Most people feel like their lives have changed in the past few months due to the emergence of cryptocurrency. If you are one of these people, we are going to help you understand what cryptocurrency is all about. Most organizations across the world, including casinos, are coming up with cryptocurrency solutions to boost security and make it easier for clients to access their services. Today, modern online gambling sites are accepting cryptocurrency as a form of payment.
Casino managers are always on the lookout for new ways to automate payment processes mainly because traditional methods are expensive and ineffective. Cryptocurrency is an amazing solution. However, it is in the infant stage. As a crypto owner, you are going to learn how to diversify your casino game to improve your experience and chances of winning.
What is cryptocurrency?
There are millions of people across the world who don’t understand what cryptocurrency is all about. In this post, we are going to break things down for you to understand. In 2009, a group of smart guys wanted to create a way for people to pay for products and/or services anonymously in the digital space. They came up with a digital currency called Bitcoin that still exists today.
So, how does it work? Every transaction that users engage in is recorded in a digital ledger. And this ledger is stored on a network that can be accessed by multiple computers. Therefore, all transactions showing up in a single copy of the ledger will be flagged to prevent hacking. While there’s a lot to discuss here, crypto is a digital currency that is designed to improve payment methods.
Diversifying casino games with crypto
There are lots of cryptocurrencies on the financial market today. New coins are being introduced every day. While the gambling industry was among the earliest adopters of crypto, the operators are focused like never before to keep adding the best currencies. If you want to have an easy time using crypto while gambling, you need to understand the history of the currencies and use the best bitcoin casino in Canada to stand a chance of winning amazing prizes.
- Bitcoin online casinos
Bitcoin is the first cryptocurrency that was built on the original blockchain in 2009. While lots of other coins exist today, the number of casino games that accept Bitcoin is more than any other currency.
- Litecoin online casinos
Another popular cryptocurrency that was launched on GitHub back in 2011 is Litecoin. Litecoin was developed by a former Google employee. He created it to increase payment processing speeds. Litecoin is a good alternative to Bitcoin and it’s being added as a form of payment in most online gaming sites.
- Bitcoin cash online casinos
The development of the original blockchain technology encouraged several developers to look for ways to improve original work by reducing the issues that were caused by the popularity of the original technology. Bitcoin Cash originated from a split in the original blockchain. And most online real money casinos use it today as the preferred processor to the original blockchain technology.
- Ethereum online casinos
Ethereum is one of the most popular blockchain networks. And its currency (Ether) is accepted on most gambling sites. It is built on the same ideologies as Bitcoin. However, it has faster processing speeds. Ethereum blockchain and ether are regarded to be more efficient than Bitcoin by most users. There are hundreds of gambling sites that accept Ether payments.
While knowing the benefits of cryptocurrency is good enough, it’s more important to know how to deposit crypto on your online gambling site. Using this modern currency to make deposits in online gambling sites is not as intimidating as you might think. However, you need to know the steps that you should take to make your transactions as seamless as possible. Here is a simple way to do it:
- Get a crypto wallet
Before buying cryptocurrency, you need to know where you’ll store it. Since the funds aren’t physical, you have to get a digital wallet. Apart from offering storage, crypto wallets allow you to send and receive digital funds. There are a lot of crypto wallets out there. Some of the common types of crypto wallets include paper, hardware, online, desktop, and mobile cryptocurrency wallets. You can keep your cryptocurrency wallet secure by:
- Updating software at least once a month
- Creating a backup of your wallet
- Adding more layers of security
- Fund your wallet
Every crypto wallet will allow you to buy a series of coins. After choosing the currency that you intend to play with, you can use your debit card, credit card, or wire transfer to fund your wallet. Your balance reflects the purchases that you make at market value for each coin.
- Choose a site
It’s time to choose a gambling site that will allow you to access your favorite games. You should always go for a reputable site. So, how do you know if a site is reputable? You need to ensure that the gambling site is licensed by the right authorities. The licenses are usually placed at the homepage of the site. Another aspect that you should focus on is the number of games.
Reputable gaming sites usually have lots of games to ensure that users enjoy their time. Going through user and expert reviews can help you make the right decision. Avoid sites that have lots of negative user reviews. Lastly, choose a site that has your preferred payment methods. You don’t want to have a hard time accessing your winnings or depositing money.
- Deposit process
Depositing cryptocurrency is quite easy. You need to go to the casino cashier and look at the available options. Every gambling site offers different cryptocurrencies. Therefore, you might be limited to the available options. After choosing your preferred currency, you’ll receive the address of the site operator of your wallet. Type in this information into your wallet and choose an amount that you’d like to transfer. This should take a few seconds. Your gaming site account will be updated with the new balance. Remember, you can always convert the amount into USD or EUR depending on the site that you choose.
- Withdrawal process
When you want to withdraw, you need to go to the cashier. You’ll find a withdrawal button. Key in the amount that you’d like to withdraw and the currency that you want to receive. You’ll then be required to give the address of your wallet. After entering this information, your request will be processed. You should keep in mind that actual transactions might take a few seconds and your gambling site can take up to 48 hours to process the transaction to ensure that it isn’t fraudulent. Once your request has been processed successfully, you’ll see the balance in your wallet in a couple of minutes.
Pros of crypto
- Safe and secure
Most people avoid using their credit cards or sharing their banking information with gaming sites. While we understand their concerns, this does not apply to crypto thanks to crypto wallets. Crypto wallets allow users to deposit and withdraw funds anonymously without exposing confidential information.
Transacting money using traditional methods carries significant fees and costs. Thanks to the digital nature of crypto, you don’t need banks and most transactions are free. This will save you a lot of money especially if you want to move huge sums of money.
Crypto deposits and withdrawals are usually faster than traditional payment methods. Traditional methods take a couple of days to be processed while crypto happens in a few hours. The transactions are not only fast but also the limits are quite high on deposits and withdrawals.
If you are a crypto owner, you’ve seen that there are a lot of avenues that you can use to diversify your casino game. Since lots of gambling sites accept different cryptocurrencies, you can invest in different currencies and use them to your advantage as you have fun on reputable gambling sites.