Using Crypto in Online Casinos: The Ultimate Guide
Cryptocurrencies are gaining momentum with each passing year, and more people are starting to realise that they are useful for more reasons than just trading. After all, cryptocurrency is like the name itself suggests, a currency! If you could not pay for anything with a currency, then it would not qualify as being one, to begin with. As it turns out, there are multiple ways to spend cryptocurrencies, and out of them all, gambling is one of the most popular options.
Despite there being quite a few crypto casinos in the UK today, someone who has never used their crypto stash to bet might feel a bit lost here. If you have a few bitcoins and litecoin lying around in your crypto wallet, then rest assured that by the time you are done reading this article, most of your most important questions will be answered about crypto casinos.
What is a Crypto Casino?
Crypto casino is an informal adjective to describe any online casino that either accepts one or more cryptocurrencies as a valid method for making deposits, or exclusively accepts one or more cryptocurrencies as a valid payment method. The latter type will most likely pay out your winnings in cryptocurrency as well, but it varies.
Can You Use Any Cryptocurrency in Online Casinos?
Provided that the casino accepts cryptocurrencies in the first place, you should be able to use bitcoin as a currency to buy spins, casino credits, and make deposits. Every crypto casino accepts bitcoin, so you will likely need some of the original cryptocurrency, aka bitcoin, to play in most of them. Therefore, the answer is no, you cannot just use any cryptocurrency in an online casino, even if they qualify as a crypto casino. Which ones they do accept and at what rate of exchange will differ from site to site, but all online casinos with support for crypto payments will accept bitcoin above all else.
What Other Cryptocurrencies Can You Use in a Crypto Casino?
As mentioned in the previous answer, bitcoin is the only universally accepted currency in crypto casinos, but other popular crypto coins might also be accepted by some establishments. Unlike bitcoin though, you will have to do your own research about the specific crypto casino to know whether they accept the cryptocurrency you have in mind or not. There is a way to shorten your research efforts and give it a better direction, rather than scouring the internet blindly while going through every site individually. Pay a visit to online casinos and go through their reviews of the best online casinos in the UK today.
Not only will you get to know about the online casinos that accept cryptocurrencies, but you will also learn what other cryptocurrencies are accepted by which casino sites. The casino review site only reviews genuine establishments that maintain Fair Play standards, so rest assured that all establishments reviewed there are safe to play at, whether they accept your preferred cryptocurrencies or not. Outside of bitcoin, the following cryptocurrencies have the best chances of being accepted as a currency in an online casino.
- Bitcoin Cash
We may have missed out on a few though, as promotional affiliates often widen the payment methods offered by online casinos. Always check the reviews first to know what you are getting into because, in addition to knowing if and which cryptocurrencies are accepted by a specific casino, you should also take note of their pros and cons.
How Can You Use Cryptocurrencies in an Online Casino?
If you do not have any crypto coins already, and you have no idea regarding how they work, you don’t have to start using them now either. There is no point in setting up a new crypto wallet and buying the required cryptocurrencies, just so you could play at an online casino that accepts that currency! Pay in pounds/dollars/euros instead, just like always. However, if you have the necessary crypto coins already, then they can be a good option.
It would be the same as paying for anything else with cryptocurrencies because all you will need to do is select the right payment option and follow onscreen instructions. In the case of bitcoin, for example, you will receive the casino’s bitcoin wallet address for the transfer. Once the desired transaction is complete, the money will be displayed as your available casino account balance.
Is It Legal to Gamble with Cryptocurrencies?
It depends on the particular nation, region, state, province, city, etc. However, if we are discussing the United Kingdom only, then you can rest easy. Betting and gambling with virtual currencies such as bitcoin are legal in the UK.
Are Crypto Casinos Legal?
Even though it may seem like the same question as the one answered before, it isn’t. While it is legal for most adult citizens to gamble with their cryptocurrencies, not every online casino that accepts those currencies is legally authorised to operate in the UK. Practice extra caution while playing in any online casino because although they may look authentic, a few of them are not. Verify the authenticity they are claiming by visiting the mentioned licensing body’s official website. If the casino has been licensed by any respected gambling authority, their names will be included in the list on the site of online casinos authenticated and licensed.
Crypto casinos are not an exception to this rule either, but checking them out is even more important, given that there still is a lack of knowledge about cryptocurrencies among the general populace, even in 2021. Fraud casinos are often found trying to take advantage of people’s ignorance and succeed in cheating them in the process. Bitcoin transactions, in particular, can be completed in relative secrecy, so shady online casinos prefer cryptocurrencies as a payment option. This is once again one of the many reasons why genuine review sites can be so useful for staying away from shady crypto casinos. There is no shortage of legitimate and highly respected online casinos that accept cryptocurrencies, and casino reviews help players in finding them.