2 mins read Crypto casinos have moved from their status of novelty into the mainstream. Players today are not at all surprised to find out that a casino offers cryptocurrencies such as Bitcoin, Dogecoin, or Ethereum as some of the payment methods, or has indeed replaced all banking methods with cryptocurrencies.
Today, we take a closer look at how crypto casinos accept payments and what you need to know to make your first deposit. The process is simple, exciting, and the opportunity to learn something new. Once you are done with your first crypto deposit, you can access thousands of excellent games, tournaments, promotions, and so much more.
Understanding Cryptocurrency Payments & How They Work
Before you find out more about the available payment methods, it’s good to first familiarize yourself with the concept of a cryptocurrency. A cryptocurrency is usually a decentralized blockchain protocol which means that there is no single regulatory body, such as a central bank, that controls the supply.
Cryptocurrencies such as Bitcoin, for example, are “mined” which means that computers solve complicated mathematical problems to discover new currency and “mint” it. The currency is then shared between all computers and their owners who participated in the solving process.
Once this is done, a cryptocurrency may be used to buy goods, and services, and even deposit at your favorite crypto casino, which is precisely what you want to do. Cryptocurrency payments are not complicated at all, but they do expect you to have a basic knowledge of not just the cryptocurrency you are depositing in, but also the additional tool that you need.
How to Make Your First Crypto Deposit at a Casino
Crypto payments are very easy. First, you need to pick a casino that you can trust. There are many legit crypto gambling sites you may choose from today, including Bitcasino.io, FortuneJack, BitStarz, and more.
These casinos will allow you to deposit directly with a cryptocurrency of your choosing, although some popular choices here include Bitcoin, Ethereum, Dogecoin, USDT, USDC, or Monero if you are looking for a little more privacy.
Register at a Crypto Casino
Once you have a casino in mind you want to visit you will need to register. The registration process is usually very straightforward. Most crypto casinos will save you the hassle of additional checks and have you registered within a minute or two. Some casinos that have a very fast registration process that has been streamlined to save you time are:
- Bitcasino
- BitStarz
- Stake.com
- FortuneJack
- Cloudbet
You may register here and be on your way to the cashier section before long to make your first crypto deposit.
Making a Crypto Deposit – Use Your Wallet
The next thing to do is to make sure that you have a cryptocurrency wallet. Many excellent choices allow you the safe storage of your currencies. Some users prefer a “hot” wallet, which is connected to the Internet. Others prefer a “cold” storage device which is kept on hardware offline.
Both are viable. A crypto wallet is essentially your bank account. When you visit a casino and wish to make a deposit, you will need to access your crypto wallet. The casino’s cashier section will ask you to enter your key, scan a QR code, and generally follow the step-by-step process to authorize a payment.
Because you will be making a transfer towards a crypto gambling site, you want to make sure that you are only playing with authorized crypto gambling brands.
Verifying That Everything Is In Order
Once you have completed your deposit, it’s important to double-check that everything is okay. Check your crypto wallet balance and make sure that the designated amount has been taken out of your wallet.
Check your casino cashier balance and see if the funds are already there. Deposits are instant and may take just a few minutes of delay before showing up in general. Now that you have checked everything, you are good to start playing.
What Cryptocurrencies Are Used to Make Payments
Many cryptocurrencies are popular at crypto casinos and that people use to make deposits. Some of them are mainstream – such as Bitcoin and Ethereum, for example, but others can be a little more niche or even “meme” coins.
All of the payment methods we have listed below, however, are trusted, popular, and commonly used in the best cryptocurrency casinos. You may pick from all sorts of crypto tokens to make your first casino deposit with. Let’s take a look.
Bitcoin
Bitcoin is the most popular cryptocurrency there is. The currency was founded in 2009 by the enigmatic Satoshi Nakamoto who promoted a global vision for a decentralized currency. Much of this has held and Bitcoin is today’s go-to currency when it comes to crypto gambling.
Ethereum
Ethereum is an alternative to Bitcoin and a new currency based on a Proof of Stake concept where ownership and minting of new currency do not come at the expense of massive amounts of minting. Ethereum is flexible and fast, as well as fairly stable, which makes it another great choice for crypto gambling.
Tron
Tron is a currency as well as a web protocol that is focused on full decentralization. Tron believes that it can make things better, faster, and more reliable, providing players with fast, no-fee payments that make them gravitate towards this specific protocol.
Dogecoin
Dogecoin is the most successful “meme” token. It was designed as a “joke” but the currency has gained a lot of momentum and it’s another popular cryptocurrency that you can use at crypto casinos today. It’s endorsed by Elon Musk, although nobody can tell for sure if he means it.
USDT
Tether USD is a stablecoin that is pegged to the value of the US dollar at a rate of 1:1. This means that each unit of USDT is worth one US dollar. Cryptocurrency is still pegged by the same technology, which is why many people are enjoying it.
Others
There are of course other cryptocurrencies that you may explore. They are not too different and maybe a little less prominent. Perhaps the most popular crypto token that fits this category is Monero. Monero is a one-hundred-per cent privacy-focused token which makes it very hard to trace, and some casino players indeed prefer this token.
Advantages of Using Crypto for Casino Payments
Crypto payments do offer distinct advantages when it comes to the overall casino and user experience. Players are very welcome to explore all of them. To help you save time digging for this specific information, however, we have put together a quick list of what to expect and why crypto payments are so popular and trusted in the first place.
- Fees: Crypto payments usually come with much smaller – if any at all – fees. They have no maintenance fees, you don’t have to worry about incurring cross-border transactional penalties, and generally, it is so much easier to use crypto for payments.
- Internationally used: No matter where a casino is located, as long as it is available in your jurisdiction, you can deposit and withdraw from it using your preferred – and casino-supported – cryptocurrency. This makes it easy to top up your bankroll or withdraw your winnings.
- Anonymous transactions: Anonymity is another touted advantage. Essentially, a crypto wallet only has a unique ID that is not associated with any financial information or a person. This added layer of protection is something that people enjoy.
These are just three of the advantages cryptocurrency payments bring you at casinos. There is also the matter of withdrawals which are instant at such casinos and make it very easy for you to enjoy the casino experience as well.
Withdrawals from Crypto Casinos
Withdrawals from crypto casinos are a very easy thing to do. If you wish to cash out your winnings from a website, all you need to do is go to the Cashier section. There, you will find the dedicated section for withdrawals and click on it. Pick a payment method – or a cryptocurrency in this case – that you wish to use to cash out
Other Payment Methods: Conversion Services
There are other ways to complete payments at crypto casinos besides picking a specific crypto token and a crypto wallet. Many casinos have realized that interest in crypto gambling is mounting, but consumers are still reluctant to store their funds in crypto before they enter the casino.
This is why conversion services have appeared. The most popular of these is CoinsPaid, which is essentially going to exchange your FIAT money into cryptocurrency as you deposit. This way, if you deposit $100, you will receive the equivalent of a supported by CoinsPaid cryptocurrency. CoinsPaid has become popular with crypto casinos over the past years, making it easy to onboard new customers who have been enjoying the experience genuinely.
Crypto Payments and Anonymity
When we talk about cryptocurrency payments, the word “anonymity” often crops up. This is a time to elaborate on what is exactly meant by this. Not all crypto casinos – even the best – are completely anonymous.
This is because you need to provide some personal details about yourself, which the casino uses to verify that you are of the legal gambling age, that you are not using someone else’s identity, and generally to ensure that you are not endangering yourself by participating in reckless gambling habits.
Then again, crypto payments are anonymous. The information you provide to the casino is your crypto wallet which does not disclose financial details about you – just the wallet address, but this is not linked to a name or a person, which is why many people enjoy the fact that they can use crypto to make a deposit.
Still, you need to take into consideration the small caveat that casinos will collect personal information from you to make sure that they are compliant with existing regulations and consumer protection standards.
The Future of Crypto Payments
All in all, crypto payments are here to stay. They are based on a technology that creates true value. Crypto is transferred fast, it eliminates “fees” for the most part, and it can overcome international borders. This is why crypto is here to stay or, at the very least, the technology behind it.
Privately owned currencies are not the only ones there are. There are also central bank digital currencies and stablecoins which are also becoming increasingly popular. They are less speculative while focusing on the technological advancements of the underlying technology.
Crypto Casinos and Payments Conclusion
Making a crypto payment is not as difficult as some players think it is. You may opt for the native options – such as a crypto wallet and a specific and designated cryptocurrency or you can even use conversion services that allow you to use FIAT currencies and convert those into crypto.
The process is simple and safe, and it grants you some distinct advantages along the way, such as the ability to deposit and withdraw instantly. Players who wish to get started playing at a crypto casino can now do so confident that they understand payments much better.
Crypto Payments FAQs
Are crypto payments safe?
Yes, crypto payments are safe. The blockchain technology that enables crypto payments ensures that all transactions are verified and provably fair and that you will be banking safely and responsibly.
How fast are crypto deposits and withdrawals?
Instant. Crypto deposits and withdrawals are instant, which means that you will benefit from one of the fastest payment options if you choose to carry out financial transactions with any of these payment options.
Do I need a crypto wallet to start betting with crypto?
No. Many casinos have conversion services that allow you to deposit with FIAT currency and have your balance converted immediately into a designated cryptocurrency. CoinsPaid is a very popular service that will convert your fiat deposit into a crypto payment.
Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.
