Most of you reading this are probably more used to playing online casino games using real money. It's money you’ve earned, transferred from your bank account into your casino account. You could walk out right now, go to an ATM and withdraw it. What you’re not probably used to is using cryptocurrency for crypto coin casinos. In fact, you might not even know that cryptocurrency casinos are a thing that has been around for longer than you’d expect. We wouldn’t blame you.
Cryptocurrency is often supposed as the currency for tech whizzes and people who can understand how it operates. Strictly off-limits for the ordinary resident who doesn’t have any background in programming, cyber security or computing in general. Well, times are changing. And that isn’t true anymore. Cryptocurrency, and as a result Bitcoin gambling, are moving more towards ‘the norm’ and additional away from ‘the niche.’ So there are now some cryptocurrency casinos floating around the interwebs. Which is why we think it’s high time we gave a little breakdown of how they work.
Cryptocurrency seems to be the next big thing, and most industries are capitalizing on this. With the boom happening around the globe, fashion stores, betting shops, and casinos are all getting in on the action by offering this as a payment method. Here’s our guide on the rise of cryptocurrency within the casino market.
What is Cryptocurrency?
When explaining cryptocurrency, you can go too multifaceted lengths, so let’s try to make it clear for the good of our collective good sense. So, to begin, cryptocurrency is the coming together of cryptography and currency to form a single grouped concept.
Encouraged by Ancient Greece
Cryptography was pioneered by the Ancient Greeks, who developed encryption techniques to ensure their messages could not be interpreted as enemies, of which there were loads of warmongering rivals. As centuries went by, many more civilizations jumped on the bandwagon and started to generate ciphers for secretly delivering their instructions.
In the tech age, it is so much harder to crack cryptography values because they are now built on highly complicated algorithms that are driven by computers. By this point, we all know that computers are able of much higher processing power than the human noggin or a roll of parchment.
How Cryptocurrency Works?
For the average person, like ourselves, we sadly have to pay for our cryptos. The simple fact of the matter is that we do not possess an evil smart network of computers, much as we would like, so we have to exchange real-world currency and keep a close eye on all of the cost fluctuations.
This is a process that can be undertaken once you have acquired a cryptocurrency wallet. These are the safest when installing as an app or else used from an external drive. In either case, your crypto wallet can be used to transfer any currency acquired once you have made a transfer using your real-world payment method, such as a credit card.
Why Should I Use Cryptocurrency at Online Casinos?
We have occupied in so many debates that it would make your head spin. In the vast majority of cases, there are feasible pros and cons for each side. You might have your own opinions on the decision, but we are merely trying to present a balanced discussion on using cryptocurrency at casino sites.
Using Cryptocurrency Online
Cryptocurrency options have been becoming a lot trendier in recent times, and it’s no longer all about Bitcoin. There are plenty of options out there, though you will have to be somewhat selective as to which casino you play on if you want to use them. If you go for more popular cryptocurrency options, you’ll have more choice in where to play.
You’ll need to sign up and use your crypto wallet to transfer the cash from yourself to the casino site. This will be tracked as per an ordinary cryptocurrency transaction, and the funds will be cleared right away. There are usually very small or no fees with this banking process, but do double check with the casino before you spend.
Whether you play with cash or with a cryptocurrency option, you want to make sure you’re getting more for your money! Shop around and find yourself sites with the biggest and best bonuses before you deposit. Just look into the fine print to make sure that your currency is accepted, and you bet enough to worth the bonus.
Just take the same care in selecting from the cryptocurrency casinos out there as you would with any other casino.
Cryptocurrency transactions are regulated, so you are protected when you use these online. You should still do your due diligence and figure out whether a site is safe to play on too. Never take these sites at face value, check out their license and what others have to say about them also.
Pros and Cons
There are both advantages and disadvantages to using these payments. For newbies, the world of cryptocurrency can be confusing and hard to get to grips with primarily. This can prove too much effort for some users, who feel a bit more comfortable with cash instead.
On the positive side, these payments are more secure and anonymous than many of the options. There are more identity protection and secrecy concerned, which loads of prefer for casino use. You never know where your information can end up these days, so many are taking a better safe than sorry approach with this tech!
Your options are slightly reduced if you want to use these payments, as not every casino site will accept them. It’s up to you if you're going to be more selective or if you want to go with the majority instead.
Naturally, we are going to start with the benefits of crypto at casinos. The following pros are the reasons why many players are already on board:
The Pros of Cryptocurrency Casinos
The Cons of Cryptocurrency Casinos
And now we arrive on the other side, where you have to consider the possible detractions for using your precious cryptos with online casinos:
Which Cryptocurrency is the Best for Online Casinos?
Cryptocurrency casinos are still a niche area in gaming, so we do need to see additional transformation before the movement becomes commonplace. Some of you might be raring to get involved, but you should appreciate that it can be challenging to find suitable sites.
Wider Range of Bitcoin Casinos
Nowadays almost every casino offer Bitcoin option for the better money translation means. Every casino shares at least a couple of cryptocurrency, but the discussion keeps coming back to Bitcoin – just like in popular media!
Honestly, Bitcoin is going to remain the best crypto – for now, at least – because of the coverage that it will grant you. Little by little, the major casino operators are also going to hop on the Bitcoin bandwagon. By using Bitcoin, you can be assured of access to the very best selection of casinos.
Best of the Rest
A particular mention must also go to the likes of Ethereum, Monero, and DogeCoin. These also show quite commonly at Cryptocurrency casinos while having the additional benefit of being less valuable compared to Bitcoin. Alternative cryptos might even offer quicker speeds of transfer compared to Bitcoin.
When using Bitcoin, you should take on a less risky approach and be stricter in setting your target for winnings and the amount you can accept to lose. The rises and falls in Bitcoin value are so strong that you do not want to miss out on an unexpected rush. This is why it can work well try the alternatives if you do not want the risk.
If you are not aware, purchase cryptocurrencies with your fiat money are very straightforward. The most natural and most common way is to purchase your crypto from an exchange – Coinbase, for instance. You can also buy from a person looking to sell, or you can mine the coins yourself – this involves cryptocurrency mining knowledge.
It is also possible to buy a percentage of a cryptocurrency. For instance, people cannot always afford to buy a whole Bitcoin; instead, they can buy a portion of a bitcoin. You can buy anything from one-tenth of a Bitcoin up to a one hundredth million of a Bitcoin – also known as a Satoshi.
That’s all you need to know to start playing on these kinds of casino sites and why you should do so. With increased security and uniqueness protection, it’s no wonder that so many users are flocking to these kinds of sites – despite the initial learning curve.
Cryptocurrency casinos are positively becoming more and more popular in the world of online gambling. The security and secrecy surrounding cryptocurrencies make them an ideal casino payment method and casino wallets can be a secure way to store your crypto. Of course, there are various ‘wallets’ that can be used to save your online crypto cash.
Whether or not cryptocurrencies are the future of our financial system remains to be seen, but at this current moment in time, cryptocurrencies can be an incredible though risky investment opportunity. Cryptocurrencies are highly volatile and often used for investment rather than as currency. Therefore, the high value of some cryptos can make them unsuitable for casino gaming, but you can still find plenty that is more suitable, even quicker, and yet highly secure.
With favorable low house odds, you’re sure to have a lot of bang for your buck at cryptocurrency casinos!