It might be that you have heard of cryptocurrency but don’t really understand what it is or you have some idea but need a little clarification. For a very brief explanation, cryptocurrencies are digital peer to peer currencies, so there is no middle man involved in the transaction. Cryptocurrencies make use of a digital ledger known as the blockchain and any transaction made involving cryptos is recorded and stored on it. The blockchain can’t be tampered with and is arguably the safest way to transfer a virtual currency.
There are thousands of different cryptocurrencies in existence, the barrier to entry for creating them is fairly low and anyone can create their own crypto with some coding knowledge. The best online casinos that offer crypto as a payment option usually only offer the biggest cryptocurrencies such as Bitcoin and Ethereum to their users. We will discuss the main cryptos that are in use at online casinos shortly.
First, you will have to decide which cryptocurrency to use, you’ll need to check which ones the casino supports but Bitcoin is the most popular with casinos and players. Once you have decided on a cryptocurrency to use you will need to sign up to an exchange to buy it from. As you would with an online casino you’ll need to check that it is a licensed and reputable site. Once you have exchanged your cash for Bitcoin or any other preferred coin it will need to be transferred into a crypto wallet.