Cryptocurrency Guide for Online Casino Players
Share on Facebook Share on Google+Cryptocurrencies first entered the online gambling world in the early 2010s. They’ve since become much more prevalent as a banking option at online casinos.
Bitcoin is definitely the most-notable cryptocurrency when it comes to depositing and withdrawing at gaming sites. But as you’ll find below, other cryptocurrencies are gaining prominence at casinos too.
What Is a Cryptocurrency?
A cryptocurrency is a digital asset that serves as a medium of exchange. It uses cryptography to create additional units, secure transactions, and verify that transfers have occurred.
Cryptocurrencies act as decentralized money versus the centralized “fiat” currencies. The latter refer to nationally backed money, like EUR, GBP, and USD.
Crypto transactions utilize distributed ledgers to record transactions. Most cryptocurrencies are so secure that their ledgers can’t be hacked and, thus, are completely secure.
Bitcoin Casinos Are By Far the Most Popular
Many cryptocurrencies have sprung up within the past decade. However, Bitcoin (BTC) is easily the most-popular crypto in the world.
The anonymous “Satoshi Nakamoto” (probable alias) invented Bitcoin in 2009. In an effort to control inflation, Nakamoto ensured that no more than 21 million Bitcoins will ever exist
Thanks to its first-mover advantage and reliability, Bitcoin has become the most-prominent cryptocurrency at online casinos. Some gaming sites center all of their banking on BTC.
What Other Cryptocurrencies Are Available at Online Casinos?
Bitcoin may be the biggest name in crypto, but it’s far from the only cryptocurrency available at internet casinos. Here are some other notable cryptocurrencies throughout the gaming world:
- Ethereum (ETH)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- DASH
- Monero (XMR)
- Dogecoin (DOGE)
- Binance Coin (BNB)
- TRON (TRX)
How to Deposit at Online Casinos with Cryptocurrencies
Each cryptocurrency features the same basic process regarding online casino deposits. Therefore, we’ll discuss the depositing process in a general manner:
- Step 1: Buy Crypto with Fiat – You visit a crypto exchange (e.g. Binance) that allows you to purchase cryptocurrencies with fiat (e.g. EUR).
- Step 2: Keep Your Funds on the Exchange or Set Up a Wallet – You can either leave your newly purchased crypto on the exchange or set up a wallet. The latter gives you full control over your coins but also requires you to handle your password and private key.
- Step 3: Visit the Casino’s Banking Section – The casino will offer you a wallet address that serves as the recipient during deposits.
- Step 4: Transfer Your Funds from the Exchange/Wallet to the Casino – Visit your wallet/exchange, enter the recipient (casino) address, and initiate the deposit.
How to Withdraw Cryptocurrencies from Online Casinos
Just as with deposits, you use the same basic process to withdraw crypto from gaming sites. Here are the steps you take to get your money:
- Step 1: Visit Your Wallet/Exchange – You need to generate a recipient address (wallet or exchange) for the cashout.
- Step 2: Visit the Casino’s Banking Section – You must visit the casino to initiate a withdrawal. This is the point where you enter the recipient address.
- Step 3: Double Check the Wallet Address & Send – You always want to double and triple check the wallet address. If you send funds to the wrong address, then you probably won’t get them them back.
Should You Gamble at Internet Casinos with Cryptocurrencies?
Cryptocurrency allows you to play at online casinos in a decentralized manner. You don’t need to deal with third parties (e.g. banks, e-wallets) when depositing and withdrawing via crypto.
On the other hand, you must carry more responsibility regarding your funds. Assuming you send crypto to the wrong address, then you may not see the money again (unless the recipient sends it back). If you set up a wallet, you must also be responsible for the password and private key.
In summary, You should weigh the pros and cons of cryptocurrencies and decide if they’re right for your online casino banking needs.
