Cryptocurrencies in the casino space.

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2023-05-30 18:28:52
Cryptocurrencies in the Casino Space.

Some believe that crypto stayed in the shadows for too long and got overused too quickly; others believe that it’s the future of currency and trade. Whatever it is, crypto has invaded gambling websites and become a viable payment option. Because of this,  there are a few things you should know before having a go at crypto betting. 

Crypto in casinos.

There are three stripes of casinos: those that are entirely crypto-based and do not offer any fiat currencies; hybrid casinos that provide both crypto and fiat currencies; and casinos that flat-out don’t take crypto coins. There are, in fact, bookies who, on top of dealing with crypto coins, have their own unique token that you can use instead of traditional coins. By doing so, you constantly increase the value of the coin and make it a more desirable investment for people outside the gambling space. Even if you quit gambling altogether, you are left with a coin of significant worth, provided that others keep trading with it.  

How crypto payments work?

While crypto’s fame has soared so much that there are hardly any philistines left, every online casino will try to help you get to grips with this cutting-edge payment plan. A lot of times, crypto transfers are done through a special e-wallet. This e-wallet is a dedicated digital space for one particular token, meaning that you can’t hold more than one type of currency in it. For example, if you wish to withdraw Etherium coins from your gambling provider, you can only do so through a dedicated Etherium wallet. Each token has its own wallet with a unique link directing you to it.  However, not everyone is an avid cryptobro with a wallet for every token. That’s why every online casino has a specialised crypto wallet that holds your funds after you’ve won your wagers. You can then direct your funds from the casino wallet to your personal e-wallet via a unique code given to you by the casino. 

How to buy crypto? 

Buying crypto happens either through a specialised third-party exchange or via the gambling provider’s approved crypto client. Each token costs a specific price and automatically loads into your account. You can expect either the third-party exchange or the website’s client to charge a small fee for the transaction. The good thing about crypto is that it’s anonymous and requires little to no personal information to be logged into the system.  However, keeping in mind what we said earlier about crypto wallets, you must make sure to set up different crypto wallets for every type of token you wish to deal with, as funds from an Etherium wallet, for example, can’t be transferred to a Bitcoin wallet. 

Transaction speeds? 

Depending on the wallet you use, there are different transaction times for each  type of token. Some may take up to 30 mins to be processed, while others more than 3 hours. You should be well familiar with the platform you are using, as this could eliminate lots of needless frustration from the overall experience with the platform.

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