The Basics Of Crypto Casinos: A Comprehensive Guide

The online gambling sphere continues to expand and is fast becoming one of the best forms of entertainment, loved the world over. Cryptocurrency casinos have quickly become popular, but what are they about, beyond replacing fiat currencies with cryptocurrencies? Continue reading to find out how to get started with a crypto casino, and the pros and cons of making that switch from a regular online casino.  

But first…

What Are Crypto Casinos? 

The simplest way to describe crypto casinos is to see them as regular online casinos that process their deposits and withdrawals using cryptocurrencies. There are several cryptocurrencies in use by different crypto casinos worldwide. While Ethereum and Litecoin are popular options, Bitcoin is the most popular, and is accepted by all crypto casinos. This ultimately does not alter the player’s experience as it is no more different than what you would expect from a traditional online casino. 

Guide To Cryptocurrency Casinos 

To join the crypto gaming industry, you need to be familiar with the basics of this industry, which will help you to have a seamless gambling experience. To start playing at the best Bitcoin casinos, these are the steps you need to take:

 1. Create A Crypto Wallet

The first step to playing in a cryptocurrency casino is to create a crypto wallet. You will need a crypto wallet that you will be able to use to deposit and withdraw your crypto funds. 

2. Choose A Crypto Casino You Prefer

When choosing a crypto casino, there are several factors that you need to consider, such as the type of cryptocurrency offered on the platform. Other factors include the level of security the crypto casino offers, the gaming selection, and the bonuses you can enjoy when using a particular crypto casino.

3. Deposit Your Cryptocurrency

Once you have decided on a crypto casino, you can start depositing your cryptocurrency into your account wallet by linking your crypto wallet, which you will do by providing a wallet address that ties back to the crypto account you just created. 

Suppose you have chosen a crypto casino that accepts a wide range of cryptocurrencies. In that case, you must choose the preferred crypto token or coin you want to deposit into your account and then proceed to complete the transaction.

4. Start Playing And Winning

Now, you can jump right into playing your favorite games once you have funded your account. Crypto casinos typically offer various games like table games, sports betting, slots, and video poker.  

5. Withdraw Your Winnings

Crypto withdrawals will be added to your crypto wallet, where you can then exchange it for cash if you wish.  With crypto casinos, the withdrawal process is faster than traditional casinos. Crypto casinos can sometimes offer automated withdrawal features so customers can immediately have their winnings converted. The speed also depends on the coin you’re using – one of the fastest is Ripple (XRP), which takes around 3-5 seconds, on average.

Advantages Of Crypto Casinos

Using crypto casinos comes with several benefits. The following is a compilation of some advantages of using cryptocurrency casinos.

Anonymity and privacy

Perhaps the singular reason crypto casinos have carved a niche out is how much privacy they afford the user over traditional online fiat and brick-and-mortar casinos. The option to gamble anywhere and everywhere without revealing any more information than you need to continues to attract new players to the space. No need for KYC information or to enter your bank information while still enjoying the same gaming experience is too good an offer to pass off for most players. 

Faster transaction time

Almost as important as gaming anonymously is being able to deposit funds and withdraw them instantly. Unlike traditional casinos that rely on age-old banking institutions, which depend on third-party companies like VISA and MasterCard to process payments, driving up the wait time, crypto processes all transactions in real time. The result is a seamless, ceaseless gaming experience unlike anything before. 

Lower transaction fees

One would think all these advantages would come at an uncomfortable cost, but it doesn’t. Players who choose crypto casinos have found they can keep more of their winnings than when they deposited and withdrew using fiat currencies. Since there are no third parties to pay, the transaction fees are much lower, almost negligible in some cases, allowing players to enjoy their earnings better. Again, it does vary by coin, but Ripple is again one of the best in this regard. The average XRP transaction costs $0.0011, with Litecoin also quite favorable, costing $0.03-0.04 in most cases.

Global accessibility

Another area where crypto casinos have found serious appeal is with the international community. The service is rarely confined to a local space as people worldwide can sign up, deposit, and withdraw the same crypto coins or tokens without worrying about exchange rates or owning different fiat currencies. 

Cons Of Using Cryptocurrency Casinos

It is not all rosy when you switch to the crypto casino side of the world. The following are areas that give some players cause for concern:

Volatility concerns

Unlike fiat, where one dollar remains one dollar at least for short periods, not considering the effect of inflation, cryptocurrencies are far less stable. While it can appreciate, there’s also a huge chance it depreciates and affects the value of your winnings. 

Regulatory gray areas

Despite the many regulatory bodies that oversee online gambling and online casinos, the use and ownership of cryptocurrency itself is still largely in the gray in most places. While some places are lenient, some are on the fence, and others are hostile. Not knowing where the law stands regarding the use of crypto generally or for gambling in your locale can put you in the crosshairs of law enforcement, where you could face severe punishment. 

Irreversible Transactions

Getting your cryptocurrency back is more challenging than getting a refund from the Apple Store. You don’t just show up with a receipt for the transaction and expect your money back in a few business days. The pseudonymous nature of these transactions that offer players privacy also makes tracking them challenging and reduces your chances of getting your money back. 

Crypto transactions may seem intimidating for beginners

Lastly, it may be too complex for some people. Most people have gotten used to using fiat currency, and that’s the only form of “money” they are comfortable using. Having them switch to crypto, where they need to get wallet addresses, crypto wallets, and whatnot, can be too intimidating.