Cryptocurrency and gambling

Technology continues to progress and give birth to innovations in many areas. Thus, for several years, in the galaxy of online casino gambling, it has been possible to immerse in the action on mobile terminals and make deposit and withdrawal transactions in cryptocurrency. First introduced over a decade ago by bitcoin and still known as crypto assets, cryptocurrencies have entirely revolutionized the field of financial transactions. Today, more than 100 million people use cryptocurrency worldwide.

Are you an online casino gambling enthusiast who wants to learn more about these virtual currencies for your next gambling experience? Here's everything you need to know to start playing with cryptocurrencies. Enjoy your reading!

Relationship between cryptocurrency and online gambling

As the name suggests, online gambling refers to all gambling options accessible in a paid mode and only available on virtual platforms. In other words, to enjoy these games, you must commit your financial resources. In addition, online gambling is made up of sports betting and casino games. Therefore, here, gambling is betting. In the recent past, bookmakers and virtual casinos accepted only ordinary currencies (dollar, euro, pound sterling, etc.). Still, in recent years cryptocurrencies have been included in the payment methods of these establishments. Now, it is possible to top up your player account with cryptocurrencies. Withdrawal transactions are also available with these decentralized currencies without physical support.

How cryptocurrency works with online casinos

You now know that cryptocurrency and online casinos are compatible. But, how do virtual currencies work with virtual gambling establishments? You must deposit real money into your account to live your passion for casino games. With cryptocurrencies, you will have to replace the actual cash with one of the virtual currencies authorized by your casino. In other words, you need to top up your account with cryptocurrency. For this purpose, there is a simple process to follow. First, you need to proceed with the creation of a wallet account. This is the fundamental element. Then, all you have to do is deposit by choosing the crypto wallet.

Once this last step is done, you can start playing. However, that's not all! Your objective in playing is obviously to fill your pockets. So what do you do when you have winnings that you want to withdraw? At this point, too, the process is far from complex. Note that withdrawals, like deposits, are made in cryptocurrency. Thus, after receiving and processing your withdrawal request, the casino will pay you via the same currency you used to fund your account. The funds will be transferred to your wallet. Then, you have the option to transfer them back to your bank account after converting them to real money.

The most popular cryptocurrencies in the online casino world

Online casinos accept a wide range of crypto-currencies. These include Bitcoin, Ethereum, Litecoin, Ripple, Tether (USDT), Dogecoin, Dash, and Monero.

Bitcoin

The world's first virtual currency (2009), Bitcoin, known as BTC, is also the most expensive of all cryptocurrencies. This virtual currency, Satoshi Nakamoto's creator, has a fixed bid of 21 million.

Ethereum

ETH is the code for this cryptocurrency considered the most popular in online casinos, behind Bitcoin. Initially, a network for accessing decentralized applications and smart contracts, Ethereum evolved in 2018 into a hotspot intended for ICOs. This crypto asset stands out in particular for the speed of its transactions.

Litecoin

Litecoin (LTC) is a cryptocurrency associated with Bitcoin. Invented in 2013 by Charlie Lee, it is significantly faster and comes with a peak offering of 84 million.

Ripple

Founded in 2012, Ripple was a gross settlement network whose native token is XRP. Used today on online casinos, XRP pleases its security and speed in deposit transactions.

Tether (USDT)

The cryptocurrency in question here is called Tether. This virtual currency, whose code is USDT, is considered a stablecoin. Initially, it was developed to have a fixed value of $1.00.

Dogecoin

Dogecoin (DOGE) was founded in December 2013 by Billy Markus and Jackson Palmer. An altcoin cryptocurrency, it stands out for its fast production rate.

Dash

It was created in 2014 as ''Xcoin'' Dash was later renamed ''Darkcoin'' before its designation became ''Dash'' in 2015. While this cryptocurrency offers fast transactions, it also stands out for its near untraceability.

Monero

This cryptocurrency with the code XMR is specialized in transactions that are difficult to trace. It is then, like Dash, a privacy solution.

Why you should use cryptocurrency in online casinos

When used in virtual casinos, cryptocurrencies have several advantages. Here are the most important ones.

Privacy

Cryptocurrencies are the best way to guarantee the privacy of your personal information in online casinos. It is almost impossible for a third party to know who you are and where you are playing from. You can live your passion in total anonymity. By the way you can check here best anonymous casinos.

Security

By playing with a cryptocurrency, you are entirely safe from hacking. It is, in fact, almost impossible to access them.

Transaction speed

Transactions with ordinary means of payment are relatively slow because of the bank's intervention. With cryptocurrencies, you can enjoy instant deposits and withdrawals.

Tax exemption

Since cryptocurrencies are entirely virtual, they do not work like bank-issued currencies. Therefore, they are tax-exempt.

Low or no transaction fees

With cryptocurrencies, online casinos generally charge their members few withdrawal fees. Better yet, at some establishments, by using cryptocurrencies, you can enjoy free transactions.

Ways to acquire cryptocurrency

You're wondering how to get cryptocurrency. These virtual currencies are available on specialized platforms such as brokerage exchanges and exchange sites. To make a purchase on an exchange site, you need to sign up for it. Then, you will have to top up your account via a bank transfer, a credit card, or an electronic wallet. As far as exchanges are concerned, they will allow you to exchange your local currency for cryptocurrency.

Conclusion

Since their advent, crypto-currencies have invited themselves into several sectors of activity. In particular, they are used for financial transactions on virtual casinos and allow their users to enjoy several advantages. The icing on the cake is that crypto-currencies are easily accessible.