A beginner’s guide to gambling with cryptocurrency

Today, it appears that cryptocurrency is the topic of almost every business-related conversation, and rightfully so; with fast transaction speeds, low transaction costs, transparency, and diversification, cryptocurrency has become a popular choice among many. Not only within the business sector but in the gambling sector too.

From blockchains to bitcoin and a plethora of other crypto terms, one may become slightly befuddled. This is where we come in to help you navigate the process. The gambling industry has expanded a lot of time and effort in providing players with convenient payment options that follow a seamless and cost-effective process. Crypto has certainly delivered on this one.

Let’s start off by understanding what crypto currency is. Crypto is any form of currency that exists digitally or virtually. It uses a decentralized system in which transactions are verified and records are maintained via cryptography. Bitcoin was the first cryptocurrency and remains the most popular crypto currency today. Others include Ethereum (ETH), Litecoin (LTC), Cardano (ADA), Polkadot (DOT), Stellar (XLM), Dogecoin (DOGE), Tether (USDT), Monero (XMR). Admittedly, I cannot name all of them since there are over 18,000 cryptocurrencies as of 2022.

Cryptocurrency online casinos sprung up soon after cryptocurrency became a huge success. Since the cost of traditional payment methods has become prohibitively expensive, online casinos have devised novel payment methods to offer their customers. There are now online casinos specific to cryptocurrency, these crypto online casinos solely provide players with cryptocurrency payment methods. 

Let us now look at how to make a deposit and withdrawal using cryptocurrency. Players will begin by registering for a Crypto Wallet, which will be used to store any cryptocurrencies purchased. After successfully registering for a Crypto Wallet, the next step is to fund your wallet. This is done by selecting the cryptocurrency you want to play with and funding your wallet with a credit or debit card, wire transfer, or other method. The amount reflected in your wallet balance will be determined by the market value of each coin. 

Once you have funded your wallet, you will then choose to play on one of these online credit card casinos for example. Once on the site, select whether you want to sign up or sign in before proceeding to the deposit section. Choose the cryptocurrency you want to pay with, and the online casino will provide you with the address for the site operator’s wallet. You will then go to your Crypto Wallet, enter the address for the online casino’s wallet, and select an amount to deposit. Once the transaction is completed, your payment will be reflected in your online casino balance.

When you want to withdraw money from your online casino wallet, simply request a withdrawal by providing the online casino with your wallet address, the amount you want to withdraw, and the cryptocurrency you want to be paid in.

These simple steps are all that is required to begin playing your favourite online casino games using cryptocurrency.