Ever since online casinos rose to prominence in the ‘90s, they have been plagued by lots of predicaments. At the top of these issues are government seizures and limited payment/withdrawal processors. However, the emergence of digital currencies has offered a lifeline to online gambling sites.
Cryptocurrency is a blockchain-driven technology that enables peer to peer transactions and, in turn, eliminates financial intermediaries. Cryptos are now favored in casinos because they are decentralized and encrypt transactional details. Live Casino players ca n transact while remaining completely anonymous. Here’s a run-down of the most popular cryptos in online gambling.
Although not deemed as a mainstream currency, Bitcoin is the best gambling cryptocurrency in Internet casinos. Most top gambling sites accept Bitcoin. Players can play their favorite games by using Bitcoin to purchase gambling coins, then staking the amount they wish to wager. Winnings can also be cashed out to a player’s wallet.
The only requirement that gamers need is a digital wallet. This wallet can be used to purchase coins from vendors, deposit the coins to a casino, and accept withdrawn coins from the casino. Bitcoin is entirely secure, untraceable, and has been online since 2009. Its value is market-driven, meaning that casino withdrawals can appreciate quickly.
Another cryptocurrency for gambling coin that rivals Bitcoin is Ethereum. Despite being a relatively new coin, it has quickly been integrated into many online casinos. Before gambling, players must first register to Ethereum casinos. These casinos provide their wallet details and require gamblers to transfer the amount they wish to deposit to the provided address.
Players can play any game using Ethereum, but the number and availability of these games are dictated by the casino of choice. The bonuses an Ethereum player gets is also similar to standard bonuses. If a gambler deposits 1ETH to a 100% bonus on deposit casino, the said player will get a bonus of 1ETH.
Besides the mentioned two, cryptocurrency gambling also involves other coins. Other more popular cryptos include Dash, Monero, Zcash, Dogecoin, Ripple, and Litecoin. The lowdown to these coins is the limited number of casino sites that accept them. The few that take the mentioned cryptos also tend to restrict their usage to specific games.
Due to the spike in trading and usage of digital currencies in casinos, there is a concern about their overall security. It’s therefore not surprising that CFD providers continue to emerge to fill this gap. An example of such a provider is Japan’s Monex. This company secures digital assets like Ethereum and Bitcoin.
Guide to the Best Cryptocurrencies for Online Gambling
Cryptos are quickly becoming the preferred way of depositing to and withdrawing from online casinos. Here are the best cryptos to use in online casinos.