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Crypto Gambling Trend Continues: What You Should Expect In 2022

Written by: Coinpedia

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Coinpedia

Crypto Journalist and Editor of guest articles in CoinPedia. I am also handling Outreach & Partnerships Manager. Contact me: [email protected]

    Feb 26, 2022

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    In the last couple of years, Bitcoin has become one of the most common payment methods, especially in the online casino sector.

    Many gamblers prefer using cryptocurrency because they have lower fees and increased security compared to the traditional banking options. 

    Since the bank is not responsible for your transactions, you can deposit using Bitcoin without revealing your identity to any third party. 

    That’s possible thanks to the crypto wallet technology that allows you to make transfers almost instantly.

    With all that in mind, you may be wondering: “But wait, are cryptocurrencies here to stay?”

    Soon, there will be more online casinos that only accept cryptos. 

    Just think about it:

    If we look at how they operate, legit online casinos have to keep up with the times and player preferences. That means, they must abide by the trend and integrate secure crypto payments into their system. 

    In this guide, you will learn how to use crypto to make casino deposits and help you decide which coin is better for your gambling needs.

    Let’s dive right in.

    Crypto gambling market overview

    Digital currencies are quickly becoming the main banking options for many casino players worldwide. That’s because most gamblers hate exposing their personal information online, and crypto transactions can help them with that.

    Since cryptocurrency was introduced as a casino payment option, gamblers have deposited over $150 million in total.

    According to market research, iGaming experts have found that more than 30 000 players use Bitcoin or other blockchain technology for casino deposits every week. There are more than 42 cryptos that you can use for gambling payments.

    Now, let’s discover our favourite cryptocurrencies that can be used for casino transactions: 

    Best cryptocurrencies for gambling

    With so many cryptos to choose from, you may think that it’s hard to pick the right one for gambling.

    Luckily, that’s not how things work.

    Coincidence or not, the well-established blockchains are also the most accepted cryptocurrencies at casinos. These include coins like:

    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Dash (DASH)
    • Bitcoin Cash (BCH)
    • Litecoin (LTC)

    Each cryptocurrency in our list offers similar technologies and services, although the coins have different prices. 

    But that’s not a big deal. You can easily exchange your money for crypto fractions

    Another essential thing to keep in mind is that casino operators can change the Terms and Conditions overnight. 

    Therefore, there is no way to estimate the exact withdrawal times for crypto, but we ensure they are lower than standard payment methods.

    Recommendation: If you’re not sure what coin you should choose, invest some time into research and discover the best cryptocurrency for your needs. 

    Don’t feel like going through this step? You can get started by picking one from our list above.

    How to deposit and withdraw on crypto gaming sites

    Now that you have a brief understanding of the cryptocurrency gambling market, it’s time to have a look at the step-by-step process for depositing and withdrawing the right way.

    Be advised that there are more ways to invest in crypto and use it for casino payments. Our approach has never failed us in the past, and we never ran into any issues with such transactions.

    Depositing with cryptocurrency

    Before you start your gaming journey, we highly recommend browsing through a list of the best crypto casinos and then choosing the one that suits your playstyle and deposit needs.

    Once you’ve picked a casino platform, follow these steps to add funds using cryptocurrency:

    1. Buy the coins: Start by purchasing your desired coin from a crypto exchange. We recommend using Binance since their fees are low, and they have a vast collection of coins available. 
    2. Create a wallet: After you have the coins, you will need a digital wallet to store your coins and make transfers. Mycelium is a great provider that hasn’t failed us in the past.
    3. Register a casino account: Now that you have your crypto ready, you will have to choose a platform that accepts crypto and sign up for an account.
    4. Add funds using crypto: Head over to the cashier page and choose the cryptocurrency you purchased in step 1. Once you’ve entered your wallet details, the funds will arrive in your account within a few seconds. 
    5. Enjoy your gambling session: Claim the welcome bonus and pick a casino game. Make sure you select a title that you like to ensure that you will get the entertainment that you were expecting.

    Requesting a withdrawal with cryptocurrency 

    Suppose that you’ve been gambling for a while and managed to get some profit. In that case, you can quickly cash out your fund by following our step-by-step guide:

    1. Complete the wagering requirements: If you claimed a bonus when depositing, you would have to clear the rollover requirements before you can request a cash out. You can find more details about wagering in the casino’s bonus terms.
    2. Request a cash out: Once your balance qualifies for a withdrawal, head over to the cashier page and initiate the cash out process using the wallet you used for deposits.
    3. Use your wallet to exchange the coins for dollars: Once the payment is processed, the cryptos will arrive back in your wallet, where you can convert them into dollars.

    Be aware: Some casino operators only accept crypto as a deposit method. Make sure that you choose a platform that also allows withdrawals.

    Crypto casino’s benefits and drawbacks

     All banking methods come with their own set of advantages and disadvantages. So, before you purchase your first crypto, you need to consider the risks that are involved:

    • High market volatility: Cryptocurrency is the most volatile asset you can invest in. The prices can go up and down 70% overnight, and you can’t be sure what influences these changes. 
    • Investing requires knowledge: Whenever you decide to invest in, say, the stock market, you need to spend time learning every detail about that company. This logic also applies to crypto, where having the correct information can save you a lot of money.
    • Some coins can disappear overnight: On rare occasions, cryptocurrency owners can go bankrupt, removing the currency from the market. As a result, the crypto is no longer useable, so you will lose your bankroll. However, the most used coins are safe, and they won’t disappear any time soon.

    All the disadvantages of crypto have something to do with risk. But since gambling is also defined by risk, the two industries go hand in hand.

    Pros of using cryptocurrency

    Here are five reasons why you should use crypto for casino deposits:

    1. Instant transfers: Blockchain technology was invented as an alternative to the banking system. Their main benefit is that transactions between wallets are instant. As a result, you will no longer have to wait for the bank to verify your identity and accept the credit card payment.
    2. Increased deposit limits: High rollers love taking more significant risks. Cryptocurrency can be a lucrative payment method for those that want to go big. That’s because casinos usually offer better deposit limits for crypto, and you can also make a significant profit if the prices go up when you withdraw.
    3. Encrypted personal information: Payments made with crypto are not directly connected to your bank account. You still need to provide your personal information when creating your wallet, but it will remain encrypted in your wallet key, which can’t be tracked by any third party or banking institution.
    4. Safer than traditional banking methods: If you deposit using a conventional method, you will have to enter and confirm your personal and banking information. This exposes you to phishing scams, which can clone the interface and steal your credit card details. With crypto, the payments will only be visible to you and the casino.
    5. Full transaction transparency: Though it may sound counterintuitive, paying with cryptocurrency is the most transparent way to make a deposit. That’s because blockchain technology allows anyone to see the transactions without revealing your identity.

    The bottom line

    Crypto is the new currency that the world needs, and it will most likely replace traditional payments soon. But, until then, you can use it in the casino and make instant transactions that third parties can’t monitor.

    Please note: This article should not be treated as financial advice. Even if our crypto specialists researched and tested all the information, we highly recommend doing your research before investing.

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    Coinpedia

    Crypto Journalist and Editor of guest articles in CoinPedia. I am also handling Outreach & Partnerships Manager. Contact me: [email protected]

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