Best Crypto Payment Methods for Online Gambling

Which are the Most Used Cryptocurrency for Online Gambling?

Bitcoin

Bitcoin is the most well-known, and widely used cryptocurrency for online gambling. Its popularity is due to fast transactions, low fees, and widespread acceptance by online casinos. Bitcoin transactions are also secure and anonymous, providing an extra layer of protection for players. Some online gambling platforms that accept Bitcoin as a payment method are: BitStarz, 7BitCasino, FortuneJack, Bitcasino.io, mBit Casino, etc.

Ethereum

Ethereum is another popular cryptocurrency used in online gambling. It has lower transaction fees than Bitcoin, and allows for more complex smart contracts and decentralized applications. Some online casinos even offer Ethereum-based games, such as Ethereum dice or Ethereum blackjack. Online gambling platforms that accept Ethereum as a payment method include 1xBit, BC.Game, Stake.com, Rocketpot, to name a few.

Tether

Tether is a stablecoin that is pegged to the US dollar. It is a popular choice for online gambling because it provides a stable value, which is not subject to the volatility of other cryptocurrencies. Tether transactions are also fast and cheap, making it a convenient option for online gambling. Some online gambling platforms that accept Tether as a payment method include: Bitcasino.io, FortuneJack, BetChain, King Billy Casino, etc.

Litecoin

Litecoin is a faster and cheaper alternative to Bitcoin. It is more accessible to the average person, as it requires less powerful hardware to mine. Some online casinos like Bitcasino.io, CryptoWild, Betcoin.ag, and mBit Casino, accept Litecoin as a payment method, and it is a popular choice among online gamblers due to its low fees and fast transactions.

Bitcoin Cash

Bitcoin Cash is a fork of Bitcoin that aims to improve transaction speed and lower fees. It is accepted at online casinos such as Betcoin.ag, Bitcoin Games, and BitStarz. Its popularity is growing among online gamblers due to its fast transactions and low fees.

Monero

Monero is a privacy-focused cryptocurrency that is popular among online gamblers who value anonymity. Its transactions are untraceable, and cannot be linked to a user’s identity, making it a popular choice for online gambling. However, not all online casinos accept Monero as a payment method. Some online gambling platforms that accept Monero as a payment method include MoneroDice, MoneroBet, Stake.com, etc.

The Benefits and Risks of Using Cryptocurrencies as Payment Methods

The Benefits

Let’s start with the benefits.

Anonymity

Cryptocurrency transactions are not linked to any personal information, making it an ideal choice for players who value privacy. This also makes it more challenging for hackers to obtain personal and financial information.

Faster Payouts

Traditional payment methods such as credit cards or bank transfers can take several days to process, whereas cryptocurrency transactions can be completed in minutes, or even seconds.

Unique Games

Cryptocurrencies have enabled the creation of decentralized gaming platforms that offer transparency, and unique games with instant payouts and provable fairness. CryptoKitties, Spells of Genesis, and Decentraland use blockchain to create collectibles, marketplaces, and virtual worlds. Platforms such as FunFair, Bitcasino.io, and Earnbet, offer blockchain-based casino classics, live dealer games, sports betting, and a wide range of other games.

The Risks

Now, let’s discuss the risks of using cryptocurrency as a payment method.

Unregulated Market

The lack of government oversight and regulation means that there is a higher risk of scams, fraud, and illegal activities. This can lead to the loss of funds and damage to the reputation of the online casino industry.

Highly Volatile

Cryptocurrencies’ volatility can make it challenging to predict their value, which can be risky for players who use them as payment methods. Sudden price changes can result in significant losses or gains, depending on the direction of the market.

How does the Registration Process Work?

The popularity of online casinos has been rising with many players choosing to enjoy their favorite games from the comfort of their homes. However, before players can start playing real-money games, or taking advantage of bonuses and promotions, they must first go through the registration process.
The registration process at online casinos is usually straightforward and easy to complete.

Step 1: Players will need to visit the casino's website, and click on the "Register/ Signup" option.

Step 2: They will then be asked to provide some basic personal information, such as their name, address, email, and date of birth. This information is required to verify the player's identity, and to ensure that they are of legal age to gamble.

Step 3: After providing this information, players will be prompted to create a username and password. It is important to choose a strong password, as it will help to protect the player's account, and personal information.

Step 4: Once the username and password have been created, players will need to complete the registration form by providing additional information that is required, such as their payment details.

Step 5: Finally, players will need to verify their account by clicking on the link that is sent to their email address.

Step 6: Once the account has been verified, players can log in, and start playing their favorite games.

Tips for Using Cryptocurrency for Online Gambling

Unlike bank transfers, payment made using crypto currency is a permanent, indelible record. So, one should be extremely careful, and keep the following tips in mind while choosing a crypto gambling platform.

Choosing a reputable platform

Although there are numerous options available, not all of them can be relied upon. Therefore, it’s advisable to opt for casinos that have been licensed, and regulated by credible authorities. As crypto transactions aren’t permitted by the UKGC, you can only rely on a few regulatory bodies such as the MGA or the Government of Curacao, to ensure a high-quality experience while playing at a crypto casino.

Understanding the benefits and risks of cryptocurrencies

Cryptocurrencies have a high level of volatility, thus, their worth can quickly rise or fall, leading to substantial gains or losses in a short timeframe. Players must be mindful of this fact, and only wager funds that they are comfortable losing. Nevertheless, cryptocurrencies provide swift and secure transaction capabilities, and can be utilized to circumvent conventional banking constraints.

Ensuring safe storage

It goes without saying that players should only purchase cryptocurrency from reliable platforms like Binance or Coinbase. The most secure method of storing cryptocurrency is a cold wallet. Players must store on warm wallets the amount of cryptocurrency they intend to play with.

Reviewing the local laws

Since crypto is anonymous, ungoverned money, there aren’t many laws that forbid or permit its use. Players can pretty much do whatever they want with it as long as they are not violating any other laws, such as those governing money laundering, or the purchase and sale of illegal substances. Online gambling is subject to some legal regulations. There are many crypto gambling platforms that are restricted in certain countries. Thus, players should be acquainted with the local laws before registering on a crypto gambling platform.

Conclusion

Cryptocurrency payment methods have gained popularity in online gambling due to their security, anonymity, and fast transactions. Bitcoin, Ethereum, Tether, Litecoin, and Bitcoin Cash are the most popular cryptocurrencies used in online gambling due to their low transaction fees, widespread acceptance, and fast transaction speed. We believe that as more people become comfortable with cryptocurrencies, the demand for crypto casinos will increase, leading to the growth of the industry.
However, it’s important to note that the industry still faces many challenges, including regulatory hurdles, security concerns, and the lack of mainstream adoption. With the continued adoption of cryptocurrencies, and the development of blockchain technology, the industry is expected to evolve and mature over time.

Nakul Shah - DLT Expert and Project Manager

53 Articles

Nakul Shah is a technology enthusiast, blockchain/AI consultant, author, and writer, passionate about innovative solutions. He is a regular speaker at conferences across the globe on blockchain, DLT, and fintech. Nakul specializes in writing content for fintech, gaming, emerging technology, and eCommerce sectors, and offer consultancy, training, and editorial services to clients across the globe. He is also a contributor to various publications, and has authored over 1000 articles, 100+ case studies, 75+ white papers, and a book on Blockchain titled “Blockchain for Business with Hyperledger Fabric.”

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