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It might seem like cryptocurrencies came out of nowhere a few years ago; but in reality, they were actually invented back in 2009. The first cryptocurrency that was made available was the Bitcoin, which is very familiar to us now. But back then the hype was pretty much non-existent and people didn’t find too many uses for cryptocurrencies. Nowadays, bitcoin is just one of many cryptocurrencies that are hugely valuable and used in different industries and fields around the world, even in online casinos.
Therefore, in order to help you get a better understanding of cryptocurrencies and its use in the online casino environment, this article will comprise of all the necessary information that you will about cryptocurrencies and how crypto works in general.
Cryptocurrencies in Online Casinos
When you’re about to bet your hard owned money on online games, there are a few things that you should definitely look out for. For example, the banking options. Of course, you’ll get your traditional credit card, debit card, bank transfer options; but more recently online casinos have started to introduce cryptocurrencies as payment options, which makes it safer for users to engage in online betting while remaining completely anonymous.
But finding a website that offers cryptocurrencies as a payment option doesn’t ensure that you’re getting a trusted partner. That being said, make sure that the online casino that you choose is licensed and regulated and that they offer a privacy policy in which it is specified that all of your sensitive information will be protected. Also, take your time to look at the payout options before you rush into things. After you found a website that can be trusted and that has your favorite currency as a payment option, make sure that you can still redeem bonuses and promotions provided, if you’re using crypto.
Why Cryptocurrency?
How has this payment option made its way into the online casino world? What are the real benefits of using crypto?
Firstly, when you use cryptocurrencies, you’re in for a very fast transaction. Whether you’re taking money out of your crypto wallet and putting it into your betting account, or you’re doing the exact opposite, you’re guaranteed an instant transaction. And even if you enjoy free spins just for fun, it’s still good to have your account ready because you never know when luck might strike. In contrast, as many of you might know, using traditional payment methods for these simple processes can take a few days. Not to mention the transaction fees, which are much lower for cryptocurrency payment methods.
Secondly, if you care about your anonymity in the online gaming world — and you should — cryptocurrencies can help you keep your identity safe and secure. On the flip side, when you’re using a credit card, you’re 100% traceable. Therefore, with the help of the blockchain system that is used to create cryptocurrencies, you can place your bets anywhere in the world without risking anything all the while staying completely anonymous.
Depositing Cryptocurrencies
Now that you found a trusted website for online gambling and you’re also aware of all the benefits of using cryptocurrencies, you can prepare for betting. But first, you’ll need to understand how to deposit money in your betting account.
With traditional currencies, you would’ve gone to the bank to put money into your account, and then you would’ve transferred that money into your betting account, correct? Well, with crypto, you’ll need to learn how to manage your crypto wallet. The only way to transfer crypto into your betting account is by having that amount of money in your e-wallet. This electronic wallet is the equivalent of a bank account, which helps you manage different cryptocurrencies. There are a number of different types of wallets and they all have varying features available for the user. That being said, you need to do some research before you choose the right crypto wallet for you.
Using cryptocurrencies for your online gaming activities can be a great decision, as long as you do all the necessary research beforehand. The most important thing is to find an online casino that best suits your needs and offers you complete player protection. You also need to remember that even if you’re taking a risk by actually betting your money online, you can still be cautious by betting anonymously, which is a standout feature available for all those that use crypto. Being aware of these things and then choosing a good crypto wallet will prepare you for using cryptocurrencies in all the reputable online casinos.
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.