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Cryptocurrency Use At Online Casinos

16 Apr 2020

Online casinos have become the most popular way for players to engage in real money play. With the convenience of being able to play at any time, these sites attract thousands each day. At leading online casinos, you will be able to make use of many banking options to manage an account. While most casinos support traditional options like e-wallets, prepaid cards, and credit cards, you will also find many sites now offering cryptocurrencies.

When you make use of this method, you will always be protected and will remain anonymous as you play real money games. There are no concerns in regards to exchange rates and players never have to provide a casino with any personal or financial details. Using cryptocurrencies has become a top choice for many. Here, we discuss how to use these, where to get cryptocurrencies and the various benefits and drawbacks associated with use.

How to Use Crypto at Casinos

Source: Thecryptonomist

The only difference between using your local currency and cryptocurrency at an online casino is the way in which you deposit and get paid. You will have to have a crypto wallet where your currency will be stored. There are many of these and they all provide safe and easy transactions. Once you have a wallet and funds are in it, you can visit your favorite online casino to start playing real money games.

Just access the site of your choosing and head to the cashier. Here, you will select the cryptocurrency you are using. You will then have to provide the crypto wallet address. Enter the amount of your deposit and you will receive a code. The code will be redeemed with your crypto wallet and the transaction will be initiated. The funds will be immediately available at the casino and you can use these to place real money wagers.

Making a withdrawal is just as simple. Instead of choosing a traditional banking method, you will select the cryptocurrency option. The funds you remove from your account will be transferred to your crypto wallet. Form here, you can make additional deposits or use your cryptocurrency for other purchases.

Where to Get Cryptocurrencies

There are various ways in which you can obtain cryptocurrencies to use at leading online casino sites. The easiest way is to use your traditional currency to make a purchase. You will use an exchange like Coinbase to buy crypto with fiat funds. You will also have the opportunity to buy from other people or to mine coins on your own.

Pros and Cons

pros and cons
Source: Tokeny

Many players have started using cryptocurrencies over other methods at online casinos. Speed, security, and easy access are the three main benefits you will enjoy. Since cryptocurrencies are not controlled by any government or central bank, you can use them in every country and will remain anonymous when making any purchase.

Another great benefit is that there are no exchange rates involved. You can use your crypto funds at any international casino site and there will never be additional fees for converting currencies. You will also never have any deposit fees when funding your casino account.

Even though there are many advantages, there are also some drawbacks to be aware of when using this form of payment at a casino site. These can include:

  • Value Fluctuation – Cryptocurrencies are very volatile, so the price will fluctuate based on the current market. There is a constant shift in value, so the amount of your deposit could result in different amounts based on how the value has moved.
  • Untraceable Transactions – While this is a benefit for those who wish to remain anonymous, it does present a problem if you need to try to get your money back. There is no way to recover a crypto transaction if it is lost because all transactions are untraceable.
  • Legal Status Remains Unknown – Unfortunately, casino sites that accept cryptocurrencies do not need to be licensed or regulated. This can lead to any players signing up at unreliable sites. This increases the risk of losing deposits since the funds ate not traceable. Always ensure you are playing at a site that is reliable and reputable, with a current license.

Choosing a Cryptocurrency

Many online casinos that focus on cryptocurrency payments will support different options. Each will have various benefits and drawbacks, so you should learn a bit about the popular cryptos that are often supported at leading casino sites in the industry.

Bitcoin – This is the most popular cryptocurrency being used for online gambling. It was also the very first to become available. This currency is easy to use and is widely accepted.

Litecoin – Litecoin is quite similar to Bitcoin, but you will enjoy faster transactions and it is cheaper. With Litecoin, there are new blocks that are created every few minutes instead of every 10 minutes as with Bitcoin. This allows Litecoin to offer faster transactions.

Dogecoin – If you are looking for a bit more security, this is a good crypto option. The value of this will stay pretty stable, but it is smaller than Bitcoin. Dogecoin is very secure and is best when used for small transactions.

Ethereum – This is t eh main rival to Bitcoin, though it does have a larger coin supply. Ethereum is also known to have better technology in place. Not only can Ethereum be used as a cryptocurrency, but it can also be used to create programs, apps, and software, making it quite versatile.

Play and Win Today with Crypto

With more and more casino sites accepting this form of payment, you can easily find top-rated sites that accept these anonymous payments. Cryptocurrency casinos are a top choice for many gamblers. While there are some drawbacks, especially the volatility of the value, this type of payment option is one of the safest and easiest was to engage in real money play at casino sites.

With no international boundaries and great levels of security, you can quickly set up a crypto wallet and start playing at some of the leading online casino sites in the industry today!

Featured image: CryptoNewsZ

Source From : Coindoo News

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