How to Deposit and Withdraw Using Cryptocurrency

With the explosion of new cryptocurrencies in the market today, we are
rapidly approaching a period where you will be able to use these digital
currencies to play for almost everything. The good news for those of you
interested in online gambling is that the industry has been at the forefront of
crypto use for many years. In fact, gambling is one of the first mainstream uses
of cryptocurrencies (don’t ask what they were used for originally…).

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We want you to feel completely comfortable using cryptocurrency for
depositing and withdrawing funds at a gambling site, so we have prepared a
step-by-step guide for you on this page. Once you are done reading, you will be
all set and ready to start buying coins and using them to play your favorite
games.

Why Use Cryptocurrency to Gamble?

There are many reasons that people use cryptocurrency for their payments to
online gambling sites. Let’s take a look at a couple of the more obvious
reasons.

Speed

Using cryptocurrency to make your payments, and more importantly, your
withdrawals, is very fast when compared to other forms of payment. In the case
of withdrawals specifically, you can speed up your payout by days and sometimes
weeks depending on where you are living. The digital currency transaction all
happens online, and therefore, it can happen in a matter of seconds or minutes
depending on the coin you use. Players love that these transactions are so
quick, and it is really changing the payout landscape in an industry notorious
for slow payments.

Privacy

As the information you provide to an online gambling site is simply your
digital account number, there is no personal banking information sent anywhere.
This provides an extra layer of security when processing payments, as the fewer
places you have to enter your banking information, the less likely this
information can be compromised.

The Best Sites for Using Cryptocurrency

To get you started, we have compiled a list of some of our favorite casinos
that allow you to use cryptocurrency for both depositing and withdrawing funds.
While this is the main criteria we used to filter our reviews for this page,
what you will find is a list of casinos that offer the best in the way of
software, promotions, and customer service.

Another thing you may notice about some of these sites is that you can also
use cryptocurrency as your currency at the tables and slots! This is still a
work in progress for many sites, and it doesn’t really matter to us either way,
but we know many of you would prefer not to be moving from one currency to
another during your playing sessions. Regardless of what currency you use at the
tables, you can rely on these sites to process your transactions using
cryptocurrency, the next logical step in the online gambling revolution.

How to Deposit and Withdraw Using Cryptocurrency

Here is your step-by-step guide to making payments with cryptocurrency. We
have summarized the easy-to-follow steps here:

  1. Register for a crypto wallet
  2. Fund your wallet
  3. Pick your site
  4. Look for a bonus
  5. Make your deposit
  6. Make a withdrawal

Register for a Crypto Wallet

If you want to buy some cryptocurrency, you need to store it somewhere, and
since there is no physical representation of the funds, the only option is a
digital wallet. These are plentiful these days, and you can find out more
details on how these wallets work here.

Once you have selected a wallet, all you have to do is register by giving
some of your personal information, and you will be assigned a digital ID which
will be the key to unlocking your account.

Fund Your Wallet

Each wallet will give you a series of coins that you can buy, and once you
choose the currency you want or need for the site you plan to play with, then
you can use your traditional currency (credit card, debit card, wire transfer,
etc.) to fund your crypto wallet. Your balance will reflect any purchase you
make at the market value of each coin (don’t forget that these currencies also
fluctuate in value just like fiat currency).

Pick Your Site

We gave you a head start on this process earlier, but if you choose not to
try one of the sites we recommended on this page, you can do your own research.
We have a full set of online gambling site reviews, and in each review, there is
a section on payments. Here, you will find more sites that accept cryptocurrency
transactions, and you can be up and running with a site within a few clicks.

Look for a Bonus

Almost every site offers deposit bonuses, especially for players making their
first bonus. However, some sites are very keen to have you use cryptocurrency to
deposit, and these sites sweeten the pot with better offers than those given to
people using credit cards. Take the time to read our reviews or the casino
website to make sure you find the best value for your deposit.

Make a Deposit

Making a deposit with cryptocurrency is a very simple process. First, you
head to the casino cashier and look for the options that are available. Not
every gambling site offers all the cryptocurrencies, so you may be limited to
one or two of the more common options. Then, when you have selected the
currency, you will be given the address for the wallet of the site operator.
Enter this information into your wallet and select the amount of money to
transfer. This should only take a matter of seconds, at which time your gambling
account will be updated with the appropriate balance. Take note that the amount
may be converted back into EUR or USD depending on the site you have chosen for
your deposits.

Make a Withdrawal

When it comes time to request a payout (and we hope this is something all our
players have to do often), again, all you do is head to the cashier. There, you
will find a button to push that requests a withdrawal. You enter the amount and
the cryptocurrency that you want to be paid in. The site will prompt you to give
them your wallet address, and once you enter that, your request will be in
motion. You should note that while the actual transaction may only take seconds,
some sites do require a pending period of up to 48 hours to ensure your play
hasn’t been fraudulent. It’s all good; as soon as your request is cleared, you
will see the balance in your crypto wallet within minutes. From there, you can
make a withdrawal from your bank, and the timing for this is dependent on the
currency you have chosen.

The future of online payments seems to be headed in the direction of these
secure, decentralized transactions. However, what cryptocurrencies will survive
and which will no longer exist in a couple of years is harder to predict. We
always suggest that you keep a minimum amount of money in cryptocurrencies,
especially given their current level of volatility. The good news is that as the
industry grows, more online gambling sites will start to accept crypto as a form
of payment, which should in turn help stabilize the coin economy. Hopefully,
this guide to depositing and withdrawing using cryptocurrency has been of value,
and you now feel confident enough to give it a try.

We always encourage feedback here, so if you have something to tell us about
playing with cryptocurrency, send us a note. Your experiences help all of our
readers, so we’ll make sure to update pages like this with relevant information
that we think everyone should be made aware of!