Cryptocurrency is growing in popularity throughout the world. This type of digital currency is best exemplified by Bitcoin. Many online casinos are now accepting Bitcoin and other digital tokens for online gambling. Some players even believe that online gambling with cryptocurrency is better than using fiat.
If you want to use cryptocurrency for gambling, here is a brief guide that will help. You can always refer to it if you have questions after you sign up and begin playing your favorite casino games with a computer, phone, or tablet.
A Little Info About Cryptocurrency
What is cryptocurrency? It is a type of digital asset that functions like the money you carry in your pocket. The big difference is that Bitcoin and other cryptocurrency has no physical existence. It is maintained on something known as a blockchain.
Bitcoin is the world’s largest digital asset, and it was introduced in 2009. The creator of the platform was an anonymous individual who assumed the name Satoshi Nakamoto. For a few years Bitcoin remained somewhat limited in popularity, but that has started to change. A single Bitcoin was worth as much as $69,000 in 2021.
Cryptocurrency can be used online to make purchases and can even be used offline at physical retailers. It is also available for use at certain online casinos.
Why Cryptocurrency Was Made for Online Gambling
There are many players who think cryptocurrency is ideal for online gambling. They have a point. The security of Bitcoin allows for a certain amount of anonymity. You can use Bitcoin to play casino games without having to reveal your personal credit card or banking information.
There is no paper trail created with Bitcoin in the same sense that you would create a paper trail with a credit card. There is also less chance that someone could steal your money when you use cryptocurrency. All you need to do is make sure your crypto wallet details are secure.
The First Steps to Gambling Online with Crypto
If you want to gamble with cryptocurrency, there are a few steps that you will need to take first. You will need to purchase and store Bitcoin. There are a few different ways that you can do this.
Cryptocurrency exchanges like Kraken and Coinbase allow users to purchase cryptocurrency with a bank account, credit card, or debit card. You can also easily maintain and track your crypto investments with these exchanges. Exchanges also provide digital wallets for you to store your assets.
A cryptocurrency wallet is needed to make transactions. You use your Bitcoin wallet to send and receive tokens from the online casino. A crypto wallet is basically a secured address that is made up of numbers and letters.
You can also use a hardware wallet which stores your cryptocurrency offline. Some people think this is a more secure way to keep your tokens.
A final step is that you will need to locate online casinos which accept cryptocurrency as a type of deposit. We have recommended many of these casinos and can point you in the right direction.
Making Your Deposit
Once you have created your account with the online casino, you will want to find the cashier section of the website. You will navigate to this area and follow the instructions to make your cryptocurrency gambling deposit.
The next step will be to send tokens from your crypto wallet to the wallet of the online casino. Once your funds arrive, you will be credited with the equivalent amount of cash. You can then use this cash to play the casino games for real money.
Cryptocurrency can be a volatile asset. This is why the online casino will give you cash in exchange for your Bitcoin or Ether. When you cash out, the money will be converted back to a cryptocurrency and sent to your wallet.
Many online casinos today are accepting Bitcoin. There are a few exceptions which may also accept Litecoin and other tokens.
Claiming Big Online Casino Bonuses in Bitcoin
In recent years it has become popular for an online casino to offer cryptocurrency players large bonuses when they sign up. Some will match your first deposit up to thousands of dollars. Do not fail to enter the proper bonus codes when you open your account.
The bonus money that you receive can be used to play any of the games in the casino. You will probably need to satisfy a wagering requirement before you are able to withdraw the bonus funds that you have been given.
Withdrawing Your Cryptocurrency
Hopefully there will come a time when you are ready to withdraw your winnings from the online casino. This is a simple process. Just go back to the cashier and select WITHDRAW. Enter the amount of money that you want to remove, check your wallet details, and submit the transaction.
The online casino will convert your requested cash to Bitcoin and send it to your wallet. Most cryptocurrency withdrawals are processed within minutes and available in your wallet within 24 hours. Processing times for Bitcoin and other tokens have improved since the digital tokens were first introduced.
What Casino Games Should You Play with Cryptocurrency?
Anyone that plays at an online casino wants to have the best chance to win. There are a few games that you should focus on if you want to win with consistency.
Blackjack and craps are two excellent choices for online gambling with Bitcoin. These games allow you to use a little strategy to lower the house edge. In blackjack you may also be able to count cards to improve your advantage.
Games that you probably want to stay away from are online slot machines and keno. While you may get lucky every once in a while, the odds are definitely stacked against you.
Are you ready to begin playing online casino games with cryptocurrency? If so, why not try one of our recommended online casinos. You can get a large bonus, and games are available on your mobile device.