How to Gamble with Cryptocurrency

In this article you'll be able to find some tips on how to Gamble with Cryptocurrency. Check out our step by step guide to Cryptocurrency at Online Casinos.

  • Gamble with Cryptocurrency
  • Crypto Gambling
  • Gamble with Crypto

Crypto Gambling is fast becoming a favourite among gamblers. This is because it offers players anonymity, since the transactions are in no way linked to the player’s identity. The industry is experiencing a major increase in popularity because of the rise of casino sites accepting crypto tokens and other blockchain offers, although they’ve been around for a while. There are sites where you can make deposits and withdrawals with crypto and some that allow for making bets in crypto denominations.

Gambling with cryptocurrencies is not as simple as getting a wallet and just signing up to a site. There are several factors that you need to keep in mind.

How to choose a cryptocurrency casino site

Crypto gambling sites offer the same slots and games and betting options as you would have at any other casino. The only difference is, is that they accept crypto as a means of payment. Some betting sites or casinos still require the punter to verify their personal details and you should always first check what each casino or betting site requires for withdrawals, even when using cryptocurrency. Before picking a site, take a look at the following:

1. Game Catalog

When selecting a gambling service provider, you need to remember that this is first and foremost an entertainment industry. The games catalogue from different casino sites can differ greatly, depending on the developers that they have on board to provide entertainment. Make sure that the games you like and prefer are available to keep you entertained.

2. Customer Service

Cryptocurrencies provide you with a lot of benefits, but there are bound to be problems along the way. This is where excellent customer service becomes an important part of the service a casino offers. Do your homework by reading what other players experienced when interacting with the customer service department. Since casinos operate 24 hours a day, there must be support agents available whenever they are needed via live chat or phone or through their social media platforms.

3. Mobile Compatibility

Since a mobile device is now owned by nearly every person on the planet, it has become a necessity for a casino to offer mobile-compatible games. The casino site must have a mobile format or otherwise have a dedicated mobile app available for download.

Gambling with Cryptocurrency

step 1

right step

Get a Wallet

To gamble with cryptocurrency, the first step will be to select one from the various digital wallets available and open a cryptocurrency wallet, especially if you’re new to crypto gambling. After registering your account, usually with an exchange, they will give you a digital address that is tied to your account.

To gamble with cryptocurrency, the first step will be to select one from the various digital wallets available and open a cryptocurrency wallet, especially if you’re new to crypto gambling. After registering your account, usually with an exchange, they will give you a digital address that is tied to your account.

step 2

right step

Fund your wallet

You can buy from digital currency providers such as exchanges or from individual vendors. You cannot play in any casino having no funds in your wallet.

Once you have successfully opened a crypto wallet, you can log in and buy coins with traditional currency, just like you would purchase goods on any other site using a debit or credit card. Simply select the type of coin you want to buy and the amount you wish to purchase, and then you can proceed.

You can buy from digital currency providers such as exchanges or from individual vendors. You cannot play in any casino having no funds in your wallet.

Once you have successfully opened a crypto wallet, you can log in and buy coins with traditional currency, just like you would purchase goods on any other site using a debit or credit card. Simply select the type of coin you want to buy and the amount you wish to purchase, and then you can proceed.

step 3

right step

Find a Crypto Casino site

Pick a Crypto Casino site that supports the use of cryptocurrency to play with. Open an account and follow whatever registration process is required. If you have a hard time finding the best crypto casino, research and read reviews of sites that allow you to gamble with cryptocurrency. You also need to be sure that the site offers all the games, betting options or slots that you would want.

Pick a Crypto Casino site that supports the use of cryptocurrency to play with. Open an account and follow whatever registration process is required. If you have a hard time finding the best crypto casino, research and read reviews of sites that allow you to gamble with cryptocurrency. You also need to be sure that the site offers all the games, betting options or slots that you would want.

step 4

right step

Make your deposit into the gambling site

First, you need your crypto wallet open and ready. This part of the transaction is very fast and funds are usually available in seconds. Many casinos will even offer “credit” during this transactional process. If you’re a new player, the casino will open an in-house crypto wallet for you.

In most cases, you would select the payments tab and select Bitcoin or the cryptocurrency of your choice as a payment method. From there, you need to add your wallet address in the appropriate fields. Take your time and check over this to ensure its correct. Now, choose the amount you would like to deposit. At this stage, you would also await an authentication key. It doesn’t take long, usually a few seconds to a few minutes at most.

First, you need your crypto wallet open and ready. This part of the transaction is very fast and funds are usually available in seconds. Many casinos will even offer “credit” during this transactional process. If you’re a new player, the casino will open an in-house crypto wallet for you.

In most cases, you would select the payments tab and select Bitcoin or the cryptocurrency of your choice as a payment method. From there, you need to add your wallet address in the appropriate fields. Take your time and check over this to ensure its correct. Now, choose the amount you would like to deposit. At this stage, you would also await an authentication key. It doesn’t take long, usually a few seconds to a few minutes at most.

step 5

right step

Select a game

Finally, you are ready to play! Simply find the games or slots that you want to bet on, and choose your stakes. The gameplay is exactly the same as what you would usually have with fiat currencies, but as always, remember to read the rules of each game and some games may have different variables or odds for crypto.

Finally, you are ready to play! Simply find the games or slots that you want to bet on, and choose your stakes. The gameplay is exactly the same as what you would usually have with fiat currencies, but as always, remember to read the rules of each game and some games may have different variables or odds for crypto.

step 6

right step

Keep in mind exchange rates

Finally, when you are gambling in cryptocurrency, you need to be mindful of the exchange rate of your local currency. Betting in Bitcoin or other coins could make it look like you are placing smaller bets when, in fact, after the exchange rate, you could be betting more than you wanted to.

Finally, when you are gambling in cryptocurrency, you need to be mindful of the exchange rate of your local currency. Betting in Bitcoin or other coins could make it look like you are placing smaller bets when, in fact, after the exchange rate, you could be betting more than you wanted to.

step 7

right step

Withdraw your winnings

Withdrawing your winnings is basically the reverse of the deposit process. You need to find your target wallet address, to which you will be sending the funds.

Once you have this wallet address, copy and then paste this address into your casino withdrawal page, making sure that the address is correct as well as the amount of crypto you want to withdraw. You then request the withdrawal, which is usually confirmed via two-factor authentication. Once your crypto is back in the exchange, simply withdraw it to your original payment method.

Withdrawing your winnings is basically the reverse of the deposit process. You need to find your target wallet address, to which you will be sending the funds.

Once you have this wallet address, copy and then paste this address into your casino withdrawal page, making sure that the address is correct as well as the amount of crypto you want to withdraw. You then request the withdrawal, which is usually confirmed via two-factor authentication. Once your crypto is back in the exchange, simply withdraw it to your original payment method.

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Benefits of using cryptocurrency at Casino

Cryptocurrency is extremely popular and has a myriad of benefits for both the casino and the player. These digital assets provide benefits, such as:

1. Security

When you make a deposit with cryptocurrency, they keep a record of these transactions on different nodes. These nodes are incredibly secure and almost impossible to be hacked. This means that your digital wallet is secure from other people as long as you do not share your details. The security of the casino site itself needs to be top-notch and impenetrable.

2. Decentralisation

When paying with traditional fiat, your money has to move from bank to bank. For an international transfer, this action becomes even more convoluted. Because of the decentralised nature of the blockchain, you are effectively moving money from person to person with the need of a third party. This, in essence, means that any purchases made through a cryptocurrency are irreversible, protecting you and the casino.

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Pros and Cons of Gambling with Crypto

1. Cryptocurrency is decentralised.

Because of the nature of cryptocurrency, there is no one institution or body that oversees or is in charge of the transactions on the blockchain. This means that nobody has the power to reverse, block, or intercept any transaction. You always stay in control of your money and nobody can take it away from you.

2. It is secure.

Acquiring a crypto wallet does not require you to provide any documentation protecting you from having your personal documentation used for illegal activities. In fact, we can use once a wallet once and then discard it never to be used again. Transactions, once recorded on the blockchain, can not be altered. Once a transaction has been made, there is no way to have the funds recalled.

3. It is private.

Since crypto wallets do not link your personal information to it, you have the anonymity of what you purchased as well as your details being withheld. At the same time, vendors can view the wallet information in their ledgers, but not your personal information.

4. It is fast.

You can make a payment with cryptocurrency and have it reflected instantly, no matter where the transaction occurred. This means no more waiting for international transfers that could take days to clear.

5. It has low transaction fees.

There are almost never additional fees, apart from a small transaction fee on most sites. This amounts to massive savings in the long run for both the end-user and user. Centralised banks usually charge banking fees on the user account, on the website from where you purchase.

6. It is not subject to inflation.

When a new cryptocurrency is “minted,” they only issue a certain number of coins. This number of coins cannot be altered, no more coins can be “minted” again, meaning that this becomes a finite resource. The number of minted coins will determine the value of the coin, but a coin can not be further devalued by having more coins issued, as could happen with fiat currencies.

7. It is not always taxed

For most countries, cryptocurrencies are untaxed, but not all countries work this way and you should make sure of what your country’s regulations are with regard to winnings gained from the use of cryptocurrencies. Since the rise in popularity of crypto gambling, tax regulations are evolving fast across the globe.

8. Crypto is volatile.

Cryptocurrencies are much more volatile than traditional Fiat currencies are. The daily fluctuations that these digital assets make could increase or decrease the value of the coin significantly in a single day. Just recently, the cryptocurrency, Bitcoin, peaked at $64,000 per coin, but then fell again to less than $20,000.

9. It is untraceable.

One of the biggest pros is the anonymity of cryptocurrencies, but sometimes, this could also be the biggest con. It could be the single most difficult transaction to trace with regard to fraud, thus leaving both user and end-user in a highly volatile catch-22 situation.

Conclusion

New cryptocurrencies seem to launch weekly if not daily and with that, more and more casinos and betting sites are accepting cryptocurrency as payments. Before you sign up to any of these casinos or gambling sites, be sure to read their policy on cryptocurrency transactions and what fees, if any, are attached to these transactions. Most gambling crypto sites now accept crypto and so they should. Crypto is here to stay and gaining in popularity at a rapid rate because of the safety attached to wallets.

FAQ

No, there are over 1500 different crypto coins available to buy or trade. Initially, you need to buy one type of coin, which you can then exchange for any of the other coins using an exchange. It is important to make sure that you send the correct coin to the correct wallet, otherwise, it might be lost. Casinos do not use all the cryptocurrencies available, they use only a select few.

Yes, you do. Each wallet can only be used for one type of coin. These wallets are not interchangeable between different blockchain networks or currencies. As an example, you cannot store Bitcoin in an Ethereum wallet.

No, only some casinos accept cryptocurrencies as a deposit method. You will need to check if the casino will accept crypto and which crypto they accept.

To withdraw crypto back to the wallet that you bought it from, you need to enter the receiving wallet address on the casino site and start the transaction.

The transfer of crypto depends on the network speed. In times of high usage, the various different networks can slow down and a transaction that normally takes minutes could take hours.

profile - chris
profile - chris

Chris GrandGaming Expert

Hi everyone, I’m a huge slots fan. I’ve been spinning for over a decade and have plenty of experience when it comes to slot machines. My other passion is writing, and I combine the two to give you clean and transparent guides and reviews that I hope you find helpful.

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