A Quick Guide to Crypto Gambling
Few have escaped the cryptocurrency phenomenon in recent years. Many people have heard of cryptocurrencies like Bitcoin, but there is a whole universe with thousands of cryptocurrencies for different purposes. There are also online casinos that have seen the possibilities of cryptocurrencies and have chosen to turn them into so-called crypto casinos.
This guide from AltGambler explains what cryptocurrency is and what the different cryptocurrencies are. We also answer whether playing with cryptocurrency at licensed casinos is possible.
What is Crypto?
Cryptocurrency is a kind of digital currency. It is a currency that has been created to be able to make digital transactions via a computer network. Another thing that distinguishes cryptocurrencies is that they are not controlled by any authority, such as a central bank or government.
Cryptocurrencies are stored in a kind of digital ledger based on cryptography. In this digital ledger, all transactions are recorded. The ledger is copied and synchronized with thousands of different networks, which means it is not a centralized database.
Although cryptocurrencies are called digital currencies, it is not only as currencies that they can be used. It is still unknown what cryptocurrencies will look like in the future, but for now, many different uses are being developed. Only time can tell what path cryptocurrencies will take in the future.
Crypto Wallet: How It Works
To store your cryptocurrencies, you need a crypto wallet. This digital wallet works like a bank account for cryptocurrencies. There are several types of crypto wallets, depending on your preferences.
By far, the most secure crypto wallet is a separate piece of hardware that works much like a USB stick. When you transfer your cryptocurrencies to one of these, hackers have no chance of accessing them.
Nevertheless, the most popular option is a cloud-based online service. These allow the user to store their cryptocurrencies and buy and sell them.
We have reviewed some of the most popular crypto wallets.
Binance is the largest crypto wallet and the largest crypto trading platform in the world if you look at the total volume of transactions. It is said that Binance has over 28 million users.
At Binance, you can trade around 500 different cryptocurrencies, including Bitcoin, Ether, Litecoin, and Dogecoin. One of the advantages of Binance is that they have 24-hour customer service. This can therefore be an excellent first crypto wallet as you always have experts on hand in case of any problems.
Binance was founded in 2017 and is headquartered in Seychelles.
Coinbase may not have 24-hour customer service, but it's still not a wrong choice as a first crypto wallet. The positive thing about Coinbase is that they have a very easy-to-use platform. There are a lot of things that are automated on their platform, so almost anyone can start trading cryptocurrency without significant effort.
The problem with Coinbase is that its fees are relatively high compared to other crypto wallets. However, if you have a little more experience in crypto trading, you can use their Coinbase Pro service. This is a more advanced platform with more capabilities but also lower fees.
Bittrex is also one of the largest cryptocurrency trading platforms. They were founded in 2014 in the United States, which has long been its largest market. Today, they also adhere to the strict framework created by the government of Malta and the EU for cryptocurrency trading.
Bittrex allows its users to trade over 250 different cryptocurrencies so that you can find most of them. Bittrex offers fees as low as 0-0, 35% per transaction.
Different cryptocurrencies in casinos: the biggest ones
A hand holding different cryptocurrencies can be used in an online crypto casino as we mentioned at the beginning of this crypto casino guide, there are thousands of cryptocurrencies. Furthermore, many of them have entirely different uses.
It's impossible to list all these cryptocurrencies here, but we've looked at some of the most common ones.
1. Bitcoin (BTC Casino)
Bitcoin was the cryptocurrency that started it all. This cryptocurrency was launched in 2009 by an unknown person named Satoshi Nakamoto. It is still unknown who this mysterious Satoshi is and whether he is one person or many.
Bitcoin currently has the largest market capitalization of any cryptocurrency. It was also the first cryptocurrency used in a casino, and today there are quite a few Bitcoin casinos on the market.
Bitcoin today has no other function than to be a digital currency, but many transactions are made in this particular currency.
2. Ethereum (ETH Casino)
Ethereum is the second largest cryptocurrency. There has long been a battle between Bitcoin and Ethereum, but Ethereum has yet to gain a larger market cap than Bitcoin.
The difference between these two is that there are already many uses for Ethereum. Many other cryptocurrencies on the market are based on Ethereum, so its usefulness is more significant.
There are also Ethereum casinos, although they are not as common as Bitcoin casinos.
3. Litecoin (LTC)
Litecoin is, in many ways, very similar to Bitcoin. The uses are very similar, but the idea behind creating a separate currency was to make Litecoin better than Bitcoin.
One of the differences between Bitcoin and Litecoin is that Litecoin creates a new block every 2.5 minutes, while in Bitcoin, a new block is created every 10 minutes. Litecoin also uses a different algorithm, and when all Litecoins are created, there will be 84 million Litecoins in motion compared to 21 million Bitcoins.
Litecoin casinos are not very common today. We don't think there is a casino that only uses Litecoin, but some Bitcoin and Ethereum casinos also offer games with Litecoin.
4. Ripple (XRP Casino)
Ripple is one of the oldest cryptocurrencies and has been in the industry since 2012. It is a cryptocurrency that tries to be better than a bank regarding international transactions.
When you send money between banks in different countries, it can take several days, and the fees are exorbitant. If you send Ripple instead, you can make secure transactions almost immediately. Plus, these transactions are practically free. Since you can essentially send any amount of money, this is something that even the big banks are interested in. Ripple casinos are not very common.
5. Monero (MXR Casino)
Monero is a cryptocurrency created in 2013. The difference between Monero and the other cryptocurrencies on this list is privacy. Monero uses technology that makes its ledger as anonymous as possible.
Most cryptocurrencies have public ledgers where outsiders can see, for example, transaction totals. Monero makes that fundamentally impossible. Monero is not among the top 10 cryptocurrencies today, but it has the third largest percentage of programmers (after Bitcoin and Ethereum) working on developing the currency.
There are many Monero casinos, although they are not very common.
6. Dogecoin (DOGE Casino)
Dogecoin was created as a joke. The founders wanted to parody the volatile crypto market that could go up and down by tens of percent in a single day. Today, however, Dogecoin is considered a severe cryptocurrency.
One of the advantages of Dogecoin is that it offers very fast transactions. While a transaction with Bitcoin can take up to 10 minutes, most transactions with Dogecoin take only 1 minute.
There are dozens of Dogecoin casinos.
How Crypto Works at Online Casino
Crypto casinos work in many ways as online casinos with cash. The big difference is that you play with cryptocurrency instead of fiat currency. All the winnings you can get are therefore also paid out in cryptocurrency.
Although the games in these two ways work essentially the same, there are still some differences. This section will explain how to create an account in a crypto casino and how deposits and withdrawals work.
Creating an account at a crypto casino
In many casinos, you can connect your BankID. No crypto casinos have a license, and creating a computer with a phone number is challenging.
How to create a Crypto casino account:
Locate the crypto casino you wish to play at.
Click on the "create an account" or "sign up" link.
You will be asked to fill in details such as username and password.
Choose the cryptocurrency you wish to play in.
Some crypto casinos offer bonuses; enter a bonus code if you have one.
Click on "Create Account".
Your account has been created.
So there is nothing strange about the registration process, but it is not as smooth as at a casino with BankID.
After creating an account at a crypto casino, you must also have something to play for. The first step is to create a crypto wallet and purchase cryptocurrency there. This extra step can be overwhelming for anyone who has never used cryptocurrencies before.
Secondly, depositing cryptocurrency at the crypto casino is also done in a slightly different way. Gamblers are used to being able to deposit with BankID or a bank card quickly, but a crypto casino does not work that way.
When you click on the deposit page at a crypto casino, you will see a long code/address of numbers and letters. This is a sort of username that helps identify a crypto wallet.
You need to access your wallet and send cryptocurrency to the code to deposit money. In some cases, there is also a QR code that you can scan with your mobile. It would help if you had a crypto wallet on your mobile to do this.
Once this is done, you must wait for your deposit to be processed. This can take a different amount of time, depending on your cryptocurrency. As a general rule, it happens in just a few minutes anyway.
How to make a crypto deposit:
Create a crypto wallet.
Put money in your wallet.
Log in to the crypto casino you want to play at.
Get the casino's crypto wallet address.
Send money from your crypto wallet.
Making withdrawals at a crypto casino works the opposite of making a deposit. To make a withdrawal, you must first find the address of your crypto wallet.
Then, head to the crypto casino you wish to withdraw from. Click on the withdrawal link and enter your wallet address. The casino will then start processing your withdrawal, and the time it takes to receive your money depends on the cryptocurrency you are using and the crypto casino you are playing at.
How to make a crypto withdrawal:
Find the address of your crypto wallet.
Login to your crypto casino.
Click on "withdraw money".
Enter your wallet address.
Wait for the casino to confirm your withdrawal.
Image shown with a package full of gold coins behind stacked bitcoins to symbolize a bitcoin bonus Cryptocurrency bonuses are very common. In addition, these casinos often have questionable gambling licenses, which means they are not subject to strict gambling laws. Although casino bonuses can be typical, there is some insecurity with unlicensed casinos, and the bonus conditions can sometimes be disastrous.
The bonuses we saw at the crypto casino are reminiscent of those at cash casinos. There are wagering requirements, bonus requirements, and everything else usually associated with casino bonuses.
Here are some examples of bonuses at crypto casinos:
These often come in the form of a certain percentage of the amount you put yours in. A casino, for example, may have a bonus that gives an additional 100% up to $1000. You will receive $1000 in bonus money if you deposit $1000. These bonuses can come as a welcome bonus or when you are already a long-time casino customer.
After making a deposit, you can spin a number of free spins on an online slot machine chosen by the casino. Sometimes these spins can be split over several days or on several slot machines.
Free Play Money
Not as common as the two previously mentioned bonuses, but sometimes a crypto casino can give away free money. These amounts are rarely substantial.
A loyalty bonus can be one of the previously mentioned bonuses or gifts in various forms. These are given to players loyal to a casino for a long time.
Is it safe to play at Crypto Casino?
Although it is not illegal to play on crypto casinos that do not have a license, there are many disadvantages. Some of them are simply not safe to play. There are no fraudulent casinos, no rules, and no machines available for payment.
On the other hand, cryptocurrency is very safe if you follow the industry's recommended security measures. One of the most significant risks is that many cryptocurrencies are extremely volatile. They can rise or fall in value by tens of percent in a single day. This means that the cryptocurrency you deposit at a crypto casino can have a completely different value when you choose to make a withdrawal.
Summary: The Future of Crypto Casino
Cryptocurrency is a very new phenomenon, and no one knows what its future will look like. There are currently over 100 casinos with cryptocurrency, and there will be more and more of them in the future.
It is also possible that crypto casinos will change their format. Right now, they look like traditional casinos and operate in essentially the same way. Recently, however, so-called Metaverse Casinos. These are casinos that operate in the metaverse.
Thus, you will be able to play casino games in virtual reality and even play with a VR headset. With these Metaverse casinos, it is possible that in the future, these cryptographic casinos will be completely different from the online casinos we are used to.