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Loading...What is Cryptocurrency?
Cryptocurrency, or simply ”crypto” is a digital currency that uses cryptography to ensure transactions are secure. Bitcoin launched in 2009 and was the first crypto on the market. It remains the most popular, but today there are many alternative cryptos (Altcoins) available which all come with different functionality. All cryptocurrencies are decentralized which means there’s no need for a bank to authorize or verify transactions. Instead, it uses a peer-to-peer system and high-level encryption to verify transactions between traders. When trading with crypto, the ownership is transferred between people anonymously using blockchain technology.How do Crypto Casinos Work?
When we’re talking about crypto casinos, we’re simply referring to online casinos that accept cryptocurrencies as payment methods. At our top rated casinos of this type, you can pay and withdraw your winnings using Bitcoin, Ethereum, Litecoin and a range of other popular cryptos.2 Types of Crypto Casinos
- Bitcoin casinos – accept payments with Bitcoin (BTC) and or Bitcoin Cash (BCH).
- Altcoin casinos – accept payments with cryptocurrencies other than Bitcoin.
Advantages of Playing at Crypto & Bitcoin Casinos
Let’s look at the reasons why many a gambler nowadays choose crypto casinos over traditional gambling sites and why you might want to join them in taking the leap. Many players enjoy the privacy and anonymity, but there are also other benefits to Bitcoin and Altcoin casinos. Below, we’ve summarized the biggest ones.- Anonymity – In a world where our privacy and integrity is questioned on a daily basis, crypto casinos offer a gambling experience that is more anonymous.
- Security – Crypto casinos are very secure since they utilize advanced blockchain technology and cryptography along with other encryptions and security measures. Not only that, but they also use TLS and SSL encryptions to protect players data.
- Provably fair games – This is something that isn’t available at traditional online casinos where you have to trust third party watchdog organizations that vouch for the games fairness. At the best crypto casinos, players can confirm the randomness of each game round for themselves using hash codes provided by the online casino in real time.
- No government involved – Cryptocurrencies are decentralized, so there is no government involved that can print new money or inflate price through corruption. Crypto casinos remain safe from the influence of politics.
- Instant withdrawals – The competition between crypto casinos is fierce since the player base is still relatively small. Many of the best Bitcoin casinos and crypto gambling sites therefor offer instant withdrawals to incentivize players to choose their site.
- Low fees – Since there are no middlemen involved in cryptocurrency transactions, the fees are generally lower than traditional fiat payment methods.
- High deposit limits – Crypto casinos tend to have higher deposit limits which means you can often make big bets or play for bigger wins than at your average traditional casinos site.
- Quick transactions – Solana and Ethereum are even quicker in transaction speeds than Bitcoin. Regardless of what crypto you play with, the money will reach the casino almost instantly.
What are the Downsides?
Just like fiat currency, cryptocurrencies come with both pros and cons. For the sake of transparency, let’s also go through the downsides of playing at crypto gambling sites.- Volatility – Cryptocurrencies tend to be more volatile than government currency, so the value of your BTC, ETH or other crypto might change drastically over a short time. To be fair, this can also be a good thing and adds another layer of gamble that some players enjoy.
- It’s not 100% anonymous – Cryptocurrency transactions are not 100% untraceable. Any site that tries to convince you of otherwise are wrong and you should question their facts. That said, you’ll definitely come very close to an anonymous gambling experience when playing using cryptocurrency.
- Region restrictions – Even more so than traditional online casinos, crypto casinos tend to restrict their users by region. The reason is that many countries still don’t recognize cryptocurrency as real currency.
- Not so convenient – Before you deposit crypto to a crypto casino, you’ll need to have a crypto wallet or currency stored at an exchange site. It’s simply not as convenient as, say, using a major credit card, or an eWallet like Neteller or Skrill.
- No reversals – There are downsides to the anonymity too. If you input the wrong hash code to your crypto wallet when requesting a withdrawal, the money is essentially gone.
How to Find the Best Crypto Gambling Site for You
Now that you know all about crypto gambling sites, let’s guide you to finding the one that is just perfect for you. At this point, you might want to choose a casino site first, and a cryptocurrency second. So, take a look at our reviews of online casinos that accept crypto to find out more about sites that you find interesting. Here are some tips on finding the site that best meet your needs:- Read expert reviews – Our experts evaluate each crypto casino thoroughly before giving their rating to our editors. If you find a site that looks good and want to learn more, you can access our reviews by clicking the INFO button next to each shortlisted site.
- Play free games – Many of the best crypto casinos collaborate with industry leading software providers, which means there are tons of free games to try out. Some sites don’t even ask you to sign up first, although signing up gives you the chance to see whether you like a crypto casino or not.
- Choose by crypto – Don’t forget to make sure the site you’re interested in offer payments in your preferred cryptocurrency. Or, you may have an easier time choosing a site if you first choose what crypto you want to play with.
- Claim a crypto bonus – Another great way to make sure you get a good gambling experience right from the start is to claim a good sized crypto bonus with fair terms. You can freely browse and compare bonuses as we’ve highlighted information about promotions in our top list of the best crypto casinos.
- Try our casino generator – If you prefer to gamble on where to gamble, check out our casino generator and let fate decide!
How to Get Started at a Crypto Casino
The good news is that casinos that accept BTC and other cryptos work pretty much the same way as traditional online casinos. The bad news is that you need a crypto wallet or sign up to a crypto exchange site and acquire some crypto first. Let’s take a look at how it’s done in the form of a simple step-guide.- Get a crypto wallet. This is the digital wallet that will hold your private and public encryption keys and ultimately your cryptocurrency. This step is optional.
- Sign up to an exchange site. If you don’t have a crypto wallet, choose a site that let’s you store the crypto at the exchange site. Some popular options are Binance, Coinbase and eToro.
- Verify your identity. Most exchange sites require you to upload a national ID, passport or driver’s license and fill out a form. You’ll then typically take a selfie and use the sites facial recognition app to verify your identity.
- Buy some crypto. Once the tedious part is over, you’re free to trade in your fiat currency.
- Sign up to a crypto casino. Find a site that you like in our list of the best crypto casinos. Go to the site, find the button for registration and follow the on-screen instructions to set up an account. Deposit any amount of crypto you wish to play with and don’t forget to confirm whether or not you want to play with a crypto casino bonus.
Licensing & Security at Bitcoin Casinos & Crypto Gambling Sites
We’ve already mentioned that crypto casinos offer a safe gambling experience thanks to transactions being done over the blockchain with cryptography and other high level encryption methods. On top of that, you can rest assured that our recommended crypto online casinos all come with a verifiable license from a reputable gambling authority. This means that the casino operator and routines are audited on a regular basis by the license issuer. Even before getting a license and during the application process, casino owners have their entire gambling operations scrutinized by third party organizations like eCogra.Provably Fair Games
Adding another layer of security is the fact that casinos that accept cryptocurrency are built using open-source software and smart contracts. This means the casinos can’t cheat the players, since the players themselves can check the randomness of the games outcomes. When playing a game at, for instance, a BTC casino or ETH casino, you’ll typically see a hash code published in the game interface before each game round. The random number generator (RNG) then does its thing after which another code is published. This second hash code can be used to compare with the first code and verify hat the outcome of the game round was completely random.Most Popular Cryptocurrencies
Today, there are thousands of different cryptocurrencies, known as Altcoins, on the market. However, only a few are widely used and have stood the test of time. If you’re looking for a cryptocurrency to gamble with, or a type of crypto casino, here are the most popular ones:Bitcoin (BTC Casinos)
Bitcoin, launched in 2009 by the anonymous pseudonym Satoshi Nakamoto. It was the first cryptocurrency and still holds the highest value of all cryptos. Bitcoin casinos, or simply BTC Casinos, started popping up at around the same time and today there are more casinos that accept BTC than any other crypto.Ethereum (ETH Casinos)
Ethereum is a cryptocurrency platform where users can create their own cryptocurrencies using smart contracts. It’s also the home of Ethereum’s native cryptocurrency called Ether. The crypto is different from BTC on a technical level, but transaction speeds at ETC casinos are virtually the same. Casinos that take ETH as payment are a popular alternative to BTC casinos.Litecoin (LTC Casinos)
Litecoin is yet another popular crypto with slightly faster transactions speeds than Bitcoin and Ether. Bitcoin take 2.5 minutes to create a new block in the chain whereas LTC only take 2.5 minutes. LTC casinos are very common and gambling sites that accept LTC also often accept other cryptocurrencies.Monero (XMR Casinos)
Monero is a cryptocurrency with unlimited supply that uses privacy-enhancing technologies. Players at XMR casinos can enjoy a very high level of anonymity as it’s virtually impossible for observers to decipher hash addresses between the casino and players. There aren’t as many casinos that accept XMR as there are BTC and LTC, but we’re always on the look-out.Dogecoin (DOGE Casinos)
Dogecoin was created as a joke, specifically to make fun of the tendency of cryptocurrencies to be volatile. Fast forward and its now become one of the most popular cryptos for trading thanks to its high transaction speeds and usability. In our top list, you’ll find plenty of online casinos that accept Dogecoin, so called DOGE casinos.Solana (SOL Casinos)
Solana boasts the fastest blockchain in the world so it’s no surprise that SOL casinos are the quickest growing type of online casino today. The crypto is developed with a user-centered design approach so when playing at a casino that accepts Solana, players can enjoy a smooth and user-friendly banking experience.Alternatives to Cryptocurrencies
If you for some reason find that cryptocurrencies aren’t for you, here are some alternative banking methods accepted by almost all casinos we recommend.- Neteller – A free to use eWallet that has its own native app.
- Skrill – A digital wallet similar to Neteller.
- Visa – One of the major credit cards accepted by most online casinos.
- Mastercard – Another major credit card accepted by both traditional casinos and crypto gambling sites.
- Paysafecard – A prepaid card you can use with cash. A great anonymous alternative to BTC and Altcoins.