cryptocurrency, coins, currency

The online gambling industry was one of the first adopters of using cryptocurrencies as a payment option nearly a decade ago. So, while cryptocurrencies may still be a relatively new concept in other sectors, it is fair to say that they have been well received by the larger online gambling market. However, for one reason or another, not all internet casinos accept cryptos for loading deposits and cashing out payouts. Popular iGaming platforms like SpinCity casino continue to stick to the traditional government-regulated currencies from the USD to the GBP, the EURO, and many others.

More and more people understand how cryptocurrencies work in general; however, it still can be unclear how this type of currency functions at online casinos. If you have ever had such a question, you have come to the right place. Here’s a closer look at how the crypto-accepting iGaming platforms work.

What are Crypto Casinos?

These are online gambling platforms that accept crypto as a means of payment. Think of your ordinary online casino, with the only difference being that these casinos will accept cryptocurrencies like Bitcoin and Ethereum. This means you can deposit and withdraw your gaming funds using cryptocurrencies, depending on the digital currency the platform accepts.

How Do Such Casinos Function?

While the concept of operation of these casinos may seem difficult to grasp to a first-time player from the outside, there’s nothing complicated about it. As with government-regulated currencies, crypto casinos provide an in-house account wallet for their members to transfer their crypto bankroll.

Anyone of legal age who wants to gamble through these crypto wallets may open a gambling account at these sites and proceed to play. You can make payments from your digital wallet at any time and cash out at will. However, it’s worth noting that virtually all iGaming sites, crypto or otherwise, usually have transactional limits that dictate how much money you can load or withdraw from the platform. Therefore, you must meet these minimum and maximum transactional limits for your transaction to be complete.

For example, you will find that you can deposit at least $10 mBTC to your account. It means that your transaction will be rejected if you try to deposit any cryptocurrency amount below this value. The same goes for withdrawal transactions whenever you want to cash out your payouts.

How Do These Casinos Benefit Financially?

Some crypto casinos will charge you fees for each transaction you make while playing. While this fee is usually minimal in many crypto casinos because one may make loads of transactions per hour, they are generally enough to keep these casinos running.

The other way these casinos make money is by running ads on their platforms, just like any other online casino. Finally, like traditional casinos accepting government-regulated currencies, crypto casinos offer games with a house edge. This means that, on average, the house expects to make a certain amount of money from each game whenever account holders participate.

Advantages of Crypto Casinos

Some of the benefits you’ll enjoy when you play your favorite gambling games at crypto casinos include:

  • Anonymity: All your transactions in crypto casinos are private and aren’t linked to your identity in any way. Thus, no one can track how you spend your funds after you convert the funds to digital money.
  • Fast Withdrawals and Deposits: With crypto casinos, you don’t have to wait for days on end for cash to land in your bank account. Instead, you can transact via crypto instantly, saving you all the hassle of waiting, especially when cashing out.
  • Top-notch security: With many fraudsters lurking online, having your identity protected by ultra-safe blockchain technologies means you’ll sleep at night with one less thing to worry about.

Are there Any Drawbacks to Playing at a Cryptocurrency Casino?

It’s not all sunshine and rainbows when it comes to the usage of cryptocurrencies for your online gambling activities. Some of the downsides that players usually experience include the following:

  • Cryptocurrencies are generally volatile, which means the value of the funds stored in your crypto wallet could fluctuate. Thus, the value of your payouts or deposits could be slashed in half overnight.
  • Some countries have not licensed cryptocurrency casinos yet, meaning you may only be limited to regular ones in your jurisdiction.

Play With Cryptocurrency

When looking for security, anonymity, and convenience, you will never go wrong with cryptocurrency casinos. And as you can see, crypto casinos are similar to any other iGaming site, the difference being how you load and cash out your funds. With digital money slowly transcending into every facet of our day-to-day lives, it is better to get a head-start before the rest of the world catches up.