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It seems that a growing number of companies around the world are trying to invest in blockchain technology, while terms like cryptocurrency, digital assets, tokens, etc. are gaining popularity. This whole process may seem complicated at first, but it has a lot of value. What about the fact that there are online gambling brands that you can find at that have been accepting cryptocurrency payments for quite some time now? As payment processing becomes more and more complex, the industry has always looked for innovative ways to manage it. The crypto market is still in its infancy and many people have only learned about it in the past few years.

So how easy or how complicated is it to use crypto when playing in an online casino? Let’s find out more!

Use of crypto in online gambling platforms

By learning how to acquire certain cryptocurrencies and use them to deposit money at your favorite gambling site, you will be able to fully realize how currency can be used for gambling. Each website with tables and Online slots handle cryptocurrency in a slightly different way. Even if you are not sure what type of cryptocurrency you will be using to play, the casino operator can help you or you can read the terms and conditions for yourself. In addition to providing you with tips that increase your chances of playing with cryptocurrency, the operators strive to give you the best possible gaming experience.

Benefits of using cryptocurrency at online casinos

Blockchains are distributed databases that can be shared by multiple nodes in a computer network. Blockchains store information electronically in digital form, such as cryptocurrencies. Bitcoin is one of the most well-known cryptocurrencies that use blockchain technology to maintain secure and decentralized record of transactions. The innovative feature of a blockchain is that it offers a high level of data security without requiring the trust of third parties.

The main advantages of using cryptocurrencies for money transfers at online casinos are:

  • Players can now deposit funds into their gaming accounts without revealing any personal information thanks to blockchain technology. You only need a wallet address and / or an account destination label to transact with any digital currency.
  • Transactions are easy to monitor thanks to blockchain technology, used by Bitcoin and other cryptos. The casino receives the money directly without the need for approval. This prevents any manipulation of the transaction.
  • Convenience – Cryptocurrencies make online gambling much more convenient. Additionally, in-game transactions will not appear in a player’s bank account. In some countries, it will not be possible to take out loans if a bank account has been used in a gambling transaction. So people would be better off buying crypto.

How To Use Cryptocurrency When Gambling Online?

While it is not that difficult to deposit and withdraw from an online casino, you need to make sure you know all the steps to ensure the transaction goes smoothly. Here are the only three steps you will need to follow to pay via crypto when playing online:

  • Create a wallet account
  • Finance your portfolio
  • Use the crypto wallet to deposit

When you win, it’s time to cash out your winnings. By requesting a withdrawal through your bookmaker or online casino, the website will return your crypto to your wallet. Upon receipt, you can then convert the digital currency to fiat currency and send it to your bank account. Or you can just use it to keep playing, it’s up to you. Cryptocurrency is a popular method of exchange due to its simplicity and the ability to be used anywhere in the world.

Which cryptocurrency to use?

It mainly depends on the coins you own and the gambling sites. For example, if you have Bitcoin or Ethereum, you can use either of the two to pay online. However, some online casino sites tend to only offer a few of the more popular cryptocurrencies. Here are some of the most popular cryptos that most casino operators accept:

  • Bitcoin – By the time gambling sites started accepting Bitcoin as a currency, they realized that players preferred Bitcoin over other cryptocurrencies. Although it is a bit complicated, Bitcoin remains the most popular cryptocurrency for online gaming.
  • Ripple – Cryptocurrency was created in 2012 and is independent of Bitcoin and energy supply. Due to its low resource consumption and high security measures, Ripple provides a fun and safe gaming experience.
  • Ethereum – Several online gaming sites are already using Ethereum due to its new model, as it uses smart contracts, is open source, and is blockchain-based. This eliminates the need for third parties.

Does every gaming site accept cryptocurrency?

In recent years, the explosive growth of cryptocurrencies has made a huge shift in the online gambling market, and more and more online operators are turning to a crypto-friendly approach. Even though not all gambling sites offer this payment option, it looks like the future of online casinos will be dominated by blockchain and cryptocurrencies.