many consider vital for cryptocurrencies is the lack of proper regulation. Although some countries have made progress in this regard, there’s still a lot to do before a suitable legislative piece is created to regulate cryptos.
Once again, cryptocurrencies are still new to us and are being actively explored, meaning our knowledge about them and their underlying technologies is growing every day. This kind of makes it difficult for lawmakers to come up with a well-defined legislative framework.
Best Cryptocurrencies for Online Casinos
The first cryptocurrency was created in 2009, when Satoshi Nakamoto, a mysterious person or team, came up with a way to incorporate blockchain technology into money. He named the first decentralized money Bitcoin, and this digital currency is reshaping the world as we know it.
After Bitcoin, many other cryptocurrencies were created, including Litecoin, Ethereum, Bitcoin Cash, etc. Most of them use the same underlying technology, except that each offers a unique set of features. Let’s discuss some of the most popular cryptocurrencies.
Bitcoin is often referred to as “digital gold,” as it remains the most popular cryptocurrency globally, with the most significant progress towards mass adoption. The number of online casinos that accept Bitcoin is by far the highest of any cryptocurrency. At the moment of writing this, the market cap for BTC is $194 billion, and a single unit costs approximately $10,500.
Bitcoin Cash separated from Bitcoin in an event known as a “hard fork.” Long story short, some developers wanted to increase BTC’s block size, while others wanted it to remain pure. Thus, BCH was born, and it is now an active member of the crypto family. The current market cap is $4 billion. One BCH is worth about $220 right now.
Dash was created in 2014, offering several features, such as instantly settled payments, decentralized project governance, optional privacy, and more. The popular crypto is used often in online casinos. Its current market cap is $643 million, with one DASH unit being around $60.
Ethereum was started by Vitalik Buterin, who wanted to explore blockchain’s potential outside of the finance world. Therefore, he created a platform for building a decentralized app that uses ETH as part of its ecosystem. Ethereum is the second most popular crypto globally, with a $39 billion market cap and an average price of $340 right now.
Litecoin was also created as a response to Bitcoin. Its creator, Charlie Lee, wanted to fix BTC’s issues back in the day, releasing an open-source client for Litecoin Network in 2011. LTC was one of the first cryptocurrencies to be created after Bitcoin. The current market cap is approximately $2.9 billion, with a price of $45.
There are thousands of cryptocurrencies nowadays, and each of them follows a similar path – the one that leads to mass adoption. However, only a handful of them made some progress, which is enough for many online casinos to accept them as payment methods. Apart from the cryptocurrencies mentioned above, other best cryptos for online gambling are:
Cryptocurrencies rise and fall, meaning this list is far from being final. The best way to learn which cryptos are accepted in casinos is to choose a cryptocurrency gambling platform and read more about its payment methods. But this leads us to another huge topic that we have to cover — selecting the best cryptocurrency casino for you.
How to Choose a Crypto Casino Site
There are many ways to select an online casino that meets your needs, but we’ll focus on one aspect, in particular – cryptocurrencies as a payment method.
How Many Cryptocurrencies Does It Support?
Some casinos accept just one cryptocurrency. Others accept more. The “the more, the merrier” rule is applied in this case, meaning that cryptocurrency users like their casinos to accept more digital currencies, as they have more freedom to deposit and withdraw. Therefore, if you ask a cryptocurrency user what the best online crypto casinos are, they’ll tell you it’s the ones that accept the most cryptocurrencies.
While we agree the number is important, there are several more things to pay attention to.
What Kind of Crypto Bonus Does It Offer?
Almost every online casino nowadays offers bonuses. Their purpose is to attract more players and retain the regulars since the market has become quite competitive lately. As a crypto user, you want to check whether there are special bonuses that you can get for making a deposit using cryptocurrencies. This type of promotion is actually more common than you thought.
The cryptocurrency market is still mostly untapped, and casinos are rushing to attract more cryptocurrency owners. That’s why people who want to deposit using BTC or any other crypto can collect bonuses that are far more lucrative compared to standard non-crypto bonuses.
Are There Any Restrictions on Game Selection?
Online bonuses come with various restrictions. For example, a casino can grant you bonus money, but you can only use it for playing specific online slots, which you definitely wouldn’t like if you want to play blackjack. Therefore, make sure whether there are some restrictions on the games you like to play before opening an account and making a deposit at the casino of your choice. The good news that there are plenty of gambling platforms out there featuring top crypto online casino games.
Does It Use Your Favorite Virtual Currency?
As a cryptocurrency user, you’ll start preferring some cryptos over others. Even if you don’t have preferences, you might end up using some cryptocurrency more than others. For example, a shop you like might accept payments in that crypto. That’s why the casino of your choice must accept deposits and withdrawals in your preferred crypto. Otherwise, you’d have to take extra steps and exchange cryptocurrencies before you can make a deposit.
Deposit & Withdrawal Limits
Although cryptocurrency transactions usually don’t have limits (or they are very high), casinos still impose how much (or how little) you can deposit and withdraw. Therefore, you should find an online casino with low minimum and high maximum limits for both deposits and cashouts.
Cryptocurrency: Brief History (2009 to 2020)
Although the technology powering cryptocurrency has been researched for a long time, it wasn’t used in finance until the first crypto appeared.
As already stated in this text, the first decentralized cryptocurrency was created in 2009. It was named Bitcoin and made by Satoshi Nakamoto, whose identity remains unknown to date. BTC used the revolutionary SHA-256 hash function and relied on a proof-of-work scheme as a consensus mechanism.
The next crypto in line was Namecoin, although it wasn’t as popular as Litecoin, released shortly after that – in October 2011. Litecoin was different because it used a different hash function called scrypt.
Peercoin was released in 2012, and Dogecoin 2013. The latter would turn out to be quite successful, despite being created as a meme back in the day by Jackson Palmer and Billy Markus.
The world of cryptocurrencies started growing, as more finance and tech professionals started developing interest in this emerging phenomenon. More cryptos were created, supporting various decentralized projects. In 2014 and 2015, some of the most popular altcoins were developed, including Ripple, NEO, Dash, Monero, Stellar, Tether, Ethereum, and more.
One of the most critical events in the history of cryptocurrencies was the so-called crypto bubble burst, which took place in December 2017/January 2018. That’s when investors (experienced and inexperienced) started pumping money in BTC and other popular cryptos, increasing the price until it hit the ceiling and started going down rapidly. All the hype created around Bitcoin resulted in its worldwide popularity. Since then, cryptocurrencies have been reaching significant milestones on their road to mass adoption, although there are still many obstacles on the way.
Do We Recommend Cryptocurrency Payments?
This entire guide would be useless if we weren’t all-in when it comes to online cryptocurrency casinos. To cut a long story short, we highly recommend playing casino games at online gambling platforms that accept crypto, and here are some of the reasons why:
- Faster payments
- Increased safety and security
- Increased anonymity
- Better deposit and withdrawal limits
- Plenty of cryptocurrencies to choose from
- Hefty welcome bonuses (and regular promotions) for players who deposit using crypto
The world of cryptocurrencies is still new, and what we know about them (and their underlying technology) is just the tip of the iceberg, meaning we’re yet to discover their true potential. It’s safe to say that cryptocurrencies aren’t going anywhere, so online casinos can only extend the number of cryptos they accept. Moreover, we could expect the non-crypto casinos to alter their business plans and start accepting at least the most popular cryptocurrencies.
Therefore, if you’re interested in playing online casino games using cryptocurrencies, feel free to use this article as a guide and find the best possible platform for you.
FAQ About Cryptocurrencies Deposit Methods
Below are some of the questions players frequently ask about Cryptocurrencies deposit methods.
Yes, they are. Cryptocurrencies are based on blockchain technology, which revolutionized how we perceive security. Therefore, cryptocurrencies probably offer one of the safest deposit and withdrawal options out there.
Yes, you can. Unlike many other payment options that are only available for one-way transactions, cryptos usually work both ways, meaning you can both deposit and withdraw money with them.
If the casino itself doesn’t charge transactions, you will have to pay minimal fees to the cryptocurrency network. This fee is much lower compared to other payment methods.
Cryptos and online casinos have been working hand-in-hand ever since the dawn of cryptocurrencies. In fact, one of the first uses of Bitcoin was in gambling, as early BTC holders had an opportunity to play Satoshi Dice. The first licensed Bitcoin casino appeared in 2014.
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