Cryptocurrency has long been a hot topic, and now we see that these digital coins have made their way into online casinos. Crypto casinos have become very popular in recent years because of anonymity and instant transfers. In this article, we will take a closer look at what this payment method actually entails. Also, we will check how it works, and, not least, what other advantages come from playing at crypto casinos.
General Information
When we talk about crypto casinos, we mean casinos with crypto payments and/or crypto games on offer. Here we can mention e.g. Bitcoin Casino, Ethereum Casino, Litecoin Casino, and so on. These are among the safest, cheapest, and fastest payment solutions for casino players on the internet.
In recent years, many of the traditional payment methods have become unavailable to players. It's no secret that it can be difficult for some gamblers to play online, precisely because they are unable to make deposits. When methods such as PayPal, Skrill, or Neteller are no longer options, cryptocurrency comes in as a good alternative.
Although many banks reject transactions to online casinos, it is completely legal to gamble online. It is also legal to use cryptocurrency, and much easier as this is a payment method that is not linked to your local bank account or credit card. In other words, we always recommend using crypto wallets to deal with online casinos.
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Crypto Casinos Payment System
Most online casinos have a wide and varied selection of payment options. If the operator offers deposits and withdrawals with cryptocurrency, this will most likely be one of the factors the casino advertises. If you are still unsure, you can always take a look at the subpages about payment options.
The actual deposit and withdrawal naturally work in a slightly different way than if you use e-wallets or bank cards. But the steps will be the same and the process is roughly the same as when using prepaid cards.
First of all, you must have cryptocurrency to be able to use the method. You do this by creating a crypto wallet, also known as a bitcoin wallet. This is where your values will lie and this is also where you perform deposits and withdrawals.
You can either choose to buy currency on a marketplace that trades cryptocurrency or on a website. The former can be compared to a stock exchange and is called “Crypto Exchange”. Current websites are called “Broker Exchange”.
Deposit:
- Click on deposit at the casino.
- Select cryptocurrency and your currency as a payment method.
- Enter the unique code printed on your crypto coin (or use QR codes).
- The funds will automatically appear in your balance at the online casino.
Withdrawal:
- Press withdrawal at the casino
- Select cryptocurrency and your currency withdrawal method
- The casino goes through your account and processes the request immediately
- You receive a unique code that is used to fill your crypto wallet (or use QR codes).
Crypto Casinos Fees and Costs
Most traditional casino payment methods have hidden costs and fees – but not crypto casinos. If you use an e-wallet, for example, you may find that the operator takes a piece of the cake when you make withdrawals.
The same principle applies to prepaid cards, which often require a percentage of the deposit you make. However, these rules do not apply to cryptocurrency, as in theory there are no employees connected to the payment solution. As no one needs salaries to “operate” the technology behind cryptocurrency, there are also no fees to pay when using digital currency.
Professional online casinos will therefore not charge you any fees or extra costs when you use cryptocurrency. Still, it's a good idea to investigate this on your own. Any costs must be specified on the online casino's payment option pages.
Crypto Casinos Pros & Cons
Are you still in doubt as to whether this is the right payment method for you? Let's take a closer look at the pros and cons of crypto casinos.
Advantages
Security: Crypto casinos provide a whole new level of security and anonymity online. This is a payment option that cannot be linked back to you – either through personal data, information, or bank details. Take good care of the password to your crypto account and you have access to the industry's most secure payment option
Instant transactions: Are you tired of long processing times at online casinos? With crypto casinos, both deposits and withdrawals are automatically processed. The whole process takes no more than a few minutes and you thus get immediate access to winnings.
No fees: With crypto casinos, you don't have to deal with extra costs and fees. Here, there are no middlemen who demand a share of withdrawals, and you can thus save a good deal of money by switching to cryptocurrency.
Available: Have you ever wanted to make use of a bonus or an online casino, but encountered unavailable payment methods? This is a big problem – for example for the USA players. Crypto casinos, on the other hand, sets no restrictions and can be used regardless of which country you live in.
Disadvantages
Volatility: The main disadvantage is that many cryptocurrencies have high volatility. The value rises and falls continuously, and it can therefore be difficult to know how much you have to play for.
Requirements and conditions: Some online casinos have unique requirements and place restrictions on those who use cryptocurrency. This could, for example, be higher turnover requirements and a higher minimum withdrawal. Always make sure to read the terms and conditions, especially if you use Bitcoin or other cryptocurrencies.
Final Transactions: Any cryptocurrency transaction is final. This means that if you enter the wrong amount, the online casino does not have the option to pay you back or change the transaction. This is because the value of cryptocurrency is constantly changing.
Conclusion
Do we recommend playing at casino casinos? Yes, we absolutely recommend them for those who want to be extra safe when playing online. For us, high-roller players, cryptocurrency has opened many doors in online casino games. What's more, cryptos have made it possible for us to play at online casinos that otherwise do not offer convenient payment options.
There are of course some disadvantages associated with crypto casinos, but we believe that the advantages far outweigh the disadvantages. Here there are no hidden fees, the transactions take place immediately, the service is available in all countries and the transactions cannot be linked back to you.