So you want to gamble with cryptocurrency eh? I don’t blame you! You’d be surprised at how beneficial this option could be. But to many online gambling enthusiasts this may seem a daunting task. You may be wondering where to begin, how you can get your hands on cryptocurrency, or you might not even know what cryptocurrency is – shame on you if that’s the case!
If you’re asking yourself these questions, then you’re in luck. Fortunately for you, there are some fanatics out there, like myself, that have your back in these matters (smiley face). Online gambling with cryptocurrency does indeed take a little know-how, but with just a few easy steps, you could be betting with crypto like a pro in no time.
One thing to remember though – I don’t guarantee a win! So if you take my advice and things don’t go as expected, please don’t come knocking on my door with a moody expression on your face and a lengthy utility bill – just putting that out there. Your chances of winning when playing with cryptos are pretty much the same as playing with regular fiat currencies, but there are many other benefits related to this option that you might find intriguing. So let’s go ahead and start at the beginning.
What are cryptocurrencies?
A cryptocurrency or “crypto” for short is a digital currency that can be used to buy goods and services using a type of technology called blockchain. The currency is secured by cryptography, which makes it almost impossible to counterfeit. Cryptocurrencies are, in most cases, not issued by a central authority, meaning that they can not be affected by government interference or manipulation.
The first and most popular blockchain-based cryptocurrency was Bitcoin which is still the most valuable cryptocurrency to date. Today, however, you’ll find thousands of other cryptocurrencies with multiple functions and specifications as this digital form of currency is ever-evolving.
Cryptocurrencies are stored in what is called a crypto wallet, almost like a bank account, but visible to your eyes only and easily obtained with a simple download from the web. But make sure you choose a recognized wallet to store your cryptos. Password safety is key, but setting up your two-factor authentication protocols when logging into your app is a great way to ensure the safety and security of your cryptos. You could also store your cryptocurrency in a hard wallet, which is a type of cryptocurrency wallet where your private keys are stored on a physical device, such as a hard drive. This allows your cryptos to be kept offline, making your wallet impossible to hack.
How to buy cryptocurrency?
First, you need to choose a broker or crypto exchange. Many exchanges have built-in wallets where you can easily purchases your cryptos that will be directly added to your wallet after payment. But you might want to move your cryptos to a more secure method of storage as cryptocurrency exchanges are not backed by protections like the Federal Deposit Insurance Corp. (FDIC), and they’re at risk of potential theft or hacking. Buying these cryptos are as easy as purchasing any online goods or services, and in most cases it will be a simple EFT, debit card, wire transfer, or credit card transaction. Some of the most popular crypto exchanges are Binance, Coinbase, Gemini, and Kraken.
Once you’ve picked your crypto and created your wallet, you can proceed to purchase the currency on the exchange, after which your valued cryptos can be sent to your external wallet. Once your wallet receives the crypto, you may the proceed to purchase goods and services, store your crypto as an investment, or head to your favorite online casino and get a bigger bang for you bucks!
Benefits of cryptocurrency
Crypto transactions are performed on what is called a peer-to-peer network, which means less paperwork, brokerage fees, and commissions. You’re basically cutting out the middleman as the transactions are conducted between the sender and the receiver. You’ll also find that international transactions will be a lot cheaper, which is certainly a benefit if you’re looking to gamble with cryptos online.
“The blockchain keeps everyone honest, and a whole layer of banking bureaucracy is removed, lowering costs.” – Paul Vigna, markets reporter for The Wall Street Journal.
Payments are also a lot simpler than with fiat currencies. When making a payment, you’ll simply have to enter the receiver’s wallet address for the respective cryptocurrency and send your specified amount to this address. In some cases, you’ll also be able to scan a QR code, and most crypto casinos offer this option making it as easy as A, B, Cryptocurrency.
Crypto transactions are completed almost instantly, and this is very advantageous when it comes to online gambling as fiat transactions may take a long time to complete. Nobody wants to sit around waiting for their funds to reflect in their player account when a gambling opportunity arises. Anonymity is also a key factor, as all you need to provide when making a transaction is a wallet address.
Gambling with cryptocurrencies
The use of cryptocurrencies for the purpose of online gambling has become a very popular option over the past few years, not only for players but for online casinos and game providers as well. Many of the top casino game providers have been creating their games to accommodate the use of cryptos over the years, and the results have been phenomenal.
Online casinos benefit in the sense that players have become very attracted to this form of gambling, especially since cryptocurrency has become so popular in recent years. Many players enjoy the anonymity of crypto transactions when playing online, and casinos that offer the option of depositing and playing with cryptos have had an influx of these players. As I had mentioned before, the transaction fees are much lower as well, and which player would not find this appealing?
You’ll have to decide which crypto is going to work for you. I normally use a currency called Bitcoin Cash, as most crypto casinos accept this coin and the transaction fees are rather low. But at the end of the day, the choice is yours. The most popular cryptos accepted by casinos are Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Dogecoin (DOGE), and Tether (USDT).
It’s also very important to find the right casino. Many casinos that accept cryptocurrency only, and not fiat as well, aren’t required to register with a regulatory authority and this could compromise the quality and integrity of the service provided.
But the majority of online crypto casinos are trustworthy, and I would recommend taking a look at our list of casino reviews to find the one that suits your needs as we do thorough research on all casinos while conducting these reviews. You will also find instructions on how to deposit cryptocurrency to these casinos and information on withdrawing your funds.
A few casinos that I could recommend are Cloudbet Casino, mBit Casino, BitStarz Casino, King Billy Casino, and Stake.com, but again, the choice is yours. It’s also very important to check if the casino you decide to play with accepts your choice of cryptocurrency. And it’s also better to play with a casino that allows betting with crypto, instead of accepting cryptocurrency for a deposit method but reflects as fiat currency in your player account. This will affect your withdrawal as you would receive fiat currency instead of your initial crypto investment.
There’s no better way to gamble than having fun while doing it! Otherwise, what’s the point? So find your crypto, explore the casinos, and have a great time. I hope you’ve learnt a thing or two, and if you have any questions please feel free to comment on this post. Good luck crypto gambler, may the force be with you!