The Complete Guide to Using Cryptocurrency for Gambling

Cryptocurrencies have been sky-rocketing in terms of popularity throughout the entirety of the year, and this is especially the case when you hear terms such as decentralized finance (DeFi) floating around.

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What was once used to buy two pizzas, has risen and become a trillion-dollar industry. However, if you ask any investor that you might know, or just anyone online, you’ll probably hear that cryptocurrencies are quite possibly some of the most volatile types of currencies out there.

You could buy Bitcoin today for example, and tomorrow, it could be worth double, or nothing at all. You could say that, in some way, cryptocurrencies are a gambler’s game. And in the eyes of gambling people, such as yourself possibly, this might be their appeal.

Cryptocurrency gambling

The Best Cryptocurrency Casinos

What was originally released in 2009 as this niche or concept of digital payments, came to the real world through the work of an anonymous individual or group of people called Satoshi Nakamoto, has now become one of the largest digital industries on the planet. If you’ve been following the news at all, the chances are high that you’ve been hearing a lot about these cryptocurrencies, their value, and the various innovations they bring to the market.

When it comes to the casino industry, there is truly only a single innovation you need to worry about, and this is the quick transactions. In a traditional transfer through FIAT currencies, such as GBP, USD, EUR, and so on, a centralized party, such as a bank, has to conduct these transfers, and these can potentially have a 24-hour processing window.

We have seen the innovations behind e-wallets that make this process quicker, but what once took hours, with cryptocurrencies, now only takes a maximum of a few minutes. Even Bitcoin, which is currently known as one of the slowest cryptocurrencies that process transactions per 10 minutes, is way quicker.

Of course, the various innovations have brought down these speeds quite a bit, however, another aspect that’s quite important is the privacy and anonymity behind them. Nobody knows who the owner of a specific cryptocurrency address on the blockchain is, yet we can publicly see the value and the transaction history each of them holds.

List of The Best Cryptocurrency Casinos

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Cryptocurrency Exchanges and Wallets: A Quick Crash Course

An exchange is essentially a business that allows you to purchase, trade, or sell cryptocurrencies for other assets. All you have to do is connect with one of the various payment methods available, and use your FIAT currencies to purchase cryptocurrencies, after which these will be sent to your wallet.

A cryptocurrency wallet is a wallet that does not physically store your cryptocurrency, but stores your public key and private key. Through these, you can simply indicate that you want to transfer the funds that you have the password to, from your wallet, to the casinos’ wallet. These cryptocurrencies never leave the blockchain, they are there, under someone’s wallet address.

Specific Cryptocurrency Bonuses found in Online Casinos

When you visit an online casino, you’ll probably be greeted by specific bonuses. When it comes to cryptocurrency casinos, however, these bonuses can be quite exponentially higher. Let’s face it, we love the privacy and the freedom of cryptocurrencies, and so do casinos. It’s favorable to everyone to use cryptocurrencies, and as such, you can expect specific bonuses.

For example, casinos can offer you a welcome bonus, and while in a traditional, FIAT-supported casino this might be a 100% bonus, in terms of cryptocurrency casinos, this can go up to 250% or even 500% in terms of bonus amounts.

Alongside this, you can get free spins, upwards of 150 free spins, or even 200 FS in some casinos.

There are even specialized VIP programs or loyalty schemes that award cryptocurrency players with specific ranks, such as a personalized account manager, or even invite to specific live dealer table games that make you feel like you a part of an elite club.

Pros and Cons of Using Cryptocurrencies in a Casino

Pros

  • Access to the casino from any country due to the freedom of cryptocurrencies
  • Instant deposit and withdrawal due to the power of blockchain technology
  • Higher bonuses available
  • Full anonymity
  • A higher level of security

Cons

  • Cryptocurrencies are volatile, so you might deposit less than you intended to when you purchased them originally
  • Certain cryptocurrency casinos might not hold a license that is issued by a certain jurisdiction

Whenever you visit a casino, the chances are high that you want the thrill of betting it all, to achieve the highest possible reward in the form of a jackpot. This thrill is what drives each and every spin on the slot machines, and each “check” on live poker games.

Cryptocurrencies share a similar risk associated with them, as you can buy Bitcoin at $30,000 for example, and tomorrow, it could be back up to $60,000 as it once was, or drop to $15,000 for all we know due to its fossil fuel generation. It’s, in a sense, a gambler’s game by itself.

To deposit funds in a cryptocurrency casino, you’ll first need to visit a cryptocurrency exchange and purchase the cryptocurrency using FIAT currencies, such as GBP, USD, or EUR, and then once you have them on your wallet, send them to the casino’s wallet address, after which you’ll be allowed to play with them.

The chances are high that, by the time you make the purchase, transfer them to your wallet, and then transfer them to the casino’s wallet, their value will shift. This shift could be subtle, or significant, and this is part of the gamble.

So even the payment process shares the same excitement that a casino would, and this is simply brilliant, especially if gambling is in your blood.

Frequently Asked Questions About Cryptocurrency Gambling

Are Cryptocurrency Casinos Safe?

Many cryptocurrency casinos are safe, especially if they are officially licensed and audited. This information is typically found on the bottom of the page known as the footer, or in the about section of the page.

Do Cryptocurrency Casinos Have a Minimum Deposit?

Just about every casino out there will have a minimum deposit, however, this should be somewhere in the range of $20 at the most calculated in a specific cryptocurrency.

Do Cryptocurrency Casinos Offer a No Deposit Bonus?

Certain casinos will have a no deposit bonus; however, this is a rarity and it depends on the casino you are planning to play on.

Can You Play Games for Free in a Cryptocurrency Casino?

Many casinos will indeed offer you the opportunity to experience the games in a “demo mode” where you will not be using real money to play with, so you will not win real money either.

Are Cryptocurrency Casinos Playable on Mobile?

Many modern casinos, especially cryptocurrency casinos, will be developed as instant play casinos which means that you can access them on any device, and this includes mobile devices running iOS, Android, Windows, or Linux.

Do Cryptocurrency Casinos Have a Separate Mobile Application?

Given the fact that most instant play casinos are fully optimized to run as web apps, rarely do any of them feel the need to develop a separate one, but exceptions do exist.

Do I Need a Cryptocurrency Wallet to Deposit Cryptocurrencies into the Casino?

You need a cryptocurrency wallet to purchase cryptocurrencies from an online exchange before you can transfer the cryptocurrency to the casino’s wallet address.

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