Why Are Crypto Casinos So Popular?
Safety and security are among the main reasons behind the popularity of gambling with crypto. Leveraged by blockchain technology at their core, crypto transactions take place without the involvement of a third party (in this case, an online casino), reducing much of the risk associated with internet money transfers.
As a result, hackers have a rather hard time getting their hands on players' data and funds. At the same time, casinos' attempts to tamper with game outcomes become virtually impossible (especially if a casino offers Provably Fair gaming).
Choosing the Right Crypto Casino: Key Factors to Consider
As more people discover the benefits of cryptos' decentralised nature, speed, and low transaction costs, online casinos with bitcoin have exploded in popularity. But what are they, and are they risk-free?
There is a consensus that crypto casinos are quicker, cheaper, and more private and secure than regular Internet casinos.
Cryptocurrencies, however, are relatively new technology and, as such, are loosely regulated. Since there is no way to ensure the security of a player's cryptocurrency, they must exercise caution while selecting a crypto casino.
The good news is there are many trustworthy and secure sites that offer crypto payments. If you take the time to learn about different casinos before signing up, you should be able to select one that works for you.
These three guidelines will help you zero in on the optimal platform:
- Licensing, security and fairness.
- Promotions, bonuses and game variation.
- Amount of coins accepted.
Licensed Casinos
The primary concern should be the security and reliability of the crypto casino. There will always be shady players in a booming market like this one, especially in Bitcoin and virtual gambling establishments. Before playing at any casino, physical or virtual, check for a valid gaming licence. Also, it's important to read several reviews before deciding.
Withdrawals and Deposits
Cryptos take the cake when talking about the speed of withdrawals. While deposits are instant with virtually all payment methods, cashouts take time to process. With cryptos, you don't have to worry about pending times as they offer near-instant withdrawals. Unlike most traditional banking methods, cryptocurrency payouts are usually processed within minutes, substantially reducing the time it takes for the money to reach your pocket.
Still, your withdrawal requests will be subject to certain limitations, such as the amount of money you can withdraw in a single transaction or the number of times you can initiate a withdrawal in a day.
Endless Variety of Games and Casino Promotions
If you're a gambler, your best bet is to go for a site that lets you choose from multiple casino software developers. Crypto technology has allowed online casinos to provide players with a broader variety of betting and gaming possibilities, offering an ever-expanding selection of games, from blackjack and poker to roulette and online slots.
Also, casino bonuses and other incentives constitute the significant selling point of the best crypto casinos. These bonuses enhance your betting potential and increase your chance of winning. Thus, it is essential to seek out casinos with frequent crypto promotions. Such gambling establishments often host tournament promotions, where players can win cash prizes or comp points for participating.
Most Popular Cryptocurrencies
Although Bitcoin is the most well-known cryptocurrency, many more alternatives exist. Cryptocurrencies that aren't Bitcoin are dubbed "altcoins," which stands for "alternatives to Bitcoin."
Despite Bitcoin's claim to fame as the first genuinely significant cryptocurrency, numerous others have also achieved widespread adoption and notoriety:
- Bitcoin
- Bitcoin Cash
- Ethereum
- Litecoin
- Dogecoin
- Tron
- Tether
- Ripple
- Cardano
#1 Bitcoin (BTC)
The first cryptocurrency, Bitcoin, is still the go-to example when discussing digital money. Its unnamed creator, presumably Satoshi Nakamoto, released the money into circulation in 2009; it has seen a wild journey. However, cryptocurrency became well-known in 2017.
#2 Bitcoin Cash
The Bitcoin Cash cryptocurrency split off from the original Bitcoin in a controversial fork in 2017. By the end of 2018, Bitcoin Cash had been divided into two distinct digital currencies: Bitcoin Cash and Bitcoin SV.
#3 Ethereum (ETH)
Following Bitcoin, Ethereum is probably the second most well-known name in the crypto field. You can use ether (the currency) to do various things in the system, but smart contracts set Ethereum apart and make it so popular.
#4 Litecoin (LTC)
Silver to Bitcoin's gold, Litecoin is its own cryptocurrency despite this standard comparison. Litecoin, which Charlie Lee created in October 2011, was an early alternative to Bitcoin. With higher speed and reduced prices, cryptocurrency aspires to become a global digital payment system for everyday transactions.
#5 DogeCoin (DOGE)
Dogecoin was initially formed as a joke following Bitcoin's surge; its name comes from a Shiba Inu internet meme. In contrast to many other virtual currencies, Dogecoin has no cap on its issuance. It can be used to make purchases and wire funds.
#6 Tron (TRON)
TRON is an open-source blockchain-based operating system with built-in intelligent contract support, a consensus process based on proof-of-stake principles, and a Tronix token.
#7 Tether (USDT)
Every Tether is worth $1. This is because it is a "stablecoin," a cryptocurrency designed to maintain its value over time. Stablecoins like Tether are pegged to a stable fiat currency such as the US dollar. Most frequently, traders use Tether as a bridge between other cryptocurrencies.
#8 Ripple (XRP)
XRP (Ripple) is a digital currency launched in 2012 that can be exchanged for various fiat currencies. Because it operates on a trustless system, Ripple is an excellent tool for making international payments.
#9 Cardano
ADA stands for "adoption delegated by Cardano," the blockchain platform that supports the coin. Cardano, developed by Ethereum's original creator, also uses smart contracts to facilitate authentication and authorisation.
How to Gamble with Bitcoin: A Beginner's Guide
Essentially, placing crypto wagers on casino games works similarly to betting fiat money. However, if you don't own any cryptos, you must first follow a few steps to obtain your crypto coins or convert fiat money into virtual currency.
If you're just finding out how to gamble with Bitcoin, here's a simplified guide to wagering with Bitcoin:
Step-by-Step Guide
Find a crypto wallet. Before betting on cryptocurrency, you must get a secure wallet to store your funds. Finding the best crypto wallet for online gambling can be challenging due to the sheer offer, but you can start by figuring out whether you want to use a software wallet (e.g., Exodus, Electrum, or Trust Wallet) which is a more convenient option, or a hardware wallet (e.g., Ledger, Trezor) which brings maximum security.
- Buy crypto. The next step is to obtain some coins. Choosing the best gambling crypto coins is totally up to you, and once you settle on the right option, you can purchase them from any reputable cryptocurrency exchanges, such as Coinbase, Binance, Coinbase, Kraken, Cash App, etc.
- Choose a crypto casino. Picking any Bitcoin casino site from the list above will ensure you are playing at a trustworthy platform, reviewed and audited by AskGamblers. Of course, there are things you should consider before joining, including the availability of provably fair games, fast withdrawals, and strong security and encryption.
- Deposit your crypto coins into the casino. After settling on the right BTC gambling site, create an account and visit the casino's cashier. You will need to copy the crypto deposit address, open your wallet, paste the address, enter the amount you wish to deposit, and confirm the transaction.
- Start playing. Crypto deposits are lightning fast, and the transaction should reflect in your casino balance after a few minutes, if not instantly. You can then proceed to pick a game and start wagering your crypto coins.
- Withdraw winnings. If you're lucky, you will win some money that you can then withdraw. The cashout process works similarly to depositing money: at the cashier, enter your crypto wallet address, pick the amount you want to withdraw, and wait for the money to land in your wallet (this shouldn't take more than a few hours and in many instances, within minutes).
Bitcoin vs Traditional Online Casinos: Key Differences
Although they appear virtually the same, there are subtle differences between Bitcoin and traditional online casinos. Let's see what those differences are in a nutshell:
- Anonymity. Crypto casinos often allow users to play without providing personal details, while traditional casinos require identity verification (KYC).
- Transaction speed. Crypto transactions are way quicker than regular casinos, with some of the best Bitcoin casinos even offering instant cashouts, as is the case with the fastest withdrawal casinos.
- Transparency and fairness. Crypto sites that operate using provably fair algorithms add another layer of security, allowing players to verify game fairness, unlike traditional casinos that must rely on third-party audits.
- Availability. Even if the list of available payment methods is limited in your region, you could easily bypass these restrictions by playing with crypto. Bitcoin casinos often operate globally with fewer restrictions, allowing you to enjoy online casino gaming without worrying about traditional banking methods.
Advantages and Disadvantages of Gambling with Bitcoin
As usual, we take it upon ourselves to bring you as close as possible to any online gambling activity, shedding light on all positive and negative aspects.
Here are the most prominent pros and cons of playing at Bitcoin casino sites:
Advantages
- Decentralisation. Unlike fiat transactions, which are always monitored by a central authority (i.e. a bank), crypto systems circumvent such control mechanisms. Instead, transactions conducted and verified on a blockchain are kept secure by a global computer network. Using consensus mechanisms, such as Proof of Stake, transactions are validated outside of central authority or third-party involvement. As a result, the costs are reduced, and the security is increased, allowing users to take complete control of their funds.
- Privacy. Casinos with Bitcoin have gained traction in recent years thanks to fostering anonymity as a cornerstone of their business model. Of course, users love this as it keeps their earnings hidden from prying eyes.
- Payment verification. We always advise our players to play only at reputable online casinos using secure banking solutions to deposit and withdraw funds. When gambling with bitcoin, however, you won't have to give out your financial details and can retain your full anonymity. Cryptocurrency transactions are not traceable back to you; in other words, no one can ever know you spent or won any money at a casino site. Although this may sound tempting, it may also mean that you may have a harder time fixing a cashout issue than using a traditional banking service.
- Low transaction fees. Being peer-to-peer-based and decentralised, cryptocurrency transactions generally involve lower fees or, in certain cases, eliminate them altogether. As a result, you get more playtime for your money, benefiting both you and the casino operator.
Note: You can still expect to have a small portion of your money deducted from your deposits to cover site-specific withdrawal fees, recurring subscription fees, software licensing fees, etc.
Disadvantages
- Transaction issues. Although crypto casinos provide customer care, you may find yourself in the lurch if an issue arises with your cryptocurrency deposit or withdrawal; as no single entity controls the blockchain, support staff may be powerless to assist.
- Unstable currency. Cryptocurrencies are subject to more or less frequent price fluctuations. As a result, one can hardly predict its future value, so there is a risk of losing or gaining value when exchanging it for conventional fiat currencies.
- Untrustworthy Bitcoin casino sites. Any funds lost due to chargebacks cannot be recovered when dealing with unregulated and dishonest gambling sites.
- Beware of phishing scams. Phishing is a classic hacking method that typically involves an email request for financial information. It is similar to impersonation scams in that it includes suspicious messages that seem to come from reliable sources but are being sent by cybercriminals. As the name implies, cryptocurrency phishing scams online involve a bogus request for payment in digital currency. Even worse, the sender may pretend to be a legitimate cryptocurrency firm by disclosing their initial coin offering (ICO) in the communications.
Playing at Crypto Mobile Casino
BTC mobile games have gained popularity in recent years, particularly among novice gamers who seek out casinos to have fun and make money.
There are crypto-only online casinos where deposits and withdrawals must be made and received exclusively through cryptocurrency wallets. Vast swaths of crypto casinos have already worked towards a fast and reliable mobile casino experience.
Specifics you'll encounter at crypto mobile casinos:
- Cryptocurrencies are an acceptable means of measuring and exchanging value.
- Since blockchain verifies all transactions, cryptocurrency wallets are safer than traditional payment methods like debit or credit cards.
- There is neither a financial institution nor a government that is controlling or intervening in this situation.
- By employing more equitable algorithms, they offer a lower house edge and fairer conditions.
- The mobile crypto casino is open and honest, ensuring fair play and conduct.
- Putting bonus money in and out of a digital wallet.
- Facilitating cryptocurrency transactions wherever players can remain anonymous.
A fantastic thing about crypto mobile casinos is that no middleman or operator is involved in the transaction; hence, the procedure is reliable and unbroken. Bitcoin transactions are processed quickly, with minimal fees, and without the involvement of a central bank.
To ensure the safety of all transactions, online crypto casinos permit the use of digital wallets and monitoring of all monetary transfers made through them.
What Casinos Accept Cryptocurrency?
The easiest way to check whether a site accepts crypto is to read our casino reviews; you don't even have to read through the whole review (but we always advise you to do!); it's enough to look under the payments tab, where we list the acceptable currencies.
The top Bitcoin gambling sites can be found right here, detailing what you need to know before you leap into crypto gaming.
Are Crypto Casinos Legal?
Currently, crypto gambling exists in legal limbo. These casinos operate in a legal grey area since many nations have not yet passed legislation governing the use of cryptocurrencies. Although it's reasonable to assume that the popularity of cryptocurrency casinos will keep rising in the future, it is also safe to assume that they will be more regulated.
How Do I Create an Account With a Crypto Casino Site?
One of the best parts about playing at an online casino is how simple it is to create a new account. Following these instructions will get you there:
- Step 1: The first step is visiting the casino's homepage and clicking the Register option. This option button could appear in different locations on the online casino site.
- Step 2: You will be transferred to a web page with a registration form, where you can enter your name, address, email address, password, and other personal information. After completing the online registration form, you can send in your information by clicking the "Submit" button.
- Step 3: An email from the online casino should now ask you to verify your account.
- Step 4: Visit the online casino's website by clicking the link in the welcome email.
Are Crypto Casinos the Future?
Gaming with cryptocurrencies is, in a word, here to stay. This also suggests that gambling and casino sites will soon be increasingly developed using the blockchain. Gaming has always been at the forefront of implementing new technologies, and crypto gaming is no exception to this rule.
