The entire iGaming industry, including online casinos, is required to constantly deal with new regulations, which in most cases affects payments and transactions. This created a great opportunity for Bitcoin and other cryptocurrencies to jump into the industry.
Cryptocurrency can definitely be considered as an alternative option to traditional payment methods and a valid alternative way to process payments without any restrictions that could come with FIAT currency processing, and we'll be honest, it does sound pretty badass when someone says they're using Bitcoin to gamble.
1. Advantages of Crypto & Online Casinos
BTC and other crypto have no relations with government, bank or other financial institutions. This means that you are the only one having full control of your funds - nobody can freeze or lock your funds, or ask about the origin of them. If you play in an online casino using bitcoin or other cryptocurrencies, you can transfer your funds from a wallet to another without letting anyone know.
As previously mentioned, crypto doesn't have any connection to national institutions or a bank. The idea behind cryptocurrencies is to have a payment solution which would be accepted worldwide without any kind of control and involvement from the government or financial institutions. This applies to all crypto online casinos, no matter the country you reside in.
Fees and Commissions
Crypto has a big advantage when it comes to fees; generally when you deposit (or withdraw) money to play in an online casino using a conventional method, the casino tends to include a transaction a fee, which can occasionally be quite high. When using crypto as a payment method, you will have noticeably lower fees than what you might normally have, which means you have more money in your pocket to play with.
Whatever the reason behind your choice to use cryptocurrencies, your personal data and information will always be hidden and will never be shared with a third party. The only information available in case you use crypto as your payment method is the transaction itself, which includes the amount and who that transaction belongs to. Last but no least, any transaction made in an online casino accepting cryptocurrencies will never be recorded on your bank statement or credit card.
Bitcoin or any other crypto deposit or withdrawal is instant. As mentioned earlier, since at the moment there is no regulation and no KYC verification is needed, all transactions are processed at a very high speed - worst case scenario, you have your funds available in a few hours after depositing.
Just like anything else in life and in online casino world, advantages always come with some disadvantages. Our aim is to give you a full picture, so that at the end you can make your own conclusions and decide whether or not to use an alternative method to gamble (and is it really worth it).
2. Disadvantages of Crypto & Online Casinos
As most of us are already aware, cryptocurrencies are well known for their volatility which makes their value constantly fluctuate; this may lead to quite high amount. Sometimes the volatility of crypto can definitely be seen as an advantage, but on the other side, it can make the value of your crypto drop drastically in a matter of minutes. That being said, we can't predict when and if the drop would to happen (we wish!).
Support is definitely a topic that needs a bit of attention when it comes to crypto. Since none of us own a blockchain, if you get into trouble or need assistance with one of your transactions, you might find it pretty hard to solve. Surely, you will still get some assistance from your wallet provider or your crypto casino, however as previously mentioned - they have no control in the blockchain. A clear example of how this could be a problem: imagine someone steals your funds; chances of getting it back would be slim to none since your funds would be untraceable, which is why you should always use a very good wallet (highly recommended), to ensure that your funds are in a proper safe place.
Chargeback and Reversal
Once the funds leave your wallet after the transaction has been confirmed, in case you encounter a problem with the crypto casino, you won't be able to request a chargeback or reverse the transaction as you may be able with a regular credit card. This amongst some other reasons is why you should always play in recommended crypto online casinos, like the ones listed in this page.
3. How can I choose a reputable Crypto Casino?
The choice won't be as easy as you might think since there are plenty of crypto casinos which offer very good platforms, games and entertainment to their players. Although we recommend that you let your personal preferences guide you, we are more than happy to share what we believe are some good crypto casinos and why we like them. Below you will find few tips on how to choose a crypto casino.
Which crypto is accepted
If you have found a particular crypto casino which seems to match your expectations and preferences, before opening an account check if they accept the cryptocurrency you want to play with.
Make sure to scroll through the game catalog and check if your favorite games are available. Some crypto casinos offer unique innovative games which you won't find in a regular casino.
Don't forget to have a look at the available welcome bonus and promotions. Some crypto casinos offer free spins, other - matched bonuses, and sometimes you may find an offer which includes both. When choosing between two casinos with similar offers and both are accepting your favorite crypto, we recommend to go for the one with the best bonus offer.
A lot of casinos have restrictions when operating in some specific countries. Because of this, always double check if players from the country you reside in are allowed to play in the crypto casino you have selected. For example, if you have found a site that says "Canada Players are accepted" - this means it accepts crypto from Canada based players.
MORE THAN 90% OF PLAYERS DON'T GET ENOUGH INFORMATION ABOUT A CASINO BEFORE OPENING AN ACCOUNT
4. Popular crypto accepted by online casinos
Without doubt, Bitcoin is one of the most popular cryptocurrencies. Despite its popularity, BTC is not the fastest crypto though it can be considered as one the safest and at the moment most crypto casinos accept Bitcoin. Since Bitcoin is decentralized, players from all around the world can deposit funds without any institution's intervention, which is probably one of the reasons why it remains as the most popular cryptocurrency and most used by players to this day.
Ethereum takes a solid second place after Bitcoin as the most popular crypto and a lot of casinos accept it because of this fact. The transaction speed is the same as Bitcoin, which makes it quite instant, but the advantage of ETH is that normally fees coming along Ethereum are way lower comparing to other crypto. However, where there's a plus, there's always a minus - it's well known that Ethereum is less secure than Bitcoin, that being said it still remains as a very good and popular option for payments in online casinos.
In the market since 2011, Litecoin has quite a few similarities with Bitcoin but it does have different benefits. LTC is cheaper and faster than BTC, and the level of anonymity and security is top. Just like the previous two, LTC It is used from all over the world.
BITCOIN COVERS 70% OF THE TOTAL CRYPTO CURRENCY MARKET CAP WITH A VERY HIGH CAPITALIZATION
5. Deposit and Withdraw funds
Each transaction made using a cryptocurrency in an online casino is very safe and secure. Thanks to advanced technology, each payment is added to the available ledger, making the owner of such transaction completely anonymous no matter whether it's a deposit or a withdrawal.
Deposit with crypto
Before making a deposit, you will obviously need to buy your crypto and store it in an e-wallet to make sure it's safe. Once you're a proud owner of crypto, you can open the crypto casino website of your choice, create an account, select the cryptocurrency you bought, choose the crypto e-wallet and finally enter the amount you want to deposit. If this is the first time you deposit in this specific casino, make sure you opted for a welcome bonus (you don't want to miss out on free stuff, right?). Now enjoy the game!
If you want to stay anonymous while gambling (besides wearing a Batsuit) and wish to have a secure, fast and cheap payment method, using crypto is the solution for you.
Withdraw with crypto
There is no difference between crypto and a regular casino when it comes to withdrawal using cryptocurrencies. If you are using a bonus, make sure you have fulfilled the wagering requirements before proceeding with the withdrawal. In order to withdraw funds to your e-wallet, go to cashier, choose your withdraw method, enter the amount you want to cash-out, give a few seconds for the magic to happen and voila - you have the funds available in your e-wallet. Easy peasy!
MOST CRYPTO DEPOSITS AND WITHDRAWALS ARE INSTANT
6. Popular games in a crypto casino
Finding games in crypto casinos is super easy, though not all casinos have the same game options. That being said, in most cases they don't differ that much. Here is a list of the most popular games you can find in a crypto casino:
Video Slot and regular Slot Games
Some crypto casinos may have games you won't find in regular online casinos, for example, a variety of dice games. Due to increase in popularity of crypto casinos and certain level of exclusivity to attract more players, you will definitely find more game options there, so buckle up and get ready to go through a huge variety of games.