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Since the introduction of cryptocurrency methods into the gambling world, transactions have taken a different turn. This highly secure payment method offers players instant deposits and withdrawals on their casino accounts.
However, you must own a wallet and decide on the type of crypto exchange you prefer before adding this method to your account for transactions. Although the peer-to-peer decentralized crypto exchange is very common, there are other options equally building momentum, such as the centralized hybrid crypto exchanges.
In this article, we will highlight the future of crypto beyond P2P transactions and what you should know about it.
What is Crypto Exchange?
A Crypto exchange is a business that allows customers to trade cryptocurrencies for other assets, which could be digital or fiat currencies. In essence, to perform a crypto transaction, you must convert some fiat currency to a digital one acceptable at the online casino.
Types of Crypto Exchanges
There are three main types of crypto exchanges, such as
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Centralized exchange
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Decentralized exchange (P2P)
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Hybrid exchange
You can learn more about each type in the section below to learn how to navigate through your digital assets:
Centralized Exchanges (CEXs)
This is the commonest type of cryptocurrency exchange. Centralized exchanges work like the traditional stock exchange, as they are governed by a central organizing body. With this type, you perform crypto-to-crypto trading and trade funds from your bank account for digital currencies. The centralized exchanger functions as a middleman, matching buy orders to potential sellers.
Decentralized Exchanges (Peer to Peer)
Also known as DEXs, Decentralized exchanges solve the problem created by the Centralized type. They bring to light the main philosophy behind cryptocurrency, which is anonymity. The transactions are not controlled by a central authority with DEXs. Instead, the buyers and sellers interact directly with one another in a process called peer-to-peer trading.
Hybrid Cryptocurrency Exchanges
These are the latest types of crypto exchanges developed from a combination of centralized and decentralized options. They merge the blazing speed of the CEXs with the total anonymity and security of DEXs. You can access popular hybrid exchanges, such as Nash and Qurrex.
The Benefits of Cryptocurrency Payments Online
An amazing fact about cryptocurrency is that you can deposit funds to gamble with crypto without comprising your data. It is much more convenient and secure than many other payment methods. Here are some of the advantages it offers users:
Fast and Convenient
Digital currencies process deposits and withdrawals in an instant. So, punters do not have to spend time waiting for the money to reflect in their account. Once you have a wallet and your crypto exchange is set up, you can start playing exciting games in no time.
Maximum Security
Players do not have to provide any sensitive information when using digital currencies. Also, the payment runs on Blockchain technology, one of the most secure in the world. So, you do not have to worry about hackers stealing your funds and banking information when making crypto payments on your casino account.
Wide Games Selection
Most crypto online casinos offer a wide range of games, including online slots, roulette, blackjack, baccarat, poker, and live dealer titles. This provides an opportunity to try out your favourite gaming options for real money winnings.
The Future of Cryptocurrency Exchange
Although many peer-to-peer crypto exchange services are available in the market today, certain drawbacks bring about the need for a different approach. This is where hybrid crypto exchanges come in. Despite being recently introduced, this mixed version covers the lapses of centralized and decentralized cryptocurrency exchanges.
A major disadvantage of P2P trading is slow transaction speeds, as any of the parties involved could constitute a delay. So, top hybrid crypto exchanges like Nash and Qurrex are available to offer the tight security of DEXs and instant transaction speed of CEXs. Indeed, these are the future of the cryptocurrency exchange industry.
How to Make Payments using Cryptocurrency at a Casino
Making payments with digital currencies is straightforward. If you wish to process your deposits and withdrawals using cryptocurrency, follow the steps in this guide below:
Ensure you have a wallet and exchange some crypto
Before you can access this payment method at a casino, you must own a digital wallet. If you don't have one, you can go online to open a new digital wallet. After getting this, exchange some fiat currency for crypto using an exchange service. The crypto is stored in your digital wallet.
Check if the option is available at the casino
Before registering with a casino, ensure that they offer cryptocurrency as a payment method. Navigate the Cashier section and check the available options. Once it is available, create an account with your email.
Making a Crypto Deposit
At the casino site, navigate to the Cashier section and click the Deposit button. Choose the cryptocurrency option you want and copy the unique Blockchain address. In your wallet, begin a transfer to this address and enter how much you wish to deposit.
Withdrawing winnings with cryptocurrency methods
First, copy your Blockchain address from your wallet. Then at the Cashier section, click the Withdrawal button. Next, enter the amount you wish to withdraw.
Conclusion
Cryptocurrency has brought about a revolution in the gambling industry. Now punters can process deposits and withdrawals instantly through highly secure transactions. You should consider a hybrid crypto exchange when next you wish to convert some funds to play games at the online casino. They are gradually replacing P2P services and for good reason.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.