How to Use Cryptocurrency in Online Casinos
In tandem with the global meteoric ascent of cryptocurrencies, it seems that they have also made a stunning entry into the booming online gaming business. The idea of “crypto gaming” has really been around for around a decade.
Some of the best bitcoin casinos have just opened, and they are gradually replacing traditional casinos as the go-to destination for serious gamblers all around the world. Where traditional casinos haven’t been entirely replaced, cryptocurrencies as a payment method have certainly taken over traditional FIAT currencies.
However, some players are left confused by the process of making deposits and withdrawals by utilizing digital money at their preferred online gambling sites. We’ll clear all that up for you but first, let’s take a look at some of the pros and cons.
The Pros of Gambling with Crypto
- Low costs – Online gaming benefits from the convenience and lower costs of cryptocurrency transactions compared to traditional bank wires.
- The decentralized nature – Bitcoin, Ethereum, and other cryptocurrencies are decentralized in the sense that they are not backed by any central bank or government. Some people consider this attractive since it allows them to circumvent the banking system.
- Anonymity – The option to remain anonymous while completing transactions is a major perk of utilizing cryptocurrencies at an online casino. Those who place high importance on their privacy may find this alluring.
- Safety and security – Because of the robust encryption mechanisms used to safeguard cryptocurrency transactions, some consider them to be safer than more conventional payment systems.
The Cons of Gambling with Crypto
- Regulation (or lack thereof) – There is an element of risk associated with cryptocurrency use since the technology behind them is still developing and is mostly unregulated.
- The volatility – Most cryptocurrency prices are notoriously volatile, meaning they are prone to large swings in a very short amount of time. This makes it uncertain how much your wins will be valued when cashed out, which may be a problem at an online casino.
- Slow adoption – Unfortunately, not all virtual casinos allow cryptocurrencies as a form of payment, so you may need to do some digging before you play. Also, cryptocurrencies have a reputation for being difficult to understand and utilize, particularly for those who are unfamiliar with the underlying technology.
Buying and Storing Crypto
While the prospect of purchasing and holding cryptocurrencies may seem daunting at first, it is rather simple. Acquiring and keeping your bitcoin just requires one to follow these few simple actions:
- Find a crypto exchange – It is vital to do your homework before committing to a cryptocurrency exchange since there are several to pick from. Consider aspects like fees, payment methods, and accessible cryptocurrencies as you search for a reliable and safe cryptocurrency exchange.
- Sign up for an account – If you want to trade on a certain exchange, you’ll have to sign up for an account and be verified. In certain cases, this will necessitate revealing private data and presenting identity documents.
- Transfer funds to your exchange account – After signing up, you’ll be able to link your normal bank account or credit card to your account so that you may easily move funds between the two. You’ll now be able to buy cryptocurrency using the funds in your account.
- Purchase the crypto – Once your funds have been moved, you will be able to use them to purchase the cryptocurrency of your choice using the funds that were just deposited. Typically, the exchange will include a straightforward interface for buying and selling that will allow you to do this.
- Get a cryptocurrency wallet – Select a Wallet: A digital wallet is required to hold your bitcoin. Wallets come in a wide variety of forms, including digital (online), physical (hardware), and even paper. For the safety and longevity of your cryptocurrency, you should use only a wallet that was designed to store it.
- Transfer the purchased crypto to your wallet – Once you have decided on a wallet, you may start moving your bitcoin from the exchange to your wallet. Choose the ‘Receive’ function on the software (applies to both physical wallets requiring software like Ledger Live, and digital wallets).
Wallets and other access credentials for bitcoin accounts should be kept in a safe place. Some methods for doing so include selecting and using complex passwords, activating two-factor authentication, and keeping your login credentials in a secure location.
A backup wallet is an excellent idea in case something happens to your first one. Either a hard copy, such as a piece of paper with the recovery phrase written down, or a digital copy saved in a safe place is essential.
Using Crypto at an Online Casino
Continuing on from Step 6 above with BetOnline as an example, it’s an easy 3-step process:
- Deposit the cryptocurrency – Most casinos will have some form of “Banking” or “Cashier” section after you log in. This will allow you to select a deposit method, for example, “Bitcoin” and give you an address to send your Bitcoin – copy this address.
- Send the cryptocurrency – Lastly, you’ll go back to your digital wallet platform or wallet software and use the ‘Send’ function. Here you’ll paste in the address from the casino in step 7.
- Enjoy! – After confirming the address, your Bitcoin will land in the casino wallet and you’re ready to play using your cryptocurrency.
Keep in mind that there may be additional steps or limitations at certain online casinos when it comes to using cryptocurrencies for deposits and withdrawals. Aside from a few snags here and there, though, the procedure is the same across the board, and gamers seldom have to worry about anything major. However, before you make any commitment it’s important to understand the casino’s terms and conditions.
When it comes to accepting and processing cryptocurrency payments and withdrawals, BetOnline stands out as an excellent model for other online casinos to follow. Despite minor differences in procedure from one kind of digital currency to another, the site’s robust cashier system is intuitive and easy to use for the majority of players.
Withdrawing Funds Using Cryptocurrency
Getting your winnings into your account requires going through the withdrawal procedure once you’ve won. You can rely on BetOnline or any other reputable casino to walk you through everything.
In summary, you can use the ‘Receive’ function (from Step 6) on your digital wallet or ledger software, and paste that address into BetOnline‘s cashier to withdraw – it’s that easy!
The three primary benefits of using cryptocurrencies are the freedom to gamble in a completely fair and transparent manner, the opportunity to maintain one’s anonymity, and the speed of financial transactions. Even with that in mind, before deciding on a spot, you should do some research.
The additional appeal of gambling with Bitcoin or other cryptocurrencies is that you may participate in games not available at traditional casinos. Right now is the time to join a bitcoin casino if you are serious about riding the crypto gaming trend.