What is Crypto Gambling?
Crypto igaming is a relatively young concept, but it’s already gaining big popularity among online gamblers. So, what exactly is a crypto casino? Gambling on the blockchain is the activity of using a cryptocurrency to bet on outcomes of traditional casino table games such as baccarat, roulette, blackjack, poker, or slots. This means that players can use Bitcoin, Ethereum, Litecoin, or any other supported cryptocurrency to gamble at the online casino.
Not only have cryptos changed the types of online casino payment, but the top crypto gambling sites have succeeded in transforming the games we play, building the road for a modernized online gambling environment.
Fiat Gambling vs Gambling on Blockchain
There are many advantages of crypto gaming over regular fiat ones. The benefits begin with convenience and finance. Crypto casinos usually offer no or very little fees and have no limit on daily transactions. Furthermore, crypto gambling is quite fast. Deposits and withdrawals needed to play casino games are almost instant. Of course, each casino has a transaction pending time, but crypto transactions by themselves are processed quite quickly.
Furthermore, in terms of security, cryptocurrencies are decentralized since there is no one authority governing the currency. Transactions work through the most advanced encryption technologies and are fully anonymous. Deposits and withdrawals in regular online casinos are usually managed by the bank. On the other hand, payments at crypto casinos are fully private.
It is also noteworthy, that cryptocurrencies are quite unstable and using them for casino games can be quite excitable as their value can alternate. Players need to keep constant watch over their cryptocurrency market as the values can shift daily.
Even though players can use cryptocurrency to gamble, there are not that many crypto-centered casino games out there. This will most likely change with time.
How to Gamble In Cryptocurrency?
Less complicated than many believe, starting a crypto casino adventure is easier than one may think. Following these simple steps, you’ll be fully prepared for your crypto igaming quest.
Steps
- Set Up a Crypto Wallet
A crypto wallet is actually the same as a traditional wallet but with less chance of it getting lost somewhere in a restaurant.
A cryptocurrency wallet is a secure digital location that allows users to keep their digital assets. There are dozens of crypto wallets on the market – simply register with a wallet of choice and be allocated a digital address applicable to your account. Essentially, this is just a storage vault for storing digital assets such as Ethereum or Bitcoin. - Buy Cryptos
Once you’re an owner of a crypto wallet, simply log in and purchase your crypto of choice using a traditional payment method, that is a credit card. Usually, one can do that at an online crypto exchange such as Binance or Gemini.
Bitcoin is considered as the most popular crypto on the market, but it is not the only accepted crypto for gambling. Do some analysis or shopping and find which crypto suits you best, and is accepted by your chosen casino.
Crypto casinos are considered as one of the best online casino payment methods worldwide. - Choose a Crypto-Positive Casino
The casino you choose will depend on which crypto you decide to purchase, or vice-versa.
It is important that the crypto casino you choose accepts your chosen crypto, includes the games you wish to play, and offers suitable promotions with a reasonable wagering requirement. For instance, 21Bit or SpinSamurai are among the most sophisticated crypto casinos, that offer a great game portfolio and accept a number of cryptocurrencies. Please note that you should only pick and register at a platform that is trusted and reputable. - Deposit Funds
Depositing with cryptos is sometimes easier than depositing with traditional payment methods.
Your first call point should be your account page.
Once the cryptocurrency is settled, there will be provided the wallet address of the casino. Enter a crypto wallet address and select the number of funds you want to transfer.
In a matter of seconds, your account will be funded displaying your balance. - Select a Game
Here comes the fun part! From the virtual casino lobby, take a careful look at what games are available.
Always take a look at the payout and game rules as these may be different from regular casino games, sometimes with a more favorable RTP than fiat-based casinos.
Look into the promotions available. Many operators, like 21Bit or SpinSamurai, give welcome or sign-up bonuses to new players. In fact, these casinos provide crypto casino deposit bonuses for the first 3 deposits instead of one. If you come across such a deal, don’t hesitate taking advantage of it. - Withdraw the Cryptos
Now, as a master of gambling with cryptocurrencies, you’re probably wondering how exactly to withdraw potential winnings.
Similar to deposits, go to your account section and hit ‘Withdraw’. You’ll be required to enter the amount you want to withdraw. An on-site prompt will request that you enter your wallet address, and once that’s been filled in, a withdrawal request will begin to be processed.
As with fiat-facing casinos, due diligence is in place to ensure that the withdrawal funds are fair, and comply with anti-money laundering policies.
Finally, Why Choose Blockchain Casino?
In addition to taking control away from banks that have been operating more or less against easy gambling for decades, there are many reasons to choose crypto casinos.
Privacy
Although gambling is not illegal in many parts of the world, it still seems to come with a social stigma. If people know you’re playing, they might think you’re a disreputable character, immoral, or have an addiction problem. The truth is that most people do it for fun.
Particularly, with blockchain’s anonymity, casual gamblers can have fun without worrying about being judged by the people around them.
Security
If managed correctly, crypto may become one of the most secure digital currencies out there.
Compare this security with credit cards or Paypal. Various social engineering schemes trick even the smartest people into giving their credit card information to thieves.
With blockchain, you can be sure that, if someone asks for the private key or wallet password, they’re trying to steal your assets. Keep your private keys private.
Instant Payments
Crypto payments are incredibly fast. Most of the transactions should be confirmed within minutes, some taking a few hours. Only in rare cases do crypto payments take a day to confirm.
Within the blockchain, players can fund their accounts or withdraw winnings instantly.
Cost-Effectiveness
In addition to transaction speed, crypto fees are much cheaper.
This benefits both the players and the website owners. Gamblers get to keep a larger part of their winnings when withdrawing.
Optimized for Online Gaming
Cryptocurrencies were born on the Internet and were made especially for online usage. They make a near-perfect solution for online players and gambling platforms.
Credit cards and bank transfers were not meant to be used online like they are today. However, before cryptocurrencies, people really didn’t have many other choices.
Because of their online optimization, cryptocurrencies eliminate the need for all those authentications, guaranteeing a relatively high level of security, privacy, efficiency, and ease of use.
Conclusion
So, finally, are crypto-based casino websites better than those using fiat? In short, they will become much better online gambling platforms over time.
Crypto casinos already offer huge advantages over traditional casinos, both financially and in terms of security. The safety factor for transactions as well as the absence of fees is certainly a gem for crypto-gaming. Over time, every crypto casino will have a huge collection of crypto-centric games like slots, baccarat, blackjack, poker, roulette, and more.
To add more, the disputable nature of cryptocurrencies will lessen over time, and more people will start trusting blockchain technology and learning about it.
Long story short.
- Long story short.
- Increased Security
- Better Bonus Terms
- Increased Privacy
- Special Game Selection
- Faster Payment Processes
Based on the above, do your homework and thoroughly research crypto casinos. Meanwhile, try guaranteed and trusted ones. Among reputable blockchain gambling websites are 21Bit and SpinSamurai which proved to be trusted and loved by players worldwide.
