Cryptocurrency is gaining popularity. In 2022, even housewives have some sort of crypto in their crypto wallet. Let alone gamblers, who are always on the cutting edge of internet technology.
In 2022, the big online casinos are offering to fund a financial account on the site in cryptocurrencies. More often than not they are bitcoins, etherium or styme. Some sites offer more cryptocurrencies – up to 50 items.
Cryptocurrency and crypto casino: what is it?
Cryptocurrency is a type of electronic money. Their peculiarity is that cryptocurrency management is decentralised. There is no single administrative body to take care of it – like the state, a bank or another financial institution. All cryptocurrency transactions are automatic. It is also convenient for players because cryptocurrency wallets allow them to benefit from complete anonymity.
With the spread of cryptocurrencies, more and more crypto casinos began to appear. This is the name of any online gambling site that allows players to play slot machines for free and allows for deposits and withdrawals in cryptocurrencies.
Advantages of cryptocasinos
Crypto casinos have a number of advantages over other gambling clubs and other online casino payment methods. Among them:
- The ability to fund your account in any currency.
- Anonymity and security of transactions.
- Protection from fraud, because transactions are encrypted.
- Withdrawals to a cryptocurrency wallet are not controlled by a bank or other institutions.
Thus, it is anonymous, safe and legal. This is why many gamblers choose a cryptocurrency casino.
Which cryptocurrencies do online casinos accept
Large online casinos accept up to 50 varieties of cryptocurrencies. Most of these currencies players have never even heard of.
Here are the most common cryptocurrencies in gambling clubs:
- Bitcoin is the most popular cryptocurrency in the world, with even Elon Musk as an ambassador. The bitcoin system was launched in 2009 – and has held the lead ever since.
- Ethereum is another popular currency often found in casinos. It entered the market in 2015, but has already managed to take the lead.
- Bitcoin Cash is an electronic currency that was at one time separated from bitcoin. The primary difference between the two was that bitcoin cash uses slightly different operating protocols.
- Litecoin is another popular fork (spin-off) of bitcoin.
- Dogecoin – a cryptocurrency based on litecoin, which has a fast initial mining period.
- Dash – also known as darkcoin. This currency uses several crypto algorithms at once and requires less energy to mine.
- Steem has several types of tokens: Steem, Steem Dollars (SBD) and Steem Power (named VESTS).
How to deposit and withdraw cryptocurrency winnings
Depositing to your crypto account is slightly different from other methods:
- Log in to your casino account.
- Open the “Cashout” page.
- Select the desired currency among the offered methods.
- Specify the deposit amount. If the system gives an error – try to increase the amount of money.
- Then the site will redirect you to the transaction page. To start it – enter your e-mail address.
- After that, make a transaction to the cryptocurrency wallet that the system will offer you.
Note that the minimum deposit limit for cryptocurrency is significantly higher than for other currencies. It is usually pegged to the value of one unit of currency, if the exchange rate does not exceed a few thousand. If it is higher, then smaller derivative units are taken into account, such as 0.1, 0.01, etc. The maximum limit depends on the casino’s policy.
Important: because the limits are linked to the exchange rate, their actual value may not be the same as the one indicated on the casino’s website. If you enter the minimum amount of money specified on the website, but the system gives an error – try increasing the amount until the error message disappears.
Also keep in mind that blockchain networks charge a fee for money transfers. This even applies to deposits. This is because the transfer goes to the recipient through several intermediate wallets. The level of commission can vary depending on how fast you want the transaction to go.
The speed of deposit and withdrawal depends on your choice of cryptocurrency. Since their mining speeds are different, it affects the transfer of funds. For example, to deposit in Lightcoins, you will need to wait about 15 minutes. For bitcoins, it takes a little longer.
How to withdraw money to a crypto wallet
The withdrawal process for cryptocurrencies also differs slightly from what you’re used to. These differences concern commission, speed and limits already described above. Otherwise, everything is similar to other methods with which you can withdraw hryvnias:
- Use the login to My Account on the gambling club’s website.
- Go to Cashier and open the withdrawal tab.
- Choose cryptocurrency from the available list.
- Enter amount of money and cryptocurrency account number or other data you need for transaction.
- Confirm request creation.
The timing of the transfer depends on three factors: confirmation of the request, the withdrawal queue at the casino and the speed of transactions in the selected cryptocurrency.
In order to withdraw funds, don’t forget to be verified first. You can do it in your personal cabinet.
What games can be played in bitcoin casino
When you fund your casino account in cryptocurrency, you get fiat money on your balance. Thus, in the crypto casino you can play any slot machines from the ones presented on the website. Depending on the gambling establishment, this can be both classic slot machines and modern slots with a plot and bonus games, slots with jackpots, etc.
In addition to slot machines, any other games from the gaming club’s range are available. These may include live dealer games, table games, video poker, tournaments, lotteries and other entertainment.
How to choose the best online cryptocurrency casino
When choosing an online cryptocurrency casino, the first thing to consider is whether or not the institution accepts the exact currency you feel comfortable depositing with. After all, this will determine whether or not you’ll be able to make financial transactions smoothly. If you know a few gambling establishments that accept the desired currency, you can choose among them. In this case, you can pay attention to other criteria common to all casinos.