Cryptocurrency is a digital asset that exists whithin a cryptographically secure network, backed by a peer-to-peer computer network, rather than a central authority such as a bank. Another distinctive feature is the logging of each transaction in a public ledger (blockchain). Crypto currencies are alternative currencies or digital currencies. Decentralized control sets cryptocurrencies apart from centralized electronic money systems such as PayPal.
The first ever cryptocurrency introduced was Bitcoin in 2009. Today, many other cryptocurrencies have been created and there are several types of cryptocurrencies. Cryptocurrency is becoming more and more available in Latvia, as it is everywhere in the world, and you can also use it when playing on online casinos.
Cryptocurrency casinos have several advantages. The best is that digital currency casinos (such as Bitcoin casinos, etc.) are very secure, and offer instant transactions. Cryptocurrency casinos have been gaining momentum and providing players with a simple and efficient payment method.
Cryptocurrencies are a modern way to play at online casinos. Registering at such online casinos is easy as a breeze and they work on both desktop computers and mobile devices.
Players will benefit from enhanced security, transaction speed and the fact that the crypto payments are free of any fees. As more and more casinos start to support cryptocurrencies, you will surely have even more casino sites to choose from in the future.
First, in order to be able to further use the cryptocurrency casino, you will need to purchase some cryptocurrency from an online exchange. There are several cryptocurrency exchange sites on the internet where you can buy cryptocurrencies. After you have purchased some coins, you need to follow these steps:
- Choose a trustworthy cryptocurrency exchange and purchase your coins. Note that different exchanges offer different cryptocurrencies, so if you need a specific currency, such as Litecoin, choose an exchange that sells that particular coin.
- After buying coins, you will need to find a cryptocurrency wallet to store and secure them. In the long run, to have control over the coins, you should store them in your crypto-wallet.
- Once you have purchased digital coins and stored them in a safe place, it is time to choose an online casino that accepts cryptocurrencies.
Depositing in online casinos using cryptocurrencies:
- Once the coins are in your cryptocurrency wallet, sign up with the online casino of your choice and proceed to the payment page to make your first deposit;
- Select the cryptocurrency of your choice, and you will see the casino wallet address. Copy the address, and proceed to your cryptocurrency wallet;
- You will need a link to send funds to, so copy the casino wallet address;
- Enter the amount you want to deposit both in the casino and in your cryptocurrency wallet;
- Press send and the funds should appear in your casino player account within a few seconds.
Cryptocurrency Deposit Fee
Generally, you do not have to pay any fees when depositing cryptocurrencies. However, there are some casino sites that charge a fee for cryptocurrency payments. Before you deposit at an online casino, be sure to check its terms and conditions.
When you deposit using cryptocurrencies, you have the option to withdraw using the same method. The advantage of using digital currencies for withdrawals is that they are often faster than traditional methods.
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Instant transactions – Cryptocurrency technology enables instant transactions. As soon as you request a deposit or withdrawal of your winnings, it will happen instantly. The virtual currency is stored in a decentralized system, so there is no need for long transaction processing and confirmation times, which is the case when you opt for traditional payment methods with intermediary institutions.
Globally available method – The location and its restrictions are irrelevant to crypto casino players. This also means that many players in regions where online casinos are strictly regulated or even banned can play their favorite online casino games.
No extra fees – Using cryptocurrencies as a form of deposit usually does not involve any additional fees. Whether or not there is a fee for using cryptocurrencies depends on each particular casino. You should therefore familiarize yourself with the terms and conditions of the casino you choose.
Anonymity – Your personal data is hidden for the entire duration of the transaction. You can see that a transaction is happening, but only the amount of it is visible. Some cryptocurrency casino sites offer completely anonymous accounts, which means you can play casino games without revealing any of your personal data. Transactions made at Crypto casinos will not appear on your credit card or bank statements.
Not available in every casino – As we’ve already mentioned, compared to the classic methods such as credit card or bank transfer, cryptocurrencies are a relatively new payment method in online casinos. therefore It will not always be available in all online casinos platforms or in all countries.
No possibility of return – While you may get some customer support in case of problems from either your wallet provider or the cryptocurrency casino itself, they have no control over the actual blockchain. In addition, if funds from your cryptocurrency wallet are stolen, they cannot be traced down and you will have little chance to get them back. Therefore, it is always advisable to choose official exchanges for buying cryptocurrencies, as well as reliable and trusted online casinos that accept cryptocurrencies.
Another advantage of cryptocurrencies is that many casinos provide special bonuses for players that make deposits using cryptocurrencies. While standard bonus offers are available to players, cryptocurrency bonuses are usually offered as an alternative. If not, you still have access to all the other casino bonuses offered on the site.
Cryptocurrency users do not have a one-stop customer service site, so if you experience problems with payments, it is recommended to contact the exchange site that offers cryptocurrency transactions.
Internet security is one of the main issues to consider when it comes to anything that involves the disclosure of personal or banking information and payments. This also applies to online casinos that accept cryptocurrency. Those who know what cryptocurrency is also know about its security benefits. Gambling with cryptocurrencies, such as Bitcoin, is one of the safest ways to gamble online.
One of the main reasons is the security of the cryptocurrencies themselves during the transactions. In order to access the funds in your cryptocurrency wallet, a person will need your login information, including the two-step verification. This is just one of the reasons why getting hacked is extremely difficult when it comes to cryptocurrencies.
Crypto payments are based on a secure, immutable system within a blockchain. This method is very safe because every transaction is logged and cannot be altered.
Digital currencies such as Bitcoin and Ethereum will for the most part be accepted at all crypto-casinos. However, the number of cryptocurrencies used is constantly expanding and you will also find major casinos using Ripple (XRP), Litecoin (LTC), Monero and other popular cryptocurrencies.
The process of depositing money using cryptocurrencies is quite simple. First, you need to create an account on the site where you want to deposit. Next, go to the deposit page and select the cryptocurrency you want to use to make a deposit. The third and final step is to follow the instructions on the page, which usually involves logging in with an online cryptocurrency wallet or sending the deposit amount to a casino wallet address.
There are no specific laws regulating cryptocurrency gambling, since certain cryptocurrencies are neither officially allowed nor prohibited. There are countries that do not allow cryptocurrencies, but in most countries cryptocurrency gambling is legal and is offered by licensed casinos that accept cryptocurrencies. If you choose a licensed online casino, using cryptocurrencies will also be safe and legal.
Yes, of course. Cryptocurrency casinos offer the same bonuses as classic online casinos with traditional payment methods. Sometimes casinos may even offer players exclusive bonuses on deposits made using cryptocurrencies. However, if they are not available, you still have the option to use other casino promotions, such as the welcome bonus, free spins, etc.