Cryptocurrency has been making waves following the creation of Bitcoin in 2001. The technology has cut across different industries and markets, including the online casino industry. Besides, many betting sites accept cryptocurrencies like Bitcoin, Ethereum, Tether and Litecoin as part of their primary deposit and payout methods. Besides, some betting sites are completely crypto-themed, accepting only cryptocurrency options.
But as a player, you may wonder if playing at casinos with cryptocurrency is a good call. Well, it is, and we will tell you five reasons why in this article. You will learn about the different benefits of the payment option and what to consider before using it. Let’s get started.
#1 Cryptocurrency and Security
You may want to consider playing at crypto casino sites because of their security. Bitcoin and other crypto coins work on blockchain technology. Each user has two keys, a private (must not be shared) and a public key used during transactions. All transactions are handled and processed peer-to-peer, giving more security since there is no central bank.
Besides, cryptocurrencies offer anonymity. Users don’t need to provide their personal or bank details when making payments, which is good if you want to deposit at online casinos. Crypto betting sites also use SSL and other advanced technologies to encrypt their platforms.
#2 Speed of Transaction
Another benefit of cryptocurrencies over many fiat banking options is the transaction speed.
When it comes to some fiat options, players may need to wait several days before receiving their winnings. Some players may even have to log a casino complaint before some betting sites process their winnings.
With Bitcoin and other crypto coins, transactions are processed pretty fast. When you deposit using the banking option, you can expect money to reflect in your betting account within a few minutes. And for withdrawals, it takes only some minutes or hours.
#3 Lower Fees
When it comes to cryptocurrency transaction fees, they are not as outrageous as some fiat options. Most top online casinos that accept this payment method do not charge players any fee for processing deposits or withdrawals. However, the crypto wallet provider may charge you a small fee when performing Bitcoin transactions. So to be on the safer side, you should check the fees of a wallet provider before signing up and using it.
Most wallet providers have a fees section on their platform where you can see the fees you will be charged for using their services. And if there is no fee section on the platform, you can ask the operator’s customer support. That said, be aware that the value of a cryptocurrency can fluctuate.
#4 Higher Limits
Playing at a casino with cryptocurrencies is a great move if you are a high roller. This is because the payment method has higher limits than most fiat options. You can deposit and withdraw huge amounts at once and without any issue. At some betting sites, you may even be able to withdraw as much as 1 BTC.
But this does not mean players that love to deposit and stake low amounts cannot use cryptocurrencies. Most top online casinos that accept bitcoin have low deposit limits and withdrawal limits, sometimes around $10.
#5 More Bonuses and Promotions
Playing with cryptocurrencies at online casinos also allows you to receive bigger bonuses and promotions. Many crypto casinos are generous, offering players up to 5 BTC as a welcome bonus. And with more bonuses, you can enjoy playing more real money games without risking your hard-earned money. But as with fiat bonuses, crypto bonuses also have terms and conditions that apply to winning from them, such as the wagering requirements. So make sure you read the T&Cs to know what is involved before claiming any crypto bonus.
How to Use Cryptocurrencies at Online Casinos
If you want to start using cryptocurrencies to play at online casinos, the first thing you must do is create a crypto wallet. These wallets come in different types, and so do the providers. So make sure you research properly to choose the best one that suits your preference.
Once you’ve created a wallet, you will have an address for all the cryptocurrencies added to your wallet. With these addresses, you can receive payments in a crypto coin of your choice. Impressively, most wallet providers support a wide range of banking methods that you can use to buy your preferred cryptocurrency. Once you have, you can head over to your betting site that accepts the payment method and use it to fund your betting account.
Among the popular cryptocurrencies that top online casinos accept include Bitcoin, Ethereum, BitcoinCash, Litecoin and Tether. You will find a list of all available payment methods at a casino on its banking page.
We have discussed five different reasons you should choose cryptocurrencies for playing at online casinos throughout this article. Remember that the payment method offers improved security, which means your money will be safe. Also, it is a fast banking option, as deposits and withdrawals are processed quickly. Besides, cryptocurrencies offer higher limits and lower fees, and you can enjoy incredible bonuses and promotions when you use the option at top online casinos.
Do not forget that you need to have a crypto wallet to use Bitcoin and other coins at online gambling platforms. So make sure you choose the right wallet and play at a good online casino that can offer you a great gambling experience.