Wagering with Cryptocurrency in Online Casinos

Wagering with Cryptocurrency in Online Casinos

Learn about cryptocurrency as a form of payment in online casinos. Find out the bonuses, advantages, disadvantages, and where to bet using cryptocurrency.

Bitcoin Token

Before you get excited and start playing your favorite games in online casinos, you should first choose what you are going to use in your transactions. You can either use cryptocurrency or real money to play. Keep in mind though that there are some online casinos that only accept cryptocurrency so you should double-check it before signing up and wagering.

What is Cryptocurrency?

Cryptocurrency is a digital form of payment that is similar to real money. However, it is purely online and has no physical manifestation. It is unlike real money that you could hold and pay for goods, services, and use to trade with. This is stored, produced, and mined in a digital ledger called blockchain.

Blockchain

A blockchain is made up of blocks that store permanent records of all cryptocurrency transactions. It continuously gets updated with every transaction done inside a block. These blocks are linked together by a strong cryptography that ensures all your transactions are safe and secure.

Additionally, cryptocurrency is decentralized. It means there is no middle man that handles your money so you can transfer your funds to wherever you want. You would be keeping your money in an online wallet so you could safely deposit and withdraw your money or coins to another person directly. This is called a crypto wallet.

However, do keep in mind that this wallet does not store your coins like a bank does. What it does is allow you to send and receive your cryptocurrency to another person. This is possible because it stores your public and private key.

Public and Private Keys

Public and private keys are ones you receive once you have your own crypto coin. It is part of the strong cryptography that secures your transaction. The cryptography typically used is called public key encryption.

Your public key is something you share with others so they can send you an encrypted message. Basically, the public key makes the message unreadable to anyone but you. This is because you have your private key that decrypts the message encrypted by your public key.

To understand it better, you could think of the public key as a lock while the private key is the key that unlocks it.

The most common kinds of cryptocurrency that you might know are BTC, LTC, ETH, XRP, SOC, BCH, EOS, TRX, DASH. These are also the highest valued cryptocurrency in the market right now.

Advantages to Using Cryptocurrency in Betting

There are many advantages to using cryptocurrencies in your online transactions. Your anonymity is one thing as you would not need to share your personal details in order to send and receive your money. All you need is to confirm the transactions you do in various security steps that takes less than a minute.

Your transactions are safe and secure when you use this because of your public and private key. This means you don’t have to worry about a third party that could steal your payout.

Additionally, your crypto coins is instantly deposited into your casino account. This is the same when you withdraw your winnings. However, your payout might take a few minutes longer but this depends on the online casino’s verification and security measures.

Disadvantages to Using Cryptocurrency in Betting

Although using cryptocurrencies are highly convenient, the blockchain does store your record permanently. This is off putting because other people who knows your private key could see all your previous transactions.

Additionally, there are thousands of other cryptocurrencies that has already been made. However, most online casinos have a preference into only accepting Bitcoin, Litecoin, Ethereum, and All Sports. This makes it harder to find an online casino you could play at if you have a crypto coin that is not widely accepted in these sites.

The conversion rate for most of the generally accepted cryptocurrencies in online casinos are quite high. So, if you do not have a crypto coin yet, it might be more expensive than you expected. This means you have to manually check the fiat currency you are using to see how many crypto coins you can get with it.

Do I Have a Bonus if I Bet Using Cryptocurrency?

Yes, most online casinos that accept cryptocurrency have various bonuses you can take advantage of. These are usually welcome, deposit match up, and reload bonuses. Although you have to check the site’s promotions page to be sure. Additionally, you could read up on the kinds of bonuses you can find and see what you would like best.

Where Can I Bet Using Cryptocurrency?

There are thousands of online casinos that accept cryptocurrency as a payment method which makes it easier if you want to wager using this. However, if you are having a hard time finding a trusted and safe online casino, you can check out Bitcasino, Slots.io, Sportsbet.io, and LeoVegas.

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