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Cryptocurrency (or crypto for short) is a digital currency that is secured by cryptography. Most cryptocurrencies are decentralized using blockchain technology. There are over 3,000 cryptocurrencies available in the market, one of the first and the most popular is Bitcoin. Cryptocurrency price is determined by its supply and demand, so its price fluctuates. There are also stable-coins cryptocurrencies, which are intended to have a static price, i.e. 1 USD Coin (USDC) is equal to $1 as every USDC is backed by 1 USD.
The biggest advantage of cryptocurrency gambling is anonymity. On traditional casinos, accounts are connected to a specific person and in a truly anonymous crypto casino, you don't have to provide any personal information. Keep in mind that some casinos can accept crypto deposits & withdraws and still ask you for your ID/passport. If you want to play anonymous, make sure to find a casino that won't ask you for any documents, you can do that by checking the website's TOS, reading reviews about a site, and asking on live chat (if available). The second huge upside is low deposit and withdrawal fees, as most cryptocurrencies have low transaction fees.
The first step to start playing on a crypto casino is to create a bitcoin or other crypto wallet. There are different types of wallets:
After you're finished with setting crypto wallet, it's time to get crypto. You can do that by mining or buying it. Mining cryptocurrency requires a lot of time and expensive GPUs. The most convenient way is to buy it. There are lots of Bitcoin and crypto exchanges such as Binance or Coinbase.
Once you've got funds in your wallet, all you have to do is to find a crypto casino that suits your needs, register an account, go to the deposit section, and deposit cryptocurrency to the wallet provided by the crypto casino.
Most of the bitcoin/crypto casinos tend to offer bonuses to their users. The most popular bonuses types are:
With a deposit bonus, you will get an additional balance when depositing. On most casinos before you can withdraw it, you will have to wager some amount first, so make sure to read the Terms and Conditions of a specific bonus.
A referral bonus is a bonus that you get for using somebody's referral code. Most likely it will be a bonus for your first deposit, free balance, or free spins.
Bitcoin is the first cryptocurrency that was invented in 2008 by a person or a group of people called Satoshi Nakamoto. Bitcoin is a cryptocurrency with the biggest market capitalization (as of 2021 May). There are only 21 million bitcoins that can be mined.
Ethereum is the most popular crypto after bitcoin, that's why it's used in many crypto casinos. In opposite to bitcoin, the Ethereum amount isn't capped.
Litecoin is a cryptocurrency created by Charlie Lee in 2011 and maintained by the Litecoin Foundation. The big difference between Litecoin and bitcoin is the supply limit of 84 million and blocks are mined every 2.5 minutes, where Bitcoin block is mined every 10 minutes, which allows for faster transactions. At the time of writing, Litecoin transaction fees are extremely low (around $0.01).
Monero is a cryptocurrency released in 2014 that is focused on privacy. Monero's blockchain is configured in a way that transaction details such as recipient and sender addresses and the amount of the XMR in the transaction are anonymous by hiding the addresses used by transaction participants.
It depends. After you deposit crypto, you have to wait for the transaction to be confirmed in the blockchain. Confirmation means that the transaction has been processed by the blockchain and it's nearly impossible to get reversed. Most casinos will require 1 confirmation for Bitcoin/Ethereum. Some cryptocurrencies might need more confirmations, but most of the altcoins process blocks way faster than Bitcoin, so despite requiring more block confirmations, it can be faster. Usually, it will take 15-30mins from depositing funds by crypto to receiving the balance.
You should choose crypto casinos that have a transparent provably fair system and ones that are licensed by gaming authorities. In most countries, gambling websites must be licensed by gaming authorities. It allows online casinos to buy software from leading manufacturers, allows casinos to receive and withdraw money using various payment systems and it builds casinos' trust. Provably fair is a system in which you can verify the outcome of your bets. Some sites generate seeds that are used to generate outcome on their own and other use third-party solutions like random.org. Many online casinos started to base their provably fair systems on the blockchain. They are using some information contained in a block that will be mined to generate an outcome, that way they can't modify the result of a game.
Crypto casinos offer a huge selection of games, most of which can be found in regular online casinos. The most popular are:
