Cryptocurrency in the online casino industry is increasingly becoming popular as they offer a new, exciting opportunity for those who want to engage in online gambling. The digital currency allows players to deposit, withdraw and gamble online without being tracked or monitored by the banks or government agencies.
If you have crypto and would like to play at an online casino but don’t know where to start, this is the right post for you. You’ll learn everything you need to know about the most popular cryptocurrencies and advantages of playing with crypto and ways of acquiring the digital currency.
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Cryptocurrency and Online Gambling – What You Should Know
Cryptocurrency in casinos represents the future of online gambling, where gambling enthusiasts worldwide will enjoy playing casino games anonymously.
This will particularly be great for gamblers in regions where gambling has been prohibited for one reason or another. All of this makes cryptocurrency the most secure and safest way to gamble online, giving them an edge over their traditional counterparts. It’s, however, important to choose the right online casino and read the terms and conditions before committing.
The Use of Cryptocurrency in Online Gambling
A real money online casino that accepts cryptocurrency allows you to play casino games with digital currency. Casinos can be placed into two categories:
Crypto-exclusive casinos – This type only accepts deposits and withdrawals in cryptocurrency.
Hybrid casinos – These casinos accept cryptocurrency and other payment methods such as e-wallets, bank transfers, debit/credit cards, etc.
To play online casino games with cryptocurrency, you will need to open a cryptocurrency wallet. This is where you will store your cryptocurrency. The next step is to buy the digital currency. Use regular currency, just like you would purchase anything online. Once you’re done, choose a good online casino.
From there, go to the payment methods page and select the cryptocurrency you want to use. You’ll be given the address for the casino’s wallet. Once you enter the amount, the funds will be transferred in a matter of minutes. Now choose the game you want to play and stake.
Most Popular Cryptocurrencies Used for Gambling Online
There are a few different types of cryptocurrencies you can use to play your favorite online casino games.
They include:
Bitcoin – Bitcoin (BTC) is the most popular cryptocurrency. It is accepted across a wide range of exchanges as well as casino operators around the world. Some casinos only accept BTC.
Ethereum – Ethereum is widely recognized for its smart contract network. It’s accepted by most online casinos globally. The smart contract program is appealing to buyers and sellers as the funds can only be released once predetermined terms are agreed upon.
Litecoin – Litecoin is the first altcoin that was launched to improve the features of Bitcoin. Most casinos widely accept it as it boasts a faster processing speed.
Ripple – Although it was released in 2012, it can be traced to 2004, when RipplPay.com was founded. It is one of the secure and safe cryptos you can use to play casino games.
Tether (USDT) – Most online casinos accept Tether because of the convenience its offers – it can easily be converted to fiat currencies, which is great for both casinos and players.
Dogecoin – Some players prefer Dogecoin as it is easy to transfer and most online casinos also accept it.
Dash – Dash is another great altcoin. It is widely accepted by most casinos.
Monero – Monero is known for offering better privacy with its Blockchain technology. It’s the best cryptocurrency for gamblers who live in regions that restrict online gambling.
Of course, it’s not a complete list, there are thousands of different cryptocurrencies available, and their number is only growing, they have similarities and also differences, in online gambling, you can often come across Cardano, Dai, TRON, Solana, Avalanche, Stellar, Monero, Chainlink and others.
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Advantages of Using Cryptocurrency
Here are a few reasons why you should consider using cryptocurrency in online casinos:
Privacy – One of the main advantages of cryptocurrency is that it guarantees anonymity. This allows players who don’t want to maintain their privacy to gamble without fear of their details getting into the hands of third parties.
Security – Cryptocurrency also guarantees the security of users. It uses advanced technology to ensure the security of players is taken care of.
Transaction speed – Another advantage of cryptocurrency is that it offers fast transaction speed. This is particularly important for punters who want to deposit or cash out their winnings as fast as possible. With crypto, transactions are processed within a very short time.
Tax exemption – Since cryptocurrency is not tracked or monitored by the bank or the government, it is not subject to taxation.
Low or zero transaction fees – Unlike regular currencies that charge exorbitant fees, especially when you transact large amounts of money, cryptocurrency has low or no transaction fees, depending on the crypto you use.
How to Acquire Cryptocurrency
To buy cryptocurrency, you have to go through a trading platform to exchange your fiat currency, such as the U.S dollar or Sterling Pounds, for Bitcoin or any other crypto. You can buy the cryptocurrency you want from a wide range of cryptocurrency exchanges, but the most popular are Kraken, Gemini, and Coinbase.
You’ll be required to send money from your bank account to the crypto exchange. Then purchase your preferred crypto and transfer it to your cryptocurrency wallet.
Conclusion
As more and more countries embrace cryptocurrency, including Kenya, it goes without saying many punters will be looking to take advantage of the privacy and security it offers to gamble without being monitored. Also, the fact that gambling enthusiasts from restricted regions can gamble using this currency is absolutely incredible. Along with anonymity, the main advantages of cryptocurrency are transaction speed and low fees. We are confident that the vast majority of the best Kenyan online casinos will use this superiority in the future.
FAQ
Of course it’s legal, but only in casinos that have been licensed and operate under recognized jurisdictions.
The right online casino should be licensed and offer a wide range of games you can play. It should also provide good customer support and good graphics.
Yes, you can. Payments through cryptocurrency are the same as other cashless transactions like e-wallets or debit/credit cards.
Cryptocurrency has low or no transaction fees, depending on the crypto you use.
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