How Gambling with Cryptocurrency Works?
Cryptocurrency is a good solution for payment process management as traditional methods are becoming more and more expensive. However, online gambling sites have adapted cryptocurrencies as a payment method for several years. In the last couple of months, several giant industries are applying blockchain solutions and using terms like token, cryptocurrency, ICO, etc. It seems a little overwhelming!
What is cryptocurrency?
In 2009, a group of smart people created a payment method to anonymously pay online for buying goods or services. The decentralized digital currency was born and called Bitcoin. Generally, each transaction is shown in a single ledger and can be flagged, so that the ledge does not get changed illegally or hacked. Unlike fiat currencies, cryptocurrency does not have a physical representation. It is created using computer code and so managed in a digital space.
Benefits of using cryptocurrency
- Safe because of the cryptography system used, which is impossible to crack. A private key is needed to gain access to the cryptocurrency, which only the user is aware of.
- The payment method is faster than bank checks and transfers.
- Cryptocurrency is universally approved, so no concerns about financial dealing in foreign countries.
- People can use cryptocurrency in-person or remotely. Versatile banking options!
- Digital currency is decentralized and stable as it is not regulated by the Government or politicians.
Why people are using cryptocurrencies on gambling sites?
Cryptocurrencies are beneficial to players, bookie operators, and online casino owners. For gambling sites and bookies, the cryptocurrency payment process is cheaper than paying with fiat currencies. There are no concerns about incurring fiat currency exchange rates because players across the world use Bitcoin or Ethereum.
Running bitcoin casinos are cheaper, which can optimistically impact customers or players. Online gambling or betting site can afford to give their customers generous bonuses and promos. Besides, appealing bonuses and promos, players adore anonymity and confidentiality choosing cryptocurrency as a payment method for online gambling. They don’t need to reveal banking or personal information, just a wallet address or/and destination tag is required. You can read reviews about different online casinos on the Bitone Core blog.
This is the main reason that no-registration online casinos offer cryptocurrency as a single payment method. They target players, who desire to gamble anonymously and privately. Cryptocurrency works on blockchain technology, so security is not a problem. The manipulation of crypto transactions is impossible yet tracing crypto activities is easy. Unlike banks, using crypto transactions is quick as there is no need for passing different channels to gain confirmation.
Many online gambling sites are accepting crypto coins. There is an array of new crypto coins introduced in the market. However, the gambling platform owners focus on adding reliable crypto coins to their payment method like Bitcoin, Litecoin, etc.
Nevertheless, the most crucial question is how to deposit cryptocurrency on your online casino account. The deposits and withdrawals are similar to using fiat currency.
Register and fund your digital wallet
You will need a crypto wallet to store as the digital currency has no physical representation like dollars. A digital wallet is essential, so choose one that allows moving coins easily to and from the casino sites. Research and choose a wallet. During registration, there is a need to share some personal data. You will receive a digital ID or key to access your wallet.
Use fiat currency [credit card, wire transfer, debit card, etc.] to fund your wallet. Balance reflects a purchase made at market value using each coin. Cryptocurrencies are also subjected to market volatility like fiat currencies.
Select a reliable online casino
There are online casinos that offer both fiat currency and digital currency payment options. Some gambling sites only allow coin payments, while a few need players to use the traditional currency. The qualities to look for in a cryptocurrency gambling site are –
- Game options and quality [check for games you long to play]
- Excellent real-time customer support [check for solid social media presence]
- Mobile compatibility [enjoy gambling on-the-go]
- Look for bonuses
- Deposit & withdrawal terms and conditions
Make a deposit
Choose the cryptocurrency payment method. You will receive the gambling site operator’s wallet address. Enter these details in your wallet and choose the amount you need to transfer. It takes some seconds for the funds to get transferred to your gambling account. Remember that, the amount will be converted into dollars or euros depending on the gambling site you chose.
Start gambling
Now, you are prepared for the thrills and fun! Look for a game, check stake levels and select a table. The rest of the gameplay is similar to enjoying with fiat currencies or dollars or euros. However, you need to read each game’s rules because some have tweaks, which can impact your winning odds.
Make a withdrawal
Just like you withdraw fiat currencies, approach the cashier, make a withdrawal request, and enter the amount and the kind of crypto coin you wished to be paid. Your request will promptly be in motion and as soon as you enter your wallet address.
Some sites take a couple of days, while several take seconds. It depends on the gambling site’s policy. The moment your withdrawal request is cleared, you will see a balance update in your wallet. From the crypto wallet, you can withdraw through banks, which can take some time depending on the currency chosen.
Monitor market value
As you are gambling using cryptocurrency as a payment method, there is a need to keep track of the local currency’s exchange rate. You will feel that you betting fractions using a crypto coin but the reality is that you may be betting too high then you are aware of. Bankroll management associated with a crypto asset is element players need to gain more knowledge, so they can stay on top of every bet value.
Influence of cryptocurrency in the gambling sector
The gaming industry is an early adopter of crypto, showing no signs to slow down. For example, the leading slot machine maker has announced that their patent to transfer cryptocurrency between an external crypto wallet and a player’s gaming account has been approved.
Now, players can move crypto coins from their digital wallets directly to slot machines using a mobile app. The potential of playing with cryptocurrency is assumed to escalate in the future without any chances to move backward.