Crypto Casino Payments – All You Need to Know

Advantages of Using Cryptocurrencies in Casinos

Thousands of players all over the world are already switching to crypto as their main method for making casino payments. There are plenty of reasons to do so, and we’ll dive into some of the biggest ones below.

• Anonymity – Cryptos are great if you want to keep your personal data to yourself. There is almost no real way to track where the money is going to.
• Circumventing Regional Restrictions – crypto casinos are a great way to gamble online if you’re in an unregulated market such as the US. This lack of regulation is a double-edged sword, though.
• Instant payments – Even crypto withdrawals at casinos are almost instant. The only possible waiting times are due to the casino confirming your withdrawal request.
• Global Reach – Cryptos are not affected by national borders, local currencies, and a casino’s operating markets. Bitcoins retain their value no matter where you take them and are accepted across hundreds of betting sites and other vendors.
• Growing Value – Cryptos are famously used as an investment because they have a lot of potential to grow in value. This means that your crypto online gambling bankroll can be considered an investment in its own right. As long as you don’t lose it, of course.

Disadvantages of Using Cryptocurrencies in Casinos

As a relatively young and unexplored concept, there are downsides to using blockchain for gambling. For starters, you have to find a cryptocurrency gambling site in the first place. Secondly, many of the payment method’s advantages are also issues in the right circumstances.

• Lack of Regulation – Due to the unregulated nature of casino Bitcoin payments, inexperienced users are open to fraud and abuse. This won’t be a problem if you’re careful, but the lack of any kind of legal protection can become a problem in some situations.
• Volatility – Bitcoin and similar currencies are notoriously prone to rapid changes in value. Sometimes, this works out great – your bankroll grows on its own! Other times, however, you could lose a large chunk of value due to market movements beyond your control.
• Requires a Crypto Wallet and/or Exchange – A casino site is not enough – you’ll also need a way to convert cryptos to and from real money and a place to store the coins. This involves a few extra steps between you and the casino, which some players won’t like.
• Availability  – Cryptocurrency casinos are still a minority these days. You have fewer options if you want to gamble with crypto, and not all the best casino brands in the world accept these kinds of payments.

Are Crypto Casinos Legal?

The answer to that question depends on where you’re from. Take everything we write with a grain of salt – every country and state has different laws, and they’re changing together with the industry.

Generally speaking, most countries do not recognize cryptocurrencies as legitimate currencies. As such, using crypto to bet on casino games does not constitute gambling, legally speaking. This means that crypto casinos are not regulated by traditional national gambling authorities.

Moreover, cryptos are an anonymous payment system. This means that there are crypto casinos out there that do not necessarily require classic KYC confirmation. This, in turn, allows you to bypass regional restrictions on casinos.

In short, crypto gambling is a legally grey area. However, if done correctly and strictly in safe crypto casinos, you have nothing to worry about from a legal standpoint.

Best Cryptocurrencies for Online Casinos

The first decision you’ll have to make before diving into crypto casinos is which currency to use. There are several options out there, and we’ll go through some of the biggest ones.

The best cryptocurrency to gamble with depends on your needs and goals. Here are our suggestions:

• Bitcoin (BTC)
• Bitcoin Cash (BCH)
• Ethereum (ETH)
• Litecoin (LTC)
• Ripple (XRP)
• Tether (USDT)

These are generally the largest currencies on the market in terms of volume and value. Let’s go into the advantages and disadvantages of each one.

Bitcoin (BTC)

Online casinos using Bitcoin are almost synonymous with crypto gambling these days. It’s the world’s biggest and most widely accepted cryptocurrency by a significant margin. This comes with a lot of perks – such as the fact that online gambling with Bitcoin is widely accepted across the world’s biggest casino brands. It’s also very easy to find value in Bitcoin outside of online casinos.

Having said that, BTC still lags behind some competitors in terms of quality of life. First of all, lost Bitcoin funds can never be recovered. Secondly, transaction fees are high by today’s standards, and BTC is infamously volatile.

Still, if we could call one of these options a go-to crypto gambling currency, it would be Bitcoin. It’s the obvious choice if you don’t want to get too deep into the nitty-gritty of crypto trading.

Bitcoin Cash (BCH)

BCH was created as Bitcoin’s less famous offshoot. There are deep underlying differences between the two which were the reason Bitcoin Cash was created. Bitcoin Cash casino payments have much lower transaction fees, for example. However, the market volume growth is much more limited, which cuts down its value as an investment.

That said, these features mean that using Bitcoin Cash for online gambling is quite convenient. Your bankroll is safer, and your withdrawals are much cheaper on top of being instant.

However, Bitcoin Cash casinos online are not quite as numerous or varied. Furthermore, this cryptocurrency is not accepted by nearly as many vendors. It’s still the second most popular crypto for online gambling, though.

Ethereum (ETH)

Depending on who you ask, Ethereum is either a pale shadow of Bitcoin or a long-term solution to most issues related to crypto gambling. Many competing altcoins use the same underlying systems as Ethereum for that reason. The transaction speeds are lower than almost any other option, and the fees are quite small.

That said, Ethereum casinos are nowhere near as popular yet. It’s strange that this currency isn’t more common in the crypto casino space yet, in fact. It’s almost universally accepted for other kinds of online payments.

Litecoin (LTC)

Litecoin used to be one of the biggest alternatives to Bitcoin. It still is in terms of market share, but its growth is hampered by the fact that it’s not all that different. Litecoin is almost identical to BTC in gambling terms, and the main differences are related to its value as an investment.

Still, Litecoin is a viable alternative to online gambling using Bitcoin for several reasons. Firstly, it’s among the most common cryptocurrencies around. Secondly, the fact that it’s overall smaller makes it less volatile than its big BTC brother. 

All in all, LTC online casino payments are a great choice for anyone looking for a small, lightweight alternative to BTC.

Ripple (XRP)

Despite being one of the first cryptocurrencies to gamble with, XRP has fallen off quite a bit in recent years. It’s versatile crypto, though, initially conceived as a way for banks to transfer money and ledgers. The native XRP currency is lightning-fast for transfers, though the anonymity side of it all suffers a bit.

XRP’s use by large financial institutions gives it more stability and legitimacy than the average altcoin. However, there are only a handful of online casinos using XRP. Furthermore, XRP online casinos rarely have developed bonus schemes. It’s a relatively overlooked currency, which comes with a few issues.

Tether (USDT)

Want to gamble using crypto but don’t want to lose half your bankroll overnight due to volatile markets? Tether is the perfect solution!

Tether is a cryptocurrency whose value is strictly tied to the US dollar. 1 USDT is always worth $1 – no more, no less. This means that your bankroll is as safe and stable as the world’s biggest fiat currency. However, you still get to reap the benefits of instant, near-free transfers to anywhere in the world.

There aren’t many online casinos that accept USDT out there yet. However, this currency is the perfect middle ground between fiat and crypto gambling.

Why Are Some Cryptos Better for Gambling than Others?

The fact that we pointed out the best cryptos for online casinos means that they’re not all created equal. What are the actual differences, though?

Our comparisons of online casino cryptocurrencies above should give you an idea of why some are better than others. However, we’ll also list a few things that you should consider before picking a crypto for a casino.

1. Availability – Cryptos are still a relatively niche market. They’re not accepted everywhere as a viable payment system, and that’s not likely to change. Picking a currency you can actually use is quite important.
2. Transaction Fees – All crypto transfers are instant, but none are free. We don’t have to spend a long time explaining the benefits of not paying too much for your transactions. There’s no real nuance to be had here – the smaller the fee, the better.
3. Available Crypto Wallets – Not all cryptos are available at all crypto wallets and exchanges. Your perfect currency will be able to connect all three dots – exchange, wallet, and casino.
4. Crypto Casino Bonuses – Ideally, you’ll want in-network promotion schemes relating to crypto deposits. In short, not all currencies are eligible for online casino bonuses. Pick one that most operators are familiar with and trust enough to use long-term.
5. Stability – You should be convinced that the crypto you’re using is going to stick around. That’s why smaller altcoins can be a big risk – some of them simply disappear overnight or their value implodes. You want crypto that can work as a sustainable investment. Not just because your bankroll can grow in the long run, either. Sustainable cryptos attract more investments, last longer, and are sure to be accepted by more vendors.

Key Things to Remember About Cryptocurrencies

Crypto casino payments have quickly spread throughout the online casino world. They continue to become more and more accessible to players worldwide, being a great solution to several common problems with casino payments. Namely, withdrawals can be made in an instant, and they’re easily transferable between casinos.

Gambling crypto games will remain a future-oriented niche in the industry for now. They’re not quite as convenient as traditional payment methods like e-wallets, but the advantages cryptocurrencies come with are worth considering.