Cryptocurrency has taken the financial world by storm, allowing people to stray from central banking. Cryptocurrency’s foundation is created from a technology called a blockchain. This technology acts as the digital middle ground for the exchange of funds encrypted as monetary units. This conversion is now approved by online casinos and operates differently than conventional banking options.
Players love the quick results of using cryptocurrency because of the swift transfers of deposits and withdrawals. You no longer have to wait two to three business days for winnings. Another great feature of cryptocurrency is the powerful privacy of personal information.
Most online casinos only require a username and an email address upon sign up. When it comes time to deposit or withdraw funds, a player provides a link to their cryptocurrency account, and it works instantly.
Most gambling sites provide an “in-house” wallet where players can easily transfer, and withdraw their cryptocurrency. Due to the popularity of cryptocurrency, some online casinos offer cryptocurrency jackpot winnings.
With the rise of cryptocurrency, many global software companies started creating their own virtual currency. As of now, there are thousands of different cryptocurrencies being traded with all over the world. Online gamblers enjoy the luxuries of betting with cryptocurrency because of fee reductions, fast money tracking and transparency.
In 2009 a programmer by the name of Satoshi Nakamoto was the trailblazer who implemented blockchain technology to start Bitcoin. With the birth of decentralized banking, other brands such as Ethereum and Litecoin paved the way for more cryptocurrency options. Ethereum works to help users source out various decentralized applications while Litecoin works similar to Bitcoin, where it’s a global blockchain unit of currency. Both are in the realm of cryptocurrency and work with similar technology.
As earlier stated in this article, there are an array of benefits to using cryptocurrency for online gambling. One of the biggest factors is the privacy you gain while using this technology.
Living in a time where online hacking and identity theft are on the rise, cryptocurrency keeps everything anonymous. There is no need to ever provide banking information, and there’s no trace of your spending.
A lot of online casinos offer an in-house wallet for easy transfers and withdrawals of Bitcoin, Litecoin or any other cryptocurrency of your choice. With this effortless feature provided by websites, it allows for usage fees to be waved like big-banking options such as Visa or Mastercard. This revolutionary technology allows swift transaction fees meaning you gain your winnings almost instantaneous unlike other payment options that can take anywhere from one to three business days.
A cryptocurrency wallet is a virtual place or service where your funds will be stored. This digital exchange area allows users to connect their banking information to deposit and withdraw money. All money deposits turn into cryptocurrency, while withdrawal funds turn into your local currency. There are many wallet software providers to choose from. Select a company that has great security ratings because this is the most important component of keeping your money safe. Also, consider what type of wallet fits your lifestyle. Will it be an app, offline service or online service? Whichever style you choose, be sure to keep your information secure at all times.
Another important detail to know about wallets are public and private keys. To put it simply, a public key is a link to your wallet that you would provide to a casino to receive winnings.
Furthermore, a private key would be the access to your cryptocurrency wallet information and money. Similar to keeping our debit card pin confidential, the same goes for your key information.
There are several types of wallets developed by various software companies to suit your needs. The five main wallets to choose from are:
Depending on the casino you choose to play with, a lot of websites are offering players cryptocurrency jackpots and bonuses. There are even casinos offering a certain amount of free spins with deposits. A few online gambling websites have been known to offer lucrative match back promotions to cryptocurrency users.
Any casino that offers cryptocurrency options usually requires players to sign-up or become a member to manage winnings and deposits. Here are the steps you will likely need to take:
If you are choosing to gamble with cryptocurrency, be mindful that most sites will convert your funds into the local currency. However, all winnings will be converted back to the original cryptocurrency upon withdrawal. Also, a majority of gambling websites will provide cryptocurrency players with an in-house wallet to add their funds to.
It’s also important to look into the regulations of the casino of your choice with daily limits when using cryptocurrency. That said, some providers will cap your daily deposit limit. Here are the typical steps to take when depositing money to play:
If you have a nice lump of winnings ready to be cashed out, using cryptocurrency is the most direct and quickest way to gain. Some casinos will have a daily withdrawal limit when using cryptocurrency. Check your favourite casino’s guide and regulations on their daily limit with cryptocurrency. Here are straightforward steps to take when it’s time to cash out with cryptocurrency:
1. Depending on your casino provider go to the withdrawal or cash out section.
2. Enter in the amount that is under the daily limit you wish to withdraw.
3. Link your cryptocurrency account link and watch your winnings instantly transfer.
SuperLenny is a great and trusted source to find casinos that accept cryptocurrency payment methods such as bitcoin, ethereum and litecoin, and for all your casino playing needs. The safety and privacy of all players is our number one priority. Check out cryptocurrency casinos on SuperLenny like Bitstarz, fastpay and King Billy.
SuperLenny examines the top cryptocurrency casinos on a regular basis, making sure they are safe and offer quick transactions. Our reviews are impartial so check back on a regular basis to keep up-to-date with the newest cryptocurrency casinos.
All deposits made with cryptocurrency are instant and go directly to your wallet without much of a wait time.
On average, most online casinos offer no transaction fees when using cryptocurrency. All the more reason to consider using this currency.
Yes. All provinces and territories recognize cryptocurrency.
Cryptocurrency is completely safe and some believe it’s safer to use online over Visa or Mastercard because of the transparency and privacy measures.
The payments are usually instant because there’s no wait time with banking providers.