Welcome to CasinoFreak.com, where you can learn all you may have ever asked yourself about online gambling! Today we will cover the cryptocurrency casino topic for you. Not many people know the basics of crypto gambling, be it the concept of Bitcoin casinos or the whole history of cryptocurrency.
Therefore, if you wish to learn more, keep reading and make sure you take some notes, because cryptocurrency gambling is really fun!
History of Cryptocurrency
You may feel like cryptocurrency gambling came out of nowhere and it suddenly became this big thing. However, the idea of online digital money dates back to the 1980s. Here lie the origins of Bitcoin - a completely anonymous decentralized virtual currency. The idea was first written in 2008 by Satoshi Nakamoto in a paper named Bitcoin: A Peer-to-Peer Electronic Cash System”. Shortly after, Bitcoin started being mined.
Many cryptocurrencies emerged shortly after, such as Litecoin, Ethereum, Dogecoin, and others. Each of them has a different value and provides its own features, such as the mining time or just the accessibility.
Cryptocurrency is preferred in gambling thanks to it being anonymous and based only on blockchain technology.
Not only privacy, but speed is also one of the main advantages of using a cryptocurrency as a payment method.
What is Blockchain Technology?
The blockchain technology is simply a decentralized structure that will store transactional records (the block) of the public several databases (chain) in a peer-to-peer network.
The idea went further and inspired many, which is why today there are more than 2000 cryptocurrencies around the world to choose from, according to Capital.com's article on top cryptocurrencies to invest in!
How to Deposit at Online Casinos With Cryptocurrencies
In order to use cryptocurrency for gambling, you will first need to exchange your coin of choice. If we talk about Bitcoin gambling, the process is simple: once you buy it, go on and create an account for a Bitcoin Wallet. This is used to store the information needed to access your funds. There are many types of Wallets to choose from, such as mobile, hardware, and paper, each with its own particularities.
Once you have decided upon the Bitcoin Wallet of your choice, go ahead and choose Bitcoin as a payment method. Follow the required steps and you should be done in no time. Also, don’t get fooled by the coin’s big value, as people that use Bitcoin gamble small amounts at a time, you don’t need to fuel your wallet with 1BTC in order to be able to play.
The process is the same with any cryptocurrency. Next, go ahead and find a casino that will support this payment process. Looking for your next favourite casino should be no big deal with our guide on how to find the best casino for you.
Check the casino’s terms and conditions and make sure you have enough coins. Make your first deposit and pick a game! Deposits can be converted to regular currency, like USD or EUR, and withdrawals can be made via Bitcoin or coin exchange through a bank transfer.
Remember
Using cryptocurrency should not affect the games you are playing in any way!
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Advantages of Crypto Gambling
Cryptocurrency gaming has many benefits, just like any other payment method. However, you can’t compare it to a regular prepaid or even credit card payment method. Let’s see more on the advantages of gambling via cryptocurrency in general:
- Convenient Transparency. Crypto casinos have a more transparent policy and a statistically lower house edge.
- Enhanced Security. Cryptocurrency as a payment method doesn’t require risky information, as you don’t have to fill out any complicated forms before setting up.
- Advantageous Casinos. Due to the fact that there aren’t so many taxes, most crypto casinos don’t require any transaction fees.
- Bonuses and Promotions. Just as regular casinos but better, the crypto casinos’ bonuses can offer rewards from up to 5 BTC. Keep in mind that 1 BTC is approximately $7,000.
- Coin Value. Cryptocurrencies have their own value each, and this will also apply to bonuses. Therefore, Bitcoin gambling, for example, will give you very lucrative bonuses, as said above. The coins’ value are always changing, so make sure to keep a track!
Cryptocurrency for Gambling at an Online Casino
The first thing you should consider is what type of cryptocurrency you want to choose. In the list below we have created a summarized list of some of the most popular cryptocurrencies for online casinos:
Bitcoin
Bitcoin (BTC) emerged in 2009 and is worldwide peer-to-peer legal electronic decentralized digital currency. No bank or administration can control it, and Bitcoin transactions are stored in Bitcoin Wallets. Bitcoin Wallets are like virtual personal accounts and they are of many types, according to your needs and plans. The transactions are usually free and immediate.
Bitcoin Cash is a spin-off (updated) alt coin created in 2018, also known as Bcash that can also be used in online transactions, especially for gambling.
Litecoin
Dating back to 2011, Litecoin is a peer-to-peer cryptocurrency that allows anonymous instant and free transactions anywhere and anytime. Litecoin is mining much faster than Bitcoin, for example, Bitcoin’s network can never exceed 21 million coins, while Litecoin’s can produce 84 million coins. Litecoin generates blocks in 2.5 minutes, while Bitcoin takes 10 minutes.
Ethereum
Launched in 2015, Ethereum is the world’s leading programmable blockchain, featuring its Ether cryptocurrency. It is available worldwide and the processing time can go from minutes to an hour, depending on what you are using Ether for. It is anonymous and private. Each bet requires one block confirmation (15 seconds) before the winning bet can take place. Larger bets will take more to process, but Ethereum gambling is popular among many players.
Dogecoin
Developed in 2013, Dogecoin gambling is very similar to Litecoin gambling, due to the fact they are also similar as coins. However, it has a shorter processing time. Deposits you make via Dogecoin can take longer, but not more than an hour. Its transaction fees are small and they depend on various circumstances. The main advantage of Dogecoin consists in the withdrawal of cryptocurrency exchange, as its fees are really small, compared to Bitcoin, for example.
Edgecoin
Edgecoin (EDG) is the coin created by Edgeless which runs its own casino with the EDG coin. Edgeless provides roulette, slots, blackjack, video poker, baccarat, and others. You can also stack EDG Tokens and the transactions and bankroll can be all seen on their website.
Choosing a cryptocurrency to gamble is completely up to you. All of them are safe to use, all of them provide safety and small fees, and all of them are available almost anywhere on the globe. There is no such thing as the best one, as long as you find your favourite and enjoy your casino experience.
You can find many games in crypto casinos, from Ethereum blackjack to Litecoin poker, so in terms of gaming cryptocurrency really gives you a variety of choices!
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Advantages of Crypto Gambling
