Now, more than ever, players are turning to crypto casinos – online casinos that accept cryptocurrency payments – to play their favorite slots and table games. Crypto casinos offer a selection of cryptocurrencies either in addition to, or as a replacement for, fiat currencies.
Although both options can be beneficial, there is a reason for the rise in popularity of cryptocurrencies, especially when making a deposit at an online casino. In this article, we’ll explore the reasons behind the payment method’s meteoric rise, including just how easy it is to make deposits and withdrawals at a crypto casino.
There are a number of advantages to using cryptocurrencies over fiat currencie:
Because cryptocurrency wallets don’t require a background or credit check, or ID verification, users can remain private and anonymous. Transactions on the blockchain are pseudonymous, meaning your wallet address will be visible, but due to the lack of checks required, this contains no personal or easily traceable information.
Although people might initially think that cryptocurrency is more hassle than it’s worth, it’s actually incredibly accessible, as long as you have a computer or smartphone, and access to the internet. Setting up a crypto wallet is simple and fast, and usually free.
Cryptocurrency transactions can be more affordable than those made using fiat currencies, although it should be noted that blockchain demand can increase transaction costs, especially with the Ethereum network. Newer cryptocurrencies are constantly working to reduce fees, so it’s highly likely that cryptocurrencies will consistently be the cheapest option in the future.
Decentralization – the transfer of control and decision-making to a distributed network – is one of the cornerstones of cryptocurrency. Decentralization means that individuals have complete ownership and control of their own money.
Cryptocurrency wallets are secured with private keys, usually a set number of random words, which are only known by the wallet owner; without this encryption, it’s impossible to sign transactions or access a wallet’s funds. Blockchain technology is inherently secure due to the decentralized nature of distributed ledger technology, and every transaction undergoes an intense encryption process. If somebody were able to compromise one node in a blockchain, they would still be unable to do anything harmful or interfere with your money.
Cryptocurrency payments are becoming increasingly fast, making them an excellent option for those looking to make money transfers quickly. For example, Ripple (XRP) transactions are usually settled within 3-5 seconds, with the XRP Ledger able to handle around 1,500 transactions per second.
One of the most attractive reasons for using cryptocurrencies is its decentralization. This, in turn, allows companies to cut out intermediaries such as banks and online marketplaces, enabling them to charge less for payment processing fees.
Cryptocurrencies are incredibly useful throughout everyday life, but these advantages are also worth considering in terms of online casinos such as VIP Coin Casino. The security, decentralization and anonymity of cryptocurrencies make them an excellent option for players wanting to make a deposit or withdrawal when playing online.
Making a deposit at a crypto casino is incredibly simple, although it does require users to own a wallet for their chosen cryptocurrency, as well as having funds within that wallet. These wallets are often free to download, and cryptocurrencies can be bought from a variety of exchanges. It is worth noting that most exchanges will charge a small fee to transfer your chosen currency from their platform to your wallet.
Once you’ve bought some cryptocurrency, head over to your platform of choice. Once you’re on the ‘Deposit’ section of the site, use the following steps to complete the transaction:
Select which payment method you would like to use. Most crypto casinos will offer the ability to deposit in Ripple (XRP), Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Tether (USDT). Once you’ve chosen which cryptocurrency you’d like to use, click ‘Deposit’.
Selecting a cryptocurrency will bring up additional details, including the minimum deposit limit and the current exchange rate. Crypto casinos will then provide you with a destination tag and a deposit address; this blockchain deposit address is unique to your account and is where you will send your deposit to.
Sign into whichever crypto wallet is linked to your selected cryptocurrency. Some wallets are offered as browser extensions, whereas others can be downloaded as mobile applications. Start a transfer within your wallet – this process will vary slightly with each wallet – and choose the amount you would like to deposit. Most wallets allow you to input the amount in either crypto or fiat currency, although the end result will be the same.
Paste the deposit address copied from the online casino into the ‘Send To’ (or equivalent) section. Double-check all the details are accurate, and then press send.
Within a few minutes – although this may vary between cryptocurrencies – your deposit should arrive in your online casino account. Once your account has been funded, you’re able to start playing as you would at any casino.
Cryptocurrency withdrawals at online casinos are just as straightforward as deposits, if not more so. Depending on the cryptocurrency you’re withdrawing, the process can take mere minutes.
Open your crypto wallet and copy your own address. This process might vary slightly depending on the wallet in question, but most wallets have a ‘Quick Copy’ function that will allow you to simply click on your wallet address and instantly copy it to your clipboard.
Go back to the casino and find the ‘Withdrawal’ section. Select which cryptocurrency you want to use and the amount that you would like to withdraw – this may be in crypto or fiat currency, depending on the site – and copy your wallet address into the space provided.
Confirm the transaction and wait for the funds to arrive in your wallet. It’s essential that you copy your wallet address correctly to avoid sending funds to the wrong account. This whole process is usually incredibly quick, and VIP Coin Casino in particular makes it really straightforward.
When talking about cryptocurrency and the blockchain, decentralization refers to the transfer of supervision and decision-making from a centralized association – for example, a bank or a business – to a trusted network, helping to eliminate the chance of bias or misjudgment.
This network is connected via nodes, which are computers or servers connected to the blockchain. All the nodes on a blockchain communicate with one another and constantly exchange information between themselves. This means that nobody can interfere with transactions, because they would need to tamper with every single node to do so, which is extremely difficult.
Decentralization is important because it reduces the chances of human error, eradicates the space for data loss, and speeds up transactions due to the removal of third-party intermediaries. Decentralization also ensures that individuals are put back in control of their finances and assets, allowing them to utilize them as they see fit, without relying on banks and governing bodies.