Complete Guide to Using Cryptocurrency for Gambling
It may seem like your life has been bombarded by information about cryptocurrency recently, and you aren’t wrong about that. It feels like, over the last 6 months, every company in the world is coming up with a blockchain solution, and terms like ICO, cryptocurrency, token, and others are taking over the airwaves.
While this can all seem a bit overwhelming, we are here to help you. For example, did you know that there are online gambling sites that have been accepting cryptocurrencies for payments for years now? The industry has always been looking for innovate ways to manage payment processing, especially given how expensive the traditional methods have become. Crypto is an excellent solution but is still in its infancy, and many people have only learned about it in the last few months.
We have dedicated an entire section of GamblingSites.org to bringing you up-to-date information about cryptocurrency and how it will affect your online casino experience. Here’s what you can expect to find in this section.
We should start this section of our site with some of the good stuff – the best places we have found for casino players who wish to use cryptocurrency for payment. These sites that we have listed below all bring the best of software, promotions, and support together, along with strong mobile compatibility. Most importantly, however, is that they also all offer some form of cryptocurrency for deposits and withdrawals.
There are more and more online casino sites that are accepting cryptocurrency these days, but that doesn’t mean that they are all the same quality. We’ll go into more details of which sites are the best for each of the main types of currency, but for the time being, this shows you a nice cross-section of what is available for early adopters of this payment method.
Taking a step back for a bit, we realize that through all of this, there are still many of you who do not know what cryptocurrency is in the first place. So, let’s break it down here for you in its simplest terms.
Back in 2009, a bunch of very smart folks were trying to come up with a way to pay for goods and services anonymously online (don’t ask why) and came up with the idea of a decentralized, digital currency. This original currency was called Bitcoin and still exists today.
The general way that cryptocurrency works is that every transaction between users is written into a digital ledger, and this ledger is copied and stored on a network of multiple computers. This way, if there is a transaction that is only showing up one copy of the ledger, it can be flagged, keeping the ledger form being hacked and altered illegally.
There is a lot more to it, of course, but at its core, cryptocurrency is a decentralized, digital form of payment that is designed to compete with the current traditional forms of payment. For a more detailed understanding of this digital currency format, check out this page.
There are many widely-accepted cryptocurrencies on the market today, with new coins being introduced at a rapid rate. While the online gambling industry was one of the earliest adopters of these payments, to date, the operators have been focused on adding the most trusted.
We think that if you want to feel comfortable using cryptocurrencies at an online gambling sites (or anywhere for that matter), you need to be up to speed on what these currencies entail, including their history and how they can be used at online gambling sites. That is what these pages below are meant to accomplish.
Bitcoin Gambling Sites
Bitcoin is the original cryptocurrency, having been built on the original blockchain (the decentralized network) all the way back in 2009. While many other coins now exist, the number of casinos that accept Bitcoin (BTC) is more than any other cryptocurrency, so we take a look at which are the best sites and why you should use Bitcoin for your payments.
Another cryptocurrency that was launched all the way back in 2011 on Github, Litecoin is the brainchild of a former Google employee. This is another attempt at creating the same decentralized network with faster speeds. Litecoin (LTC) is an excellent alternative to Bitcoin and is being added as a payment method to more casinos by the day.
After the original open-source blockchain technology was developed and released, an increasing number of developers looked for ways to improve the original work and reduce some of the issues that came from the popularity of the original. Bitcoin Cash is a cryptocurrency that came from a split in the Bitcoin blockchain and is now regarded as the likely successor to the original cryptocurrency.
Ethereum is another popular blockchain network, and the currency it created (Ether) is now widely accepted by online gambling sites. Built on the same premise as Bitcoin, but with acceptance speeds that are faster, Ether and the Ethereum blockchain are heralded as more efficient by those who use it. We look at all the sites that accept Ether for payments and what makes one site better than another for players in the long run.
All this talk about cryptocurrency and its benefits is nice, but understanding how to make a deposit in your online casino account is likely why you came to this page in the first place. Using the currency for online casino deposits and withdrawals is actually not as intimidating as it may look, but you definitely want to know all the right steps to take in order to make the transactions as easy as possible.
We have an entire page dedicated to how to make a deposit with all the currencies we listed above,including the security measures that are taken in the blockchain to prevent your account from being compromised. When you are done reading it, we are certain that you will feel like a seasoned cryptocurrency veteran!
For as many cryptocurrencies that exist in the marketplace today, there are as many if not more cryptocurrency wallets to choose from. The crypto wallet is exactly as it sounds – a central location for you to manage all your cryptocurrency balances. Some wallets are better than others, and when it comes to online gambling, choosing a wallet that makes it easy to move coins to and from casino sites is a must. There are some crypto wallets that have been around for much longer than others, but that doesn’t mean that the new ones aren’t worth using. You want to be looking for specific attributes of crypto wallets, which we will go into on this page.We look at all the top wallet options for crypto users and show you how to go about setting up a wallet of your own.
After having an understanding of how to go about getting some cryptocurrency and how to use it for making a deposit at the gambling site you have chosen, you are all ready to understand how to use the currency for gambling purposes. There are some differences in how each of the sites manages cryptocurrency at the gaming tables and slot machines.
The cryptocurrency that you choose to play with should not have an effect on the games that you are playing, but if you aren’t sure, then you can always check with the caisno operator or look in the Terms and Conditions. Operators want to provide you with the best overall gambling experience, and that includes bringing you the best options for playing with cryptocurrency.
We have every detail covered for you so that you don’t feel at all uncomfortable when you are ready to enter the casino lobby and choose a game to play.
Cryptocurrencies are all based on creating coins, and these coins are created by agreeing to manage some of the ledger traffic that manages the coins themselves. People who have the machines set up to store and update ledgers on an ongoing basis are called miners and are rewarded for their actions.
Mining Bitcoin in the early days was something that only ahandful of inidividuals were doing. These days, given the power needed to run these mining computers, there are facilities being built in remote locations that house thousands of computers mining in unison. That doesn’t mean that you can’t get in to it now but it is definitely an idea that has matured.
If you are considering becoming a cryptocurrency miner, there are several factors that you should take into consideration before you invest in the hardware that is necessary. We aren’t saying it is a bad idea, but it is more effort than you may think, so reading this guide should prove to be very helpful in the long run.
If you’re wondering what the conversion rate from dollars to your cryptocurrency of choice is, you’re in luck. Below are the current values for the most popular cryptocurrencies.
The Current Value of Bitcoin
The Current Value of Litecoin
The Current Value of Ethereum
If you are looking for a comprehensive primer on all things cryptocurrency, then you have found it right here! We strip away the gaming component for this section of the website (well, almost entirely) and focus on making sure you understand everything about cryptocurrency in general.
Did you know that the original cryptocurrency was developed almost by mistake by someone known as Satoshi Nakamoto? Satoshi was just working on the decentralized blockchain when it was realized that the currency could have some use. Today, we are still uncertain if Satoshi (a fake name) is one person or a team of people who are behind the cryptocurrency revolution.
Crypto Fun Fact #2
Did you know that the first item purchased in the real world with Bitcoin was pizza? All the way back in 2010, a Hungarian programmer bought two pizzas from Papa John’s for a whopping 10,000 BTC. Now…if you do the math, that is definitely the priciest pizza ever purchased, and we bet that programmer regrets that decision!
Crypto Fun Fact #3
Think you know a bunch of cryptocurrencies? You don’t. There are currently over 1,500 active cryptocurrencies around the world…most are very small and risky, but they exist!
Crypto Fun Fact #4
The Cryptocurrency world may be still in its infancy, but there are already between 6 million and 12 million active cryptocurrency wallets that exist. Expect this number to grow quickly in the coming years!
Crypto Fun Fact #5
Did you know there is a finite number of Bitcoin that can be created? The number is set at 21 million BTC, after which no new currency will be mined.
We typically add some frequently asked questions to our pages, but since there are so many more questions that our readers have asked about cryptocurrency and gambling, we thought it deserved its own page! Here is where you will find a comprehensive set of answers to the most common questions about the currency, as well as some more technical FAQs for those of you on the more advanced side.
Our Frequently Asked Questions section is always being updated with feedback from our readers, and here you will find the answers to many questions including:
The information found on Gamblingsites.org is for entertainment purposes only. It is a purely informational website that does not accept wagers of any kind. Although certain pages within Gamblingsites.org feature or promote other online websites where users are able to place wagers, we encourage all visitors to confirm the wagering and/or gambling regulations that are applicable in their local jurisdiction (as gambling laws may vary in different states, countries and provinces).
Gamblingsites.org uses affiliates links from some of the sportsbooks/casinos it promotes and reviews, and we may receive compensation from those particular sportsbooks/casinos in certain circumstances. Gamblingsites.org does not promote or endorse any form of wagering or gambling to users under the age of 18. If you believe you have a gambling problem, please visit BeGambleAware or GAMCARE for information and help.