Online gambling is possible in the most diverse ways. You can enjoy casino games, bet on e-sport, poker, sports betting and much more. However, this is only possible if you also have a way to transfer money online. In the Netherlands that is not a problem, but in many other countries that is not that simple.
For example, the US government has made it very difficult for Americans to make online deposits. Crypto currencies have therefore become a popular way to bypass draconian laws in countries such as the US.
With crypto currencies it is possible to finance a casino account, just like with credit cards, e-wallets and bank transfers. Its use can be very interesting for players who want to play in an online casino.
The only problem is that you may have no idea where to start. After all, there are currently more than 2,000 crypto currencies. This enormous number makes playing with cryptocurrency a confusing matter. In this article there are some clarification. In this article you can read more about the most popular crypto currencies to gamble with. You can also read how to pay online with cryptocurrency works.
Why are crypto currencies widely used for online gambling?
The problem with the use of traditional payment options on gambling sites is that third parties are involved. If you use PayPal for online gambling, you are at the mercy of that company. If you want to make a bank transfer, you must pay with Payment Provider.
That goes fine, as long as you have money in your account and the casino offers the payment method you want. That is not always the case. Furthermore, all financial authorities are supervised by the government. This is not the case with the use of crypto currencies. Most crypto currencies are decentralized. They are not checked by a bank, e-Wallet management or central government.
The lack of government control is the biggest advantage of crypto currencies. As long as a casino offers a certain cryptocurrency, this never causes problems. Another advantage of crypto is that you don't have to go anywhere to use it. You can arrange everything from your smartphone or PC.
Other benefits of crypto can be inconsistent, depending on the network use. In general, however, you can deposit faster and expect a trouble -free process. Another important reason why crypto currencies are popular with gamblers is their boundless character. Governments cannot close or limit a decentralized crypto project to specific applications.
Instead, crypto can be used all over the world. Because of this boundless aspect, gambling sites can get in better with their customers. Casinos themselves like crypto currencies because they do not have to pay processing costs. The gamblers pay these reimbursements.
How do crypto currencies work?
Trust is a large part of the financial world. You must trust the bank or e-wallet that you use to prevent you from losing your money. Unfortunately, trust also means that you transfer part of the control over your money to third parties. For example, you just have to trust that a bank does not ruin your deposit or steal your money.
Cryptocurrency differs in this respect. Trust is not placed in the hands of one person or company, but rather in a whole network. Once a transaction has started, the network decides whether they are taking a transaction based on the costs involved. The higher the reimbursements, the faster the transaction is performed.
In most cases, however, reasonable transaction costs apply for a very low percentage of your deposit. Moreover, your transaction is not fixed for days, as is the case with a bank transfer.
Which crypto currencies are most commonly used at online casinos?
Most online gambling sites currently only accept Bitcoin. Casinos, however, are starting to broaden their horizon and to accept more crypto currencies. Below you can read more about the most used crypto currency.
1. In the day T -coin
Bitcoin started this cryptocurrency movement in 2009. The anonymous maker, Satoshi Nakamoto (alias), wanted to give people back financial power after the American banking crisis. Bitcoin (BTC) has since become a household name, albeit partly for the wrong reasons. Unfortunately for Bitcoin, many still associate it with illegal drug trafficking and money laundering.
Although BTC can indeed be abused for these purposes, it also provides benefits. It has a fixed offer (21 million) to prevent too many bitcoins from coming and its value falls.
It also offers a very safe network. Bitcoin may not be the fastest payment method, but it does promise safe transactions. This quality is quite impressive when you consider that the network arranges itself.
The biggest asset from players' perspective is decentralization. Players from all over the world can deposit into a casino and bypass government intervention. Online casinos Bitcoin are currently preferred. The expectation is that this will also stay that way in the near future.
2. ETHEREUM
Ethereum (ETH) is not really known as a crypto currency. It makes it a network that makes smart contracts and decentralized applications (Dapps) possible. ETH also became a hotspot for Initial Coin Offerings (ICOs) in 2018. Many projects used the network for ICOs to raise funds.
Despite the more general use, Ethereum can also be used as a payment method. Ether, the name of this digital currency, is very popular with people acting in crypto.
Ethereum is the second most popular cryptocurrency among online gamblers. Some casinos and poker sites therefore accept exclusive ETH. An important advantage for Ethereum is that it offers faster deposits than Bitcoin and other crypto currencies. It also has on average lower rates than BTC.
The disadvantage, however, is that the Ethereum network is not as safe as Bitcoin. Nevertheless, it still remains a great option for deposits in casinos. This especially applies when you want faster and cheaper transactions.
3. BITCOIN CASH
Bitcoin Cash is the result of a hard fall from the Bitcoin in August 2018. Since then it has become fairly popular thanks to the close relationship with BTC. The latter sometimes suffers from high costs and slow transactions when the network is overloaded.
In crypto, block size refers to the maximum limit of transactions that each block can contain. Roger Ver, an early crypto entrepreneur, was in favor of this step and introduced it to the BTC.
Bitcoin Cash was the result of this. The block size (32 MB) is much larger than what Bitcoin offers (1 MB) and it promises faster transactions. A number of crypto -oriented gambling sites accept BCH next to BTC. Bitcoin Cash offers many of the same benefits as Bitcoin.
4. LITECOIN
Litecoin (LTC) was developed in 2013 as a proposed improvement of Bitcoin. It has a lot of the same coding as BTC, but with higher speed. LTC also has a greater maximum range of 84 million. The larger number of units is the key to the higher speed of Litecoin.
This cryptocurrency is somewhat controversial. The founder, Charlie Lee, sold his LTC during a substantial price rise in 2017.
Some users of Litecoin speculated that he did this because he did not see enough value in the future of Litecoin. Despite DA, LTC is one of the most used crypto currencies in internet casinos.
5. MONERO
An often mentioned advantage of Bitcoin is that it makes completely anonymous transactions possible. However, that is not entirely true. BTC is still relatively anonymous, especially in comparison with other crypto currency. But authorities can link an identity to a portfolio address if they make a little effort for that.
Monero (XMR) has been developed as a solution for privacy problems with Bitcoin and other crypto currency. His technology makes transactions possible that are almost impossible to trace.
As a result, Monero has become very popular with criminal organizations. Of course you do not lead a drug cartel. Nevertheless, the anonymity can sometimes just come out well. This certainly applies to players who live in countries where online gambling is not legal with XMR and a virtual private network (VPN) can be gambled online without being caught.
6. DASH
Dash was originally developed as "Xcoin" in 2014. After negative sounds, the project was renamed "Darkcoin". This name change did not really help the crypto coin, due to the logical confusion with the Darweb. In 2015, the founders therefore opted for Dash.
This crypto uses "Masternodes" to provide the network with power. The end result is a decentralized network that offers fast and almost untraceable transactions.
Just like Monero, Dash gives you the opportunity to gamble illegally with little chance of being caught. The only drawback is that it is not as general accepted as Monero.
7. RIPPLE
Ripple (XRP) is similar to Ethereum because it is not really known as a payment crypto. Instead, it was developed in 2012 as a global gross settlement system.
Everything, from currency to raw materials, can be exchanged on the Ripple network. This project promises safe and immediate settlements without returns. XRP is the native token of the network. It can be used via the network to settle payments.
But XRP recently also appears at more and more online casinos. It makes fast and safe deposits possible, just like various other cryptos on this list.
Conclusion
Crypto currencies will not easily replace credit cards, payment cards or e-wallets if the dominant deposit method for gambling. But they certainly found their place in the online gambling world.
Their decentralization makes deposits possible without a third party being involved. Instead, it is only you and the casino. The great thing is that you don't have to go anywhere to use crypto. You can deposit money on your gambling account within a few minutes from a smartphone, laptop or desktop.
You can also use crypto currencies to make deposits all over the world. There are no limits to this. The benefits of crypto currencies are easy to see. But which crypto do you have to use to play at casinos, poker sites and sportsbooks?
Bitcoin is definitely the most popular option. It was the very first cryptocurrency and continues to take a prominent place in gambling and beyond.
