5 Steps on Using Cryptocurrency in Online Casinos
Cryptocurrency has seen its popularity in the 2010s until now. Many invest their money in this electronic-based currency. Some already have gold reserves making cryptocurrency stable and can be used as a form of payment in online stores and now casinos.
Yes, you can play online casinos with your cryptocurrency. Casinos are expanding their payment options to reach out to potential players from all walks of life. Many are still new to cryptocurrency, so we have five steps to using cryptocurrency to play online casinos.
Understand How Cryptocurrency Works
Cryptocurrency makes money through blockchain fees, and coins are created through mining. Investing in multiple currencies is the name of the game. Experts recommend a small investment since it is still considered a volatile investment. This means it can change value quickly.
Now that is a brief background about cryptocurrency. Always study the market trend, where to invest, and know the risk involved in using cryptocurrency. Now for information about using it in online casinos, you can see more about the minimum bets for any games.
Create a Cryptocurrency Wallet
Creating a cryptocurrency wallet is easy. There are dozens of cryptocurrency wallets, and registering is easy. You can also choose to be anonymous and not reveal any personal information. There are several types of wallets online/offline and here are some you can choose from.
- Online Exchange Wallets: The most basic type
- Online Third-Party Wallets: Connected to a third-party host
- Mobile Wallets: Uses an app to access your account through your phone
- Hardware Wallets: A physical hard drive where you store your Bitcoin offline
- Paper Wallets: A physical document that has private and public keys for you to access your bitcoins
If you use your Bitcoins for online casinos, you will have to use the online wallets. The offline ones are excellent to preserve the value of your bitcoins.
Check Local Laws
Since online casinos and crypto are a new way of trading, do a little research about laws on playing online casinos using them as payment options. There are few regulations in some countries about online casinos, while some have strict laws against illegal gambling. Also, using cryptocurrency is unregulated and may have limited applications so better check where you can transact with it.
Check online about laws and make sure you are not doing something illegal or something that you might get in trouble with. Being familiar with what is allowed in your country will give you fewer worries and more time for fun.
Select a Legit Online Casino
There are licensed online casinos and some who are shady. Make sure you go to legitimate online casinos certified by an international body. These organizations ensure fair play and that your deposit is safe even if the casino goes bankrupt. Online casinos also take care of their reputations through positive reviews and 24/7 customer service. There are three types of online casinos accepting cryptocurrency:
- Casinos that accept and withdraw purely cryptocurrency
- Hybrids that accept credit cards or other means of payments cryptocurrency
- Casinos that convert your cryptocurrency to online credits for you to play
Stay away from shady sites, they may have a license before but now have gone rogue. Their licenses expired and bad reviews have been written against them. Delayed to no payment, dated games and no customer service are some red flags of a shady site. Avoiding them is best to keep your money safe.
Pick a Game to Start
Now you have entered the online casino, make sure that your payment option is your cryptocurrency wallet. There are some free spins and bonus cash or play with no deposit offers that you can try as you enter the site. Play online like how you play in a casino and study the game you like. When you get the hang of the game, learn some strategies and get better the next time you play.
In conclusion, playing with crypto can give you some security and an alternative mode of payment. It is so much encouraged that there are a set of perks and bonuses that awaits you if you play with bitcoins.