Cryptocurrencies are progressive and cutting-edge payment method that is not under the control of a particular bank or even the authorities. In the casino sphere, this type of payment is especially appreciated for providing privacy and security and especially for payment speed.
All bitcoin casinos can be divided into two main groups:
- Hybrid establishments with the ability to make payments in both digital currency and bitcoins.
- Casinos with the possibility of playing exclusively with cryptocurrency.
Advantages of Using Cryptocurrencies in Casinos
The availability of cryptocurrency payment in Online Casinos, in fact, greatly simplifies life and saves time. By creating a crypto wallet, you can enjoy such benefits as:
- Anonymity is a huge plus. When conducting cryptocurrency transactions, there is no need to confirm your identity and enter personal data. With just an email, you can conduct a transaction and remain anonymous. No bank card can offer such an option, and cryptocurrency has made it possible.
- Guaranteed output. Working with crypto, you get guarantees. This applies to both the anonymity and security of your payments. You are fully protected from fraud, account blocking, and other unforeseen situations. For the user, this means that he can withdraw funds at any time.
- Progressive audience. Cryptocurrency users are usually young and advanced in technology, able to analyze the market and draw certain conclusions. Being surrounded by such people, casino games are more exciting and even promising in terms of winnings, as such players often make large bets and are not afraid to take risks.
- Volatility. The peculiarity of cryptocurrency is that its value is constantly growing, despite possible fluctuations. Therefore, by replenishing your cryptocurrency account, you will only win in the end.
- Unlimited possibilities. It is no secret that it is simply impossible to trace cryptocurrency payments, so many doors are opening even where it was impossible before. You have the opportunity to play from any country and withdraw money at the same time.
- High speed of transactions. In most cases, cryptocurrency transactions are processed within seconds because there is no need to wait for permission from any authorities. This cuts the processing time considerably. As a matter of fact, there is no processing time at all. And that’s why it’s so successful.
- Complete absence or minimum commissions. Unlike traditional casino payment methods, cryptocurrency transactions do not charge huge fees. So you can save your resources and enjoy fast service.
- Conducting financial transactions without restrictions. Freedom of action is a unique feature of cryptocurrencies. Your assets cannot be confiscated by any authority or payment system due to the autonomy and independence of cryptocurrency.
- The bitcoin casino is much more generous than its competitors. Apart from the fact that crypto users can save on fees, they also have the advantage of various promotions and bonuses at the casino. With this, it will be easier for players to start their way into gambling and get prizes.
Disadvantages of Using Cryptocurrencies in Casinos
The advantages of using crypto are obvious and extremely attractive, but there are several disadvantages that can also affect your workflow. Among them are the following:
- They are very changeable. Different types of cryptocurrencies can really vary greatly in value: sometimes rise in price, then fall sharply. In the latter case, unfortunately, you will lose money. Therefore, the dependence on the cryptocurrency rate is a factor that should be taken into account before using it in a casino.
- Not all casinos accept cryptocurrencies. The growing relevance of cryptocurrencies cannot be denied, but still, not all casinos are ready to include this option in the list of possible payment methods. For many, this method seems complicated, but it is not at all. Therefore, the limited choice of casinos that are crypto-friendly is an aspect that should be improved.
The Most Popular Cryptocurrencies
Once you enter the world of cryptocurrency, you may have many questions about how to use it and what type to choose. To clarify all the subtleties, let’s look at two main types of cryptocurrency:
- Bitcoin. Perhaps there is no person left who has not heard about this type of currency at least once. Due to its sharp rise in value, many bitcoin users have become rich. However, recently its value has fallen and is not stable. Nevertheless, the popularity of bitcoin has not decreased at all, continuing to be a promising payment method and source of investment.
- Lightcoin. Created a few years after bitcoin, this type of cryptocurrency is called “electronic silver.” Litecoin has certain differences from bitcoin, including a higher transaction speed, a different hashing algorithm, and a slightly changed order of injecting funds into the stream.
How to Start Working with Cryptocurrency?
Even though cryptocurrency seems to be something complicated and incomprehensible, the process of working with it in a casino consists of only three main stages:
- Create a Crypto Wallet. A crypto wallet performs the same functions as a regular wallet – it stores your assets but in digital form. The most popular types are eToro and Firi wallets, as they are completely free and easy to use.
- Find cryptocurrency. To see how progressive cryptocurrencies are, take a look at their number – there are more than 3,000 different cryptocurrencies. The most famous of them are Ripple, Ethereum, Bitcoin, and Litecoin – they are the most commonly used payment methods in Online Casinos. First, check what type of cryptocurrency the casino you prefer accepts and then invest in it.
- Transfer cryptocurrency to online casinos. After you have decided on the cryptocurrency and bought it, you can send funds to the casino you have chosen to play. The process is very simple: you just need to enter the address of the crypto wallet. After this simple operation, you can place bets on your favorite games without any extra effort.
After comparing all the pros and cons of cryptocurrencies, we come to the conclusion that this is one of the most convenient and profitable payment methods, including in casino establishments. The speed of transactions is instant, very small or even no fees, bonuses and promotions are available, complete confidentiality and anonymity are offered, your account is protected from fraud, and you have constant access to your funds with the ability to conduct transactions. Although cryptocurrencies are still not widespread enough among casinos and users, this payment method is definitely worth a try, no doubt.