In-Depth Guide to Crypto Gambling
One of the best things about the online gaming industry is that there’s tons of room for growth. This means that it’s only set to improve as we move forward and there are a variety of ways that this can be done. One of the most common, yet effective, ways that the industry continues to grow is by implementing new banking methods that can be used to deposit and withdraw cash. However, one of the biggest hurdles that online casinos have had over the years is providing players with a withdrawal method that allows the player to get their cash instantly. This was a huge puzzle until crypto gambling was introduced. Crypto betting has changed the way that payments and withdrawals can be done while also providing players with a fresh set of online casinos. Let’s take look at crypto gambling and what it is along with everything that it has to offer.
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What is Cryptocurrency?
Before we jump into the main topic, it’s important to have a clear understanding of what cryptocurrency is. Cryptocurrency is a digital payment system that’s been developed to replace the use of traditional cash. This can be used for services or goods and there are multiple currencies available commonly referred to as tokens. These tokens are available in different values and they all have something in common, they work with a specific type of technology known as a blockchain. This is what makes tokens secure which automatically translates to more secure transactions.
There are multiple forms of cryptocurrency and each of these has different values depending on the market. One of the only issues with cryptocurrency is its volatility as the markets tend to fluctuate easily depending on a range of factors. However, some cryptocurrencies are more stable than others. Bitcoin and Ethereum are two of the most stable forms, but even these are subject to quick fluctuations.
Regardless of the drawbacks that come with crypto, many users believe that this is the way forward and it allows the public to fight inflation as these tokens can remove banks from the equation as they’re responsible for the decrease of value with conventional cash.
Where to Buy Crypto
If you’re planning to get started with crypto gambling, you will need to buy some cryptocurrency before you can get started. There are a variety of coin exchanges that can be used, and the concept is similar to buying foreign currency, as each cryptocurrency has an exchange rate that can be used. Below are some of the best crypto exchanges that can be used to get the best rates on cryptocurrency:
- The Best Option for Beginners – Coinbase: Coinbase offers over 50 different cryptocurrencies and its user interface is one of the easiest to use. This makes it a perfect option for beginners that are new to crypto betting. While there are high fees, this is a small price to pay for the major convenience factor that this site offers.
- The Ultimate Crypto Exchange – Binance.US: If you’re after the best rates for crypto trading, this is the highest-rated platform to do so. While it isn’t the most user-friendly site, you will be able to enjoy a large range of cryptocurrencies to trade.
- Kraken: Kraken can be an incredibly complicated site for new traders; however, it features a wide range of crypto markets and plenty of features that can be enjoyed. This includes a trading margin, which could come in handy.
Other trading platforms include Crypto.com, Gemini, KuCoin, Gate.io, Bitstamp, bitFlyer, and Bittrex. It’s best to take a look at all of these sites and check what works for you before you start spending money.
Why You Should Gamble with Crypto
There are a variety of reasons for crypto gambling and while there are many factors that make this an excellent payment method, the real reason is that it essentially changes everything. Cryptocurrency is changing the way we look at money and while this is a new technology, the concept is old as we’re trying to reinstate the value of a currency. Cryptocurrency is immune to inflation and this is because it’s a decentralized form of payment. With no banks involved, there’s no way for them to dictate the value of these currencies. This means that you’ll get better value for money while crypto betting than what you would if you were using standard currencies. Crypto casinos are the future of online gaming and while the licensing aspect remains a bit of a gray area in some regions, there’s no doubt that you’ll be able to capitalize on it if luck is on your side.
Benefits of Using Crypto
There is a range of benefits of crypto gambling as it becomes more popular with online gaming. Below are some of the factors that make crypto casinos more popular and the better choice.
One of the biggest fears of online gamers is fraud as many players fear that their information will be stolen when playing online. However, one of the biggest benefits of using crypto as your main banking method while playing online is that blockchain technology essentially minimizes the risk of fraud by a tremendous margin. The enhanced security and that cryptocurrency is very easy to track due to the use of identifier codes are what makes this an appealing banking method. Each digital currency is encrypted and this results in a currency that’s impossible to manipulate. This makes crypto payments much safer than those made with standard currency.
Lengthy withdrawal timeframes are one of the most infuriating parts of online gaming as the transaction needs to undergo various stages before it makes its way to your bank account. With crypto casinos, this has become something of the past as cryptocurrencies allow for fast withdrawals which are generally instant. This was something that used to be a dream for most players, which is the reason many online gambling veterans have been migrating to crypto casinos.
Due to the aforementioned blockchain technology being the foundation of cryptocurrencies, this allows users to play their favorite online casino games in complete anonymity. This will allow you to focus on the task at hand, and that’s having the best possible gaming experience without the fear of your data being stolen. Another major benefit of crypto gambling is the absence of cryptocurrencies on bank statements, which is something that won’t have any effect on your credit score, as this is something that banks often look at when you’re applying for a loan. The presence of gambling activity will likely decrease the chances of you securing any form of credit from the bank as this is viewed as an unhealthy spending habit.
The transaction costs of cryptocurrencies are lower due to the decentralization of the currency. This means that there’s no governing body involved to examine the validity of the transactions that are taking place. This is vastly different from using a payment method such as a credit card where you’ll likely incur costs of up to 5% for a cash advance. The cost-benefit applies to the casinos and the players and the fees have been removed.
How to Gamble with Crypto
Before you can start with crypto gambling, there are a few steps that you’ll need to take. These steps are as follows:
- Choose a crypto wallet that suits your budget.
- Purchase tokens that appeal to you and your budget.
- Choose an online casino that supports the use of cryptocurrency (preferably multiple ones).
- Deposit tokens into your casino account.
- Select the game that you want to play.
- Keep an eye on the value of the cryptocurrency that you have in your casino account.
The process is similar to what you’d follow if it were a standard online casino with the only difference being the addition of the crypto wallet. The act of gambling is the same as what you’d do with standard currency, as many of the same games are available with the addition of others that are exclusive to crypto casinos.
How to Deposit with Crypto
Depositing crypto into your casino account is a simple process and all you need to do is stick to our list of steps that we’ve provided below.
- Register your crypto wallet – This is the most important step as you will need a place to safely store your crypto tokens. Two kinds of wallets can be used, a physical wallet that can be purchased at a tech store or a digital wallet, which is more common and safer to use in our opinion.
- Add coins to your wallet – The coins that you’re able to buy will depend on the type of wallet that you’ve registered. Most wallets support over 20 different types of cryptocurrency.
- Choose an online casino – The online casino that you choose will determine your experience while playing online and there is a range of online casinos that support the use of crypto.
- Check for bonuses – Crypto gambling doesn’t mean that you won’t be able to claim bonus offers. On the contrary, there are a variety of bonuses available for those that are looking to claim bonus offers.
- Deposit Coins – Head to the cashier section of the casino and select the crypto option that corresponds with the currency that you have. Select the amount that you wish to deposit and confirm the transaction in your crypto wallet.
The Best Crypto Betting Sites
There are plenty of crypto casinos available; however, not all of them have been created equally. To help you make your choice, at the top of this page you find the list of the best Canadian crypto casinos for May 2022. Moreover, below are some additional info on the best crypto casinos available for Canadians players today:
FortuneJack is a crypto casino operating under the authority of the Curacao Gaming Control Board, which is currently the best licensing body for crypto casinos. Here you can claim a welcome offer that consists of 300 free spins and a 6 BTC deposit match offer. This site has been operating since 2014 and features over 3000 games in a variety of categories. This is a user-friendly online casino that allows you to have one of the best BTC gaming experiences.
Claim a 5 BTC deposit match bonus and 200 free spins when you sign up with CloudBet. Here you can enjoy a huge selection of games that are featured in a range of categories that ensure that you’ll have a diverse gaming experience. CloudBet features licenses from Montenegro and Curacao which gives you two of the best crypto casino licenses available.
BitStarz is one of the best-looking online casinos as it features a classic black and red theme with an easy-to-navigate page. Here you can enjoy over 2200 games that are available in a range of categories along with a bonus that consists of 200 free spins and a 5 BTC deposit bonus. BitStarz supports the use of Bitcoin, Tether, Litecoin, Dogecoin, and Ethereum.
Rocketpot has been around since 2019 and has begun making a name for itself as one of the best crypto casinos on the market. Here you can enjoy plenty of promotional offers along with a welcome bonus that consists of a 125% deposit match bonus up to the value of 1 BTC. Rocketpot operates under the authority of the Curacao Gaming Control Board, which is the ideal license for BTC casinos.
MrBit is one of the most popular online casinos and it features the support of Bitcoin, Tether, Litecoin, Dogecoin, and Ethereum. Here you can claim a welcome offer that consists of 100 free spins along with a 150% deposit match bonus of up to 2 BTC. This site allows you to enjoy a massive selection of games that are available in plenty of categories.
Most Used Crypto at Casinos
The most used cryptocurrencies at these casinos are generally Bitcoin, Tether, Litecoin, Dogecoin, and Ethereum. This is because the sites usually only offer these five, and in some cases, Bitcoin Cash will be an addition. However, we will likely see more support from these operators soon.
Cryptocurrencies That Aren’t So Popular at Casinos. Yet
There are over 50 different cryptocurrencies and there are a few of them that are growing at an alarming rate. Despite their growth, these cryptocurrencies are yet to be viewed as popular and are yet to make their way to online casinos. These cryptocurrencies include the following:
- Binance Coin
These cryptocurrencies are listed according to their market capitalization and are the likely options when it comes to more cryptos being added.
Should You Use Crypto at Casinos ?
Crypto casinos are growing in popularity and eventually, we could see traditional online casinos migrate to offer cryptos instead of standard banking methods. This could see the use of traditional banking methods become obsolete and this is something that could be positive in the long run as players will be exposed to better gambling rates. Ultimately, it’s unlikely to happen anytime soon, but we’re happy to see these casinos grow.