Crypto Currencies

Your No-Nonsense Guide to Cryptocurrencies for Online Casinos

We’re seeing a growing number of online casinos that accept cryptocurrency for deposits and withdrawals.
If you are looking to find out more about gambling online using a cryptocurrency such as Bitcoin, you’ve come to the right place.

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Cryptocurrency Basics

Cryptocurrency is a common denominator for all types of decentralized virtual payment methods. They are different from traditional currencies as their value isn’t ensured by any particular state or group of countries.

Instead, the value of any cryptocurrency is determined based on how many people decide to accept it and use it.

It all started with Bitcoin, which is the original cryptocurrency and the one that remains most popular – and well known – to this day.

In fact, the two terms are almost synonymous. Bitcoin was invented in early 2009 by an individual or group of individuals going under the name Satoshi Nakamoto.

It was developed as an electronic payment network that used the newly created ‘Bitcoins’ as a payment method.

The history and technical details of cryptocurrency go beyond the scope of this guide.

It suffices to say that since that start in 2009, Bitcoin has been growing increasingly popular, with more and more online businesses endorsing it as an online payment method.

Online casinos were among the first online sites to allow their players to use cryptocurrencies, as the method of payment was supported by many players.

How to Guide

Now that you know the important details about using cryptocurrencies with online casinos, it might have piqued your interest. If you’d like to give it a try, here’s a step-by-step guide to get you started with cryptocurrencies. We’ll use Bitcoin as an example, although nearly all of them work on the pretty much same principle:

Creating a Wallet

The first thing you’ll need to do to get started with Bitcoins is create a Bitcoin wallet. This is where your cryptocurrency is stored for future use. There are several types of Bitcoin wallets, but an online one will do just fine for online casino deposits.

There are quite a few to choose from, like Coinbase, Xapo, BTC, BitGo and more; it’s easy to take your pick and quickly create your account. You won’t need to provide any personal details other than your email and the password, keeping your personal information safe and letting you pay and play anonymously.

Funding your Bitcoin Wallet

Once you have created your Bitcoin wallet it’s time to actually fund it with some Bitcoins. There are a few ways you can do this:

If you know someone who already has some Bitcoins, they can simply send them to you using your public address, which will be displayed when you log in to your wallet. You can share this address with others freely, as it is only used to receive money.

If you don’t know anyone who could send you Bitcoins, you can use one of the many cryptocurrency exchange sites and purchase some coins yourself. Different exchanges accept different payment methods, so find the one that offers options that you can use and that you prefer, be it wire transfer, e-wallet or similar.

Depositing with a Casino

Once you have some money in your Bitcoin wallet, it is time to go and deposit with the casino of your choice. The process is similar to using any other method you may have used in the past.

Go to your casino cashier, select deposit and then, from the options on offer, choose Bitcoin. You’ll then need to provide your wallet address to send the money over to the casino and wait a couple of minutes.

As long as you do everything right, the money will soon appear in your account and you’ll be good to go and start playing your favorite games.

Requesting a Withdrawal

When you are ready to withdraw, the process is quite similar. From your cashier page, select Bitcoin, enter the desired amount, and then provide your wallet address for payments.

Some casinos will send your payment almost instantaneously and your Bitcoins will be soon be available to spend them as you like.

Online Casinos Accepting Cryptocurrency

Today, there are numerous online casinos accepting cryptocurrency. There are some that deal exclusively with cryptocurrencies such as Bitcoins or other types (which are often commonly referred to as altcoins).

Other online casinos accept all the traditional methods of payment, but also offer players a chance to use cryptocurrency.

There are many advantages to using Bitcoins for online gambling, but there are also a few disadvantages.

We’ll cover some of these further in the text, to make sure you have all the information you need to get you started with cryptocurrency online casinos.

Cryptocurrency Advantages

When Bitcoin was first invented, the main idea behind the concept was that no one would have full control over it and it would therefore allow for anonymous payments.

Cryptocurrencies allow for a high level of anonymity when making deposits and withdrawals, as you don’t have to deal with banks or any central authority.

This makes this payment method an ideal choice for anyone who wants to keep their gaming habits completely private.

Cryptocurrencies are also a method of choice for those looking to play at an online casino but who can’t do it because of various restrictions. Many countries around the globe don’t make it easy for people to deposit and/or withdraw with online casinos. Using cryptocurrency bypasses this problem completely.

One thing that many people don’t know about deposits and withdrawals with Bitcoins is that they are very quick – probably the quickest method around. It isn’t at all uncommon for reputable online casinos to send you your cryptocurrency withdrawal a few minutes after you’d requested it, which is very convenient.

Cryptocurrency Downsides

Like with every payment method, using cryptocurrencies to fund your online gambling does have some downsides.

Probably the biggest one is the fact you actually need to obtain Bitcoins or another currency first, which deters some players.

While this process may have been complicated in the past, these days it isn’t that hard to get your hands on some cryptocurrency.

In fact, there are many cryptocurrency exchanges out there that will let you buy some using wire transfers, Western Union, and even e-wallets such as Skrill or Neteller.

Another downside is the volatility. Due to the nature of cryptocurrency and it not being self-regulated, its value fluctuates quite a bit.

This means that it can change overnight, which can work in your favor, but it can work against you as well. Some people enjoy this aspect as much as they enjoy online gambling, but for some the risk is too much.

Are Cryptocurrencies for me?

Now that you have all the information, you can make a decision whether gambling with cryptocurrencies is for you or not. There are certainly some upsides to doing it, but if you don’t have to (because of restrictions and similar), it is pretty much the same as using any other payment method.

However, if you are someone who really values their privacy, then getting a bitcoin (or similar) wallet is probably worth it. Once you get the hang of it, you’ll be able to make anonymous casino transactions and enjoy your gambling experience without having to fear for your sensitive financial information getting into wrong hands.