Full Guide to Payment Methods at Crypto Casinos
May 23, 2022
What CryptoCurrencies Are Available at Online Casinos?
The good news is that the best online casinos offer a wide choice of cryptocurrencies, which you can easily use to execute payments. The most common ones include:
Bitcoin (BTC or ₿)
Bitcoin is possibly the most popular cryptocurrency. It appeared in 2008 in the form of a decentralized digital currency that uses open-source software. Simply put, Bitcoins are created through a process called “mining,” and you can use them to pay for services and products. Also, Bitcoins can be exchanged for other currencies and used as an investment tool.
Ethereum’s Ether (ETH or Ξ)
Ether is the native cryptocurrency of the Ethereum platform. The latter is in nature a decentralized, open-source blockchain-based on smart contracts. Ether was introduced in 2013 by computer programmer Vitalik Buterin and quickly became the second most popular cryptocurrency following Bitcoin.
Litecoin (LTC or Ł)
Litecoin is another cryptocurrency that has quickly gained traction, especially after announcing its partnership with Walmart in 2021. Initially introduced as a spin-off to Bitcoin, Litecoin is a peer-to-peer currency that uses open source. It has several differences from Bitcoin. The most important one concerning crypto casino players is that it confirms transactions 4 times faster than Bitcoin.
Bitcoin Cash (BCH)
As you might guess by its name, Bitcoin Cash is another spin-off, or altcoin, of Bitcoin that came into existence in 2017. The major difference between Bitcoin and Bitcoin Cash is that the latter uses size-increased blocks that allow faster and cheaper transactions. In dollars, this translates to you paying a few cents for a Bitcoin Cash transaction, whereas its Bitcoin equivalent would cost you about $59.
Cardano (ADA or ₳)
Cardano is one of the most exciting blockchain platforms. The project’s author is Charles Hoskinson, who is also the co-founder of Ethereum. Cardano aims to be a decentralized application (DApp) that will provide a more stable and sustainable ecosystem for cryptocurrencies. Its native currency is called ADA, and its creators claim that it is the only coin based on a “scientific philosophy and research-driven approach.” ADA is now available at many of the best crypto casinos.
Dogecoin has a very interesting history starting as the first “meme coin”.” Its creators, Billy Markus and Jackson Palmer, reportedly commenced the project as a way to make fun of the Bitcoin hype. However, their invention became a hit in just a couple of weeks. Within this period, Dogecoin quickly reached $8 million in market value, thus ranking as the seventh-largest cryptocurrency. One thing you should know as an online casino player is that Dogecoin takes 1 minute to confirm a transaction, while Bitcoin takes 10 minutes. This is because the former is based on a Scrypt algorithm, which makes the transaction process more convenient.
Monero is another decentralized currency that has overtaken the market. It has the third-largest developer community after Bitcoin and Ethereum. One of the reasons it is so popular is that it employs a public distributed ledger with added privacy technologies to ensure greater anonymity and fungibility.
Tether is a cryptocurrency where tokens are issued by a Hong Kong company called Tether Limited. The key thing about Tether is that it has been designed so that its value is linked to that of the US dollar. Originally, 1 Tether was intended to be worth $1. Essentially, this means that you can redeem your Tethers in their USD value.
Ripple launched in 2012 as a platform based on distributed open-source protocol. The native token is known as XRP, and the system’s goal is to support crypto and fiat currencies as well as other units of value by creating fast, reliable, and inexpensive transactions with no chargebacks. Players commonly use the XRP token because of the speedy transactions and low fees, so most online casinos have already adopted it to address the growing demand.
What Are the Benefits of Using Crypto Currencies at Online Casinos?
Up until recently, online casinos were mainly focused on traditional banking solutions, such as wire transfers, debit and credit cards, and many of the popular e-Wallets. While commonly used, however, these payment methods typically involve a few downsides to players.
For instance, online casinos usually require you to share your personal and banking information when using a classic payment service. This means that your sensitive data can easily become exposed to a threat by malicious parties. Besides, transaction times may sometimes be slow, especially when it comes to withdrawals.
Thankfully, cryptocurrencies have arrived at the online casino scene only to improve it. They offer numerous advantages, some of which include:
Fast and Easy Registration
Unlike signing up using a traditional payment method, submitting a crypto wallet does not require you to undergo a complicated verification procedure. This makes your registration process fast and hassle-free. The most you might be asked for is a valid ID and maybe an email address. With so little information to provide, you can quickly complete your registration and proceed to play your favorite games.
Because you do not have to share your sensitive banking details with the online casino, your player identity remains protected against violation. This is especially important when you register with a new operator, albeit the fact that the best online casinos provide high safety. In addition, cryptocurrencies are very secure themselves because of their decentralized nature.
Naturally, players always prefer to have quick access to their winnings, and crypto casinos are great in this regard. The reason is that while deposits are almost always instant regardless of the payment method you are using, withdrawals often take more time to complete. For instance, payouts with debit and credit cards as well as wire transfers may take 4-6 business days until the money reaches your account. In contrast, cryptocurrency banking solutions are much faster. In many cases, you can enjoy your winnings instantly.
Access to Exclusive Games and Bonuses
Some online casinos offer special bonuses and promotions to players who use crypto payments. Besides, the so-called “Bitcoin casinos” explained in detail below also feature games that cannot be found elsewhere.
Are There Any Disadvantages to Crypto Casinos?
Our research has shown that the best online casinos, which offer crypto payments are secure and regulated. Most of them deliver excellent games libraries and lots of attractive promotions. Additionally, cryptocurrency payment methods are quite safe themselves, so there is no need to worry in this regard. In our opinion, the only potential downside to using a cryptocurrency not only at online casinos but also in general, is the fact that the crypto market is unregulated.
What Types of Crypto Casinos Exist?
Crypto casinos are generally two types. One is the case of hybrid online casinos that offer cryptocurrency payments among other digital banking solutions. The other kind is the so-called “Bitcoin casinos,” which target exclusively players who wish to deposit and withdraw using crypto. The latter type offers only payments in cryptocurrencies.
How to Perform Online Casino Payments Using Cryptocurrency
The good news is that crypto payment methods work much as their traditional counterparts do. The process is pretty straightforward, but let us explain it in more detail:
Get a Crypto Wallet
To pay at any online casino, you need to have a wallet first. Getting one is easy, as there are many excellent solutions you can choose from.
Charge Your Wallet
Charge your crypto wallet with your desired cryptocurrency. Your balance needs to be positive to deposit. Therefore, simply decide which cryptocurrency suits you best and buy some of it.
Make a Deposit
Go to the Deposit section of your online casino and select the respective cryptocurrency. To complete the deposit, you will be provided with a depositing address, also known as a public key. Enter the amount you wish to deposit as well as your depositing address referred to above. Submit the information and wait for a few minutes for your balance to update.
Cryptocurrencies are becoming more widely used by the day. The increase in demand is mostly due to the robust security, high speed, low fees, and anonymity that they provide. In addition, players are becoming more knowledgeable about the benefits of crypto, and also open to experimenting with different banking solutions. That is why we expect more and more online casinos to start offering cryptocurrency payment methods.