2009 was the birth of cryptocurrencies, which have since established themselves as a means of payment and not least as an investment. Since cryptocurrencies are traded online, it is only natural that the online casino industry has also discovered cryptocurrencies for itself. For this reason, many online casinos have included cryptocurrencies in their payment options, most notably Bitcoin. However, a new breed of online casinos has also emerged that specializes exclusively in cryptocurrencies. In such a case, one speaks of a crypto casino or also cryptocurrency casino.
This article is a guide dedicated to the topic of cryptocurrency in the casino. Step by step, you will be shown all the important information about crypto casinos. This should help you to orientate yourself on the market. This article is aimed both at readers who are looking for a good crypto casino as well as owners of cryptocurrencies who have not yet had any contact with online casinos.
In the following, the central differences between casinos with cryptocurrencies and conventional currencies are shown. Thereupon, the advantages of cryptocurrency will be discussed. Finally, we will present the most common cryptocurrencies. For example, we will take a closer look at Bitcoin, Ethereum, Litecoin and Dogecoin. But first, we explain what a cryptocurrency actually is.
What is a cryptocurrency?
Cryptocurrencies are digital means of payment. In 2009, Bitcoin was the first cryptocurrency to enter the public market. The idea behind cryptocurrencies is that they are non-state means of payment. As a result, cryptocurrencies are independent of government intervention. This means the state cannot put additional money on the market in the context of cryptocurrencies, which prevents inflation, for example. Accordingly, especially Bitcoin has established itself as a store of value.
How are cryptocurrencies brought to the market?
The fact that cryptocurrencies are not supported by the state raises the question of where the units for cryptocurrencies actually come from. As an example, the extraction of the crypto pioneer Bitcoin will be summarised here.
The production of Bitcoin is called mining. For this process, a powerful computer with a strong graphics card is required. Bitcoin is produced with the help of the PC's computing power. Since this process is very time and energy consuming, this also entails high electricity bills. The purchase of a graphics card can also be cost-intensive, since graphics cards for mining must be of very high quality.
Once you've prepared your hardware, the next step is to download a Bitcoin creation tool. Fortunately, these are usually free. Finally, you need to sign up for a mining pool. This is where several people who mine bitcoin join together. Their combined computing power is pooled, after which Bitcoin is distributed equally among all participants. Currently, however, mining is becoming less and less recommended due to Bitcoin's regulatory mechanism. The more people mining, the more Bitcoin enters the market. Accordingly, mining new units needs more and more computing power. This prevents the cryptocurrency market from being flooded and the currency from losing value. For this reason, one is currently better advised to buy Bitcoin directly on exchanges.
What is the difference between a cryptocurrency casino and conventional online casinos?
Basically, there are no serious differences between a crypto casino and an online casino that relies on conventional currencies. This is because the qualities that make up a good online casino are independent of the currency. Thus, quality games and a good bonus offer are of particular importance. The key difference lies in the choice of currencies offered, which influences the available options for deposits and withdrawals. Thus, in a specialized crypto casino, only cryptocurrencies are offered as payment methods. However, often conventional online casinos also offer individual cryptocurrencies as a payment method, and it is usually Bitcoin. An important note is that you specify your preferred currency during your registration. You cannot change this after the afterwards. For this reason, you should consider which cryptocurrency you want to bet on before you sign up.
The use of a cryptocurrency in the casino brings certain advantages for the player despite the fact that crypto and conventional casinos work in the same way. These advantages are rooted in the cryptocurrency itself.
What games can you play with Bitcoin and other cryptocurrencies?
The selection of games offered does not differ in principle from conventional casino offers. From time to time, there are individual games that can only be played with cryptocurrencies or classic currencies, but on the whole there is no difference. The games offered clearly differ depending on the casino. Usually, the following categories are offered:
The number of games varies greatly. Take a look at our casino games to make sure in advance that the respective provider has your favorite games.
Advantages of cryptocurrencies
If you are interested in signing up at a cryptocurrency casino, you will enjoy several advantages. Cryptocurrencies have several advantages in connection with casinos. In the following, we will give you a brief overview.
1. Cryptocurrency as an investment
The forecasts about the bursting of the supposed crypto bubble have not come true. On the contrary, anyone who has followed the development of the bitcoin price over the last few years will know that the price has risen steadily on average. Accordingly, Bitcoin represents a strong value investment. Thus, playing in a crypto casino represents a good opportunity to win additional Bitcoin. With skill and luck, cryptocurrency can be increased in a Bitcoin casino without having to invest large sums of money or engage in costly mining.
2. Anonymity of cryptocurrencies
Another advantage of cryptocurrencies that convinces many users is the high degree of anonymity. Thus, no personal data is required in a crypto casino. Only a username, password and wallet ID are necessary for the transaction in a crypto casino. Especially in the field of online casinos, this is a decisive advantage. For many people, gambling is a sensitive issue, as large sums of money can be at stake. With a crypto casino, you are on the safe side and can trust that your data will not fall into the hands of third parties.
3. High speed with crypto casino deposits and withdrawals
When you have chosen a new online casino, you would like to start playing right away. However, when depositing via bank transfer, the processing can take a few days. A deposit with cryptocurrency has the decisive advantage that amounts can be transferred in real time. This means that you can start playing and winning directly.
Even if you want to withdraw your winnings, the high speed is an advantage for you. Since the cryptocurrency can be transferred to your wallet quickly, your winnings are available to you instantly.
4. Low fees in the crypto casino
There are often fees for transactions in online casinos. This makes it all the more favourable in comparison if you choose a crypto casino for the long term instead of an online casino with standard currencies.
The nonexistent fees can be attributed to the fact that in the case of cryptocurrencies there is no entity that could earn money from the transactions. Thus, the money is not moved with the help of banks or online payment service providers, which leads to the absence of fees.
Disadvantages of cryptocurrencies
Cryptocurrencies can also have disadvantages compared to traditional currencies. However, this does not make digital currencies a worse alternative. By being aware of the disadvantages, you can take care to avoid them so that they don't become a problem in the first place. For this reason, we will show you potential vulnerabilities of cryptocurrencies below. However, most of them are simultaneously related to the key advantage of cryptocurrencies: The absence of controlling authorities such as banks or states. As a result, the use of cryptocurrencies is highly anonymous. In addition, the value of the currency is independent of government regulatory measures. However, this lack of control can also lead to problems in the area of security:
1. Loss of access data
If you lose your bank account access data, this is usually not a long-term problem. You can verify your account with the bank and request new credentials. Unfortunately, in the context of cryptocurrencies, this is not so easy. Since cryptocurrencies place a high value on anonymity, you do not have to provide any personal data when setting up a wallet. Now, if you lose your credentials, there is no way to get renewed access to your account, as you have neither the necessary data nor a place to go for verifications.
2. No remittances possible in the crypto casino
This disadvantage is also due to the lack of a control instance. People who trade with cryptocurrency or also make many individual transactions in trading usually have to keep a good overview to avoid mistakes in transfers. If a wrong transfer is made after all, there is once again no way to undo the action. Such a situation can happen quickly. For example, you can accidentally transfer too much money if you slip in a line or enter a decimal place incorrectly. If you want to play in a crypto casino, you should carefully check each transaction before confirming it. This way, such situations can be prevented in advance.
3. Possible technical problems
Cryptocurrencies are purely digital entities. In a situation where a computer or user account would be damaged, you could permanently lose access to your cryptocurrency. This situation can occur, for example, due to a technical defect. Also in this situation, there is no entity that could be liable for your valuable investment and reimburse the losses.
The most popular cryptocurrencies
The following is to introduce you to the most popular cryptocurrencies for crypto casinos. This will help you navigate the market. If you come across a crypto casino that offers one of the following cryptocurrencies as a means of payment, it is worth taking a closer look at the provider.
1 Bitcoin: The top dog in crypto casinos
Bitcoin is the first and most popular cryptocurrency. Since this currency has been on the market for the longest time and also dominates it to some extent, you can be sure that a crypto casino offers Bitcoin as a possible means of payment. Thereby, Bitcoin is suitable as a fast and anonymous payment method for online purchases. Due to its growing market value, Bitcoin is also optimally suited to be used as an investment.
The advantages of Bitcoin as a payment method in crypto casinos are also convincing. The transactions are fast and anonymous. Moreover, crypto casinos represent a unique opportunity to increase your Bitcoins. If you're looking for an online casino that accepts Bitcoin, you won't have to look far. Just about every crypto casino lists Bitcoin among its payment methods. Bitcoin is so present that it is also offered as a deposit and withdrawal method in a large portion of traditional online casinos.
2. Ethereum: The big competitor
Ethereum uses a similar value creation process as Bitcoin. The cryptocurrency was launched in 2015 and has grown to become the cryptocurrency with the second highest market value. At the same time, Ethereum is basically backed by its own system, which can also be used to develop programs. The actual cryptocurrency of Ethereum is called Ether (ETH). So don't be surprised if your Ethereum casino specifies ETH as a payment option.
3. Litecoin: The Underdog
Launched in 2011, the cryptocurrency Litecoin is not as well-known as the larger alternatives. Nevertheless, Litecoin convinces with its flexible application possibilities. Thus, the purchase of Litecoin runs quickly, which is also due to the lower cost of the cryptocurrency. Also in trade, many providers accept Litecoin as a means of payment. In the area of online casinos, Litecoin could also establish itself, since the cryptocurrency provides flexible gaming enjoyment due to its speed.
4. Dogecoin: A stable cryptocurrency
Even though the fear of the "bitcoin bubble" bursting has not been confirmed, the cryptocurrency Dogecoin, which debuted in 2013, offers a more stable price than many other cryptocurrencies. This is due to the modified way Dogecoin works. For example, units of Bitcoin are limited. This aspect ensures that the value grows on average, but conversely, it can also cause fluctuations. Dogecoin, on the other hand, offers an unlimited pool of units. As a result, the cryptocurrency remains low in value but stable. For use in a crypto casino, this has two advantages. First, Dogecoin is affordable, which is why you can buy Dogecoin at a low cost. The second advantage is that it is not a problem to leave the deposited Dogecoin in the casino account for some time. Other cryptocurrencies would risk losing value during this passive period.
Which currencies can you use in the crypto casino?
The currencies of the crypto casino providers differ greatly. Each online casino can decide for itself which currencies are actually accepted. The most commonly used are the established coins listed above. We have summarised three examples of providers for you. You can find more information directly on the review pages.
- At Cloudbet, exclusively cryptocurrencies are accepted. Accordingly, several different cryptocurrencies are comparatively offered. You can accordingly choose from a list. However, beware: Once you have chosen Bitcoin, for example, you can no longer switch to Etherum, for example. The winnings are then paid out to your respective wallet.
- BitStarz is one of the best crypto casinos, but only offers Bitcoin. During our tests, we noticed that some games were only available in traditional currencies. However, this was the rarity. Popular games like "Book of Raa" or "Sizzling Hot" were consistently playable with cryptocurrencies.
- Wild Tornado Crypto Casino is also one of the hybrids. The operator accepts conventional currencies, but at the same time delights with numerous cryptocurrencies. Wild Tornado uses the payment service provider CoinsPaid for this purpose.
Of course, every casino has its own deposit and withdrawal options. You should therefore make sure in advance that the cryptocurrencies you use are actually offered. From this point of view, the best bonus offer won't help if you can't make a deposit afterwards.
Conclusion: The crypto casino as a strong alternative
Cryptocurrencies have numerous advantages for use in online casinos. Above all, anonymity and high speed play an important role. The disadvantages, on the other hand, occur situationally and rarely. A large part can be avoided by simply being mindful with the cryptocurrency. Due to the numerous different cryptocurrencies, you can choose the alternative that best suits your needs and requirements.