Even though they have been around for a while, cryptocurrencies are still relatively new to a large number of people. But, despite being a relatively new concept in general, they have entered all sorts of industries, including the iGaming one. Online casinos are always on the lookout for new and reliable payment methods to include in their offer, and digital currencies are slowly becoming one of the favourites, among both online casinos and players. As a player, you should be aware of all the basics behind the use of cryptocurrencies in virtual gambling, as well as their key benefits.
What are Cryptocurrencies?
Cryptocurrencies appeared as a new form of digital money and payment method. They use cryptography and do not rely on banks to verify all the transactions. Actually, cryptos are completely decentralized, which means they don’t have a central regulatory authority. More precisely, cryptocurrencies are a peer-to-peer system where anyone can send and receive virtual money. Each transfer of funds and transaction is stored in a public ledger, and all cryptocurrencies are kept in digital wallets. The very first cryptocurrency was Bitcoin, and it still remains one of the most popular ones. Other popular currencies include Litecoin, Ethereum, Monero, Ripple, and many others.
The Use of Crypto in Online Casinos
Crypto gambling sites are growing in popularity, and more and more payers are deciding to give this innovative payment method a chance. An increasing number of gambling sites is now accepting cryptocurrencies, and it has become much easier for players to find reliable operators no matter where they live. Searching for the best crypto casinos for Irish gamblers, or gamblers in any other area of the world will show a list of well-rounded gambling sites where you can make payments using your crypto wallet. Many players from Germany, Italy, America, and many other countries can now use their digital wallets to directly deposit funds to online casinos and play their favourite games. The most popular and frequently used currency is Bitcoin, and Ethereum, Litecoin, and Dogecoin are slowly growing in popularity, too.
The Key Benefits of Using Cryptocurrencies for Online Gambling
If you’re considering starting to use crypto in online casinos, you should be aware of the following perks:
Security
Cryptocurrencies like Bitcoin are one of the safest networks in the world. Thanks to their decentralised structure and the overall security of the blockchain, cryptos are almost impossible to hack. So as long as you keep your funds stored in a reliable online wallet and use strong passwords to protect your private keys, it is very unlikely that your money will ever be accessed by third parties. With digital currencies, no one can steal your payment information since the transactions do not require you to submit any personal data. If you compare this practice with the use of credit cards and other services, you will realise how vulnerable they actually are. Namely, if a gambling site is hacked and your credit card information is on record, you can become the hacker’s next target. Moreover, with crypto transactions, there are no chargebacks. Once they are finalised, they cannot be reversed. There is no way to alter the way they were recorded in the public ledger.
Privacy
Privacy is one of the key concerns of online players and another area where cryptocurrencies excel. Since there is no personal information attached to your crypto wallet, people and platforms have no way of knowing who made a purchase once you finalise a transaction. At the same time, the system is transparent, so everyone can find information about addresses and their balances recorded in a public ledger. So, even though gambling is legal in the majority of the world, many people do not feel comfortable doing it publicly. Luckily for them, turning to cryptocurrencies allows them to stay entirely anonymous while engaging in their favourite type of online entertainment.
Instant Money Transfers
Cryptocurrencies provide users with the fastest transaction times out there, bringing online casino deposits close to being instantaneous. Even with occasional delays that result from the block size issue, cryptocurrency payments are still faster than other options. The majority of transactions are confirmed within a few minutes, while some can take just a few hours. And in the case of extremely rare delays, it can take a day for the transactions to be confirmed. On the contrary, ACH bank transfers can take up to five business days, while international transfers sometimes need a week or more to complete. The speed provided by cryptocurrencies allows users to both fund their accounts and withdraw their winnings almost instantly, and if you’ve ever played online casino games, you understand how important that is.
Cost-Effectiveness
Not only are crypto transactions speedy, but they are also much cheaper than many other options. For example, Bitcoin transaction fees take up only a portion of the fees that come with the use of credit card payments or bank transfers, which often charge significant percentages as service fees. This type of cost-effectiveness is beneficial for both players and website owners. Punters get to keep more of their funds during withdrawals, while the operators save money on credit card fees whenever a user uses Bitcoin or any other currency. However, fees may arise if you request faster processing during the conversion of cryptos into traditional currencies. But still, a large number of wallets will let you adjust the commission and the speed according to your preference.
Other Financial Perks
Firstly, cryptocurrencies are not subject to inflation. For instance, the number of Bitcoins that are supposed to be issued is limited to 21 million. Therefore, the volume growth of Bitcoin is predictable, and the currency cannot be churned out and poured into the economy at random, as opposed to traditional currencies, where this is possible. Next, cryptocurrencies are not always taxed. The regulations of digital assets have progressed significantly in some parts of the world where Bitcoin and some other options are recognized as valuable properties and even currencies. However, this varies from country to country. Having that in mind, if you’re planning to gamble with crypto, make sure you’re aware of the local laws regarding the taxation of winnings that arise from wagering with digital currencies.
Perfect Optimization
Bitcoin and similar options were specifically made to be used online, which immediately makes them work perfectly well with web-based gambling sites. On the other hand, when bank transfers and credit cards were invented, they were not created to be used on the Internet. However, before the emergence and popularization of crypto, there weren’t any better and more optimized options for online gamblers. Now that digital cash is here to offer smooth and secure transactions, there is basically no longer a need for those cumbersome solutions. On top of that, the convenience of crypto gambling is boosted by the fact that there are no restrictions on how much cash you can withdraw from your account at once. As long as you have funds in your wallet, you can play without any limits.
How to Get Started
Follow these simple steps and you’ll be able to start gambling with cryptocurrencies in no time:
Create a Wallet
The first step is to set up a digital wallet to store your cryptos. There are many different wallets out there, and they can be divided into two domain categories: hot and cold storage. Hot storage refers to platforms that are connected to the Internet, while cold storage stands for the ones that operate offline. As an online player, you should opt for hot storage, which offers more convenience. Furthermore, you can choose between mobile wallets and browser-based ones.
Buy Cryptocurrencies
Now it’s time to buy the digital currencies you will use to play. For that sake, you should visit one of the many crypto exchange platforms like Coinbase or Binance. Once you pick one, follow their simple signup process and use your credit or debit card to make a purchase. As soon as the purchase is completed, the currency will be available in your exchange account.
Send Funds to Your Wallet
In order to start gambling, you need to move the funds from the exchange platform into your private storage. Whichever platform you choose, you will get a series of simple steps to follow and learn how to complete this simple task. You will have to add your wallet address in the process. Once your wallet is loaded with digital funds, you are ready to pick an online casino that meets your needs. And while you’re at it, remember to stick to licensed providers.
Cryptocurrencies are one of the greatest innovations of our time, and as such, they have become a big component of online gambling, among other industries. If you used to wonder whether you should give crypto gambling a shot, we are sure that reading about its perks helped you make a decision. Now that you know all about the benefits of playing with crypto, you are ready to find a great operator and join the hype on your own.
