In the meantime, the cryptocurrency market is also evolving. New cryptocurrencies are invented all the time. In general, competition helps to create a healthy market and is greatly beneficial to end users. However, it is important to note that not every new cryptocurrency will survive the test of time. Some of them are created for purely speculative purposes, and will eventually turn into bursting bubbles. Therefore, we recommend you stick only to those cryptocurrencies that have proven their value and have gained the public’s trust.
What Are the Advantages of Gambling with Cryptocurrencies?
Up until recently, players at online casinos had a limited choice of traditional payment methods, such as bank transfers and credit and debit cards. While these solutions provided a high level of security, they still had a few downturns. Online gamblers were primarily concerned with the slow payouts and the complicated verification procedures. Sharing personal details with the operators has also been an issue for a long time.
To address the growing demand for faster withdrawals, less paperwork, and more privacy, e-Wallets began to emerge. These banking solutions have addressed the player concerns mentioned above, but only to a certain degree.
For instance, rarely can you find an e-Wallet that allows for immediate withdrawals. Also, while your bank account details remain hidden from the casino when you use an e-Wallet, you still often have to take unnecessary verification steps. Lastly, but very importantly, some e-Wallets may charge you additional transaction fees, and not all of them are available for withdrawals.
However, the rise of crypto wallets has provided a solution to all of these problems. Many of the gambling sites have adopted cryptos to ensure fast withdrawals for players. Here are the most common benefits of using crypto money to gamble online:
Simple and Effortless Registration
Using a crypto wallet, you can register at an online casino in no time. There is no unnecessary paperwork to submit, and no exhausting verification steps are required. Generally, the casino will only ask you to hand in a copy of a government-issued ID and possibly your email address. Thus, it takes just a minute or two to get to playing your favorite games for real money.
Beating the game is fun, but what is even more fun is having instant access to your winnings. That is why players like to wager with crypto so much. Most crypto wallets allow for immediate withdrawals. This is revolutionary, given the fact that the most common traditional payment methods make you wait for days until your cash arrives.
Anonymity and Top-Level Security
The less you share with any website, the better. Even the top online casinos with the necessary licenses cannot guarantee you 100% security. Using a crypto wallet is one of the best ways to have your private information protected. In addition, blockchain allows you to have complete transparency of all transactions because of how they are performed within the decentralized network.
Provably Fair Games
Provably fair games are the hype right now. The reason is that they provide a solution to one of the oldest problems in the casino gambling world – the lack of trust. Players have always been concerned with the possibility of being cheated by the casino. Along with reputable, licensed websites, fake operators sometimes appear, who try to rip gamblers off by offering rigged releases.
Thankfully, this is no longer possible with provably fair games. Using a specific technology, these products allow you to verify the fairness of your results and to stay protected against fraud.
Special Games and Bonuses
Crypto gamblers can nowadays enjoy a great variety of exclusive games that are not available at regular online casinos. In addition, crypto operators provide players with top incentives, such as welcome bonuses, regular promotions, and races and competitions. There is always a way to win extra money and free spins at a crypto casino.
This Sounds Too Good to Be True. Is There Anything I Need to Worry About?
As long as you play at a licensed crypto casino, we’d say there is nothing you should be afraid of. Crypto wallets are extremely safe, fast, and convenient. That said, you should always keep your crypto wallet’s private key protected and never reveal it to anyone.
Another thing you might want to check before you sign up with a crypto casino is if it offers your preferred cryptocurrencies. Please note that there are generally two types of crypto gambling operators. The first one is the hybrid casino, where you can use both fiat and crypto money. Such websites are great for beginning crypto users, who are still experimenting with different payment solutions.
The other one is often referred to as the “Bitcoin casino” This is a type of operator, where you can play using cryptocurrency only. Although they are frequently called Bitcoin casinos, such websites usually offer all of the most used cryptocurrencies worldwide. We will talk at length about each of them in the following section.
What Cryptocurrencies Can I Use to Play Online?
It might come as a surprise, but research shows that more than 19,000 cryptocurrencies exist at present. There are also tens of blockchain platforms on the market. Of course, not all of them are viable, so this article will focus on the top 9 cryptocurrencies used for gambling.
Bitcoin (BTC or ₿)
Bitcoin is by far the most popular cryptocurrency. Released in 2008, Bitcoin was invented by a person or a group of people called Satoshi Nakamoto. The cryptocurrency became very successful and is nowadays used for trading and investment purposes. It is created through the so-called “mining” process, and there is a 21 million limit on how many Bitcoins can exist. A great thing about Bitcoin is that you can easily exchange it for other crypto and fiat currencies.
Ethereum’s Ether (ETH or Ξ)
Ethereum is a decentralized, open-source blockchain platform based on smart contracts, which began as a crowdfunded project. People often confuse the two terms, but Ethereum is the name of the platform, and Ether is the cryptocurrency.
Ethereum appeared in 2013 thanks to Vitalik Buterin and Gavin Wood. It became very popular because it is both an environment and a programming tool. The platform’s functionalities provide a lot of added value. That said, it is not surprising that Ether has become the second most popular cryptocurrency following Bitcoin. In fact, even banks seem to favor it.
Litecoin (LTC or Ł)
As an online casino player, the most important thing to know about Litecoin is that confirms transactions four times faster than Bitcoin. That said, Litecoin is actually a fork of Bitcoin, or a so-called “altcoin.” In essence, it is a peer-to-peer cryptocurrency, which uses open source. As for the market cap, Litecoin’s algorithm allows for producing up to 84 million units.
Bitcoin Cash (BCH)
If you are looking for faster and cheaper crypto transactions, you might want to take a closer look at Bitcoin Cash. While it might appear as just your regular altcoin, Bitcoin Cash has a lot of advantages. That is why it became so popular in the blink of an eye once it was released in 2017. To give you an idea, a single Bitcoin Cash transaction may cost a few cents, while Bitcoin will charge you around $60 for the same thing.
Bitcoin Cash is also great for mining. Besides, it provides diverse ownership options, and you can easily exchange it for other cryptocurrencies. That is why its value is constantly growing, and the future seems to be bright for this cryptocurrency.
Cardano (ADA or ₳)
Cardano and ADA are another pair of frequently confused terms. Cardano is a blockchain-based platform that also acts as a decentralized app (DApp). Its native cryptocurrency is called ADA.
Invented by the co-founder of Ethereum, Charles Hoskinson, the platform aims to create a stable, flexible, and sustainable cryptocurrency ecosystem. It is interesting to note that Cardano was named after Gerolamo Cardano, a multi-talented 16th-century researcher, scientist, and inventor. Part of the reason for picking this name lies in the fact that the Cardano community claims ADA to be the only cryptocurrency backed by real scientific research.
You must have surely noticed the entertaining social media dog memes that make fun of Bitcoin. Well, they actually gave birth to a cryptocurrency dubbed the first “meme coin.” Created by Billy Markus and Jackson Palmer, Dogecoin is claimed to have appeared only to pick at Bitcoin. In fact, Markus has stated that it took only 2 hours to invent the coin.
Whether it is true or not, the cryptocurrency attracted the public’s attention just a few weeks after it entered the market, reaching $8 million in value. However, there is a good reason for this success. The amusing factor aside, Dogecoin has a few serious virtues. Among them is the fact that it takes only one minute to confirm a transaction, whereas Bitcoin needs 10 minutes.
Monero is another very attractive decentralized cryptocurrency. In fact, it has the third largest developer community after Bitcoin and Ethereum. Monero has a lot of benefits, such as fungibility, privacy, scalability, and ASIC resistance. Thanks to the latter, it is available for mining on low-cost machines with CPUs and GPUs. The supply of Monero coins is unlimited unlike that of other cryptocurrencies like Bitcoin.
Tether is a so-called “stablecoin.” It is backed by several traditional currencies and was created so that its value would be linked to the value of the US dollar. Initially, the plan was to match the US currency at 1:1. However, the issuing company later changed its statement to say that each Tether is backed by its reserves in fiat money. In any case, Tether claims to be fully transparent and to be ideal for commercial purposes.
Last but not least comes Ripple, which appeared in 2012 as a distributed open-source-based protocol platform. Simply put, the goal of this ecosystem is to support value units, crypto and fiat currencies included, and to enable fast, secure, and cheap transactions. XRP is Ripple’s currency. The speed and low cost are XRP’s two key selling points in the online casino world.
How to Use Cryptocurrency for Gambling
Gambling with crypto is a piece of cake. Once you find a trusted online casino that accepts Bitcoin and the rest of the currencies discussed above, you only need to follow a few simple steps and you will be all set in a couple of minutes. Here is what to do:
Step 1: Open a crypto wallet
To perform any cryptocurrency transactions, you must have a wallet first. Take your time to shop around and find the right solution for you.
Step 2: Choose a cryptocurrency
Load your preferred currency into your crypto wallet. You cannot wager with an empty wallet.
Step 3: Make a deposit
Visit the Deposit section of your online casino and follow the recommended steps. The casino will give you a depositing address, or the so-called “public key.” Provide the amount you wish to deposit as well as the public key. Your deposit should clear immediately.
Step 5: Choose a game
Go to the Games lobby and have fun.
Gambling with cryptocurrency is easy, safe, and private. That is why so many players have started using crypto. While initially, Bitcoin ruled over the hearts and wallets of gamblers, many new and promising cryptocurrencies appeared during the past couple of years. Today, players have more choices than ever when it comes to online casino payments. Such a trend can only positively influence the industry by making deposits and withdrawals faster, safer, and cheaper.
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