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How To Gamble With Cryptocurrency: Our Crypto Gambling Guide for Beginners

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:

  • How cryptocurrency works
  • Popular cryptocurrencies
  • Trusted crypto wallets
  • How to gamble at a crypto site
Crypto Gambling Guide

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What Are Cryptocurrencies?

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.

What Are Cryptocurrencies?

Popular Cryptocurrencies For Crypto Gambling

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.

The Top 5 Wallets for Cryptocurrency Gambling

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.

How to Gamble at a Cryptocurrency Casino

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:

  • Step 1: Open a Crypto Wallet Account

    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.

  • Step 2: Buy 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.

  • Step 3: Choose Your Crypto Gambling Site

    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.

  • Step 4: Make Your First Deposit

    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.

  • Step 5: Play Your Favorite Crypto Games

    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!

  • Step 6: Request a Withdrawal

    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.

A Brief History of Cryptocurrency

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.

Crypto Gambling: A Summary of Pros and Cons

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

  • Crypto gives you a level of privacy that other traditional methods don’t. While transactions show up in the blockchain, only your wallet address will show. Ensure you request a new address for every transaction, so these can’t be traced back to one user.
  • No banks or governments regulate Bitcoin. This means that you don’t have to go through any third parties when gambling.
  • Crypto gambling is secure because you won’t give any financial details. You only need a crypto wallet.
  • You won’t have to wait long for your gambling transaction to be complete. Crypto payments are usually instant.
  • Processing fees are likely to be lower than other traditional payment methods. This is because there are no middlemen involved.
  • You can gamble with crypto from any location. This makes it easier in countries where some payment providers don’t allow for gambling transactions.
  • Some of the best sites offer cryptocurrency casino bonuses, as well as lower minimum deposits when using crypto.

Cons

  • The value of cryptocurrency changes a lot, especially since there’s a limited supply for some of them such as Bitcoin. It’s not the best scenario to cash out when the value decreases, for example.
  • Crypto transactions are not reversible. If you make a mistake, there’s no way to get your money back into your crypto wallet.

Cryptocurrency Gambling: A Glossary

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.

Crypto Gambling Guide FAQs

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.

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