Lifestyle

Can You Use Cryptocurrency For Online Gambling?

Digital currencies like Bitcoin have been gaining so much attention in the past several years that people around the world are starting to realize their potential. Because of their increased popularity, cryptocurrencies ar being included as a payment method across countless online business platforms.

Out of all types of businesses on the world wide web, online casinos have been among the first ones to adopt cryptocurrency. However, while the amount of ‘crypto-casinos’ is rising, many gamblers still don’t quite understand how they can use digital currency to bet online, which is why we are here today. 

If you’ve ever asked yourself how Bitcoin casino games work, you’ll find all the information you’re looking for in this post.

What Even Is Crypto Gambling?

The main difference between a standard online casino and one that supports cryptocurrencies is the currency you use to place bets and cash out your payouts. With crypto, you’re going to enjoy many additional benefits.

For instance, if you bet by conventional currency, it typically takes from a couple of hours to several days to process your withdrawals. On the other hand, Crypto cashouts are instant!

Furthermore, using payment methods like bank accounts generally requires identity verification before you can gamble. Using cryptocurrency for gambling is entirely anonymous since your identity will never be linked to any transaction.

Is Crypto Gambling Legal?

As of today, there are still questions to be answered regarding the use of Crypto for online gambling and betting in many regions. Nevertheless, there are some key elements that you will need to keep in mind when it comes to online crypto betting. They include:

  • There are no specified laws regulating cryptocurrency gambling due to the fact that most digital currencies aren’t explicitly prohibited while they aren’t officially allowed.
  • The point of view on the use of cryptocurrency varies from one country to another. Some countries have a positive view of cryptocurrencies and see them as the future of monetary value. Other countries prohibit the use of cryptocurrencies.
  • Several gambling jurisdictions provide licenses to online casinos that accept crypto. These legislative bodies can take responsibility for controlling gambling in online casinos that support cryptocurrencies. As long as the casino is following the regulations of the selected jurisdiction, it’s operating legally.

How To Gamble With Cryptocurrency?

Online casinos that support cryptocurrency payments feature all the classic online casino games, including table games and slots, and some also support sports betting. If you wish to use digital currency as a form of payment method for online gambling, here’s a step-by-step guide on how to start betting with Bitcoin or any other cryptocurrency.

Pick Your Digital Currency

Before you play any casino games, you will have to cash in funds in a digital currency form accepted by the online casino you are playing in. Bitcoin and Ethereum are the most popular ones, and chances are, they are supported in almost every online casino that supports Crypto.

Get a Crypto Virtual Wallet

As with all types of currency, you can’t transfer Crypto from one account to another one without a requirement of a digital wallet. Therefore, you’ll have to register for a reputable and trusted crypto-wallet service such as Coinbase, where you can quickly purchase or exchange standard currency for a digital one.

Depositing To An Online Casino

After purchasing your preferred digital currency, you can now wire it to your gambling website account and play as much as your prepayment allows. After winning money, you can withdraw your payout by using your crypto wallet. After that, you can exchange the cryptocurrency for standard legal money.

Bottom Line

As you can see, gambling with digital currency is quite simple. However, you must keep in mind that depositing or cashing out your Crypto is a bit different from using credit or debit cards, e-wallets, or bank transfers. The online casino will usually highlight the steps you need to follow so you can deposit or withdraw Cryptocurrency in a matter of seconds. 

So, what are your thoughts on the future of Crypto in online gambling? Wouldn’t it be nice if all the online casinos out there would support the digital currency as a payment method?