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Playing at an online casino with cryptocurrency: everything you need to know
The online gaming industry is an industry of constant innovation. True to her nature, she didn’t look at the past cryptocurrency. Since the inception of virtual currency in 2009, in this case bitcoin, online casinos have been quick to embrace it, understanding the potential it held. The scene quickly became filled with casinos that ran solely on bitcoin, and then on other currencies such as litecoin, ethereum or ripple.
Want to play on an online casino platform with cryptocurrency, but don’t know where to start? Here is an overview to get you started.
What is cryptocurrency and where does it come from?
Cryptocurrency is a virtual currency. By “virtual” we mean that it has no physical existence. It is an exchange currency dedicated solely to online transactions without intermediaries. It is generally seen as a reliable means of transaction between individuals. The first cryptocurrency, bitcoin, was created in this sense by mathematician Satoshi Nakamoto. In other words, cryptocurrencies are not attached to any bank or similar institution, which are considered too profitable for unscrupulous people. So, how do you know that cryptocurrencies are reliable?
In fact, the reliability of such currencies lies in their production. Nearly unbreakable, cryptocurrency transactions are the work of thousands of computers around the world, processing transactions and writing them to the blockchain.
Think of this one as a transcript of all the cryptocurrency’s movements. But before any movement, money must be created. A cryptocurrency is computer generated. A unit-generating algorithm is issued regularly, thousands of powerful computers will process it. Those who participate in the operation are rewarded with units. They are said to “undermine“. It is the miners who will sell their units to the non-miners.
While bitcoin is the benchmark cryptocurrency, the entire system of other cryptocurrencies works the same way. Nowadays, cryptocurrencies are used to acquire and purchase various services online as one would with the euro, the dollar or any other so-called fiat currency. Casinos also offer transactions via these crypto currencies.
Which crypto casino to recommend?
With democratization on the rise, one can pay with cryptocurrencies. However, they have become a staple in online gaming. Platforms have fully understood the potential of cryptocurrency.
A few years after 2009, the year bitcoin went live, casinos exclusively for bitcoin transactions emerged. They are currently among the best online establishments to offer this kind of service. These include betflip and BitCasino. We can say, without going too far, that these pioneers of the genre are sure values.
Then came the turn of other currencies, including Ethereum, Litecoin or even Bitcoin Cash. They are now accepted as currency for deposits and withdrawals at many online bitcoin casinos.
You can also turn to so-called “hybrid” online casinos. They make transactions in Euros before converting them into cryptocurrencies. But if you want to get your own units, here’s how.
Where to get cryptocurrency to play?
There are two ways to get your units to play. The first is to “mine” the cryptocurrency. It’s about letting your computer process a very complex mathematical equation. As a reward for participating in the operation, you will get cryptocurrency. But not everyone can mine.
The second way is to buy them from specialized brokers. To do so, you will just need a credit card and buy it like any other item on the net.
At this point, you must create your portfolio to store your freshly purchased units. Many platforms offer the creation of these portfolios. The most popular are Blockchain.com and Coinbase.com. Your virtual currency is then like a series of numbers and letters. Called “key”, this suite is jealously guarded. It is used to make deposits into your casino to purchase chips. For the rest, it is used like any other currency.
Advantages of cryptocurrencies at online casinos
The reason why cryptocurrencies have been so quickly adopted by online casinos is that they offer a lot of benefits to them and their customers. The main advantages are the speed of the transactions, their safety, the low percentage on the transactions and especially the anonymity.
- The speed of transactions on a crypto casino
Cryptocurrency transactions are said to be faster. And for good reason, it does not go through the usual procedures that are used when you choose a bank transfer. While banking transactions can take days, a cryptocurrency transaction depends on network saturation. It can be instantaneous, but can also last up to 30 minutes. As a bonus, using cryptocurrencies frees you from taxes and exchange rates. The casino gets rid of cumbersome paperwork.
- Anonymity in a crypto casino
The more correct term would be “discrete”, as the transactions are still recorded on the blockchain. An expert can then find a user and consult the information of his transactions: the amount, the recipient. In any case, your personal data is only useful to open your wallet. For example, you must enter your bank details.
But once you’ve acquired your cryptos, deposits and withdrawals at online casinos require no paperwork. Moreover, the creation of a player account only requires an email address.
- The security of transactions on a crypto casino
The crux of the crypto-currencies is the security they offer, without having to go through a trusted intermediary like a bank. Indeed, to hack the network, it would be necessary to combine the power of the computers which compose it. This would be an almost impossible operation.
Caution. Keys are not immune to data theft. While the network itself is virtually unbreakable, hackers could attack the key storage locations. It is better to keep them well.
In short, cryptocurrencies have proven themselves and are likely to be a part of the landscape for a long time. Would you like to take advantage of the benefits? The real challenge is to find a trusted casino.
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Crypto Casino” Frequently Asked Questions
✔️Which “crypto casino” do you recommend?
Betflip, Betcoin, Bitcasino or Bitstarz are the best Crypto casinos
❤️Why bet on a crypto casino?
Transactions are instant, secure, low fees, you are anonymous! Read more about bitcoin casinos
💯What are the crypto currencies used by online casinos?
There are several crypto currencies: Bitcoin, Litecoin, Ethereum, Dash, Monero