Cryptocurrency and its underlying technology, the blockchain, is the most influential and disruptive form of technology right now.
Cryptocurrencies like Bitcoin and Ethereum are gaining widespread acceptance and are used for investments, operations, and online payment of products and services. For example, with its promise of private, convenient, and anonymous transactions, more online casinos now accept cryptocurrencies for payments. In addition, these crypto casinos feature lucrative bonuses and Bitcoin-ready casino games that are provably fair.
It’s an exciting time to sign up for a casino account and play the best casino games using cryptocurrencies. But before you play, make sure to review crypto’s basics and compare the top gambling sites that accept this payment option. Our primer on crypto serves as your guide on the basics of crypto gambling, your crypto options, and tips on picking the right site!
What is Cryptocurrency
A cryptocurrency is a digital currency that relies on cryptography to secure online transactions. It takes its name from ‘encryption,’ the technology used to verify the transactions.
Compared to traditional fiat currencies, cryptocurrencies don’t rely on banks to verify transactions. Instead, the technology works using a peer-to-peer protocol and transactions recorded in a public ledger. Since it removes the traditional intermediaries, payments are fast and almost free.
There are dozens of cryptocurrencies in circulation now, with Bitcoin and Ethereum as the most popular in many casinos. These two are the most valuable and widely traded coins in the market.
Why use cryptocurrencies for online gambling?
Cryptocurrencies are popular among casino players for several reasons:
- Secure and mostly anonymous transactions. Using cryptocurrencies, players can enjoy safe and mostly anonymous payments. They don’t need to share banking or personal information to deposit funds. Information is private, and only the player can access his account.
- Fast and almost instant transactions. With your cryptocurrency, deposits and withdrawals are fast, allowing players to enjoy their favorite casino games. Deposits can take a few minutes, and even sites offer instant deposits! Unlike bank transfers or card payments, you don’t need to wait for days to enjoy your winnings.
Cheaper to no transaction fees. You don’t need to worry about high transaction fees when depositing or withdrawing funds with crypto. However, some casinos require a ‘small gas fee’ to cover the verification of the transactions on the blockchain. In addition, chargebacks are not possible with cryptocurrencies like Bitcoin, thus protecting players from potential fraud.
How to Play with Cryptocurrencies
There are several factors to consider when one wants to gamble with cryptocurrency, with the choice of where to buy the coins as the primary consideration safely.
The most common option is to buy your cryptocurrencies at online exchanges and brokers. You’ll need an email address and a government-issued ID to pass the KYC process and create an account. Once approved, you can now fund your account and buy your preferred digital currencies. There’s also an option to join peer-to-peer networks to buy or exchange cryptocurrencies directly. However, compared to the traditional way of purchasing digital coins, in a P2P, there’s no central authority that oversees the transaction.
Your crypto wallet is another factor to consider when buying crypto. It stores your cryptocurrency as well as your winnings. Several storage options are available, and some of these wallets are free.
Of course, buying a premium wallet gives you better security and access to other helpful tools. For example, hardware devices like Trezor and Ledger Nano X protect your coins from malware by isolating them from the web. However, storing crypto for online gambling can be inconvenient.
Start Playing with Crypto Today!
You’re ready to top up your account and play your favorite casino games with a funded crypto wallet. You’ll find dozens of online casinos that accept crypto, and this list will continue to grow. If you’re a beginner or simply want to learn more about crypto gambling, our reviews and list of top crypto casinos can serve as your guide.
Our team checks and compares these gambling sites and their offerings so you can focus on what’s important: to play at a reputable casino and enjoy the perks of crypto gambling!