Apparently, cryptos are the hottest trend in the online casino industry. Although that these altcoins have a mysterious nature, online punters prefer them due to their volatile prices that offer them double returns.
Many factors can affect the cryptocurrency price such as the supply and demand, large-scale mining, bans in different countries, electricity prices, mining equipment prices, etc. However, gambling with cryptos is a great and convenient way to invest and get more money without trading or mining!
To start the crypto gambling thrill, all you need to do is creating a new account at a digital wallet, choose a virtual currency and buy some units through local sellers, brokerage gates, or even through the wallet itself.
At the time of writing this text, there are more than 4,500 cryptocurrencies exist in cyberspace! Each one has its pros and cons. Therefore, in this article, we will explain the most prominent cryptos that you can use to make your deposits and withdrawals at online casinos.
Bitcoin (BTC) is the oldest digital virtual currency ever! It came into existence in 2009, and although it is the most popular and expensive coin, it was created by an anonymous person (or team) who is known by his pseudonym, Satoshi Nakamoto!
Only 21 million BTC units will be mined. So, the BTC price won’t fluctuate much in the long run especially when miners reach the maximum limit.
One of the most prominent advantages of this currency is that it is impossible to disappear due to its great fame and popularity among users. Also, BTC is accepted at many internet sites, virtual stores, hotels, and many online casinos!
The big obstacle facing this currency is legal recognition. Whereas many countries plan to adopt it, such as Japan, the UAE and Brazil, Many other countries prohibit crypto transactions and mining, such as the USA, China, and Spain.
Recently, Elon Musk announced that Tesla will accept BTC. Consequently, its price rose dramatically!
Lucky for BTC enthusiasts, online casinos and bookmakers sites rewards Bitcoin deposits generously. For example, if you deposit 1 BTC and the casino give you a 100% bonus, you will have a total of 2 BTC to play with which is equivalent to $97,253!
Dash is also known as “Dark Coin”, this coin was first launched in 2014, just two days later its’ units number hit 2 million!
Currently, you can use Dash at many online casinos and sports betting sites. This currency is one of the safest, most successful and fastest in the crypto realm. Plus, it’s so cheap that you can make a deposit starting at just $1! Also, you can use Dash via smartphone or tablet with ease.
The computer scientist, Charlie Lee, who worked for Google and Coinbase created the Litecoin currency in 2011. Only two years later its market size reached 1 billion dollars!
Litecoin is a fork of Bitcoin which was created to solve the slow transfers of BTC and give miners bigger chances to make more units in a relatively shorter time.
Now, one Litecoin is equal to 0.0038 Bitcoin, which is equivalent to $182.12. This currency is one of the most preferred options for speculators and investors because its prices fluctuate greatly, and, at the same time, its value is low compared to other coins!
Exactly like the BTC, Litecoin was built on an open-source network that nobody has an influence over, but everybody can use freely!
You can use Litecoin at many online casinos and sports betting sites safely. However, note that the casino will convert your deposit amount to USD or EUR to have more units on your bankroll, then when withdrawing, you can cash out your winnings on the same deposited currency.
This currency is also referred to by its acronym (XRP). Ripple was created in 2004 by the developer Ryan Fugger.
XRP isn’t a virtual currency only, it is a remittance network, currency exchange gate, and settlement system! Regular users can buy XRP to buy goods and services, invest, and play on casinos. While developers can use the Ripple system to create payment apps.
Every XRP transaction is subject to a fee of $0.00001 which is negligible but vital to secure users against DDoS attacks. Although Ripple has a low market value compared to the previous coins, many experts expect it is on the growth trend.
Ripple is available in hundreds of thousands of online casinos and bookmakers. Also, you can store some XRP units for medium or long term investment.
Ethereum came into existence in 2014. At the current time, it is the second most popular coin after BTC!
When ETH launched for the first time its value was less than $1, but thanks to the huge demand, the single ETH unit now is equivalent to $3,150!
Users buy Ethereum for many purposes including creating payment apps, investing, speculating, and make deposits and withdrawals at online casinos.
ETH can fit into almost every use from large retailers to street vendors!
How to Buy Crypto?
There are many ways that you can use to buy cryptos. However, regardless of the method you will choose, note that you will be subject to some administration or brokerage fees. Also, note that the prices of virtual currencies are very volatile and it is very hard to predict their prices in the medium or long term. So, you shouldn’t invest more than 1% – 5% of your savings on them. See more information here.
1. Exchange Gates
Exchange sites connect sellers with buyers for a percentage of each transaction. The sellers determine the price and quantity of their offered coins based on market prices and the supply and demand trend. While the buyers can browse offers to choose the best and check the seller’s rating through his profile to verify its honesty.
To create an account on an exchange site, you should enter your personal data and select the payment method by which you will make purchases. Sometimes the exchange site will ask you to verify your ID if it applies the KYC protocol.
There are a lot of E-Wallets from which you can buy, sell, and store cryptos such as Skrill and Perfectmoney.
Mining is the hardest and most expensive way to receive cryptos! In the beginning, you will have to buy a large number of appliances and provide an air-conditioned place to start. Then, you will have to pay the expensive electricity bills! But in the long run, this can be a worthwhile investment.
Advantages of Crypto Usage at Online Casinos
If you plan to use cryptos to make your deposits and withdrawals at online casinos and sports betting sites, you will gain all these benefits:
1. Double Profits
For example, if you buy some Ethereum units when its price drops to play with this amount at an online casino and if you’re lucky enough to collect some winnings then store them till the Ethereum goes up you will get double returns! Despite investing in casino games is very risky, every other type of investment also has high risks!
The most prominent feature of cryptos is that they protect the players’ privacy to the utmost degree. When you buy and sell cryptos nobody will be able to track your transactions as they transfer from one user to another user without the interference of any administrator.
3. Impossible to Hack!
While it is easy to steal bank cards, it is almost impossible to hack digital wallets or crypto decentralized systems.
4. Fast Transactions
One of the things that casino players hate the most is the long withdrawal processing times that take a period of between to 5 working days. In the contrast, altcoin withdrawals are instantaneous.
Since virtual currencies are decentralized, it is completely tax-free! So, you will be able to get the total value of your winnings without any deductions.
You can now choose which virtual currency to use online casinos and sports betting sites but you should choose a worthy site that offers you various gaming and betting options, hold a license of a reputable authority, and offers generous bonuses.