Playing at an online casino with cryptocurrencies: everything you need to know
The online gaming industry is an industry of constant innovation. True to it nature, it didn’t look to the cryptocurrency of the past. Since the virtual currency’s inception in 2009, in this case, bitcoin, online casinos have been quick to embrace it, realizing the potential it holds. The scene quickly evolved to casinos that operated only with bitcoin, and then with other currencies such as Lite犀利士 coin, Ethereum, or Ripple.
Want to play on an online casino platform with cryptocurrencies but don’t know where to start? Here’s an overview to get you started.
What is a cryptocurrency and where does it come from?
Cryptocurrency is a virtual currency. By “virtual” we mean that it has no physical existence. It is an exchange currency exclusively dedicated to online transactions without intermediaries. It is generally seen as a reliable means of transaction between individuals. The first cryptocurrency, bitcoin, was created in this sense by mathematician Satoshi Nakamoto. In other words, cryptocurrencies are not linked to any banks or similar institutions, which are considered very profitable for unscrupulous people. So how do we know cryptocurrencies are trustworthy?
In fact, the reliability of such coins lies in their production. Virtually unbreakable, cryptocurrency transactions are the work of thousands of computers around the world, which process transactions and record them on the blockchain.
Think of it as a record of all cryptocurrency movements. But before any movement, money must be created. A cryptocurrency is produced by a computer. A unit generator algorithm is issued regularly, and thousands of powerful computers will process it. Those who participate in the operation are rewarded with units. They say they are “mine”. It is the miners who will sell their units to non-miners.
If bitcoin is the reference cryptocurrency, the entire system of other cryptocurrencies works in the same way. Currently, cryptocurrencies are used to acquire and buy various services online in the same way as with the euro, the dollar, or any other currency called fiat. Casinos also offer transactions through these cryptocurrencies.
Which crypto casino to recommend?
With democratization on the rise, people can pay with cryptocurrencies. However, they have become one of the mainstays of online gaming. The platforms fully understood the potential of cryptocurrency.
A few years after 2009, when bitcoin was first introduced, casinos exclusively for bitcoin transactions emerged. They are currently one of the best online establishments to offer this type of service. These include betflip and Joe Fortune Casino. About the last one, you can read here https://casinonoxaustralia.com/joe-fortune-casino.htm It’s safe to say that these pioneers of the genre are a safe bet.
Then came the turn of other currencies, including Ethereum, Litecoin, and Bitcoin Cash. They are now accepted as currency for deposits and withdrawals at many bitcoin online casinos.
You can also resort to so-called “hybrid” online casinos. They transact in euros before converting them into cryptocurrencies. But if you want to have your own units, here’s how.
Where to get cryptocurrency to play?
There are two ways to get your units to play. The first is to “mine” the cryptocurrency. It’s about letting your computer process a very complex math equation. As a reward for your participation in the operation, you will receive a cryptocurrency. But not everyone can be mine.
The second way is to buy them from specialized brokers. To do this, all you need is a credit card and you can buy them like any other item on the Internet.
At this point, you must create your portfolio to store your newly purchased units. Many platforms offer the creation of these portfolios. The most popular are Blockchain.com and Coinbase.com. Your virtual currency is then like a series of numbers and letters. Called the “key”, this suite is jealously guarded. It is used to make deposits at your casino to buy chips. For the rest, it is used like any other currency.
Advantages of cryptocurrencies in online casinos
The reason cryptocurrencies were so quickly adopted by online casinos is that they offer so many benefits to them and their customers. The main advantages are the speed of transactions, their security, the low percentage of transactions, and, above all, anonymity.
The speed of transactions in a crypto casino
Cryptocurrency transactions are said to be faster. And,it doesn’t go through the usual procedures that are used when choosing a bank transfer. While banking transactions can take days, a cryptocurrency transaction depends on network saturation. It can be instantaneous, but it can also last up to 30 minutes. As a bonus, the use of cryptocurrencies is exempt from taxes and exchange fees. The casino gets rid of cumbersome paperwork.
Anonymity in a crypto casino
The more correct term would be “discreet”, as transactions are still recorded on the blockchain. A specialist can then find a user and consult the information about their transactions: the amount, and the recipient. In any case, your personal data is only useful for opening your wallet. For example, the user must enter their bank details.
But once your cryptos are purchased, deposits and withdrawals at online casinos do not require paperwork. Also, creating a player account only requires an email address.
Security of casino cryptographic transactions
The key to cryptocurrencies is the security they offer, without having to go through a trusted intermediary like a bank. In fact, to enter the network, it would be necessary to combine the power of the computers that compose it. This would be an almost impossible operation.
Caution. Keys are not immune to data theft. While the network itself is virtually unbreakable, hackers can attack key storage locations. It’s better to keep them well.
In short, cryptocurrencies have proven themselves and are likely to be part of the landscape for a long time to come. Want to take advantage of the benefits? The real challenge is finding a reliable casino.
