Because of the tightening laws around online gambling, many casinos now offer cryptocurrency as a deposit mode.
Some may even give you free crypto if you deposit like the Vulkan Vegas welcome bonus, but this always comes at the discretion of the casino operator.
Today, we will show you everything you need to know about crypto casinos so you can manage your money well, along with your expectations.
Not All Cryptocurrencies Are Accepted
There are more than 12,000 cryptocurrencies in circulation today. Out of these, Bitcoin and Ethereum are the two most commonly accepted cryptocurrencies in the gambling industry.
It does not mean that there are no other options.
Here are some more cryptos you can use:
- Litecoin
- Dogecoin
- Monero
- Dash
- WINk
- Ripple
- Tether
- Zcash
- TRON.
Although some casinos accept these alternative coins, you have no guarantee that your preferred online casino will accept them.
Your best bet is to convert your coins to either BTC or ETH. However, expect that you will pay fees when you do the conversion.
Why do this? You must convert your existing coins because most crypto casinos accept BTC and ETH. As such, you can expect to be able to deposit after you sign up for a casino account.
The Fees Are Small or None at All
Traditional payment systems go through verification checks, and this task has a cost. Casinos charge you the fee, but this fee does not go to the casino.
They also have to pay this fee to the financial institution. For example, credit card companies like Visa and Mastercard charge fees whenever a merchant receives money.
The fee is minimal in cryptocurrency transactions. In most cases, the fee is only 1% or 2%.
So, for every $100 worth of cryptocurrency you deposit or convert, you only pay $1 or $2. This amount is significantly lesser than the typical 5% you pay for bank transfers or card fees.
Less Verification Required
You will still verify your identity if you create an account with a cryptocurrency casino. This process is a standard in compliance with the law.
Casinos must follow what is called KYC or “know your customer” rules to comply with anti-money laundering laws.
The issue with verification happens when you add a funding source, like a bank account or credit card. The casino has to perform another security check.
For example, the billing address on your credit card must match the address you supplied to the casino when you made the account.
If they are not a match, your credit card will get declined as it is considered suspicious. In addition to getting declined, your card may be banned or locked out of the casino.
You will not go through this process if you use cryptocurrency.
So, for example, if you create an account in a cryptocurrency casino, you only have to add your crypto wallet and make a deposit. No more extra verification is required.
The Payouts Are Instant
If you withdraw from an online casino, chances are you have to wait at least three business days for this verification to be confirmed.
The casinos will only transfer the funds to your bank or credit card. On some occasions, the casino may ask you for extra documents to prove your identity.
This process normally happens if your withdrawal method is different from your deposit method. For example, you deposited using a credit card and then withdrew to PayPal.
The casino will take extra steps to ensure that you are the same person doing the transaction.
With cryptocurrency, these steps are not necessary.
The payout is instantaneous, and the longest you have to wait is 20 minutes. Just ensure that you are withdrawing to the correct wallet or account number. If you use the wrong one, that money is gone.
Cryptocurrency Is Secure
Cryptocurrency is a highly secure network.
Since it is decentralised, no one has the power to hack it. Everyone who participates has a copy of the ledger, and no one can fake it.
In addition, the very foundation of cryptocurrency is that it uses encryption for every transaction. It is why the currency is called crypto.
The very goal of cryptocurrency is to provide anonymous and secure transactions, and you cannot go wrong with it.
Crypto casinos are the future of online gambling. You only need to worry about volatility, as cryptocurrencies are not regulated.
For example, your cryptocurrency may be worth $3 per unit today, only to find out that it is worth about 90% of that tomorrow.
Nevertheless, cryptocurrency is not going away. You might as well stack up on them. The whole beauty of crypto-gambling is that it is not regulated, which means it is easier to transact and a lot more affordable.