In many countries, there are occasional problems with casino payment methods. This mainly concerns the so-called “gray markets”, where gambling is not regulated by the state.
At any moment, the most popular payment system in such countries may stop making payments in online casinos and players will find themselves in a difficult situation.
But there are payment methods with which this will never happen, and these are cryptocurrencies. More and more online casinos are adding cryptocurrencies as payment methods to their websites.
Some brands are turning into crypto casinos, allowing betting in cryptocurrencies as well. Some only allow you to make deposits and withdrawals, converting crypto to fiat currency.
But regardless of whether in a crypto casino or in a regular one, the use of cryptocurrencies as a payment method in both cases is identical.
How to start using cryptocurrencies as payment methods in online casinos?
Here is a list of what you need to do to get started:
- Create a crypto wallet. At its core, this wallet is very similar to a regular e-wallet. This is where your cryptocurrency is stored. After registering the wallet, you will receive a unique address that will be used to transfer your funds.
- Buy crypto. After creating a wallet, you need to put cryptocurrency on it, and for this you need to buy it. This can be done using a regular crudit card. It is best to buy on a crypto exchange like Binance or Kraken.
- Send the purchased cryptocurrency to your wallet address.
That’s all, now you can use one or more cryptocurrencies as a payment method in a casino.
How to deposit cryptocurrency in online casinos?
The process for depositing crypto will be slightly different depending on the casino, but the essence is the same on any site. First, you need to visit the “Deposit” section of the casino and select one of the available cryptocurrencies, for example, Bitcoin. You will then receive a unique address assigned to your casino account. You need to copy it, go to your personal wallet and send the cryptocurrency to the casino address provided to you. You can also scan the QR code, if you have a mobile wallet, then you do not need to copy the address.
For the transfer of cryptocurrency, you will need to pay a commission to the miners. The higher this commission, the faster your transaction will go. You set the size of the fees, but there is a minimum threshold. Its size depends on what kind of cryptocurrency you use, for example, Bitcoin or Dogecoin have low fees while Ethereum has incredibly high.
When making a transaction, you need to pay attention to the minimum deposit amount. If you send an amount less than the set minimum limit, then the crypto will not be credited to your account. Transactions in cryptocurrency can not be canceled and you will lose your money.
How to withdraw cryptocurrencies from online casinos?
With the withdrawal of your funds from the casino, things are easier. You need to visit the “Withdraw” section, select the cryptocurrency you want to use for the withdrawal, and enter your wallet address.
Be very careful when entering the address of your wallet, because the transaction cannot be canceled when it is already done. As for the commission to miners when withdrawing, then who will pay it depends on the casino. Some brands cover it, and some deduct it from the amount you set on the withdrawal.
Best Cryptocurrency payment methods
There are a huge variety of cryptocurrencies. Choosing a payment method suitable for the role in a casino is not so easy. Here are 3 cryptocurrencies that are best suited for this role.
Bitcoin is the most common crypto payment method in casinos. It is used by both crypto casinos and fiat casinos. BTC’s transactions are fast, reliable, and have low fees. The main disadvantage of Bitcoin is its high volatility. It can easily drop in price by several thousand dollars per day and you can lose a significant part of your money.
Tether is perfect for novice cryptocurrency users. This token is a stablecoin, which means its price is tied to the value of another asset, in this case, the US dollar. 1 Tether (USDT) costs $1 (USD). Thus, using Tether, you can get all the advantages of a cryptocurrency payment method, and eliminate the disadvantage of high volatility.
Meme cryptocurrency, which, to everyone’s surprise, became popular. Online casinos also did not pass it by, and now it is available as a payment method for deposit and withdrawal. DOGE has low cost, its price has been stable lately, and transaction fees are ridiculously low. This cryptocurrency was created for fun, so why not use it for having fun?