Why have cryptocurrency casinos become popular?
The rise of crypto casinos is mainly due to the explosion of cryptocurrency, especially Bitcoin, in recent years on the Internet. To continue to innovate and attract players, it was only natural that casinos would allow this payment method on their platforms. The avenue on the market of casinos specializing in crypto has contributed significantly to its popularity.
Another element, the ease of transferring money between the casino and the crypto wallet, has appealed to fans. Interestingly, people who already deal with cryptos will find it much easier to use this type of casino. Nevertheless, suppose you are a beginner and want to get started with these entertainment gaming platforms. In that case, you should know that they have implemented the necessary means to bring you the best customer experience.
Our tips for choosing a quality cryptocurrency casino on the web
Determining the choice of crypto-gaming is not simple. The multitude of casinos available online makes it difficult to choose. Selecting a trusted online casino is worth looking at some key points. Let's see which ones.
The available games
One of the first elements is the games available on the platform. Most online casinos offer a wide range of games. But, if you already have one or more favorite games, it may be relevant to look at whether it is present or not.
Also, to emphasize this point, it may be helpful to find out the payout rate of players in a game.
Bonuses offered
Bonuses offered are attractive gifts given by online casinos to charm online players and bettors. All crypto casinos offer attractive bonuses to their new and existing members. Promotions come in different forms: first deposit bonus, free spins, special bonuses, VIP bonuses, etc.
Available cryptocurrencies
The last criterion is the digital currencies allowed. The majority of crypto casinos accept this type of payment. Among them are the following cryptocurrencies:
-
Bitcoin: the most popular and most expensive virtual currency;
-
Ethereum: the second most popular currency behind Bitcoin. The purchase of Ethereum is more accessible ;
-
Dogecoin. It gained popularity in 2021 thanks to Reddit users and Elon Musk. Now, it is popular in online casinos;
-
Litecoin. It is rarely allowed in casinos because of its low fame;
-
Bitcoin Cash. This crypto is different from Bitcoin. It was created to address the scalability problem of the more expensive cryptocurrency. It is also not very present in online casinos.
The six advantages of playing at crypto casino
Playing in a digital casino with virtual currencies has additional advantages over traditional currencies. These significant advantages allow online players to bet with peace of mind.
Accessible
Every person can own cryptos. Users can exchange their cryptocurrency from a medium and a wallet. In theory, it is available to the population without access to traditional banking systems.
Anonymity
Privacy is the strong point of cryptocurrencies. Users must provide their personal information for payment options with fiat currency, especially bank cards or even Paypal. This notion is erased with Bitcoin and other cryptos thanks to the blockchain.
Thus, casino members are not required to provide their private data. Moreover, there is no link between cryptos and banking institutions. This way, your online transactions will remain anonymous.
Transparency
The transparency argument is respected in crypto casinos. Indeed, some casinos can manipulate the game. This problem does not arise with blockchain technology. This system does not allow fraud, so fixing the game's results is impossible.
Fast transactions
Bettors highly value the speed of transactions with crypto. It can be noted that the processing time for a deposit is instantaneous. Regarding withdrawals, the time frame can be less than ten minutes. Once your request is validated, the amount is displayed on your crypto wallet.
Transaction fees
The other advantage of cryptocurrencies lies in the transaction fees. They are low, if not almost zero. When transfer costs arise, they are lower than in different currencies. Thus, you can make your withdrawals and deposits without incurring a noticeable loss due to fees.
Decentralization
Earlier, it is mentioned that cryptocurrencies are outside the current banking system. This element allows users to make payments online without going through a bank. Thus, to benefit from financial services, you no longer need intermediaries.
The three disadvantages of the online crypto casino
Digital crypto casinos have several advantages. However, there are still some disadvantages.
The instability of crypto
The world of cryptocurrency is constantly changing. The risk of this settlement method is volatility. Simply put, cryptocurrencies fluctuate regularly. Speculation about these digital currencies causes them to quickly rise and fall in value.
No recourse
Another problem is that you have no recourse in case of a dispute with an online casino. Indeed, there is no customer service for cryptocurrencies. You will have to convince and exchange with the casino to find a solution.
Impossible to cancel a deposit
Last but not least, when you make a cryptocurrency transfer, you have no way to reverse it. To avoid any disappointment, we suggest you double-check before confirming your request.
Nevertheless, there is no such thing as zero risk. It is highly recommended to protect your cryptocurrency portfolio. If a hacker breaks into your wallet, you will have no protection.
How do I deposit at a crypto casino?
Making a crypto deposit at an online casino is relatively simple and remains unchanged. However, to carry out this action, you must first have certain things in place.
Buying cryptocurrencies
One of the first questions a player asks is where to buy cryptocurrencies to play online. For this, there are two options on the market: buying cryptos online and offline.
For the first option, exchange sites or online brokers can meet your need if you want to buy your cryptocurrencies quickly. This service works closely with crypto wallets. Regarding the second option, you must go through a tobacconist's office or an exchange counter.
Create a crypto wallet
As mentioned earlier, the purchase of cryptocurrencies can be linked to an e-wallet. If you want to have and keep your cryptos, it is crucial to register on the crypto wallet of your choice. Today, there are several platforms with these services. Among them, the best known are Etoro and Binance.
Here are the steps to follow if you are a beginner.
Create an account on a platform
The first step is to register on the platform. You must fill in your personal information: first name, last name, email address, and strong password. After correctly filling in the elements, you just have to validate.
Verify your identity
Identity verification is mandatory. All serious platforms perform this type of verification. It is simple: you must provide your name, address, and a copy of your ID card. This way, the site ensures that the person who creates the account is related to the person who uses it.
Transferring funds with my wallet
To start acquiring cryptos like Bitcoin and others, you need to select the crypto of your choice and fill in the amount. To proceed with the purchase, you need to choose your payment solution. Generally, it is a credit card or bank transfer.
By default, you do not have a payment method record. You must add an account and fill in your banking information to create one.
It is worth noting that you have low transaction fees by going through crypto wallets.
How do I make a withdrawal at a crypto casino?
When you win money at a virtual casino, you want to be able to withdraw it quickly and easily. Withdrawing winnings from a crypto casino is the same as withdrawing any other type of funds. Many players are more or less anxious when withdrawing funds from casino games. But the process is much easier than you think.
For those unfamiliar with the process, the first thing you will need to do is log into your account. Then, go to the "withdrawal" section. Start by entering the amount you want to withdraw and follow the instructions. Always remember to check the information entered. If you make a mistake, you will not be able to return.
Do I have to declare my crypto earnings?
To begin with, you should know that the winnings received thanks to the casinos are not taxable. Thus, you do not pay income tax. They are considered exceptional income. However, if you win a large amount of money, you will probably have to pay taxes on your assets and investments.
On the other hand, if you are a professional gambler, then you are taxable. To be considered a professional gambler, this activity must be your primary source of income with significant and regular earnings.
What are the deposit and withdrawal times in a crypto casino?
Overall, with traditional payment options, the time frame for accepting a deposit is immediate. However, for withdrawals, the time to validate a request and receive the funds varies between 24 hours and five days maximum. This situation is not seen with cryptocurrencies.
Previously, it has been stated that deposits in cryptos are speedy. And this is normal! Indeed, casinos accept deposit requests without delay so that new and old members can quickly enjoy the games on the platform. The processing time for withdrawals with virtual currencies is no different. They are also fast.
Are crypto-casinos secure?
Previously, the reliability and security of digital casinos have been questioned. Over time, casinos have put processes in place to secure their platforms.
The arrival of crypto casinos has brought this concern to the forefront. It is important to note that casinos that allow cryptos use the same level of security. In other words, playing at licensed casinos prevents you from betting on unsafe gaming platforms.
Security and protection
Security is provided by two structures: online casinos and the blockchain. It can be note that the blockchain provides a higher level of protection than banking transactions. Indeed, it does not transmit sensitive data, unlike the bank card.
Customer service
Every reputable casino offers customer support to address user concerns. Most offer both verbal and electronic support. Simply put, you can reach the customer service team by phone, chatbot, and email.
What are the alternatives for depositing at an online casino?
The payment methods you use daily are the same as those you would use to deposit at an online casino. However, most casinos offer additional options that cater to the specific needs of casino players. Here is a list of the most commonly used deposit options.
Electronic wallets
Electronic wallets are becoming increasingly popular in the gaming industry. These are online payment services that can be use to make deposits and withdrawals at casino sites like Paysafecard online casino. Funds can be transfer to or from a bank account or credit card.
Wallets are generally considered the fastest and safest way to make payments on the Internet. They offer the highest level of security as they do not allow players to disclose their confidential banking information to online casinos.
Credit Cards
Credit cards are another popular method for online casino players, as they are widely accepted. They are the most commonly used payment method at Mastercard online casino sites. They allow you to make secure payments through the banking network. During your transactions, you are protected against theft and fraud. Credit cards are accepted at all online casinos, including no-deposit casinos.
Bank Transfers
Wire transfers are a standard method that almost all online casinos use to accept deposits, and they are usually free. You can send money directly from your bank account to your online casino account with wire transfers.
However, it takes some time for the online casino to receive your money. In addition, you will need to have a bank account registered in your name to make a wire transfer. With transfers, you don't have to worry about using sensitive personal information or disclosing private data.
Manual Wire Transfers
Casinos that accept offline bank transfers are rare, but they do exist. These virtual casinos use this method to allow their members to enjoy their favorite games.
It is the best option if you don't want to use your credit card or other electronic means to deposit funds at a digital casino. It can be done from a bank or third-party company like Western Union or MoneyGram.
It should be noted that it can take a long time due to the various procedures. It can take up to 5 days. In addition, they can be more expensive because of the transaction fees.
What is the difference between a Bitcoin casino and an Ethereum casino?
If you consider using cryptocurrencies for online gambling, you are probably comparing the leading Bitcoin and Ethereum casinos. These currencies have many similarities and differences. But, they still allow you to play your favorite casino games with real money.
There are a few differences between a Bitcoin casino and an Ethereum casino. There are only minor distinctions between them. In general, the games and game features are the same. The main difference is their underlying technology.
Casinos integrated with Ethereum smart contracts have definite advantages over traditional Bitcoin casinos. It is because they are more secure and transparent, which creates entirely new gambling and entertainment experiences for players.
Crypto-casino: available bonuses
More often than not, crypto-casinos offer players bonuses. Online casinos offer these gifts to attract and please players. Gaming platforms offer bonuses to allow them to start the game with a more significant amount than they hold. This way, they have a real chance to have bigger winnings. You can take advantage of these bonuses whether you are a casual player or a loyal one. Here are the different bonuses that you can find in an online casino:
Signup Bonus
Any reputable online casino offers its new players a welcome bonus. It can be in the form of a no-deposit bonus or a deposit bonus.
Deposit bonuses are offered to players who have just signed up for the platform. They can vary depending on the casino, but they are usually between 100 and 200% of the amount deposited in the player's account. They are often limited, for example, up to €500. You must make one or more deposits to your account before you can claim them.
Cashback bonus
A cashback bonus is money the casino offers to compensate for the player's losses over time. This offer can be available daily, weekly, or monthly. The amount awarded varies depending on the casino. Typically, players receive a 10% to 30% refund on their first deposit. Online gaming establishments also offer this kind of bonus to VIP players.
No deposit bonus
The no-deposit bonus is a promotional offer that consists of receiving free credits for wagering without depositing real money into your player account. It can be offered as a welcome bonus or an occasional promotion to try slot machines or casino games. The size of the no-deposit bonus varies by the online casino, but you can expect to receive between 20 and 50 free spins, sometimes more. This type of bonus is ideal for newcomers to the online casino world, as they can have fun playing the games without investing any money.
No wager bonus
No wager bonuses are promotions offered to players by an online casino to enhance their gaming experience. The terms and conditions associated with this promotion do not include a wagering requirement. If you win bets with the no-wager bonus, you will not have to wager multiple times before withdrawing your winnings. Therefore, you can withdraw your winnings whenever you want, regardless of the amount. The no-wager bonus is a great gift that can be given to any type of player. Whether you're new, old, or a VIP club member, this bonus doesn't exclude anyone, unlike the welcome bonus, which is only available to new players. No wagering bonuses offer players a unique opportunity to increase their bankroll without worrying about meeting wagering requirements. So, if you are looking for an online casino that offers this type of bonus, check the terms and conditions before signing up. That way, you can take advantage of this fantastic promotion and maximize your chances of winning big!
Free spins
Some online casinos offer free spins to new players over a certain time. Sometimes they can even give out up to 100 free spins at once, which is great because it allows you to test the games on the platform before putting in real money.
This type of bonus is an offer that casinos make to attract more players to their slot games. It should be noted that slot games are the most popular games in online casinos and, therefore, the most used by players worldwide. These bonuses allow you to enjoy free spins on games predefined by the casino.
Loyalty Program
As the name suggests, this type of bonus is intended for loyal online casino customers. It can be a refund on the number of deposits or the possibility for the player to accumulate points that could be exchanged for gifts. There are different varieties of loyalty programs. In some casinos, you can earn points for every game you play. These points can then be converted into real money. There are also VIP programs that offer additional benefits to the most successful and active players.
The VIP program often consists of several levels. People who play regularly and win a lot of money can go to the top of the levels (e.g., platinum level) and enjoy additional benefits such as special bonuses, 24/7 customer service, or a dedicated account manager.
Conclusion: Our opinion on the arrival in force of crypto-casinos
Finally, there is no doubt that the use of cryptocurrencies in digital casinos will increase. It may take a few years before it reaches a broad audience. But as soon as the public becomes aware of its advantages, we will see a real boom.
For a player, using cryptos in virtual casinos can be very advantageous. Anonymity and transaction speed help the player win. For those with cryptos, paying with them can be an exciting solution. And for those who don't have cryptocurrencies yet, this is an excellent opportunity to acquire them.
However, there are a few drawbacks, including the lack of regulation and the price differences between the currencies. However, these flaws are nothing compared to what these currencies allow.
To finish, we can say that cryptocurrencies are not a fad. It is an innovation that will change the face of online gaming and betting.
