CBM Writer

Complete Guide to Using Cryptocurrencies at Online Casinos

Ws}rtow}vweno{esru}ogurrencies at Online Casinos

March 2, 2021

Cryptocurrency solutions are not that big of a novelty anymore. New ones are joining the ranks and many industries have embraced them as a valid means of payment. The online gambling world was among the first to acknowledge and implement the benefits of cryptos.

It all started with Bitcoin slowly finding use in online casinos. There was a trend of exclusively Bitcoin casino sites for several years. It showed that crypto and online gambling were a perfect fit. Now that we have Ethereum, Litecoin and Dogecoin being widely accepted at popular casinos, we are eager to guide you through the journey of online gambling with digital currency.

The Benefits of Gambling Online With Cryptocurrency

The entertainment value of gambling at online casinos does not decrease with virtual currency. It stays the same, except that you load your account with digital money instead of conventional money. Your winnings are still real and collectable – and you get to enjoy plenty of added benefits.

Anonymity is one of the main advantages of using Bitcoin, Ethereum or any other digital currency. They allow you to transfer funds easily and discreetly, without sharing any personal or financial information. Making anonymous deposits and withdrawals at casinos online is important to many players. It boosts confidence and sense of security. The nature of blockchain technology makes it impossible for anyone to link your personal info with the cruptocurrency you use.

Another notable upside of cryptos is speed. Payouts in BTC or ETC are faster because the players don’t have to wait for approval from banking institutions. Digital transactions are approved and validated almost instantly. It is a model that favours players who want to dispense with bank processing protocols and simply cash out.

The blockchain is an environment with near-perfect security in place. Your crypto wallet account is impossible to compromise because you are the only one that can unlock the block with a unique security key. True, you can’t dispute the payment with your bank if something, hypothetically, goes wrong. Nevertheless, the integrity of the blockchain is preserved through systems that simply can’t be tampered with. Fun fact – similar systems keep medical records and other sensitive material safe and out of reach.

Bitcoin

Even if you haven’t heard of other cruptocurrencies, you surely heard of Bitcoin. It remains the most popular type of crypto payments worldwide. Any controversies that BTC faced in its early years are fading and the Bitcoin train is gaining velocity. It raised and answered the majority of questions about making transactions with virtual money, at casinos and other places.

Bitcoin accounts for more than 80% of the cryptocurrencies, becoming particularly popular at online casinos in the last couple of years. To use BTC for your online casino deposits, you need to open a BTC wallet, buy some coins, pick a crypto-friendly casino, top up your account and play.

  • Fees: Transaction fees are negligible/fluctuating. 2% average casino withdrawal fee.
  • Security: Untraceable. Blockchain-protected. Low Risk of Collapse.
  • Ease of Use: Some tech-savvy skills required.
  • Volatility: High (daily average volatility of 3%).
  • Casino Acceptance Status: Widely accepted.
  • Total Amount of Coins in Circulation: 18,642,037+ BTC in existence in 2021. Fixed quantity of 21 million BTC established.

Best Bitcoin Casino

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Ethereum

Ethereum follows the footsteps of Bitcoin, gaining popularity with each new coin in circulation. This particular model proved to be extremely viable and suitable for online casino banking. The Ethereum system has a clean dossier and the platform is constantly upgrading. Unique features such as smart contracts have made ETH irresistible for careful online casino players.

Like other cryptos, ETH has no single entity to control it. The users mine, purchase and spend their ETH freely at online casinos, at a negligible expense. If you want to use Ethereum for your gambling deposits and withdrawals, you just have to choose a crypto wallet, sign up for an exchange, purchase some ether and load your casino account.

  • Fees: Gas costs (transaction fees) fluctuate. 0.1% standard base fee.
  • Security: Virtually impossible to tamper with. Contracts need to be verified by users.
  • Ease of Use: Decent tech-savvy skills required.
  • Volatility: High (daily average volatility 3.66%).
  • Casino Acceptance Status: Moderately accepted.
  • Total Amount of Coins in Circulation: 112 million ETH in circulation in August 2020. No upper limit on total coin supply.

Best Ethereum Casino

Playamo

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  • High withdrawal limits
  • Over 3,500 RNG games
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Litecoin

Litecoin came about in 2011 as an alternative to Bitcoin. Charlie Lee, a former employee of Google and Coinbase published the LTC code and people soon started purchasing, trading, and using Litecoin at selected places that accepted it at the time. With Bitcoin, blocks are created at a 10-minute rate, whereas with Litecoin blocks are generated every 2.5 minutes.

The different mining algorithm gives a particular charm to LTC and the players certainly appreciate lightning-fast transaction it provides. Various trusted exchange sites provide the services of trading BTC, fiat currency or other digital coins for LTC. Before you head to your chosen Litecoin online casino, make sure to pick a reliable wallet, as well.

  • Fees: Average transaction fee 0.00015 LTC.
  • Security: Less prone to so-called “double waste”. Impeccable underlying blockchain platform.
  • Ease of Use: Decent tech-savvy skills required.
  • Volatility: Relatively volatile.
  • Casino Acceptance Status: Decently accepted.
  • Total Amount of Coins in Circulation: 62,424,175 LTC in circulation in June 2019. Fixed quantity of 84 million LTC established.

Best Litecoin Casino

Tsars

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money-bag 100% up to €300
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  • Daily cashback
  • Impressive live casino
  • Crypto friendly casino

Dogecoin

Upon seeing the Doge internet meme, one could hardly predict it would represent a cryptocurrency. Dogecoin became a star in the cryptocurrency sky, with its popularity increasing immensely in the past few years. Even Elon Musk said it was his favourite digital currency, much wow!

Using Dogecoin at casinos online requires a wallet. Then, one must buy some DOGE at a crypto exchange and fund their online gambling account with it. Provided the casino accept Dogecoin, of course. If you thought faster transactions than Litecoin were not possible, think again. With DOGE, the estimate duration is 1 minute per block.

  • Fees: The transaction fee on the network is 1 DOGE per 1 Kb transaction. Casinos don’t impose fees on DOGE deposits/withdrawals.
  • Security: Censorship resistant (hashrate 203.97 TH/s). Uses PoW consensus algorithm to keep the network secure.
  • Ease of Use: Notable tech-savvy skills required.
  • Volatility: Very High (the price went up 600% within 24h in January 2021).
  • Acceptance Status: Scarcely accepted with potential to expand availability.
  • Total Amount of Coins in Circulation: 127 billion coins in circulation. No upper limit on total coin supply.

Best Dogecoin Casino

7Bit

89.83%

18 + | New Customers Only |

T&C Apply
money-bag 100% up to 1.5 BTC
cherry 100 Free Spins
  • 10-minute cashouts
  • Impeccable reputation
  • Over 200 live dealer tables

Summary

The future of crytpocurrency in online gambling seems brighter than ever. If you think you are at a disadvantage because you don’t currently own any crypto, you are not. Getting into Bitcoin casino deposits or other, more low-key options, takes no more than a couple of hours. Casino Banking Methods is offering you a way to get a better understanding of various types of cryptocurrency, so that you can choose the one that fits you like a glove.

Will all the casinos out there accept digital currency? Probably, at some point. For now, you get to be one of the cool kids. You know now how to move in your own digital gambling world, with the help of our tips and suggestions.

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