Recently, paying with cryptocurrency in online stores and retail outlets has become increasingly popular. For example, Elon Musk announced that it would be possible to buy Tesla for bitcoins, and the Visa payment service reported the launch of payments in USDC (USD Coin). Other payment services have also been working on the implementation of cryptocurrency for a long time, with some of them already offering such services.
The first to appreciate all the advantages of cryptocurrencies was the gambling industry. In online casinos, iGaming operators often offer players to pay with cryptocurrency.
How Cryptocurrency Payment Services Work
Advanced cryptocurrency technologies have reached online casinos, transferring ordinary gaming into Bitcoin or Ethereum gambling, among other things.
According to recent research, worldwide players of online casinos, poker rooms, and other legal gambling projects prefer cryptocurrency for a number of reasons:
- The absence of an intermediary in the form of a bank that can set limits on transactions.
- High speed of operations.
- The security is guaranteed by the blockchain.
- Some cryptocurrency payment services allow crypto wallet holders to store cryptocurrencies for as long as they wish without paying a fee.
- Lower fees when paying, for example, with credit cards and using other financial instruments.
Given the advantages of using cryptocurrencies, gaming and gambling companies attract new players by distributing all kinds of bonuses in the form of crypto coins. Everyone benefits from such promotions – operators who receive new users and players who receive free crypto bonuses for games.
Throughout this chain, crypto payment services, which are payment networks without borders, allow operators and players to do without intermediaries, thereby reducing costs and obtaining more favorable conditions.
Given these factors, experts predict an increase in demand for such services, especially since every day there are more and more such offers on the market.
How to Use Cryptocurrency in an Online Casino?
Cryptocurrency has a huge potential for various business areas, but first of all, it opens up endless opportunities for gaming operators. In search of a safe game on the Internet, punters face many difficulties. Digital tokens are a convenient and affordable solution for gambling entertainment of any scale. First of all, because of 100% data confidentiality. Transactions with crypto coins are not monitored by any authorities. All transactions are made without intermediaries, so the commission is reduced to the minimum values. Each transfer is anonymous – no one will know how much money was won at the casino and what the player did with it.
Cryptocurrency online casinos are gambling establishments that accept cryptocurrency as a payment method. All gaming clubs with digital tokens are divided into 2 types:
- Casinos accept only digital coins: Bitcoin, Litecoin, Ethereum, Dogecoin, etc.
- Casinos that work with cryptocurrency wallets and other payment methods.
Cryptocurrency refers to digital money. However, unlike the money and WebMoney services, it is based on decentralized management. When gambling in a casino for cryptocurrency, a gambler gets the same opportunities as when replenishing their account with a bank card or the Skrill system. However, online casinos that accept cryptocurrencies do not use banking information. Therefore, the player’s account is reliably protected from hacking and malicious attacks.
Before making a deposit at a blockchain-enabled online casino, you need to create a cryptocurrency wallet and fund it. Among the popular options that gamblers most often choose are Blockchain, Coinjar, and SpareCoins. Next, the player acquires a cryptocurrency – for example, Tether (USDT), Ethereum (ETH), and Bitcoin (BTC). It remains to replenish the casino account using a cryptocurrency wallet – and you can make your first bet for money!
How to Replenish Your Balance with Cryptocurrency?
The procedure for replenishing a game account using cryptocurrency has much in common with conventional electronic wallets and fiat currency. First of all, you need to create an online wallet in which you will store digital money. And then buy a cryptocurrency so that there is a positive balance in the blockchain wallet account.
To replenish the casino balance with cryptocurrency, follow the instructions:
- Open an online casino site with support for cryptocurrencies.
- Select the “Deposit” or “Cashier” section in your personal account.
- Find the right cryptocurrency (BTC, ETH, USDT).
- Specify the amount to top up.
- Get a special key (address) to make a deposit.
- Copy the address and send the specified amount to it.
Usually, the deposit is credited to the crypto casino account instantly. This way, you will be able to play for money and then immediately withdraw winnings to cryptocurrency wallets.
How to Withdraw Money to a Cryptocurrency Wallet from a Casino?
First, do your research and find the best trustworthy online casinos that support cryptocurrencies. They not only support blockchain technology and accept digital money but also allow you to withdraw winnings to cryptocurrency wallets. The withdrawal procedure is very simple. A detailed algorithm of actions, thanks to which you can easily transfer funds from your personal account to your wallet, is described below.
How to quickly withdraw cryptocurrency winnings from the casino:
- Log in to the casino account and open the Cashier section.
- Select Bitcoin, Litecoin, or another cryptocurrency from the list.
- Specify the withdrawal amount and the address of your wallet.
- Familiarize yourself with the commission, and withdrawal limits (if any).
- Confirm the financial transaction.
- Wait for the money to be credited to the cryptocurrency wallet.
Usually, licensed crypto casinos process payment requests instantly. In rare cases, the withdrawal may take 1-2 business days. If the money has not arrived within a few days, it is recommended that you contact the customer support service.
The popularity of crypto payments is growing in the world every day against the backdrop of an increase in demand for cryptocurrencies. And this is natural because, with the help of Ethereum and Bitcoin, players can easily pay in casinos without regulatory control.
And in those jurisdictions where online casinos are allowed, players usually do not see a global difference between traditional and cryptocurrency casinos. The advantages of the latter include instant deposits to an open account in a gambling establishment, withdrawals, or transfers of money between casino players. Given the advantages of online casinos with cryptocurrencies, owners of bitcoins and other altcoins prefer to play exclusively in such gambling establishments.