Online casinos are always finding ways to give their players more value, not only by developing the latest cutting edge games with stunning visuals and sound effects but also by widening their range of payment options.
In recent years Bitcoin and other cryptocurrencies have experienced an upsurge. This has resulted in many dedicated crypto casinos and other casinos offering crypto coins as one of many payment methods.
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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.
When choosing the best crypto casino site to play at there are a number of considerations to keep in mind. First, you need to consider the type of site you are going to sign up to. There are dedicated casinos that only take crypto as a payment method as well as the more traditional online sites that offer a variety of payment methods that includes the better-known cryptos. With the dedicated sites, you can remain completely anonymous but this also means that they lack the licensing and regulation of the more traditional online casinos.
We would suggest going the more traditional route that offers the benefit of using the more well-known cryptocurrencies and additionally the casino will be licensed and regulated. All the casino sites recommended by us are to be trusted and use reliable software providers for superior casino gaming such as Microgaming, Playtech, and NetEnt.
While we have a team of casino experts that find the best-recommended sites you will still need to check the casino to make sure it supports your preferred crypto payment methods and find out if there are any restrictions in place regarding bonuses and crypto deposit and withdrawal limits.
Assuming that you have already purchased your cryptocurrency at an exchange and transferred it to your wallet you will then want to sign up to a casino that offers your preferred crypto as a payment option. Registration is simple and an account can be created in a couple of minutes.
Making a deposit is also a simple process and isn’t that dissimilar to a traditional bank transaction. Navigate to the cashier page and select the currency to deposit from the list of payment options. Once selected it will give you the address of the casino’s site wallet. Input this info into your wallet and select how much money to transfer. This should be super fast and the updated funds should appear in the balance of your casino funds shortly.
To withdraw your casino winnings head back to the cashier and request a withdrawal. Just enter the amount you would like to withdraw and the cryptocurrency you wish to be paid with. Next, you’ll be asked to provide your wallet address and your request will be underway. While the transfer will only take a matter of seconds to prevent fraudulent activity some casinos will delay payments up to 48 hours before it has cleared. Once it has gone through you will see the new balance in your crypto wallet.
Cryptocurrency is one of the fastest payment methods for depositing and withdrawing at an online casino.
The blockchain is completely transparent and impenetrable in regard to manipulation. This makes cryptocurrencies one of the safest forms of payment methods for an online casino.
Payments on the blockchain don’t require any third-party verification and the technology allows for lightning-fast transactions.
High rollers love the high deposit and withdrawal limits that are offered at online casinos.
Privacy is another big advantage of crypto as they are not linked to your credit card or bank accounts preventing any chance of identity theft.
As yet there are only a limited number of crypto sites available, due to the nature of cryptocurrency the dedicated sites that don’t require players to provide personal details are unlicensed and regulated. The licensed sites that include cryptocurrencies as a payment option are limited in the number of cryptos they offer.
The biggest concern with cryptocurrency is its volatility. The price of it can fluctuate wildly sometimes this works in its favor but other times not. Some virtual currencies are more volatile than others.
The most famous of the cryptocurrencies was created in 2008 by the elusive person or persons Satoshi Nakamoto who to this day remains unknown. Bitcoin is probably the most trusted and highly available cryptocurrency that you can use at an online casino. It would be the best crypto to start with for those new to the market.
This coin resulted in a split from Bitcoin in 2017, it’s a popular crypto coin and has much faster transaction speeds than Bitcoin. As well as being faster it has cheaper transaction fees, it’s a good alternative to Bitcoin if the online casino of your choice supports it.
The second most popular virtual currency after Bitcoin, you’ll find Etherum as a payment option at the majority of casinos that support cryptocurrency.
There are plenty of other options available at crypto casinos including Litecoin, Monero, Dash, Ripple, and EOS. If you choose any of the lesser-known altcoins, make sure you do your homework on them to find out how stable or risky they might be.
