Cryptocurrency Guide for Online Casino Players

Cryptocurrency Guide for Online Casino Players Share on Facebook

Cryptocurrencies first entered the online gambling world in the early 2010s. They’ve since become much more prevalent as a banking option at online casinos.

Bitcoin is definitely the most-notable cryptocurrency when it comes to depositing and withdrawing at gaming sites. But as you’ll find below, other cryptocurrencies are gaining prominence at casinos too.

What Is a Cryptocurrency?

A cryptocurrency is a digital asset that serves as a medium of exchange. It uses cryptography to create additional units, secure transactions, and verify that transfers have occurred.

Cryptocurrencies act as decentralized money versus the centralized “fiat” currencies. The latter refer to nationally backed money, like EUR, GBP, and USD.

Crypto transactions utilize distributed ledgers to record transactions. Most cryptocurrencies are so secure that their ledgers can’t be hacked and, thus, are completely secure.

Bitcoin Casinos Are By Far the Most Popular

Many cryptocurrencies have sprung up within the past decade. However, Bitcoin (BTC) is easily the most-popular crypto in the world.

The anonymous “Satoshi Nakamoto” (probable alias) invented Bitcoin in 2009. In an effort to control inflation, Nakamoto ensured that no more than 21 million Bitcoins will ever exist

Thanks to its first-mover advantage and reliability, Bitcoin has become the most-prominent cryptocurrency at online casinos. Some gaming sites like Stake center all of their banking on BTC.

What Other Cryptocurrencies Are Available at Online Casinos?

Bitcoin may be the biggest name in crypto, but it’s far from the only cryptocurrency available at internet casinos. Here are some other notable cryptocurrencies throughout the gaming world:

How to Deposit at Online Casinos with Cryptocurrencies

Each cryptocurrency features the same basic process regarding online casino deposits. Therefore, we’ll discuss the depositing process in a general manner:

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How to Withdraw Cryptocurrencies from Online Casinos

Just as with deposits, you use the same basic process to withdraw crypto from gaming sites. Here are the steps you take to get your money:

Should You Gamble at Internet Casinos with Cryptocurrencies?

Cryptocurrency allows you to play at online casinos in a decentralized manner. You don’t need to deal with third parties (e.g. banks, e-wallets) when depositing and withdrawing via crypto.

On the other hand, you must carry more responsibility regarding your funds. Assuming you send crypto to the wrong address, then you may not see the money again (unless the recipient sends it back). If you set up a wallet, you must also be responsible for the password and private key.

In summary, You should weigh the pros and cons of cryptocurrencies and decide if they’re right for your online casino banking needs.

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