How to Pay with Crypto at Online Casino

Cryptocurrency is a completely new category of digital assets. It is a digital or virtual currency that is secured by cryptographic technology, making it impossible to make counterfeit or double spend. Blockchain is the technology that supports cryptocurrency; it collects information together in groups known as blocks (a block holds sets of information).

Blocks have a limited ability to store data and so, when its storage becomes full, it closes and links to the previously filled block, which becomes an intricate and intertwined set of data called a blockchain. There are 4 main types of blockchain and for every transaction made, a record is made publicly available on a ledger called the blockchain. The first cryptocurrency, Bitcoin, was created in 2009 and it has since experienced mega growth in popularity and market value.

Over three hundred million people currently own and use cryptocurrency on a daily for transactions, with almost 18,000 businesses incorporating it as a method of payment, including large businesses like Microsoft, and retail outlets like Starbucks. This means that cryptocurrency might be an alternative to fiat currency in the near future and the importance of understanding how to make use of this digital currency cannot be over-emphasised.

How to own cryptocurrency

Before making payments with cryptocurrency, the first step is to understand the process of owning the currency. One of the major ways people own crypto is by purchasing it. Depending on the method and exchange platform you used to purchase your cryptocurrency, the process can be quite easy and stress-free. The safest way to buy your cryptocurrency and avoid fraudsters is to purchase it from an exchange platform directly into your crypto wallet.

How to Make Payments Using Cryptocurrency

Crypto Payments are becoming widely recognised and accepted by individuals, retailers, businesses and organisations. This means cryptocurrency can be used in place of fiat currency to make a purchase at the grocery store, pay bills, etc. Crypto Payment is fast becoming a cheaper, quicker, and faster alternative to traditional transfer funds, either locally or internationally. There are three known methods of making payments using cryptocurrency: manual transfer, payment gateways, and a crypto debit or credit card.

1. Making payments through manual transfer:

A manual crypto payment is a transfer of digital currency from one crypto wallet to a different wallet. To make a manual transfer, you’ll need the receiver’s public wallet address. Log into your wallet, paste the recipient’s wallet in and transfer the funds.

This process sounds easy, it can be risky, especially for those unfamiliar with this process. This is because transactions cannot be reversed, and so any mistake made cannot be altered. So when using a wallet-to-wallet transfer method, ensure every minute detail is correct so you don’t lose your money.

Payment Gateways, just as its name implies, are used to transfer cryptocurrency using third-party software. It’s considered the preferred option to Manila transfers since it’s faster and the chances of there being any errors, are extremely low, so you don’t have to bother about sending the wrong currency to the right address. Depending on the platform, the steps differ, but the universal method listed above applies. And just like that, you’re done and the whole process is completed in a couple of minutes. It’s also more convenient and secure than the manual process.

2. Making payments through credit or debit card:

Paying for cryptocurrency can be done via a credit or debit card directly linked to your crypto wallet. This helps you make payments using cryptocurrencies, even if the receiver accepts only fiat currency.

To use this method, you’ll first need to have coins or tokens deposited a wallet with your card provider. When you purchase a good or need to make a payment, the crypto exchange automatically sells your virtual currency, converts it into the exact amount of good you purchased in fiat currency and sends it to the receiver.

Conclusion

Cryptocurrency is fast becoming acceptable by financial institutions, businesses and companies. However, before proceeding to make payments, ensure you understand the rudiments so you don’t end up losing your money.

Taking the time to research the basics of cryptocurrency, how it works, why it works, and the various coins and payment methods is what anyone with an interest in crypto should do before jumping in.