Should You Use Cryptocurrencies as a Casino Payment Option?

June 28, 2018 •

There has been a very noticeable shift recently regarding the way that online casino game players make their deposits and withdrawals to and from casino sites, and one way that is proving to be popular is by them using cryptocurrencies.

However, for some people the very thought of trying to understand the ins and out of using any cryptocurrency such as Bitcoin or Ethereum can make their eyes roll, for the technology used by cryptocurrencies can be very confusing to people.

With that in mind I want to explain to you throughout this article just how easy it is to start using cryptocurrencies as an online and mobile casino site payment option and will also let you know of the pros and any cons of you doing so too.

Anyone who does wish to start using cryptocurrencies will need to get a digital currency wallet, unlike those that are offered by companies in the online money transfer services such as PayPal, Neteller and Skrill, a digital currency wallet is simply the way you access your cryptocurrencies that are stored on the blockchain.

The blockchain is simply a ledger that records all transactions made of any one single cryptocurrency such as Bitcoin, and the digital wallet allows you to move your cryptocurrencies around such as into a casino site or as a way for a casino to pay you out your winnings and get them allocated to you.

Your access details such as any pass phrase, password and the such like is the only way you can access your coins and tokens held on a blockchain via your chosen digital wallet and as such you should make a note of those log in details and keep them safely stored offline!

To first get hold of a cryptocurrency you will, once you have set up your digital wallet, need to visit a digital currency change online or on your mobile device.

You will then be able to pick the cryptocurrency you wish to buy, pick a payment method and will be quoted a spot price for purchasing those digital currencies but also keep in mind there will be processing, and transaction fees added onto the cost of buying your chosen cryptocurrency.

Once you make payment they will be sent via the blockchain to you and will then show up in your digital currency wallet. You can then transfer any unit of your selected cryptocurrency to your chosen casino site and if you win you can request your winnings are sent back to your digital wallet.

By holding cryptocurrencies in a digital currency wallet such as any of the leading ones, you can also make use of a cryptocurrency ATM, which will allow you to instantly turn your coins or tokens in cash on the spot. You will also be able to sell your coins and tokens back to any digital currency exchange and the proceeds from that sale will then be paid into your nominated bank account in just a few days.