Cryptocurrencies are an increasingly popular way for people to make deposits and withdrawals in live casinos. The huge number of cryptocurrencies available and the need for different infrastructure to be in place in order to support them has traditionally served as a barrier to the widespread adoption of cryptocurrency casino deposits. Known as one of the most popular online services and boasts over 10 million users.
Bitcoin was the first-ever cryptocurrency to come to life. That was way back in 2009 when a group of anonymous individuals found it necessary to create an efficient online payment solution that would allow people to complete money transactions anonymously. As a result, Bitcoin, a decentralized digital currency, was born. Initially, people were very skeptical about Bitcoin, but with time, it won souls and became what it is today. Today, there are so many cryptos in operation, but here are the most popular ones:
- Bitcoin Cash
It doesn't matter which of these cryptos one wants to play with, they (players) should be able to find a crypto casino that allows them to do so. While some live online crypto casino platforms support one crypto, others support multiple. However, Bitcoin is still the king even though the other cryptos are giving it a run for its money.
Deposit with Crypto
Before a player is able to make a deposit at a live casino in cryptocurrency using the Crypto platform, they will have to sign up for a Crypto account and make a deposit. When making a deposit, users are required to decide which cryptocurrency they would like to invest in.
As the majority of online casinos that accept Crypto as a means of deposit still conduct their transactions in a fiat currency such as the euro or US dollar, it is important to keep an eye on the exchange rate between the currency that your chosen online casino is using.
Funding a Crypto account for the first time involves making a deposit with a credit or debit card. Once customers have done this, they are able to move the money that is stored in their Crypto e-wallet from one currency to another.
This makes it easy to take advantage of movements in markets and ensure that they are getting the best possible value from the money that they have stored with Crypto. While it was previously necessary to withdraw money in order to deposit it into a casino, the Crypto.com pay platform makes it possible to execute this transaction directly without any additional steps, middlemen, or fees.
Getting Started with Crypto at Live Casinos
The number of online casinos that accept Crypto as a means of deposit is currently relatively limited compared to some other deposit methods such as PayPal or credit cards. However, the number of casinos that work with Crypto is regularly increasing as demand for the platform is going up.
Once a user finds a casino that accepts Crypto as a deposit method, the first step is to start the deposit process. The player should make sure that they are aware of any special deposit bonus offers that are running when they decide to make a deposit so that they get the best possible value from their transaction.
The next step is to select Crypto as the funding method for the deposit. Again, the way this works will vary from one online casino to another but this is generally the first step in the process. They will then be required to select their deposit amount and log into their Crypto account.
The final step is then to confirm the transaction. In most cases, the funds will be transferred from the Crypto account to the online casino instantly.
How to Make a Withdrawal with Cryptocurrencies
One of the reasons cryptos were invented was to ensure quick money transfer; hence, a live crypto casino withdrawal is not a long, tedious process. Only a few steps are required for one to have their casino coin crypto.
Players can launch a withdrawal request by logging into their crypto casino and locating the banking page. Once they click on the Withdraw, they will be asked to key in the amount of crypto they want to cash out and the crypto wallet address where the funds should be sent. It is worth noting that the players who wish to withdraw with crypto must have a crypto wallet where they can store their digital money.
Once all the steps have been completed, the player can confirm the transaction and wait for the casino to approve the request. The funds will be sent to the wallet as soon as the casino approves the withdrawal.
Processing Times and Withdrawal Limits
Crypto transactions must be verified on the blockchain. The verification usually involves multiple confirmations, depending on the amount of crypto one is withdrawing. Each confirmation takes approximately 10 minutes. Typically, crypto withdrawal processing times take a few hours (2-3), and they vary from one crypto and live casino to another. Again, the minimum and maximum withdrawal limits vary from one casino to another.
Cryptocurrency Supported Currencies and Countries
As mentioned earlier, Bitcoin is the most popular crypto globally, but there are at least 1000 different cryptos as of 2022. That's a huge number, and it speaks volumes about the extent to which cryptos are taking over the currency world. Thanks to the benefits that crypto users enjoy, these digital currencies are now more popular than ever, and many countries have given the nod to them.
The countries where cryptos are most popular include:
- The United States
Other countries that also has kept up with the crypto trends are:
One could go on and on with this list. Unfortunately, some countries are yet to embrace cryptos, and they include Macedonia, Nepal, Bolivia, and Bangladesh, to name but a few.
Do cryptos support fiat currencies? Yes. People can buy cryptos online using USD, EUR, GBP, and other fiat currencies.
Top Casino Bonuses for Cryptocurrencies
Unlike in the past, when bonuses in live casinos were rare, most live casinos today splash bonuses to attract players. Rather than players looking for live dealer casinos, the reverse is happening now. The reason for this is the dozens of live casinos offering top live games. And live crypto casinos are not an exception. Here are the main bonus types found at these sites.
Match deposit bonus: This bonus is valued based on the player's first deposit, up to a certain amount. It could be 100% up to $200 or any other amount. A match deposit bonus is usually the first bonus players receive at any casino. But the wagering requirements must be considered if one is claiming this type of bonus.
Reload bonus: When playing crypto casino games, players will always continue funding their casino accounts after making the first deposit. The casino may decide to offer reload bonuses on some of these subsequent deposits. However, unlike the welcome bonus, a reload bonus is a smaller percentage of the deposit.
Cashback bonus: This is a bonus that a player receives on their losses. For instance, if they lose $1,000 and the casino awards them a cashback of 5%, the player will get $50 as the bonus, meaning their losses will total $950.
VIP bonuses: The best crypto casino platforms will always give out VIP bonuses in various forms, including high roller bonuses and VIP programs.
Why Deposit with Cryptocurrencies?
|Quick deposit time - Crypto Payments are faster than traditional payments. Since the transfer of cryptocurrencies takes place in seconds, players will never wait long for money to be available in their casino account. Moreover, there is no need to wait for days or weeks before players can receive winnings.
|Limitations - Some countries do not accept crypto payments. Examples include Egypt, Morocco, and Iraq.
|Safe and secure - Crypto payments are secure and safe. Users never have to worry about getting their personal information stolen because there is no need for credit card details.
|Volatile - Cryptocurrencies are volatile, which means that their value can fluctuate considerably within a short period of time. This is especially true for Bitcoin, which has seen massive downturns in its value in recent years.
|Anonymous payments - there is no need to provide personal information when making deposits or withdrawals with cryptos.
|High limits - Higher limits than traditional payment methods. Transaction limits offered by live casinos when it comes to cryptocurrencies are much higher than those offered by conventional payment methods such as credit cards or bank transfers.
|Tax-free payments - since cryptos are not regulated by any government, they are not subject to any taxes. However, players should note that the value of their winnings may be affected by the fluctuating value of cryptocurrencies.
Safety and Security at Cryptocurrency Live Casinos
Safety and security are essential requirements of the best live casinos. There have been a few online fraud cases resulting from players using traditional payment methods, such as debit and credit cards, to fund their casino accounts. With live online casino cryptocurrencies, however, such cases have been effectively put to bed. Unlike cards, which have a centralized database that can easily be hacked, these digital currencies have nothing of the sort. They also don't allow players to provide transaction data and sensitive information; gamers transact anonymously.
Cryptocurrencies work by recording all transactions in what is known as the blockchain, which is a digital public ledger. This ledger is stored on a network made up of many computers to decentralize crypto. With blockchain technology, cheating the crypto system becomes almost impossible; not even hackers stand a good chance. If a transaction is displayed in a single ledger copy, it will easily be detected and flagged. It is this cutting-edge security technology that makes the future of cryptocurrencies in the online casino industry bright.
About the author
Mumbai-born Priya is India's rising star in the realm of online casino guides. With a knack for fusing traditional Indian gaming narratives with cutting-edge digital dynamics, she's an essential bridge between classic and contemporary gaming for a vast Indian audience.