Gambling with Cryptocurrency at Online Casinos
Recently updated on May 28th, 2021
Online casinos try by all means to evolve with the outside world. One of the more recent trends is the use of cryptocurrency for deposits and withdrawals. Many online casinos are giving their players more ways to bank and play for real money, which adds to the overall experience. At our casinos you are able to gamble with cryptocurrency in addition to all the other banking methods.
What is Cryptocurrency?
The term cryptocurrency refers to digital money or tokens that are controlled by a unanimous power. And, cryptocurrency, like Bitcoin, is produced through mining. The Canadian dollar (C$), on the other hand, is an example of a flat currency that is made, distributed, and controlled by the Canadian government.
The process of mining digital currency is very complex and requires the combined efforts of a network of computers which work together to solve complex mathematical equations. Cryptocurrency also doesn’t belong to a single corporation like a bank, a government, or any other middleman, which makes it possible for anyone to use, regardless of where they are in the world.
How to Gamble with Cryptocurrency
When you’ve signed up at a casino that uses cryptocurrency it’s quite easy to make a deposit. You can deposit tokens or coins directly from your crypto wallet into your casino account. During the transaction, your tokens or coins are converted into the site’s native currency. In this case, it’s CA$. You can then go on to play all your favorite real money games.
You also get crypto-only sports betting sites. To bet there, you must use any of the cryptocurrency payment methods that they provide. All transactions work more or less the same way by sending crypto tokens or coins from your crypto digital wallet to the casino.
But, the difference is that with crypto-only betting sites, all trade happens in crypto. This includes bonuses, betting chips, and even payouts. Sports betting operators commonly use Bitcoin, Litecoin, and Ethereum, but other altcoins like Dogecoin can be used too.
Types of Cryptocurrency
Cryptocurrency may be a fairly new form of paying at online casinos, but the method has expanded into many forms since it first came about in 2017. To date, there are about 10 000 different types of currency.
Bitcoin: Bitcoin is probably the most recognized cryptocurrency out there and is the most commonly offered payment method at casinos. Bitcoin is a token currency and is used for cash transactions on the internet. There are about 18.5 million BTC tokens in circulation globally, and the present limit for BTC token circulation stands at 21 million.
Litecoin: Litecoin is another common payment method at casinos that accept cryptocurrency. It works almost exactly like Bitcoin but was created with the purpose of improving on Bitcoin technology. The improved technology provides faster transactions and has lower transaction fees.
Ethereum: Unlike Bitcoin and Litecoin, Ethereum is not so much a digital currency, but instead a platform that works to decentralize phone apps. Ethereum platforms want to remove app control from middleman like Apple and return it to its original creators. Ethereum uses a crypto token called Ether on all transactions and is most commonly used by app developers.
Ripple: Ripple is the least common payment option at casinos because it wasn’t ideally designed for use by individuals. It’s more suited for large companies who transfer big sums of money to various places across the globe. Unlike Bitcoin and Litecoin that are token-based, Ripple is a coin-based crypto. Its coinage is called XRP, just like Ether is the token for Ethereum. Ripple is also extremely speedy. Its current capacity is handling 1500 transactions per second. Bitcoin has a capacity of 2-3 transactions per second, while Ethereum has a capacity of 15 transactions per second.
Deposit Using Cryptocurrency at Our Casinos
When you gamble with cryptocurrency, you’re in the big league. You are playing with tokens or coins that are arguably more valuable than flat currency, so you can’t mess it up. We hope this quick guide on gambling with cryptocurrency helped. Feel free to visit any of our casinos that accept cryptocurrency to start playing today. Some casinos even offer a special bonus to players who deposit using Bitcoin. That’s one more thing to look forward to.
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