Cryptocurrencies were not always as popular at online casinos as they are today. When they first appeared, back in 2012, the average cryptocurrency casino was a poorly run, unlicensed, homebrew-style affair with virtually no support and no affiliation with major software providers. What a difference nigh-on a decade has made. Today, cryptocurrency casinos are amongst the hottest sites you can choose to wager at. What can they offer, how have they changed, and what sorts of cryptocurrencies can you use at these casinos? It is time for a closer look.
The Early Cryptocurrency Casinos
In the very beginning, cryptocurrencies casinos were not the sort of places you wanted to gamble online. Most were run from the bedroom or office of a tech wizard. They were unlicensed, offered no customer support, and none could provide any of the popular casino games that we all know and love. Instead, the available games were all in-house, proprietary titles developed by the “owner” of the site in question. You could not gauge how fair or competitive they were, and there were no slots, either.
Naturally, these first-gen cryptocurrency casinos failed to be a hit. However, the rest of the online casino world watched as cryptocurrencies such as Bitcoin and Ethereum became popular. They saw a window, an opening to improve and expand the services on offer to casino players. Cryptocurrency casinos would be reborn.
Today’s Cryptocurrency Betting Sites
Fast forward to today, and cryptocurrency casinos are all the rage. The main reason for this is not solely down to the ever-increasing popularity of digital currencies. It owes as much to some eagle-eyed casino operators who sniffed an opportunity.
Today, cryptocurrencies are accepted by many of the major operators in the business. These digital currencies are made available at licensed operators who already cater to casino players and who have reliable, safe, and secure services. They now come with a wealth of promotions and bonuses, and many top providers have now ensured that their games can be played using these options, too. In short, the gap between what a cryptocurrency casino can offer and the type of service you would readily expect at a conventional casino has narrowed so much that there virtually is not one anymore.
Two Types of Cryptocurrency Casinos
For those players interested in depositing at cryptocurrency casinos, you will likely come across two options. The first are cryptocurrency casinos in the truest sense of the term. These do not accept FIAT currencies like the euro, British pound sterling or US dollar. They only permit you to deposit (and thus wager) with cryptocurrencies.
The second type of casino are those which accept FIAT currencies and cryptocurrencies alike. These have their advantages, too. For instance, if you are new to betting with cryptocurrencies, you may wish to take your time and gradually jump from using something like US dollars to Bitcoin or Ethereum. For this purpose, these casinos are ideal.
Can You Gamble with Cryptocurrencies?
Being able to deposit (but also withdraw) with cryptocurrencies is not the same as betting with them. You will find that some sites allow you to do just that, while others only permit financial transactions with digital currencies, not bets. In the case of the latter, your cryptocurrency deposit will usually be converted into a FIAT currency option for betting. This could see you suffer from exchange rates, and that is something you do not want.
How to Bet with Cryptocurrencies
If you have a brief bit of knowledge about how cryptocurrencies work, making the leap to betting with them is relatively straightforward.
To begin with, you are going to need a cryptocurrency wallet. You can get these freely or splash the cash and purchase a piece of hardware fit for the job. Either way, armed with a cryptocurrency wallet, you can make your way over to an exchange.
At the exchange, you can purchase cryptocurrencies, either paying with your bank card or some other form of payment method. Your acquired coins will then be transferred over to your wallet, where they can be used to bet online. To do that, you simply need to select your chosen cryptocurrency at the casino, enter your wallet details, and process the transaction. In most cases, crypto deposits at casinos will land in a matter of minutes and be free of charge. More importantly, cryptocurrency casino withdrawals are rather rapid, too.
Why Use Cryptocurrencies to Bet Online?
There are several reasons why cryptocurrencies can come in handy when betting at online casinos. On the one hand, they can give you a touch more anonymity than conventional payment methods. This is certainly ideal if you are playing in a country where the gambling laws are restrictive or where gambling online is prohibited.
At the same time, cryptocurrency options tend to be cheaper to obtain at casinos, offer a degree of flexibility when it comes to bets, and are amongst the fastest payment methods accepted at betting sites. For instance, while e-wallet and credit card withdrawal options may take anything from 24 hours up to five business days, you can often withdraw your cryptocurrency casino winnings in a matter of minutes.
Are There Any Downsides?
Not everything will be rosy when betting with cryptocurrencies. There is one serious drawback which you should be aware of. Cryptocurrencies tend to be highly volatile – you have probably noticed. This means that their value can change dramatically. Because of this, they can gain value or be worth far less at any time. While this might have its perks if their value is low when you win but worth a lot more when you withdraw, it can also work the other way round.
Top Cryptocurrencies for Betting Online
Now that you know a bit about cryptocurrency gambling at online casinos, what will you use? Not every cryptocurrency is accepted in online casinos, and even when a digital currency is, there are some which stand out more than others. Generally speaking, playing with the most recognisable cryptocurrencies is advised, as there are likely to be more casinos to choose from. For this reason, we recommend that you opt to go with Bitcoin, Ethereum, Dogecoin, Litecoin, Bitcoin Cash or Tether (USDT). These tend to appear at virtually all major cryptocurrency casino sites.
