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The topic of cryptocurrencies as a payment method is an extremely intriguing one.
Some of us barely know anything about cryptocurrencies, whereas others have been in the so-called crypto game for several years already.
The story of cryptocurrencies started in 2009 when the first-ever crypto, Bitcoin, burst on the scene. The decentralized digital currency was first laughed at by many, but over the years, it has created more millionaires in the world than perhaps anything else ever has.
Many of us probably remember times when, in the past, someone approached us about the opportunity of buying Bitcoin. Had we listened back then, we would all be swimming in cash right now!
Be that as it may, while Bitcoin remains the world’s most popular cryptocurrency, there are still several altcoins (alternative coins = other cryptos than Bitcoin) out there for people to buy as well. In total, there are well over 20,000 different cryptocurrencies in the world, and the number is growing each and every day. Not all of these currencies are supported by crypto casinos, however, as we will soon discuss.
Cryptocurrencies and online casino gaming tend to have a lot in common. Essentially, volatility and regulations play a huge role in both. Governments all around the world are constantly revising their crypto and gambling laws, and no one seems to have a clear-cut idea as to what to do with the rising popularity of both of them. What we do know, however, is that neither one is likely going to go anywhere anytime soon!
Nowadays, some of the most notable tokens at crypto casinos include Bitcoin, Ethereum, Litecoin, Binance, Tether, Dogecoin, and Shiba Inu. Only the most prevalent and popular ones ever make it to the point where online casinos will consider it wise to add them to their growing repertoire of currencies.
Gambling with cryptocurrencies might feel strange to some people. After all, buying certain cryptos is quite close to gambling in and of itself. Here you are basically playing with currencies that, in a year’s time, could end up becoming worthless or worth ten times what they are now!
Given the decentralized nature of cryptocurrencies, different cryptos rarely have customer support systems that you can contact. Instead, if you are facing any problems with any of your crypto transfers, you might want to take things up to your online casino of choice. Customer support should be able to help you with some of your most common questions.
In the crypto world in general, most queries should be directed to different exchanges and wallets when dealing with cryptocurrencies. On some rare occasions, your mistakenly lost transactions could be recovered this way.
Depositing with cryptocurrencies is rather straightforward, but you do need to be extra mindful of certain things. First, let us take a look at how the process typically goes.
Transferring crypto can sometimes make your heart pound fast as you wait for a few seconds for your transaction to be completed. Again, make sure that you take your time. You really do not want to typo your address as this could result in your crypto being permanently lost!
Withdrawals with cryptocurrencies are done nearly the exact same way as deposits. However, here you will be giving the online casino your own crypto-specific wallet address. To accomplish this, be sure to copy the address from your wallet as it is. You really do not want to send your massive winnings to someone else’s address, or better yet an address that does not even exist.
As long as you do not make any costly mistakes—and it definitely should not be too hard to refrain from making them—cryptocurrency transfers are extremely fast, safe, and secure.
Bitcoin was created in 2009 and is a decentralized crypto or digital currency. This means that Bitcoin is not controlled by any country, bank or financial institution and only exists in a digital form that uses complex encryption software to operate online.
There is no physical or paper money involved when using Bitcoin. It is identified as BTC or ฿ and while the currency can be mined online, there is a finite amount available for trade and the currency is relatively stable.
Bitcoin is still considered experimental by governments, major organisations, and mainstream companies. The online gambling industry has, however, started to accept the currency as a legitimate form of payment.
The currency is accepted and regulated by many jurisdictions, including the UK Gambling Commission, as a recognised payment method for online gambling sites and a number of Bitcoin-only casinos have been granted iGaming licenses.
As with any type of currency, there are advantages and disadvantages to cryptocurrencies, but Bitcoin is one of the most viable alternatives to traditional banking and payment methods.
The only support that is available for this payment method is via your wallet provider and this will vary from one crypto wallet operator to the next.
Typically, you should be able to get into contact with the wallet operator via email but in some instances, they may also offer live chat and telephone support services. You would need to check the operator’s website.
But be aware that the currency itself does not offer the same level of support that you can expect from a traditional financial institution or bank and if you choose to use Bitcoin, you are responsible for the safety and security of your own funds.
Before you can make Bitcoin deposits into your casino account you need to open a wallet for cryptocurrency.
Once you have a wallet, the rest is easy.
The casino will generate a private deposit address that is unique to you and that you will then use to make payments to the casino.
Be aware that crypto transactions require multiple confirmations, and this means that deposits can take up to 10 minutes. Fees vary on transactions.
Making deposits is often free but there can be a minimal fee that is typically a percentage of the value of the transaction.
Withdrawing funds from your gambling account is generally fast and simple with Bitcoin. As soon as you request a withdrawal, the casino site will transfer coins from your account to your wallet, but it can take up to 12 hours for the funds to reflect in your wallet because of the clearing process.
While some crypto withdrawals are free, there will typically be a small transaction charge, especially if you want an instant withdrawal.
Withdrawals from your casino customer account to your crypto wallet are secure because none of your financial information is shared with anyone during the process.
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