Cryptocurrency has enjoyed exponential growth both as an asset and as a means to gamble within Asia over the past few years. In some cases, Bitcoin has taken on such value that it has led many to believe that it is worth more than gold.
Recent figures that have been reported indicate that around 60% of gambling transactions that take place around the world are carried out using Bitcoin. But why is it so popular, and how do you use it at a casino? We will discuss this and answer some frequently asked questions that pop up relating to using cryptocurrency.
Which are the Most Reliable Cryptos to Use?
Bitcoin and cryptocurrency have become more ubiquitous in recent years, even though there are plenty of casinos and sportsbooks that don’t accept it as a payment method. When you are using a sportsbook, you will want to find a reliable one that deals with cryptocurrency.
The commonly used or those that are in wide circulation are Bitcoin, Dash and Litecoin. Bitcoin is convenient as some bookmakers will provide some very tempting offers for new users or existing players. This could be in the form of up to 5 BTC or 10 BTC. Still, the onus is on bettors to ensure they fully read up on terms and conditions so that they are familiar with rules and regulations.
While Bitcoin is generally not that stable, the limits for gambling are much higher. But within that, bettors should set their own limitations so that they can’t bet beyond their means. If they do so, then it can be a slippery slope. Ultimately when the funs stops, stop!
The other advantage of finding a reliable cryptocurrency is that you can retain an air of anonymity. Money moves around through crypto wallets so that you never have to reveal your identity when you play online and make transactions.
How to Deposit and Withdraw Crypto at Online Casinos?
To effectively use cryptocurrencies, you will be required to deposit some funds and doing so can be achieved in a few simple steps. Firstly, you will need to visit the casino you have found and check out the cashier section. From here, you will be asked to use the copy reference code that has been provided and paste the information into the wallet’s withdrawal page. This should only take a matter of a few hours maximum to have your casino account fully funded. Ultimately, the speed of depositing funds will depend on the functionality of the site as well as of course the type of cryptocurrency you have chosen to deposit with.
Similarly, making withdrawals through cryptocurrency is relatively straightforward. To move casino winnings into your crptocurrency account, you will have to copy the cryptocurrency reference code and then put this into the withdrawal section of the online casino. Once you have seen the funds arrive into your account, you can then decide whether to exchange these into real cash or alternatively withdraw them from an ATM. Suppose you instead choose to stick to the digital currency. In that case, you may have few options to use it, as many businesses may not accept crypto payments.
How to Get Started
It can be quite daunting trying to find a reliable and trustworthy casino to play at. Although it may require extensive research, it is always best to first read the reviews. Online reviews will highlight the positives of some casinos as well as red flag any potential rogue sites that should be avoided at all costs.
Some sites will manage cryptocurrencies in different ways. Still, bettors should take time to read the terms and conditions and payments part. The terms and conditions will be clearly signposted, and they will explain in more depth how the promotions and offers work and how you can take advantage of them. The payments page is vital as you will want to make sure you can play using the currency of your choice.
Typically, to sign up will take a matter of a few minutes. Firstly, you will need to head over to the activation/create a new account part of the site. Here, bettors will be asked to provide personal information, such as their name, address and also bank details. Players will generally need to be 18 or over and in some parts 21, so make sure you fulfil the criteria or else you won’t be able to register a site. After you have completed all the required information, you will be free to play and choose, and you can start depositing cryptocurrencies.
There are a few things that you may want to take into consideration before you sign up. This will include finding out whether the casino site you wish to play has a valid SSL certificate, whether or not it has a diverse game library and is compatible with mobile devices.
Are cryptocurrency sites regulated?
Generally, the vast majority of cryptocurrency sites are not regulated by an established gambling body like the rest of the gambling industry. As most regulatory authorities don’t support the use of virtual currencies, it makes it very hard for cryptocurrency to be governed effectively. Some sites, however, will have a license to trade in cryptocurrency.
Are there any restrictions?
Providing you are the legal age to play at a casino site, then there are no restrictions for bettors. In China, for example, you have to be at least 18 years to gamble at a cryptocurrency casino site.
How long does it take for deposits to materialise?
Depending on which cryptocurrency casino site you use will determine how long deposits take to materialise. Typically, some are very quick, and it can take as little as 10 minutes for deposits to be approved. Others may take a few hours if you are using a different cryptocurrency as a preferred payment method.
However, with some wallets, there may be more rigorous checks required so check the payments page section before proceeding further.
Are there any fees that come with cryptocurrencies?
Yes and no. Ultimately this will depend on which type of wallet you are using. Once again, check the terms and conditions as these will outline any fees you may incur while you play.