There are numerous casinos that accept crypto, and one of the best things about them is that you can remain entirely anonymous. For one, online casinos using cryptocurrencies do not have access to personal or financial information, offering guaranteed peace of mind to customers like you.
Digital currency casinos have quickly become a popular and attractive alternative to traditional gambling sites, and that’s mainly due to the full range of advantages they bring. Not only are transactions fees less expensive and speedier, but also waiting periods and payment rejection are nearly obsolete. In other words, digital currencies such as Bitcoin, Ethereum, and Litecoin can solve numerous problems posed by standard online casinos, making them a safer and more efficient way to both deposit and withdraw money from a casino account.
The World of Digital Currency Casinos
The growth of online casinos has been on a high for multiple years, offering players a platform in which they can anonymously gamble due to the lack of government regulations and control of monetary assets.
One of the primary benefits of using these decentralized casinos regards the low costs associated with them –due to no authority controlling the market and requiring licensing or other fees. Nonetheless, it’s essential to remember that the absence of regulations can also lead to unreliable gambling sites. To help with this issue, we will explain how these sites work and how to choose the right casino for your gambling wants and needs –taking advantage of both bonuses and promotions.
After all, Bitcoin is anonymous, has incredibly fast transactions, meager fees, and no tax concerns, making it the optimal alternative to traditional gambling sites.
How to Gamble Using Digital Currencies
The use of digital assets is not entirely different from normal gambling standards, where you use cryptos such as Bitcoin (BTC) or Ethereum (ETC) as the primary means for making payments. This means that you are using digital currencies instead of fiat currencies such as euros (EUR), pounds (GBP), or dollars (USD).
You should be aware that some gambling sites use specific cryptos, for example, Bitcoin, as an exclusive payment method. But you can find gambling sites that have numerous means of payment for games or transactions, depending on the currency you are intending on using.
Where and How Do I Get started?
If you don’t own any digital currency, then you will first need to buy some before stepping into the world of online gambling. For all beginners, we recommend starting by reading guides such as what are cryptocurrencies, or how do cryptocurrencies work?
Afterward, you will need to have and maintain a digital wallet, used to store and protect your online assets. For example, when you transfer Bitcoin or Ethereum to your casino account, you will receive an online wallet linked to that specific gambling site. It will contain a Bitcoin or Ethereum address that you can use to transfer money nearly instantaneously -benefiting from a low transaction fee.
Once the transfer has been completed, it will need to be verified via the website’s network. In some cases, it will be done directly. Alternatively, it may take a couple of minutes, but it’s fast nonetheless. To withdraw your winnings, you will merely need to transfer the money back to your digital wallet, as no intermediary or third party can restrict or deny your transfer –another incredible advantage.
What Games Can I Bet On?
When it comes to games, the casino market offers a plethora of choices, including slots, blackjack, roulette, live dealers, poker, racing, and much more. Sports betting is one of the most popular favorites, but you also have binary options and prediction markets that use derivative instruments for betting. This is an excellent alternative because it’s cheaper and easier to place bets using cryptos rather than conventional fiat currencies on traditional gambling sites.
One of the great things about decentralized casinos is the welcome bonuses offered for new players, which allow for the chance to double your initial crypto deposit. There is a high number of gambling sites that accept Bitcoin, Ethereum, and other digital currencies. Thus, it’s up to you to select the jackpots, prizes, and bonuses you would like to benefit from.
Also, don’t forget that once you open an account, you’ll receive a much-welcomed email about new bonuses for when you transfer more digital assets. Best thing? It’s free, with no high transactions costs you’ve seen in traditional gambling sites.
What Else Should I Know?
If you have stopped gambling for a period of time, it’s important to try and transfer your digital assets to a secure hardware wallet which can further protect your money. Also, don’t forget to account for fluctuations in crypto prices, as the market isn’t as stable as with euros, pounds, or dollars.
We would also highly recommend reading the terms on the casino site before starting to bet on everything. Although most decentralized casinos offer provably fair games and conditions, not all have been created equally.
Another thing to bear in mind about digital currency casinos is that cryptos are typically an alternative payment method, meaning that they can convert ETH, for instance, into a fiat currency once you make a deposit. This means that once you withdraw the money you have into your account, the amount will be converted into your crypto of choice. Nonetheless, you may want to avoid this process, as it usually includes a conversion fee.
A third aspect to consider is that the Government or any other third party won’t be able to manipulate or control your currency. This factor allows for the creation of a fairer and free gambling market –thus, the “provably fair” games. If you’re a newbie to decentralized online gambling, you should know that this process uses an algorithm that analyzes and verifies that the odds are fair on the website you’re using. In other words, the site will shy away from odds that are heavily tilted in the direction of the house.