Cryptocurrency is likely a concept with which you are already familiar. For many, however, names such as Litecoin, Bitcoin, and Ethereum likely remain a somewhat vague recollection rather than something that has a practical purpose. A cryptocurrency is an underutilized tool that, when used correctly, can help protect personal information online.
The good news for online casino players is that the idea of using something like bitcoin to gamble is not a new one in the casino games industry. In fact, making withdrawals and deposits using cryptocurrency is already a common option at many casinos. But why exactly should you use ‘digital money’ to play, and how do you go about doing it?
Let’s take a closer look at using cryptocurrency to play casino games online.
Why cryptocurrency?
As the use of cryptocurrency becomes more widespread, you might wonder why it is gaining traction and how using it can benefit you. There are a few different reasons to adopt this payment method online, including security, fees, and processing time.
Security
When you use a debit card or bank account online, even through a third-party site such as PayPal, you leave traces of your identity and other personal information behind. Think of it as a kind of receipt. Those who find the information might not secure your banking information, but they will likely gather many other details. Additionally, they might very well secure your financial information, granting them access to your money as well as any other information connected to your card or bank.
Cryptocurrency is different. It is a modern solution for a contemporary problem. You often have the ability to determine how much information you give out when using something like bitcoin. Even more importantly, cryptocurrency security measures are often well beyond what you’ll see at a typical online banking portal. Using different ‘wallets’ for each transaction helps protect the origin of the money (you) by making it difficult to use a specific transfer to gain access to your financial history. There is no centralized hub of information with cryptocurrency like there is with traditional banking institutions.
Fewer fees
Opting for cryptocurrency rather than traditional payment methods often results in lower transactional fees. Fewer regulations make it less expensive for casinos to process than a traditional currency, and this often trickles down to players via a lowered cost of use. This means that you might not pay as much to the casino when your currency is ready to withdraw, increasing your overall win.
Processing time
When you withdraw winnings from a casino to your bank, you might be in for a wait of several days. Many banks take an average of 3 to 5 days to process funds and make them available to users. Cryptocurrency, on the other hand, only requires the operator to confirm the withdrawal details before it is sent to your wallet. It is an almost instantaneous process.
How can I use cryptocurrency to gamble online?
Using cryptocurrency is not a difficult endeavor. However, the steps are different from using your bank account. You need to make a few decisions before you get started.
Pick your currency
There are many different kinds of cryptocurrency available. However, ethereum and bitcoin are the most commonly accepted at online casinos. Check with the casino you hope to frequent to see what your options are and what it recommends.
Get a virtual wallet
Once you have picked your currency, it is time to ensure that you have somewhere to keep it. Cryptocurrency is stored in virtual wallets such as those offered through Coinbase. The wallet service you select is ultimately a personal preference call, but make sure that you research your options and ensure that the company is a reputable one with an established history. You also need to purchase cryptocurrency to send to the wallet, so consider looking for a wallet provider that offers a crypto exchange. These exchanges allow you to quickly exchange standard currency for cryptocurrency.
Deposit your funds
The next step is to deposit your funds at the casino of your choice and start playing! You will use your wallet to send money to deposit as well as to withdraw funds from your casino account.
Cryptocurrency and the future
If you are still on the fence, keep in mind that cryptocurrency is quickly increasing in widespread use. It is likely that it will not only continue to be around for a long time to come but will also continue to grow until it becomes one of the more popular methods of payment. Becoming accustomed to the process now will ensure that you can make the probable future transition to using cryptocurrency outside of casinos as smooth as possible.
Using cryptocurrency is not nearly as difficult as its name might suggest. It only takes a bit of time to set up your payment system and start playing!
