Modern technology has opened up more and more opportunities for players. Thanks to the emergence of a decentralized payment option, namely cryptocurrency, players can forget about high commissions in online casinos to withdraw funds, as well as waiting for lengthy bank transfers. In this article, let’s look at what are the features and benefits of playing with crypto at a real money bitcoin casino, as well as how the process of buying crypto, funding, and exchange is carried out.
Online Gambling Sites with Bitcoin Capability Provide Many Advantages
The two biggest advantages of cryptocurrency are that it cannot be counterfeited and that transactions cannot be challenged or revoked by the payer. Before we get to the main part, let’s look at the main advantages of using cryptocurrency:
- Low charges: many online casinos do not charge any deposits or withdrawals commission, and this can save you a huge amount of money in the long run.
- Fast transactions: in the case of a bank transfer, a person has to wait for up to three days. For comparison, a crypto transfer is made in 3–4 hours.
- Security and privacy: with blockchain safety, you will be able to play in a casino more anonymously because your personal data is not divulged. Also, all transactions are encrypted with a code, so the likelihood that someone will be able to find out the transfer data and your details is extremely low.
- Availability in all regions: the cryptocurrency is decentralized and active. This means that it is tax-free and can be used anywhere on Earth.
The prize pool can also skyrocket as the price of the crypto coin increases while the user hits the spin button. But keep in mind that the value can drop just as easily.
What is a Cryptocurrency Exchange and How It Works
To use cryptocurrency, you need to have your cryptocurrency wallet. It is quite difficult to create it on your own, and special crypto exchanges come to the rescue. They provide users with the following basic services:
- Deposit, withdrawal, and storage of cryptocurrency on personal accounts;
- Spot trading: fiat-crypto;
- P2P exchange — exchange between two real parties, with the exchange acting as a guarantor/intermediary;
- Investments in new crypto-assets.
A crypto exchange can be compared to a regular bank application. In a cryptocurrency exchange, you can also store your country’s national currency, but with the ability to exchange fiat for cryptocurrency and withdraw it.
The cryptocurrency exchange presents its users with a website and a mobile application. After registration, the user automatically creates their cryptocurrency wallet. Thanks to the functionality of the website or app, the user can transfer crypto offline, deposit, withdraw, and more.
Top 5 Popular Crypto Exchanges
The cryptocurrency market is constantly growing and developing, which leads to the emergence of fraudulent exchanges. To prevent any complications and problems, it’s recommended to choose from the top five most popular and safe crypto exchanges. These include:
- Binance;
- Kraken;
- HTX;
- Gate.io;
- Coinbase Exchange.
The above exchanges offer a great experience, impressive turnover, and a large customer base. Therefore, you will always be able to exchange your money for cryptocurrency and back without any problems.
The Ways of Crypto Conversion
Once you have chosen a cryptocurrency exchange that suits you, you need to register an account. It should be noted that most exchanges require verification by scanning your face and uploading your documents. You should not be afraid of this procedure, as it is absolutely safe, and your data will not be used in the future. The only stage remaining upon setting up your account is to purchase cryptocurrencies. You can do this by the following methods:
- Fiat replenishment;
- P2P exchange;
- Buying cryptocurrency on the exchange.
Next, let’s look at each method in more detail. It should be noted that exact figures and other specifics may vary from casino to casino.
Refilling Fiat for the Subsequent Purchase of Crypto on the Exchange
Some crypto exchanges allow you to top up your account by bank card or other methods. You can top up your account in dollars, euros, and other currencies. There may be a commission for top-up. Then select the preferred cryptocurrency, and buy it at the market price.
P2P Exchange
All exchanges have a P2P exchange. In a special section, users create an offer: I will sell N-quantity at N-rate using the following methods. If the offer suits you, you agree to it, transfer money to the specified details, and the seller transfers the cryptocurrency to you. Such an offer can be placed by you as well. For example, Binance offers P2P express. The user only needs to select the desired asset and specify the amount, and the exchange system will automatically offer the most favorable option. In such cases, the exchange takes just a couple of minutes.
Buying Cryptocurrency on Third-party Resources
There are special sites that offer to sell cryptocurrency at their price. The rate can be either more favorable or less attractive. The user only needs to specify the transfer amount, their cryptocurrency wallet, and payment method. After transferring the funds, the service will send the cryptocurrency to the specified wallet. This method is not safe enough, as there are fraudulent services that block the user after receiving the funds.
Refill Online Casino
After receiving funds on the cryptocurrency wallet, the user only has to deposit them in the casino. To do this, go to your casino account, and in the “Cashier” section, look for a suitable cryptocurrency for replenishment.
Important! Pay attention to the transfer network. For example, for USD there are TRC-20 and ERC-20 networks. These will be two different wallets. In case of an erroneous sending, the money will be lost.
After selecting the cryptocurrency, we copy the wallet address specified in the casino and copy it into the crypto exchange after going to the “Send” section. Next, specify the network to send and confirm the operation.
Withdrawal and exchange of cryptocurrency from online casinos to fiat money are carried out identically. The user copies his wallet and inserts it when withdrawing from the online casino. Once the funds are credited to the cryptocurrency balance, the player can keep them for safekeeping or exchange them for fiat money via P2P exchange or direct withdrawal.
