How to Use Cryptocurrency in Online Games

There seems to be an increasing number of companies in the world trying to invest in blockchain technology, while terms like cryptocurrency, digital assets, tokens, etc. are gaining popularity. This whole process may seem complicated at first, but there is a lot of value in it. How about the fact that there are online gambling brands you can find at that have been accepting cryptocurrency payments for quite some time now? As payment processing has become increasingly complex, the industry has always looked for innovative ways to manage it. The crypto market is still in its infancy and many people have only been learning about it over the past few years.

So, how easy or complicated is it to use crypto when playing at an online casino? Let’s find out more about it!

Using Crypto in Online Gambling Platforms

By learning how to acquire certain crypto-currencies and use them to deposit money on your favorite gambling site, you’ll be able to fully realize how the currency can be utilized for gambling. Each website with online tables and slots manages cryptocurrency in a slightly different way. Even if you are not sure about what kind of cryptocurrency you will use to play, the casino operator can help you or you may read the terms and conditions on your own. In addition to providing you with tips that increase your chances of gambling with cryptocurrency, operators strive to offer you the best possible gaming experience.

Benefits of Using Cryptocurrency in Online Casinos

Blockchains are distributed databases that can be shared by multiple nodes in a computer network. Blockchains store information electronically in digital form, such as cryptocurrencies. Bitcoin is one of the best known cryptocurrencies that use blockchain technology to maintain a secure, decentralized record of transactions. The innovative feature of a blockchain is that it provides a high level of security of data without requiring third parties to be trusted.

Using cryptocurrencies for money transfers in online casinos comes with these main benefits:

  • Gamblers are now able to deposit funds into their gaming accounts without revealing any personal information thanks to blockchain technology. You only need a wallet address and/or account destination tag to make a transaction with any digital currency.
  • Transactions are easy to monitor thanks to blockchain technology, which Bitcoin and other cryptos use. The casino receives the money directly without requiring any approval. This prevents any manipulation of the transaction.
  • Convenience – Cryptocurrencies make online gambling much more convenient. Furthermore, gambling transactions will not show up in a gambler’s bank account. There are some countries where taking loans will not be possible if a bank account has been used in a gambling transaction – so people would be better off purchasing crypto.

How to Use Cryptocurrency when Playing Online?

While it’s not that difficult to deposit and withdraw from an online casino, you should make sure that you know all the steps to ensure the transaction goes smoothly. Here are the only three steps you will need to take in order to pay via crypto when playing online:

  • Create a wallet account
  • Fund your wallet
  • Use the crypto wallet to deposit

When you win, it’s time to withdraw your winnings. By requesting a withdrawal through your online sportsbook or casino, the website will send your crypto back into your wallet. Upon receiving it, you can then convert the digital currency into fiat currency and send it to your bank account. Or you can simply use it for further playing, it is up to you. Cryptocurrency is a popular method of exchange because of its simplicity and ability to be used anywhere in the world.

Which Cryptocurrency to Use?

This mainly depends on the coins you own and the gambling websites. For instance, if you have Bitcoin or Ethereum, you can use either of the two to pay online. However, some online casino websites tend to offer only a few of the most popular cryptocurrencies. Here are some of the most popular cryptos most casino operators accept:

  • Bitcoin – The moment gambling sites began to accept Bitcoin as a currency, they realized that players preferred Bitcoin to other cryptocurrencies. Despite being somewhat of a hassle, Bitcoin is still the most popular cryptocurrency for online gaming.
  • Ripple – The cryptocurrency was created in 2012, and is independent of Bitcoin and energy supply. Due to its low resource consumption and high safety measures, Ripple offers a fun and safe gaming experience.
  • Ethereum – Several online gambling websites are already using Ethereum due to its new model, as it uses smart contracts, is open-source, and is based on blockchain. This eliminates the need for third parties.

Does Every Gambling Website Accept Cryptocurrency?

In recent years, the explosive growth of cryptocurrencies made a huge shift in the online gambling market, and more and more online operators are shifting to a crypto-friendly approach. Even if not all gambling sites offer this payment option, it seems that the future of online casinos will be dominated by blockchain and cryptocurrencies.

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