With cryptocurrencies gaining global attention and popularity, these digital currencies have made a grand entrance into the online gambling industry. Having been around for close to a decade, crypto gambling is not a new phenomenon.
However, we are seeing more online gambling establishments taking up cryptos as one of the accepted modes of transaction.
Due to the high security and anonymity standard offered by blockchain-powered casinos, these sites have become the new traction among casino players. This article delves deeper into how crypto-powered casinos operate.
In 2009, some smart anonymous buddies wanted to have a way of making anonymous online purchases. This is how the idea of a decentralized digital currency came about. The pioneer digital currency became the Bitcoin we know of today.
Cryptocurrencies work by recording every transaction in a digital public ledger. To render crypto decentralized, the ledger is stored on a network of multiple computers. This system is impossible to cheat because whenever a transaction is only showing in one copy of the ledger, it is easily spotted and flagged. This keeps the ledger safe from hackers and illegal alterations.
There is so much to say about cryptos, but at the core, it is just a decentralized digital mode of payment.
Cryptocurrencies and the Online Gambling Industry
As of today, there are numerous cryptocurrencies on the market. New digital coins are being launched every other day and at a rapid rate. The online gambling industry was among the first industries to adopt cryptos as a mode of payment.
As the market gets flooded with digital coins, crypto casinos are now more concerned with only supporting the most trusted coins. If you are looking for a reputable and safe crypto casino, you will first have to get to speed on what these digital currencies entail. That includes understanding their histories and how you can use them on online gambling platforms.
How To Make Crypto Deposits
Once you have acquired an understanding of what cryptocurrencies are and you would wish to start using them for online gambling, we are here to guide you. Let’s start by stating that using digital coins to fund an online casino account is not as intimidating as one might think.
You only need to understand the steps and procedures of making safe and successful crypto deposits. The first step is finding out the cryptocurrencies supported by your preferred online gambling platforms.
Proceed to open a crypto wallet, which comes with a unique wallet address. Fund your wallet by purchasing some cryptocurrencies. Once that’s done, proceed to choose crypto as your preferred mode of payment at your online casino and submit your wallet address.
You are now ready to fund your casino and receive payouts using your crypto wallet.
There are as many cryptocurrency wallets as there are crypto coins. With such diversity at your disposal, you will have to pick the best wallet for your online gambling needs.
A cryptocurrency wallet is typically what the name suggests. It is a central platform where you can manage all your crypto balances. However, some crypto wallets are better than others. When it comes to online wagering, you need to choose a wallet that simplifies how you move your digital coins to and from your casino account.
Some wallets have been on the market longer than others, but that does not necessarily mean they are expressly worth it. Look at the particulars of the wallet’s features before opting in.
How to Play and Wager at a Crypto Casino
With an understanding of how to acquire crypto and make deposits, the next step should be to understand how to use digital coins to place wagers.
More often than not, the cryptocurrency you choose to fund your casino account with will not impact the games. However, if you are unsure, you can always consult with the casino’s support desk.
Crypto wagering works the same way as cash wagering, with the only difference being the mode of payment. If a wagered stake is worth $100 in fiat currency and you are using crypto, the casino will deduct a crypto fraction equivalent to $100 to fund your stake.
It is also worth noting that there are minor differences in how different casinos manage crypto at the slots and table games. Be sure to read through the site’s terms and conditions to avoid unwelcome surprises.
That notwithstanding, most reputable crypto casinos are out there to offer the best crypto gambling experience.
The Benefits of Crypto Online Casinos
Crypto casinos offer numerous advantages, among them being;
Accessibility to All
Anyone can decide to use cryptocurrencies for online casino gambling. In addition, there are no geographical barriers – this allows international players to gamble at overseas online casinos without the hassle of currency exchange rates.
Using cryptos will also free you from taxes and hidden charges associated with fiat currency gambling.
Crypto Players Enjoy Lucrative Bonuses
Due to the stiff competition in the online gambling market, crypto casinos offer exciting bonuses and promotions to new and regular players alike. Like fiat currency, crypto casino account bonuses are also subject to wagering requirements. Therefore, you must go through the site’s terms and conditions before claiming any bonus.
Diversified Crypto-Based Games
Crypto-powered online casinos offer specific games designed for cryptocurrency gambling only. This game category is still a new phenomenon in the online gambling space and often elicit excitement among players.
If you are looking for new ways to augment your online gambling experience, you should definitely give crypto casinos a try.
Fair Game Play
Cryptocurrency-based casino games run on unique, fair, and provable algorithms known as a cryptographic hash function. This technology serves to deliver fair gameplay to online casino players.
You can rest assured that the house is not trying to cheat the system with crypto casinos.
Faster and Lower Fees
Crypto casino players enjoy instant and almost free transactions. When using a digital currency to fund your online casino account, the transaction fee ranges between 1-2%. This fee goes directly to your crypto exchange and not the casino operator.