Introduction to Using Cryptocurrencies at Online Casinos
Welcome to Cryptogamba’s brief introduction to online crypto gambling. If you are new to cryptocurrencies and would like to use them at online casinos, you are in the right place.
Although cryptocurrencies are not a novelty anymore, some players are still cautious about choosing them as casino banking methods.
Therefore, we’ve prepared this manual to help you grasp the essence of gambling with cryptos. It covers the basics of cryptocurrencies, their benefits, how to deposit and withdraw with crypto, and the most popular coins at the best crypto online casinos.
What Are Cryptocurrencies and How Do They Work?
Cryptocurrencies are a new type of digital currency you can use to make all sorts of payments. The first crypto was Bitcoin, which was introduced in 2009. Bitcoin paved the way for many digital currencies you’ll find today.
Cryptos are decentralised virtual money independent from state-related institutions, like banks, and state regulations in general. In other words, cryptocurrency is not regulated and monitored by any government. Although, at first, this sounds strange and even alarming, cryptos have soon proved to be convenient, providing several advantages.
Digital money uses blockchain technology. Let’s simplify it so that you can understand what blockchain is. You can think of it as a decentralised electronic ledger that records each transaction in so-called blocks containing data on each transaction. These blocks are securely linked together via cryptography.
In other words, blockchain stores data across a vast but independent network of personal computers, preventing any data tempering. Moreover, crypto transactions don’t require sharing personal details, which is ideal for players who value privacy and anonymity.
Why Online Casinos Adopted Cryptocurrencies?
One of the first industries that adopted cryptos is online gambling. Online casinos quickly understood the benefits of digital currencies and decided to give them a go. Let’s list the most important benefits:
- Speed
- Safety
- Anonymity
- Low or no fees
Since the online casino industry is booming, getting noticed and retaining players has become challenging. Consequently, many gambling sites decided to enhance their offerings by including a new type of payment method that is easy to use, speedy, and cost-effective.
Such a decision proved to be the right one as online gambling venues accepting cryptos mushroomed quickly. In fact, it soon became evident that cryptocurrencies and online casinos are a perfect match.
At first, Bitcoin was the only digital currency used by casinos. However, as the crypto market evolved, new currencies like Ethereum, Litecon, and Tether became available at the best crypto-friendly online casinos. Moreover, today, it is not rare to find casino sites that exclusively accept digital currencies.
How to Use Cryptos at Online Casinos?
Before you sign up at one of the crypto sites we at Cryptogamba recommend, you first need to get some money. To do so, you must decide which crypto wallet to use and which crypto to buy. If you are a beginner, we advise you to start with Bitcoin, as it’s present at all crypto casinos. Now, let’s break down the process of using digital currency into 4 easy-to-understand steps.
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Choose Crypto Wallet
Similar to any other currency, you need a specific wallet to store your coins. Luckily, there are various crypto wallets on the market today. They are divided into two main types: hot and cold wallets. The essential difference between the two is whether they need an internet connection or not.
Hot wallets are linked to the internet and are ideal for players who want to use them constantly. These wallets are also free. On the other hand, cold wallets are external devices you must purchase to store the funds. They work independently from the internet, making them safer and protected from hacking. However, cold wallets are less convenient for online gambling than hot wallets.
Some of the top hot wallets for beginners are:
1. Coinbase Wallet
2. MetaMask
3. Exodus Crypto Wallet
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Buy Desired Cryptocurrency
When you set up your crypto wallet account, it’s time to buy crypto. You are purchasing digital assets via crypto exchanges like Coinbase, Kraken, Binance, or Crypto.com. Before you make the transaction, you must connect the payment method you want to use for these purposes.
Crypto exchanges let you use bank cards, like Visa or Mastercard, and other methods, including Google Pay and Apple Pay. Remember that crypto exchange platforms accept various fiat currencies.
When you link the desired payment method, find the Buy button and pick Bitcoin. Enter the amount you want to buy and confirm the transaction. Easy, right?
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Sing Up and Deposit at Crypto Online Casino
Once you’ve credited your crypto wallet, visit one of the casinos from our list and sign up. Go to the Deposit page, select Bitcoin, and enter the amount you want to deposit into your casino balance.
The casino will provide a unique wallet address for the selected cryptocurrency. Copy this address and paste it into your wallet to make the transfer. However, casinos will also have a QR code, allowing for more convenient and safer payments. We advise you to use the QR code since crypto transactions are not reversible. In other words, if you miss one symbol or paste the address wrongly, the money is lost for good.
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Withdraw Winnings from Online Casino
If lady luck was on your side and you won, you can also cash out your winnings with crypto. The process is almost identical to depositing, only in reverse. Visit the cashier, open the Withdrawal section, select Bitcoin and type in the amount you wish to cash out.
This time, you must enter the address of your crypto wallet so that the casino can send the funds to the correct address. Hit Withdraw, and the funds should be available in your personal wallet in a few minutes or hours.
The transaction speed depends on the amount you are cashing out and the frequency of your withdrawals. Also, remember that some casinos have pending periods to review the withdrawal request before they approve it.
What Currencies Are Most Popular at Crypto Casinos?
There are hundreds of cryptos today, but not all are available at casinos. Some sites even have proprietary coins, allowing additional benefits and perks for the patrons using these original coins.
Here is the list of the most widely accepted digital coins at the best crypto-gambling sites:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Tether (USDT)
- Bitcoin Cash (BTC)
- Dogecoin (DOGE)
- Ripple (XRP)
Biljana Lukovic
Casino Reviewer
Biljana is a seasoned casino reviewer who is also passionate about cryptocurrencies. Her enthusiasm for innovative digital payments and the exciting realm of online casinos drives her to delve into both, sharing practical insights and firsthand experiences. While fascinated by the online casino industry, she doesn’t hesitate to point out the downsides when she sees them. Her goal is to provide objective and honest crypto casino reviews, so she leaves no stone unturned in her quest to help gamers enjoy the best possible gaming experience.
