Gone are the days when online casinos accepted only fiat currencies. Digital currencies have already been integrated into various spheres of life. The new virtual currencies revolutionized the iGaming industry, allowing casino fans to initiate payments to and from the casino safely and promptly.
The first successful decentralized cryptocurrency, Bitcoin, was introduced in 2009. It quickly gained steam among online casino fans to turn into a preferred payment solution. As time passed by, new cryptocurrencies appeared, each coming with different functionalities. Their price depends on the supply and demand of their market. Unlike conventional currencies, cryptocurrencies are not related to specific countries.
When it comes to the legal status of cryptocurrencies, it is hard to give a straightforward answer as the various jurisdictions took different stances on the matter. However, a growing number of interactive casinos support cryptocurrency payments. Some gambling sites went even further to accept only cryptocurrency payments.
Cryptocurrencies in Online Gambling
The increasing popularity of cryptocurrencies among casino fans is well-justified. Digital currencies offer a high level of security. Cryptocurrency users do not have to provide their bank credentials to initiate payments. This significantly reduces the possibility of cyber-attacks. In addition, cryptocurrency payments allow casino fans to remain anonymous.
As we already mentioned above, cryptocurrencies are decentralized digital currencies and as such, they do not rely on third parties. Hence, cryptocurrency transactions are processed at low costs. Many countries do not treat digital currencies as actual currencies and therefore, cryptocurrency transactions are tax-free.
However, casino fans have to keep in mind that the regulatory landscape is constantly changing. For example, virtual currencies have been classified as assets similar to property in the USA. In other words, if you reside in the USA, you have to pay taxes on cryptocurrency transactions. Furthermore, cryptocurrency transactions are among the fastest payment solutions known to the online gambling industry. Deposits and withdrawals are processed in a near-instant fashion.
Cryptocurrencies are the perfect solution for casino aficionados, residing in jurisdictions where online gambling is illegal. Such countries usually prohibit bank institutions from carrying out gambling-related transactions. However, cryptocurrency payments are not processed through a bank, meaning that you can play at any licensed offshore gambling site you wish to. It is not a secret that some web-based casinos tend to embrace digital currencies to circumvent strict regulations.
It is a common practice for online casino operators to stimulate players to use cryptocurrencies by offering lucrative promotions such as free spins, cashback incentives, match deposit bonuses, and others.
To many people, cryptocurrencies are the perfect payment solution. However, we could say that digital currencies are near-perfect as these have some rough edges that need to be smoothed. One of the drawbacks associated with cryptocurrencies is the lack of a stable value. In addition, the regulatory status of digital currencies is still unclear in many countries.
What is more, experts raised concerns over increased problem gambling rates due to the higher level of anonymity inherent to cryptocurrency transactions. However, what we think is that the advantages outweigh by far the disadvantages associated with cryptocurrencies and that is why digital currencies enjoy great popularity.
How to Use Cryptocurrencies at Online Casinos?
Using cryptocurrencies for making casino payments is a five-finger exercise. If you want to use cryptocurrencies to fund your gaming account at an online casino, you have to open a cryptocurrency wallet account. Some of the popular cryptocurrency wallets are Coinbase, Binance, Gemini, and Kraken. Of course, you can find other reputable cryptocurrency wallets on the Internet. Selecting the right one depends on what cryptocurrency you wish to use. Setting up an account at a cryptocurrency wallet is free and it takes only a few minutes.
Once you create an account, you have to log into it to buy digital currency. To do so, you have to use your debit/credit card as buying cryptocurrencies can happen only with fiat currency. After that, you have to log into your casino account, visit its online cashier, and select the cryptocurrency option you want to use.
- Select a preferred digital currency
- Find a reliable crypto wallet and set up an account
- Buy digital currency by using your credit/debit card, e-wallet, etc.
- Choose a reputable crypto-friendly casino that corresponds to your preferences and set up an account
- Visit the casino’s virtual cashier
- Select cryptocurrencies as a preferred payment method
- Copy the unique web address the virtual casino will provide you with
- Log into your crypto wallet account and paste the web address in the field for sending digital currency
- Specify the sum you wish to deposit
- You will receive a confirmation message upon finalizing the payment
Then, you will be provided with a unique web address, which you will be required to input in the tab for sending digital currency in your cryptocurrency account. Select the amount you want to fund your gaming account with and wait for the confirmation message. Deposits are carried out within no more than 15 minutes.
If you want to cash out your winnings using cryptocurrency, you have to open the casino’s cashier page, select your preferred payment solution, and the sum you wish to withdraw. Then, log into your cryptocurrency wallet, where you will see a web address that you have to disclose to the casino operator.
Once the casino approves your payment request, you will receive your winnings within several hours. And if you are wondering which cryptocurrency to use, keep on reading this article in which we will discuss the most popular cryptocurrencies among casino players and their features.
| Bitcoin | Ethereum | Litecoin | Ripple | Dash | Monero | |
|---|---|---|---|---|---|---|
| Launch Date | January 2009 | July 2015 | October 2011 | 2012 | January 2014 | April 2014 |
| Supply Limit | Up to 21 million | No cap | Up to 84 million | About 1 billion tokens were pre-mined and gradually released | 18.9 million DASH | 18.4 million XMR |
| Average Deposit Time | 40 minutes | 5 minutes | 20 minutes | 5 minutes | 5 minutes | 5 minutes |
| Average Withdrawal Time | Up to 12 hours | 15 minutes | 2 hours | No more than 2 hours | Near-instant | Near-instant |
| Average Minimum Deposit | 0.0001 BTC | 0.05 ETH | 0.0001 LTC | 20 XRP | 0.05 DASH | 0.05XMR |
| Average Minimum Withdrawal | 0.00015 BTC | 0.004 ETH | 0.001 LTC | 22 XRP | 0.01 DASH | 0.01 XMR |
Keep on reading this article to find more detailed information about the most popular cryptocurrencies among casino players and their features.
Cryptocurrencies Used in Online Casinos
Bitcoin
Ethereum
Litecoin
Ripple
Dash
Monero