Updated: 2024
Operators Accepting Cryptocurrency Payments
Paying online with cryptocurrencies is becoming more and more popular every day that passes. Due to the rapid speed and high privacy, this may be the future of making online transactions.
We can see new innovative crypto casinos that offer ways of paying into your online casino account through these currencies.
The biggest and most famous cryptocurrency is the Bitcoin that gained worldwide fame back in 2017 when it’s value skyrocketed up to about 200,000$, it has since decreased back to more normal levels but is still extremely interesting for us in the online gambling business as a way of making your casino deposits.
Cryptocurrencies are a way to give some power back to the people as most of them do not operate with a centrally controlled bank.
Cryptocurrencies are growing and will keep doing so as more of our payments are done online, and what is more important than safety and privacy while dealing with online payments?
We think nothing, and we want to make sure you understand some of the cryptos out there to see if it is a way of funding your online gambling account. Therefore we have made a small guide for you explaining some of the cryptocurrencies out there and how you may use them.
What is Cryptocurrency?
Cryptocurrency is a currency that is not centrally controlled by a bank, unlike the normal “fiat” currencies, which include the normal cash you find like the pound or the euro.
They are encrypted with different types of systems and offer total discretion.
You don’t need to register with your name or ID to be able to use cryptocurrencies, you can be completely anonymous and that is the main reason for it’s growth in recent years.
Many believe cryptocurrencies will take over from the normal currencies as more people get online.
What Different Cryptocurrencies are There to Use in Casinos?
Cryptocurrency betting is alive and growing. There are some different casinos out there already to choose from if you want to try and bet with cryptocurrencies.
The largest and most famous cryptocurrencies are the Bitcoin, as previously mentioned, Etherum. Ripple and Litecoin. These are the ones you will find the most but there are also many more out there, around 700 cryptocurrencies at the moment, but far from all are legal and safe to use.
Here is a list of cryptocurrencies used for betting online:
Bitcoin, we mentioned it earlier and you can read a full guide on how to use Bitcoin by accessing our payments through Bitcoins page. More than 80% of crypto transactions are made with Bitcoins.
Bitcoin Cash: It is like the child of Bitcoin, it is widely used as peer to peer electronic cash. Bitcoin Cash comes with fast transactions.
Etherum: another large cryptocurrency, the coin is called Ether. A revolutionary blockchain because the individual can program tokens and contracts that can be self-executing.
Not the best for gambling though as transactions come with small fees and may take minutes to settle Similar to the EOS coin but with less gambling activity.
Litecoin: Similar to the Bitcoin is mined as well. But comes with a maximum coin supply meaning the value can skyrocket as there is a limited supply.
Some online casinos accept Litecoins for gambling on their sites. It is a cheaper version of gambling with Bitcoins but fewer casinos accept this coin.
Dogecoin : a coin named after the “Doge” meme. It is very popular among its user due to the loyalty it offers, widely accepted as a currency among the crypto casinos.
Dash:It is one of the most-preferred digitals currencies and can be used to spend in most places. Transactions are processed within an open source trading platform .
Ripple: a coin with great potential. Already large companies and institutions have started using Ripple for money transactions. This as it is lightning-fast when it comes to sending funds, the worlds only enterprise blockchain solution as they call it.
EOS: the coin with the most gambling transactions. Highly recommended for gambling at the casinos because you don’t need to sign up with casinos to use this coin for gambling. It allows straight on-chain betting which means every bet you make is made with a “smart contract” meaning every won game round is paid out straight back to you.
This way you don’t have to trust a casino or third part to hold the money while you are betting. But be aware, 2 EOS gambling sites were recently hacked and many people lost their money. It is still a new coin with some higher risks. The most popular game with EOS is the blockchain game Dice which is growing and growing, and it provides a different way of gambling.
How Do I Use Cryptocurrency to Pay For My Bets?
In order for you to be able to start betting using one of the different cryptocurrencies you first need to sign up with a provider who is offering these currencies.
Then you will have to exchange some of your money into the currency of choice. Then you can start gambling away with a casino that accepts your chosen cryptocurrency.
Here is a step-by-step guide to help you out:
- Find a casino with interesting games for you that accepts the cryptocurrency you are interested in.
- Create an account where you can buy your cryptocoin, there are many websites offering this service for a small fee.
- Buy the currency that you earlier found the most interesting.
- Log on to your casino account (if necessary) and access the deposit page.
- Choose your preferred method of adding funds which should be the cryptocurrency.
- Fill in your details and make the payment. The money will show up in your account shortly after, if not in an instant.
- Gamble away.
You may also withdraw using a cryptocurrency. Normally it’s fast and without any hassle but might come with a small transaction fee. But this fee is probably smaller than the conversion fee applied to your normal withdrawals if they are made in a different currency than the casinos.
You can be sure the withdrawal will be faster than in a traditional bank transfer or payment to your bank card.
Advantages and Disadvantages When Dealing with Cryptocurrencies
When betting in the casino with a cryptocurrency you find many advantages, same as for paying online using these currencies. Privacy, speed and safety are always key to being a good payment provider. These are some factors that you can always count on to be there for the bigger cryptos.
Advantages
✅Privacy, the biggest advantage and unbeatable by any normal type of currency. As cryptos can be used without an external payment provider you can actually make a transfer straight from you to your betting site. No card provider or bank needs to be involved.
This makes things a whole lot easier for both you and your casino. It also helps your casino to pay out winnings to you and to help avoid governments or banks to keep track of your gambling transactions. As previously stated you can make transactions without even identifying yourself.
✅Speed, transactions with cryptocurrencies are normally very fast as they are normally sent straight away without any middle hand.
✅Innovative, cryptocurrencies enable different ways of enjoying the casino. Some of which we will go through further down.
✅Source of investment, as the value fluctuates a lot with these coins it is a way of making money as well if you keep track of the ups and downs.
✅Ability to gamble from prohibited countries. As no personal details are needed you will be able to play on casino sites in places where it is normally not allowed.
✅Provably fair, players using crypto casinos can see if the games they are playing are fair or not as the system called Provably Fair offers a cryptographic algorithm where you can see this.
Disadvantages
❌Fees, when dealing with many cryptocurrencies there might be transaction fees. Or you may have to deal with 3rd parties in order to first acquire the coins and that often comes with some fee and even waiting time.
❌Safety, sometimes cryptocurrencies haven’t been protected well enough. In the past we have seen hacks on several occasions where people have lost all their coins.
Casinos Using Cryptocurrencies
There are many casinos specially designed for cryptocurrency betting out there. Many only offer their services through a special currency due to their design . They are normally safe to gamble on but some actors are greedy and only looking for your money.
Before you start gambling through a casino offering only crypto gambling we would advice to look at reviews first to see if they can be trusted. Most crypto casinos look like your normal casino, but offer some specially adapted games.
Unfortunately not too many regular casinos accept cryptocurrencies as a way of paying yet. But with them growing at rapid speed it will not be too long until the normal casinos also start offering these ways of paying as they understand the importance of privacy for their players.
Many governments are starting to regulate gambling and this will cause a lot of people moving over to cryptocurrencies as they do not want to be regulated.
You can find betting sites accepting cryptocurrencies but they are normally focused on American sports as this is where the most traffic comes from. This as normal online gambling has been prohibited there for a long time, causing their gamblers to go on these encrypted sites instead to win some money.
Cryptocurrency FAQ
It is a currency formed in blockchains, it is not controlled by any government or bank and offers an alternative to normal ways of paying.
Most currencies are safe to use, but please be aware that some E-wallets that offer cryptos are not as safe and can be hacked. So make sure you always use a licensed payment provider to acquire your coins.
They are mainly used for privacy reasons, you can gamble without showing it on your bank statement. You can pay without providing personal details etc.
Yes. As most of them offer connected bank cards you may use your crypto funds in real life as well.
Most are free but some have small transaction fees, when dealing with cryptocurrencies you might have to go through a 3rd party to buy your coins, and this is where you will find most fees.
Simply find the cryptocoin for you and a provider of this coin. Get started and buy some coins through them and then find a casino where you can use them to gamble.
No. Only some casinos accepts these as payments, there are even some that only operate using cryptocurrencies. If you are uncertain you can ask your betting site if they offer it.
