Are you interested in crypto gambling but not sure how to get started? Or do you want to learn more about digital currencies, to be fully aware of their benefits and risks? Whatever it is, we go through all the basics on this page, in an easy-to-understand way.
In our complete crypto gambling guide, you can expect more on:
Opened
Jan 1, 2019
The simplest way to explain cryptocurrencies is that they are digital currencies. They exist online, and there’s no paper money or coins linked to them. Still, you can buy goods or gamble at a crypto casino using digital currencies.
So, how does it all work? Let’s think about traditional accounting first. These transactions are recorded in books called ledgers. Similarly, all crypto transactions are recorded, but online. This is what the blockchain is all about.
Most cryptocurrencies are also decentralized. This means that they’re not regulated by institutions like governments or banks. Their value comes instead from supply and demand, among other factors. You can also buy and sell crypto without any middleman interfering.
But since there’s no physical coin, how can you trust you’ll receive your money? This is where crypto mining comes in. Whenever a crypto transaction occurs, a computer or network of computers have to verify it. These are known as miners. After a transaction is verified, it is added to the blockchain. Everyone can see it here, which makes it irreversible.
You’ve probably heard of Bitcoin, or maybe even played at a Bitcoin casino, but you should know there are many digital currencies out there. Have a look at our top 5 cryptocurrencies which you’ll find at the best crypto gambling sites.
You’ll find Bitcoin available at the best online casinos for crypto gambling. It’s the leading cryptocurrency in the industry, since it’s also the first crypto ever created. In some countries like the US, banks stay away from online gambling transactions because of unclear regulation. This is where Bitcoin comes in. It’s a great alternative to traditional deposit methods.
Bitcoin is the most popular crypto and its community continues to grow. This has resulted in slower processing times. This is why we now have Bitcoin Cash, a faster solution to Bitcoin. Besides being speedier, this crypto also allows for lower processing fees.
After the success of Bitcoin, other cryptocurrencies were launched. These are known as altcoins since they’re alternatives to Bitcoin. One such altcoin is Ethereum, and you’ll find this deposit option at top Ethereum casinos. Ethereum is the second biggest cryptocurrency on the market after Bitcoin. The coin linked to Ethereum is known as Ether. While there is a capped amount of Bitcoin (21 million BTC), there’s an infinite supply of Ether.
Just like Bitcoin and Ethereum, Litecoin is also decentralized. No one authority controls the currency. This means you can buy and sell Litecoin without anyone interfering. Similar to Bitcoin, its supply is also fixed (84 million LTC). Litecoin gained popularity because it’s a faster option to Bitcoin. This is because generates new blocks nearly 4 times faster than Bitcoin.
While it’s still a decentralized currency, Ripple uses a different mechanism to Bitcoin and the blockchain. This allows it to be faster, and also uses much lower amounts of energy to process transactions. This also brings down processing costs and fees.
Before you buy any cryptocurrency, you’ll need a wallet where you can store this digital money. There are 2 options you can choose from: hot or cold wallets. A hot wallet is anything that requires an internet connection, whereas a cold wallet is a physical, offline device. Hot wallets are usually preferred since they’re very convenient. Still, cold wallets offer more security since they’re offline.
We’ll go through a couple of examples in our crypto gambling guide below.
Top Tip: Places where you can buy crypto from, which are known as exchanges, usually have their own wallets. It’s not a good idea to store your coins here, as they usually have policies against gambling. It’s best to set up a personal wallet, and then send any crypto you buy from the exchange there.
Electrum has been around since 2011, which makes it one of the oldest crypto wallets around. Its one drawback is that it only supports Bitcoin. Electrum is a hot wallet, which means you can easily download it to your desktop or mobile device.
Exodus is a hot wallet that supports 100+ cryptocurrencies. These include Bitcoin, Ethereum, Litecoin, and Dogecoin. You can download Exodus to your desktop. You’ll also find it in the App Store and Google Play. Exodus is very user-friendly, making it ideal for crypto gambling beginners.
Ledger Nano X is an offline wallet, which means it provides cold storage. It supports over 1000 cryptocurrencies. While the previous version, Ledger Nano S is good for those who have a small amount of crypto, Nano X is great for more invested users.
Mycelium is a hot wallet, and it was created to support Bitcoin. It is a mobile-only wallet, which makes it perfect for those who want to transfer crypto on the go. You can also choose between four different transaction fees, depending on how fast you need your funds.
Trezor Model T is a cold wallet, and it supports 1600+ cryptocurrencies. However, if you want to use it solely for Bitcoin, this wallet offers a Bitcoin-only option. The Trezor Model T also comes with a touchscreen, which makes it more convenient to transfer funds.
Now that you know more about the best crypto coins and crypto wallets out there, we’ll guide you through all the steps needed to gamble with cryptocurrency. Have a look at our list below:
Since crypto coins are digital currencies, you need a digital wallet to store them. Once you’ve picked your favorite from our list above, you’ll have to sign up for an account (or download the software if it’s a cold wallet). When you’ve gone through the steps, you’ll get a private key. This is similar to a password, and you’ll need it to access your crypto coins.
If you want to get into crypto gambling, you’ll need to buy some cryptocurrency first. Head over to a trusted cryptocurrency exchange, such as Coinbase or Kraken. Connect a payment method, such as your credit/debit card. Then head over to the Buy tab and choose the crypto coin you’d like to buy. Type in your desired amount and confirm the transaction. Finally, you should transfer your crypto coins to your personal wallet for added security.
Top Tip: Most exchanges will charge transaction fees depending on which payment option you choose. Make sure you check these before settling on a deposit method.
Now that you’ve purchased some crypto coins, it’s time to pick a reputable gambling site. Not sure where to start? Discover our casino reviews to find the best crypto casino for you, where you can filter by payment method. When you’ve made your choice, you’ll need to set up your casino account.
After you’ve registered for an account and logged in, find the cashier and check which crypto options are available. Once you’ve picked a currency, open your personal wallet and enter the gambling site wallet address. Choose the amount you’d like to deposit and confirm the transaction. Now simply wait for your funds to appear in your casino account!
Top Tip: Before funding your account for the first time, check for a crypto deposit bonus. The most common ones are match bonuses and free spins bonuses.
Similar to playing at a traditional casino, simply head to the game lobby and choose from the Bitcoin slots and table games you love. Check the pay table, place your initial bet, and spin!
If you play and win, you’ll need to go to the cashier again. Click on Withdraw and select the amount you’d like to cash out. Choose the crypto coin you want to be paid in and enter your personal wallet address. The funds will arrive in your crypto wallet after the crypto casino processes your transaction. You can then also move these funds from your wallet back to your bank account.
If you’re interested in learning more about digital currencies and where they come from, we provide a basic timeline of important events in our crypto gambling guide below:
2008: The economic crisis hits, severely damaging trust in financial institutions.
2009: Bitcoin is the first modern cryptocurrency, created by Satoshi Nakamoto.
2010: The first time someone buys something with Bitcoin. 10,000 BTC are used for 2 pizzas.
2011: After Bitcoin gains popularity, altcoins such as Litecoin start to appear. Altcoins find their purpose in trying to do something better than Bitcoin. For example, Litecoin is known as a much faster alternative to Bitcoin.
2012: Coinbase launches. It’s the most popular crypto exchange nowadays.
2013: Dogecoin is created. It’s the first memecoin, since it starts out as a joke. However, through the Doge meme, it attracts a lot of people to the crypto world.
2016: We get the second most popular cryptocurrency, Ethereum.
2017: Known as the year Bitcoin booms and reaches 10,000 USD. This shuts down cryptocurrency skeptics.
2019: Cryptocurrency is now in the mainstream, with large companies making crypto investments.
Present: There are over 4000 digital currencies available. However, Bitcoin is still in the lead.
It’s no secret that crypto has changed the way transactions are done. In the online gambling world, it’s made it easier for players to deposit faster, for example. Crypto also allows for everyone who wants to gamble to do so, due to its anonymity.
Still, as with all other deposit methods, you should be aware of a few things besides the benefits. Check out our table below for a more detailed overview:
Pros
Cons
When talking about cryptocurrency, you’ll come across a couple of technical words. We’ve done our best to gather some popular ones in our crypto gambling guide, with their definition. You can refer to our list below whenever you need:
Alternative options (or coins) to Bitcoin, such as Ether. Any coin which isn’t a Bitcoin is an altcoin.
A blockchain is a digital database which records all transactions made with a specific cryptocurrency, such as Bitcoin. The blockchain is literally a chain of blocks full of data – when one block is filled, it is sealed off and linked to the previous block.
In crypto, this refers to the fact that power and control are shifted away from third parties. Anyone who buys a specific crypto coin becomes part of a network, and all network members manage their own funds. This is unlike traditional currencies, which are controlled by governments or banks.
Any currency which has value because a country’s government says so. Fiat currencies don’t depend on the value of other valuable materials such as gold or silver. They’re usually produced by the government or the central bank.
The process where crypto transactions are checked and confirmed. The first computer that verifies a transaction gets cryptocurrency as a reward. Also, how new coins are added to a digital currency.
This method validates transactions in a cryptocurrency network. It prevents the same digital money from being spent more than once.
Financial control over your own funds. While traditional currencies are managed by third parties such as banks, you’ll be the only one responsible for your crypto coins.
This stands for All-Time High. It refers to when a cryptocurrency reaches its highest value ever since being launched.
Anyone who buys crypto needs a wallet to store crypto coins. Wallets which aren’t connected to the internet and exist as physical devices are referred to as cold wallets.
A cryptocurrency exchange is the place where you can buy crypto coins. The way it works is that you convert traditional money into cryptocurrency.
A crypto wallet stores your crypto coins, just as your wallet or purse stores your paper money. Hot wallets are digital wallets that exist online. You can download them to your desktop, or as mobile apps.
This is similar to a password which lets you access your crypto coins inside your crypto wallet. Private keys are made up of letters and numbers.
This is similar to an email address, since you can share it with others. You’ll be able to send and receive crypto coins using your public key.
Cryptocurrencies whose value is more stable than that of other digital currencies. Their value isn’t as volatile because it’s linked to commodities such as gold and the US dollar.
If you want to play with crypto, you’ll need to sign up to a digital wallet. After doing so, you can buy crypto coins with normal currency. Then head over to your chosen online casino and fund your casino account using your crypto wallet. Select your favorite casino game and you’re good to go!
No, you can’t. Not all casino sites and sportsbooks accept cryptocurrency as a payment method, so it’s best if you stick to our recommendations for top crypto gambling sites.
There is no single best cryptocurrency, although the most popular ones are Bitcoin, Ethereum, and Litecoin. You’ll find Bitcoin as a staple at most crypto gambling sites worldwide.
Gamblers love cryptocurrency mostly because it’s anonymous. If you don’t want to gamble with a card as transactions show in your bank account, then crypto is a great option.
You should be aware that there a few risks linked to crypto gambling. The most important one is to understand that the value of cryptocurrencies is volatile. This means that it could fall at any given moment (just as it can rise), which isn’t as ideal when you want to use it as a payment method.
There are no official laws that regulate crypto gambling. So, this mostly depends on the legality of online gambling in your area. If online gambling is allowed in your state or country, then you can safely play at a licensed cryptocurrency site.
Already have an account? Sign In
