How to Use Cryptocurrency for Gambling
Gambling is as accessible as ever nowadays, and there’s a multitude of options for online gamblers, from established online casinos to up-and-coming crypto casinos which seem to be on the way to taking over. But how does gambling with crypto work? And how do you use crypto to win in online casinos?
What is Crypto Gambling?
Crypto gambling is exactly what it sounds like. In crypto casinos, you use crypto to make bets to try and win money, or in this case, cryptocurrency, in casino games. Crypto casinos work almost exactly the same way as online casinos do, where you deposit your money online and use this money to play games and hopefully end up with winnings that you can withdraw and eventually use as you want to.
The one thing that most sets apart crypto casinos with regular online casinos is, you guessed it, cryptocurrency. In crypto casinos, instead of depositing money using regular currencies such as USD, AUD, or EUR, you replenish your bankroll by depositing cryptocurrency, such as Bitcoin, Litecoin, or Ethereum. In the same vein, the winnings that you withdraw don’t necessarily come in regular fiat currencies, but may also be your cryptocurrency of choice.
Why Gamble with Crypto?
Gambling with cryptocurrency presents a host of advantages that you just can’t find in regular online casinos. For starters, most crypto casinos won’t ask you for extensive personal details and bank details that you may not be comfortable sharing. This means that you can gamble online anonymously and the transactions you make won’t be traceable by institutions such as banks.
Another thing that sets crypto casinos apart is that they’re usually less expensive to run than regular online casinos. But how does this benefit you as a player? Since crypto casinos have lesser operating costs, they have more money to spend for their players. This means that they’re likely to be more generous with bonuses and promotions, and you might even have a higher win rate and potentially win more sizeable jackpots than you could at a regular online casino.
Lastly, the use of crypto makes it incredibly quick to conduct transactions. Where normal online casinos would take a few hours at best, or weeks at worst, to process your withdrawals, withdrawals from crypto casinos are almost instant which means that you won’t have to wait that long before you’d be able to enjoy the money that you’ve won.
How to Use Crypto for Gambling
Getting started with using cryptocurrency for gambling is not that complicated a process. Just follow these steps and you’re well on your way to becoming a high-roller in crypto casinos.
- Choose your Cryptocurrency
The first thing you should do if you want to gamble with crypto is pick a cryptocurrency that you’d stick to. Although there’s nothing stopping you from using multiple cryptocurrencies, it’s advised to stick to one cryptocurrency that you find to be reliable and that suits your preferences.
Picking your cryptocurrency is also in itself an investment since you’d want to pick the cryptocurrency that poses the most value, or the one that you think will be more stable in the long run.
- Get a Virtual Crypto Wallet
Once you have a cryptocurrency of your liking, it’s time to register for a crypto wallet. Think of a crypto wallet as something similar to an online bank account, whose function is to keep your cryptocurrency and to have it ready for transactions.
There are a handful of reliable crypto wallets to be found online. Once you have your own, you can purchase an amount of your preferred cryptocurrency and store it in your virtual wallet.
- Determine Your Casino of Choice
Perhaps the most crucial step when gambling with crypto is choosing the casino to play in. Crypto casinos are everywhere, and if you’re not careful, you might waste money on an unreliable casino with poor customer service or poor game selections. This is why it’s essential to check crypto casino review sites to see which casinos are worth your money, and of course which casinos accept your preferred cryptocurrency.
Another thing consider is the bonuses and promotions that crypto casinos offer. Some crypto casinos are undeniably more liberal with their bonuses and you’d naturally want to play in the casino that offers the most value and will help you save, and even win, more money in the long run.
- Deposit Your Funds and Play
After you’ve created an account with your casino, the next thing to do is to deposit your funds from your crypto wallet and use these funds to play your favorite casino games. Of course, if you’re really serious about winning consistently in online casinos, picking the games that offer you the best odds is a must.
If you choose the right games and adopt the right strategies, you’ll definitely be able to win some money from crypto casinos. One thing you have to remember though is proper bankroll management as well, which means that you should know when to leave before you lose all that you’ve won.
- Withdraw Your Winnings in Crypto
If you’re content with what you’ve won, don’t get too greedy and withdraw your winnings while you still can. Your winnings will go back to your crypto wallet which you can then convert to your currency of choice and use as you please.