Crypto gambling is all the rage today, and many people prefer to use crypto gambling platforms than regular online casino platforms. Crypto gambling platforms offer plenty of benefits that the regular online casinos can’t offer, and they might also offer bigger casino bonuses for their new and returning players.
Many crypto gambling platforms are also available in various countries, and they use various cryptocurrencies in their gambling activities, such as Bitcoin, Litecoin, Dogecoin, Ethereum, Tether, and so on. In this guide, you will learn all you need to know about gambling with cryptocurrency.
Cryptocurrency as the Primary Payment Method
With crypto gambling, you will use cryptocurrency as the primary payment method. The most common crypto to use for online gambling is Bitcoin, but there are also many crypto casino platforms that use other cryptocurrencies as their primary payment method aside from Bitcoin. So, the type of cryptocurrency to use will depend on each online crypto casino platform.
However, one thing to notice here is that cryptocurrency will become the primary payment method for all transactions on the crypto platform. You can’t use the regular fiat currency, such as USD or EUR, in your gambling transactions. You will need to convert the fiat currency to cryptocurrency before playing.
You Can Withdraw Your Winnings to Your Crypto Wallet
With crypto gambling platforms, the use of the crypto wallet is very important. Of course, the platform itself will provide you with its own crypto wallet. However, you can withdraw your winnings later using the crypto wallet you already own. Crypto wallets, such as Coinbase Wallet, MetaMask, and Trust Wallet, will be essential for your transactions on the crypto gambling platform.
Online casino platforms that use cryptocurrency will allow you to withdraw your winnings to any crypto wallet you have, with instant transfers that allow you to receive your crypto earnings right away.
Some Platforms Allow You to Buy Cryptocurrency via Traditional Payment Methods
For those who are new to cryptocurrency, you don’t need to worry about the hassles of creating a crypto wallet when you take part in an online crypto casino platform. Some crypto gambling platforms will allow you to buy cryptocurrency via traditional payment methods. So, you can use your regular debit or credit card to buy cryptocurrency on the crypto gambling platform before you can play any online casino games available there.
Then, after earning some crypto from your gaming activities, you can convert your earned cryptocurrency to the traditional currency on the platform, which means you don’t need to send it to your external crypto wallet. However, please note that not all crypto gambling platforms will provide you with this convenience.
Crypto Gambling is Still in the Minority
Only a few crypto gambling platforms are available today. Most online casino platforms today accept only fiat or traditional currency, so you will need to find a specialized crypto gambling platform if you want to use Bitcoin and other cryptocurrencies in your gambling activities. Gambling with cryptocurrency might still be in the minority, but anyone from around the world can take part in it.
You can use cryptocurrency to bet on sports matches, play online casino games, play live dealer games, and bet on fantasy football teams. You can also double it as your investment, as cryptocurrency value can rise from time to time, which can also give more value to your earnings.
Crypto Gambling Offers You More Privacy and Security in Your Gambling Transactions
With cryptocurrency as the primary method of transaction, you can get more privacy and security in your gambling transactions. Crypto gambling offers various benefits not available on any regular online casino platforms. For instance, crypto gambling will protect your identity better, as you can stay anonymous during your gambling activities.
Your financial transactions don’t go through any banking institutions, meaning that you can make your transaction information private to you. Also, cryptocurrency is available around the world, meaning that you don’t need to convert USD into EUR and vice versa just to play your online casino games.
Crypto gambling might be the future of online gambling, as it offers more benefits when compared to the regular online casino platforms. However, it will take some time before crypto gambling can take a deeper root in the current gambling industry.
There will be a lot of things to improve on the current online gambling platforms if the platform owners want to incorporate cryptocurrency into their payment system. Thus, transitioning from regular online casinos into crypto casinos can take many years to complete.