About Cryptocurrency's Online Casino
The iGaming industry is known to always embrace innovation in their businesses. Interestingly, this has been the reason behind its success across different countries. Adopting and integrating features that will make gameplay and other activities easier for players is the best way to stay relevant in the industry.
Cryptocurrency is the latest trend in the financial world. While some casinos are quick to embrace it, some have maintained the conventional payment option. Meanwhile, a lot of players who are fans of cryptocurrency are eager to have their casinos integrate this payment option.
It is not surprising to see that cryptocurrency is a popular payment option. Digital currency has some attributes that make it unique from all kinds of currencies. Above all its attributes is the fact that it is convenient, secured, and fast. You can read on if you want to get full details about these attributes.
How We Choose The Cryptocurrency Online Casinos
To ease your burden of looking for a reliable cryptocurrency casino, we have a recommendation of the best ones for you. Meanwhile, we expect you to have questions as to how we have chosen the casinos that made our list. The following are factors we considered before recommending these casino brands;
Supported cryptocurrency
Since we are particular about cryptocurrency casinos, we have ensured that all casinos that made to our list support the best cryptocurrencies. While cryptocurrency might look like a general term, you need to know that not all cryptocurrencies are the best. We have hand-picked reliable cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Ripple, and Shiba Inu. Therefore, the casinos in our recommendation either support all of these cryptos or some of them.
Bonus offer
One strange thing about some cryptocurrency casinos is that they don't offer bonuses to players who deposit using cryptocurrency. We considered this absurd and have carefully picked out recommendations. The cryptocurrency casinos in our list offer bonus offer for all kinds of deposits including cryptocurrency deposits. You are entitled to welcome bonuses, deposit bonuses, and other types of bonuses available on the platform.
Security
Cryptocurrency itself is a secured form of payment. However, we are also particular about the security of the casino sites we are recommending. All casinos in our list are highly secured and protect users' data and information. This solely is to ensure that you okay your game without fear or panic.
Top Cryptocurrencies In Online Casinos
Ever since the introduction of Bitcoin in 2009, there has been the development of all kinds of cryptocurrencies. There are about 1000 different cryptocurrencies globally. Not all of these cryptocurrencies can be trusted considering their acceptability and volatility. As such, the casino industry has only adopted the use of a few which are explained below;
Bitcoin, also known as BTC, is the first cryptocurrency to be created. It is the most popular and also the most accepted of all. It is a virtual coin on the blockchain network which makes it a secured form of payment. Bitcoin exhibits all attributes of cryptocurrencies one of which is decentralization. It can be used without regulations from a central body like the government or banks.
Ethereum, also known as ETH, is another widely accepted cryptocurrency. Unlike BTC, it is created on another Blockchain ecosystem known as the Ethereum ecosystem. That means that it doesn't use the same network as BTC. Since the volume is lower than that of BTC, it is a faster means of payment than BTC. Overall, it is also a decentralized payment option and very secure.
Litecoin, also known as LTC, is one of the earliest altcoins created to serve as an alternative to Bitcoin. It uses a Litecoin network which is known to be 4 times faster than Bitcoin. It is also a widely accepted coin and it is very secure. It is one of the top 5 cryptocurrencies in the world.
Ripple is a company that created a coin called XRP. Interestingly, the name Ripple has come to become the accepted name of cryptocurrency. It is an open Coin and also one of the first cryptocurrencies to be accepted by banks and other financial organizations. It is a very fast form of payment, decentralized, and secured.
Shiba Inu is a meme coin that has taken the world by surprise. It was created in 2020 and since then has attained an unimaginable market capitalization. It is now a popular cryptocurrency and a widely accepted one at it. Shiba Inu having its ecosystem is a fast payment method, decentralized, and secure.
Top Crypto Wallets For Indians
Cryptocurrency is a unique digital currency. It cannot be stored in your bank or just any place. It is designed to be stored on cryptocurrency wallets. Crypto Wallets are applications designed to store and protect your cryptocurrencies. The following are notable Crypto Wallets Indian players can consider;
Binance
Binance is the most popular crypto wallet in the world. It supports over 250 cryptocurrencies for storage and exchange. Your stored cryptocurrency can also be exchanged for another cryptocurrency or sold for your country's currencies on Binance. The platform allows you to deposit for free but may charge a withdrawal fee depending on the type of asset.
Coinbase
Coinbase is another popular digital asset wallet. It is widely used by Indians since it also supports a wide range of cryptocurrencies. It also allows the selling and buying of cryptocurrencies. As such, you can exchange your coin to your local currencies and withdraw to your bank seamlessly. Deposit is free while withdrawal may attract a percentage of the cryptocurrency.
ZebPay
ZebPay is another popular cryptocurrency in India. It supports over 100 different coins and allows you to trade your digital wallet for Indian Rupees. It is a secured crypto wallet as it uses a cold-wallet security system. It charges a deposit fee of ₹5 to ₹25 depending on the deposit option. It also charges a withdrawal fee depending on the type and volume of the cryptocurrency.
CoinDCX
CoinDCX is a popular digital asset wallet in India. It is also an easy-to-use exchange platform. Users can learn to trade with their cryptocurrency on the platform or withdraw it to their banks. Deposit is free on this platform while withdrawal may attract charges depending on the type and volume of a cryptocurrency. It is highly secured as it uses a cold wallet technology.
Pros And Cons Of Cryptocurrency Casinos
There are always two sides to a coin. While we may talk of the many advantages of cryptocurrencies, there is a need to talk about their disadvantages. This act will expose you to any negative side of it so you can try to avoid it. The following are the pros and cons of cryptocurrency in a casino;
Pros
- It is a faster means of payment.
- It is decentralized which means not regulated by the government or any central body.
- High secured form of payment as it cannot be hacked.
- It maintains anonymity which means transaction information is unknown.
- Transparent form of payment as there is an unchangeable history for every transaction on the blockchain.
Cons
- It is irreversible and any mistake cannot be corrected.
- Highly volatile as the value can be greatly reduced without any prior notice.
- No central body as such support might be unavailable.
Cryptocurrency Casinos Banking
Banking using cryptocurrency payment options is quite different from other payment options. There are some steps you must take to accurately deposit or make a withdrawal at casinos that accept crypto. Understanding this process will help save you from having issues while banking at a cryptocurrency casino.
How To Deposit With Cryptocurrency
Depositing with a cryptocurrency is quite easy if you have learned to do it. It involves simple steps that can be carried out in a few minutes. Here are steps to be taken to deposit using cryptocurrency;
- Ensure you have already set up your crypto wallet and have deposited a desirable number of coins into the wallet.
- Go to the cashier section of your Casino and click on deposit.
- The available deposit option will be displayed including the supported cryptocurrencies. Select the cryptocurrency you are willing to use.
- Once you choose a cryptocurrency, you will see the column asking you to indicate how much you want to deposit and the equivalent value in your chosen cryptocurrency.
- Copy the wallet address of the receiver as indicated on the platform. You may need to check the network of addresses to ensure you send using the right network also.
- Go back to your wallet and click on withdrawal. You will be asked to indicate the wallet you are willing to withdraw into. Paste the casino wallet address you have copied and indicate the amount of cryptocurrency you want to transfer. Ensure to use the right network with the wallet address as some cryptocurrency has multiple network addresses.
- Submit the transfer request and it will be processed instantly or might take a few minutes depending on the number of transactions on the blockchain.
Note: Be sure to copy the address rather than type. Also, verify the wallet address to confirm you have copied the right one. All these are important because the transaction is not reversible once sent.
How To Withdraw With Cryptocurrency
Withdrawing using cryptocurrency is more like a reversal of the deposit. It can also be done in little time but must be done carefully. Here are the steps involved;
- Go to the cashier section of your casino and click on withdrawal. Select your cryptocurrency out of the available options.
- You will be redirected to indicate the amount you want to withdraw and the cryptocurrency equivalent will be displayed.
- You will need to submit the wallet address of the cryptocurrency you want to withdraw. Hence, you will need to visit your crypto wallet and create a wallet that supports the cryptocurrency you want to withdraw. Copy the wallet address and paste it into the available column on the cashier section of the casino.
- Verify the amount and the address and then click on submit. The withdrawal will be sent to your wallet in a few minutes.
Note: Different cryptocurrencies use different wallet addresses. For instance, you cannot receive Ethereum into a Bitcoin wallet. Such a mistake will lead to the irreversible loss of the cryptocurrency.
Cryptocurrency Casinos Safety And Security
There is no doubt about the fact that cryptocurrency is one of the safest payment options in the world. The reason for this is that it cannot be hacked. However, cryptocurrency users must also be careful not to breach the security of their digital wallets. The following are tips to ensure safety with your cryptocurrency casino;
When it comes to cryptocurrency, any transaction that has been approved cannot be reversed. As such, you must be careful to play in a licensed casino with crypto in India. If you play in a bogus casino and lose your digital asset, they can never be reversed regardless of any effort you take.
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Use a strong password on your wallet
Crypto Wallets have different layers of security to ensure your security. The first option is the use of a password. You must ensure to set a strong password that cannot be guessed. It is best to use a combination of alphabets, numbers, and symbols. You can also make use of random passwords using tools like Google authenticator.
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Use two-step verification
Two-step verification allows you to further protect your digital assets using the second approval in case your password is breached. This act will seek approval by sending a secret code to your email or phone. You will be requested to provide this secret code before the transaction can be approved.
Some cryptocurrency wallets require you to use key phrases while opening your account. These phrases are 12 to 16 random words arranged and will serve as access to your account. Meanwhile, these phrases will only be provided to you once at registration. You have the responsibility of keeping the phrases as there is no way to recover them if lost. You must keep these phrases in private documents so that scammers cannot access them.
How To Start With Cryptocurrency
The decision to use a cryptocurrency banking option must be made after adequate knowledge of it. It is a unique mode of payment that requires you to have partial knowledge, if not in-depth before you can approach it.
Learning about cryptocurrency allows you to have adequate knowledge about all kinds of digital assets. Many have fallen victim to shit coins due to a lack of knowledge. You must identify the right digital asset to acquire and the potential of such cryptocurrency. Casinos have also made it easy to integrate only a few cryptocurrencies. You must seek to have adequate knowledge about whichever is going to be the choice coin.
Furthermore, you must set up your crypto wallet. You can not acquire or use a digital currency without having a cryptocurrency wallet. You can choose out of the recommended wallets or use a walker of your choice. You will be expected to create an account and verify the account before you can transact on the platform.
Once you have verified your account, you can then make the first deposit into your crypto wallet. You can buy your first digital asset on your crypto wallet platform as some support transactions and peer-to-peer trading. You can also request a deposit from a friend who already has such an asset. Your first cryptocurrency deposit will then be used as your first deposit for the casino also.
