How do Crypto Casinos Work?
By Jonathon Roob.
The potential of digital currency globally has evolved tremendously over the past decade, with gambling joining the bandwagon not too long ago. Online casinos have added cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Dogecoin, just to mention a few. Gamblers looking for an anonymous betting experience now have access to the best bitcoin gambling websites at the touch of a button.
A crypto casino is an online casino that accepts cryptocurrencies as a payment method for both deposits and withdrawals. These casinos have become quite popular since withdrawals are fast, players remain anonymous, and they can play bitcoin slots with ease.
Crypto Casinos Explained
A digital public ledger, also known as the Blockchain, records all the transactions carried out using cryptocurrencies. This ledger is shared across a network of many computers, bringing in the definition of decentralisation. By doing so, it becomes almost impossible to manipulate this kind of system. Any transaction that appears in a single copy of the ledger is easy to recognize and flag.
How Do Crypto Casinos Work?
Bitcoin gambling websites operate much the same way as traditional online or conventional casinos do – see more . Their major difference is how they transfer or cash out crypto following successful or unsuccessful bets. The gambler will follow these steps before they start gambling on a crypto casino:
1. Create Your Crypto Wallet
Crypto wallets are secure locations where cryptocurrency assets can be stored and retrieved. These wallets will assign your account a digital address, and come in 4 types; Mobile, Desktop, Web, and hardware versions.
Most mobile wallets have camera features that allow users to scan QR codes. This eliminates the need to copy or write down bitcoin addresses. Wallet applications for smartphones are much safer because the chances of having a virus or keylogger on your phone is much lower than on your computer.
2. Buy Cryptocurrency
Once you have your wallet, log in and buy crypto using the traditional payment methods. You can buy and sell cryptocurrencies on the foreign exchange and their value fluctuates just like normal currency.
Using cryptocurrencies eliminates the need for a bank to send money. You can send crypto, for instance, from your crypto wallet to the wallet of another individual or company.
3. Picking a Crypto Casino
The player must ensure that the gambling site is licensed to ensure security of gambling funds. This can be verified at the bottom of the web page. The withdrawal process of the winning made by the player should be seamless. Most crypto casinos also use bonuses to attract first time players which are usually given upon registration. Positive reviews on particular trustworthy sites is also a good indicator of a legitimate gambling website.
4. Deposit Funds and Play
Once the player’s account is funded with the cryptocurrency of choice, they will proceed to transfer the wager amount to the casino’s wallet. This figure will be displayed in USD/GBP/EUR depending on the crypto operator. Pick a game and play using the guidelines provided, choosing a suitable wager level.
5. Withdrawing Winnings
When the player clicks ‘withdraw’, he will be prompted to enter his wallet address. All legitimate websites will ensure the funds comply with all regulations including Anti-Money laundering policies and all audit requirements.
As a note of caution, don’t let yourself get carried away while gambling online. Set your limits before you start your gambling session. Ensure you do in-depth research before getting involved in crypto gambling. While it is not significantly different from traditional gambling, there are a few differences. Understanding them will make it easier to master crypto gambling.
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