Let’s face it, cryptocurrencies are starting to go mainstream. Gone are the days when these digital currencies were only used and traded among a small group of people. Today, these digital currencies are widely exchanged with Bitcoin as the market leader by market cap. There are even businesses that accept cryptocurrencies as a mode of payment.
A popular use of cryptocurrency today is in online gambling. It’s made possible thanks to an increasing number of websites that support blockchain technology. Since the use of cryptocurrency is still in its infancy stage, there are still a few issues concerning crypto gambling. If you’re new to crypto gambling or want to know how to bet using digital currencies, then this article is best for you.
Why use Cryptocurrencies for Gambling
Cryptocurrencies are decentralized digital currencies that you can use to pay for goods and services online. These are based on blockchain technology and generally not issued by a central authority such as a Central Bank. As such, these currencies are theoretically immune from government manipulation and interference. Also, cryptocurrencies boast secure and private transactions.
When you complete a cryptocurrency payment, you do not need to share your banking and personal information. All these reasons help boost the popularity of digital currencies in the gambling market. Today, there is a growing number of online casinos that accept digital currencies as a payment option. Among these coins, Bitcoin and Ethereum are the most widely used.
Getting started with cryptocurrency
Cryptocurrency gambling offers players plenty of benefits and opportunities when playing online. To begin, you need to set up first your crypto wallet and fund your account. You use the crypto wallet to store, buy and hold these digital currencies. Think of the crypto wallet as your safety deposit box where you keep your money.
To open a wallet, pick a provider and follow the instructions on account opening. For beginners, it’s best to set up a hosted wallet. When you buy a digital currency using an app, your digital coins are stored in a hosted wallet. It’s called a hosted wallet since a third party (the app) holds the wallet for you, like your money in an ATM account. Once the wallet is set up, you can now buy crypto using your credit card or bank account. Crypto values fluctuate wildly, so you need to keep track of prices in real-time to buy a coin at low prices.
Fund your casino account
Once the wallet is funded with crypto, you’re now ready to top-up your casino account. Log in to your account using your username and password. Navigate to the casino’s ‘Cashier’ or ‘Banking’ section and select ‘Deposit’. Here, you need to choose your cryptocurrency from the drop-down menu or list of accepted banking methods. You need to provide the email address linked to your crypto wallet. In most websites, the minimum deposit amount accepted is 0.0002 BTC or 0.01 ETH. Make sure to meet the limits as the operator may not receive the transaction and coins may get lost in the blockchain.
Note that not all online casinos accept cryptocurrencies. Before you even sign up for an account, make sure to verify that the website supports any of the leading digital coins. Deposits using cryptocurrencies are processed instantly thus can instantly use it to play and bet online.
Withdrawing your money
Casinos that accept cryptos can also process your withdrawals in the same currency. The process of withdrawing your money in crypto casinos is similar. Just log in to your account, proceed to the ‘Cashier’ section and select ‘Withdraw’. Your withdrawal of funds is subject to certain restrictions like the minimum and maximum withdrawal amount and fees.
Start betting using cryptocurrency
Crypto gambling offers a more private and secure way of betting on sportsbooks and online casinos. It offers lightning-fast deposits and withdrawals, and transactions are virtually anonymous. You only need your email for the wallet to start transferring funds. For players who value privacy, using cryptocurrency is the best way to bet and enjoy casino games. And in most crypto-focused casinos, you can even find exclusive promotions like free Bitcoin as a sign-up bonus. These are just some reasons why the cryptocurrency is accepted as a viable alternative to most traditional banking options.