Cryptocurrency is known as the digital currency that uses encryption technology to generate new units of currency. Also, to authenticate the transfer of online funds. Sometimes it is called virtual currency, it uses an online public ledger known as a “blockchain” to track payments.
Each time a payment is made, that transaction is then added to the ledger for all to see. No one can manipulate the public ledger – identity thieves and other scam artists cannot manipulate blockchains because these blocks of payments are added in a linear, chronological order.
Find out how online cryptocurrency casinos work and if it safe to use cryptos to fund your casino account here.
The most popular cryptocurrency for online gambling happens to be the most popular and established blockchains: Bitcoin Cash, Bitcoin, Ethereum, Dash, and also Litecoin. Each crypto has been tremendously successful.
While each one of them provides similar services, the successful cryptocurrencies each do something somewhat different for users. The deposit and withdrawal info may vary from site to site; however, the payment data below reflects the minimum and maximum limits you’ll find.
Bitcoin – Bitcoin is known as the original cryptocurrency and it’s still the most popular. More online casino sites support Bitcoin payments than any other virtual currency. Bitcoin is fast, safe, and very secure. While all cryptos protect your security, you’ll find other kinds cryptos that are faster than Bitcoin.
Bitcoin Cash – Bitcoin Cash came from a split from the original Bitcoin, which was mainly designed to give the Bitcoin blockchain more room for growth.
Bitcoin Cash has a block size limit 8x bigger than Bitcoin’s, so transactions are handled faster than Bitcoin payments.
Dash – Because it was launched 6 years after Bitcoin, Dash is also a quicker payment method. The big watchword with Dash, though, is “privacy”. Dash was created with the purpose of creating additional private online transactions.
Ethereum – Ethereum is a whole dissimilar beast than the other cryptocurrencies in many ways. Yes, Ether acts as a digital currency that can be traded like Litecoin, Bitcoin, and Dash. Ether is a cryptographic token that is used as both a digital currency and a way to run applications on the Ethereum platform.
Litecoin – Litecoin was the second biggest cryptocurrency invented. After two years of Bitcoin, Michael Lee, former Google programmer, wanted a faster, better alternative to Bitcoin.
By creating a blockchain that is four times bigger than Bitcoin, he developed a payment option that is faster and has greater growth potential.
Making a Cryptocurrency Deposit
Punters who want to use cryptocurrency payments have an extra step to make. Once you select an exchange and cryptocurrency wallet, your deposits and withdrawals will be faster than ever before.
Buy Virtual Currency
Go to a cryptocurrency exchange to make your crypto purchase using your ACH, debit card, or even checking account.
Get a Wallet
The next, choose a cryptocurrency wallet. These hold your funds as a bank or e-wallet would.
Create an Online Casino Account
Go to a casino homepage, click on “Join” or “Register” and create a casino account.
Fund Your Casino Account
Go to the cashier page to make a deposit. Choose a cryptocurrency, then choose the cryptocurrency wallet that you prefer. Make a deposit and accept the welcome deposit for bonus cash.
Play for Real Money
From the homepage, select the casino game you want to play from the menu. Most websites have categories like real money slots, table games, live casino games, video poker and specialty games.
Clear Wagering Requirement
If you accepted a bonus or any weekly casino bonuses while playing, remember to also clear the wagering requirement before making a deposit.
Cash Out Your Winnings
Once you fulfilled the terms and have winnings, go to the cashier page to make a withdrawal.
Next, go to your crypto wallet. You’ll find your winnings in the account in crypto form.
Go to the bitcoin or the crypto exchange to cash out your money. You can also transfer the cash to your bank account, debit card, or credit card in instants.
Advantages of Using Cryptos as a Payment Method
Every payment option has its advantages and drawbacks. Before using digital currencies for casino payments, read through our list of pros and cons. We recommend cryptocurrency deposits and withdrawals as the most effective methods.
Every online casino site deposit or withdrawal goes on the public ledger in a block of payments, so you and the casino cannot dispute the payment.
Credit card businesses and banks need to verify your identity with every payment. Because the blockchain technology handles verification, payments are processed much faster – almost instantaneously.
High rollers must consider cryptocurrencies. At most online casino websites we recommend, the deposit and withdrawals limits are higher for Litecoin, Bitcoin, Dash, and Ethereum than any other payment options.
Crypto payments are not tied to any of your bank account or credit card, so your identity remains private.
Counter-intuitively, your casino payments are also more transparent using blockchain technology. Everything can be verified easily in the public eye, even though you remain anonymous.
Most Safe and Secure
Because you’re banking and credit card info isn’t used, identity thieves can’t steal any of your information.