Cryptocurrencies have become a fairly common option in the online gambling market, but it has taken a while for the sector to warm up to the idea of digital currency. While its full potential has yet to be recognized, gambling with cryptocurrency has come to be a popular option due to its many benefits over traditional payment methods.
If you’ve yet to familiarize yourself, cryptocurrency is a digital form of payment that is used over the internet and is typically decentralized, which means no single person, group, or central authority issues or has control. It allows the user to make online transactions that are secure and private by transferring value without the need for a middleman such as a bank or payment processor. As such, value is transferred globally, nearly instantly, around the clock, for low fees.
On the Rise
With crypto gambling sites becoming increasingly popular, the number of people using cryptocurrency is also increasing. Those who use virtual currency for online gambling find that it provides an additional layer of security when compared to traditional methods such as credit cards.
Launched in 2009, Bitcoin (BTC) was the very first cryptocurrency, and of the major digital currencies available, such as Ethereum, Bitcoin Cash and Litecoin, it is by far the biggest and most popular, by market capitalization. To that point, since 2009, more than $7 trillion worth of Bitcoin has been transferred, according to Coinbase. Sending Bitcoin is typically up to 48x faster than an international wire transfer while sending it is typically 60x more cost effective.
Do Your Research
A digital wallet allows you to send and receive virtual currency and connect it to crypto gambling sites, thus enabling a player to seamlessly transfer funds directly from their wallet into the site to play their favorite Bitcoin slots while being assured their information is private. Once you set up your digital wallet, you’ll want to research online gambling sites that accept BTC, while making sure of legality in your jurisdiction and the player reviews give high marks to security.
The best crypto and Bitcoin slots websites also offer potentially lucrative bonuses with cryptocurrency users in mind. These type of “perks” can significantly enhance your gambling experience. Online casinos that accept payments in BTC exclusively tend to be the go-to for players interested in cryptocurrencies and who appreciate anonymity.
Ask Before You Deposit
You may be asking yourself if you can deposit using fiat or traditional currency at a BTC gambling site, and the answer is yes. There are Bitcoin gambling sites, or “hybrid” casinos, where you can deposit using fiat and have those resources converted automatically to Bitcoin. Others may offer the option of purchasing BTC. You may, however, be required to verify your identity by supplying a copy of a utility bill or bank statement when withdrawing money.
Conversely, you will find that some of the best Bitcoin gambling sites will also exchange your BTC balance for fiat. To find the answers to these questions and more, be sure to check out the terms and conditions (T&Cs) at your casino of choice the same as you would at any virtual casino site.
Whether you choose a cryptocurrency exclusive site, where the casino only works with Bitcoin or other digital currencies, or a gambling site that accepts both fiat and crypto, you should have no trouble finding one that is properly licensed and accepts players from your jurisdiction and has a range of offerings such as slots, live casino games and sports betting.