About Crypto Gambling Online
We guide our followers through the world of crypto in the gambling sector. Because we agree, the anonymity of crypto makes this asset perfect for online gambling. So the questions are: what is crypto gambling exactly? And how does cryptogambling work? Time for more information and details about this subject!
First of all: there are plenty of crypto gambling platforms today. Sometimes the cryptocurrency world may seem daunting, but we're here to show you that it’s not that complicated. This article will help you navigate the crypto space and assist you on your crypto gambling journey.
What are Cryptocurrencies?
Cryptocurrency is a digital payment operating on a ledger and employing encryption to secure transactions. Unlike fiat currencies, cryptocurrencies are decentralised, with no central entity to maintain their value. Cryptocurrencies are generated through 'mining', which uses computers to generate crypto coins. There are thousands of cryptocurrencies across multiple blockchains. As such, different crypto gambling sites support different cryptocurrency assets.
In short, crypto gambling combines conventional (online) gambling with cryptocurrencies. The way of combining those two happens with the incorporation of blockchain technology into the gambling space. Casino players use digital currencies, such as Bitcoin, Ethereum, Litecoin, Dogecoin or other alternative coins to play diverse gambling activities like casino games, sports betting, lotteries, poker and more.
The Most Popular Crypto Coins for Gambling are Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. These are the most popular on the market and found on many other crypto gambling sites.
1. Bitcoin (BTC): the world’s most recognisable crypto currency used by a lot of players, even the most players, even as their primary currency. Bitcoin is usually associated with a predominantly orange and sometimes slightly yellow colour. Keep in mind: you’re considering Bitcoin, the number can fluctuate depending on the market and time.
2. Ethereum (ETH): the second most recognisable crypto is Ethereum, often shortened to Ether or just ETH. Ethereum is commonly associated with a dark blue coloured symbol.
3. Litecoin (LTC): Litecoin is a very interesting cryptocurrency. It was first created around the same time Bitcoin was starting around the world. Litecoin transactions are very quick when compared to Bitcoin. A usual BTC block transfer takes approximately 10 minutes whereas LTC is only 2 minutes. That’s a huge difference and selling point, especially for players who make regular transfers.
4. Dogecoin (DOGE): Dogecoin is a very hotly debated coin. Usually associated with the colour yellow, and generally safe to purchase.
5. Bitcoin Cash (BCH): another spin off of Bitcoin, Bitcoin Cash is a slightly less valuable coin but one that has plenty of potential to grow. Often appearing in a light green colour. Bitcoin Cash is fairly similar to Ethereum in value.
6. Ripple (XRP): probably the third most well-known cryptocurrency. Often appearing in a light blue or white with a black backing. Transactions with Ripple are much faster than most coins (similar to Litecoin). But like all cryptocurrencies, its value is rather volatile.
7. Tron (TRX): is a fairly unknown coin. Often appearing in red. Tron is worth slightly more than Dogecoin.
8. EOS (EOS): is a very interesting coin that certainly has its pros.
9. Tether (USDT): a popular stablecoin and is designed to be pegged to the US Dollar and a popular cryptocurrency after Bitcoin and Ethereum.
10. Binance Coin (BNB): the native currency issued by the Binance exchange. Originally designed as a utility coin to reduce transaction fees on the Binance exchange, Binance Coin (BNB) has had its applied uses increase since 2017.
11. Cronos (CRO): Built by Crono Labs in 2016, CRO is the native coin of the Cronos blockchain. CRO is an ERC-20 token on the Ethereum blockchain, and is a DeFi-compatible smart chain, enabling lower transaction fees.
12. USD Coin (USDC): USD Coin is a stablecoin pegged to the US Dollar and is managed by Centre, a consortium found by Circle. As a stablecoin, USDC offers an alternative to Tether (USDT) and other USD pegged stablecoins. Due to the nature of stablecoins, USDC is a strong option for gamblers wishing to use the benefits of cryptocurrencies with the stable nature of established currencies such as the US Dollar.
13. ApeCoin (APE): is the native coin of the Bored Ape Yacht Club (BAYT), developed by Yuga Labs and released in early 2022. This cryptocurrency is part of the ApeCoin Foundation. Players can use their APE to deposit, bet and withdraw funds.
14. Binance USD (BUSD): Binance USD is another stablecoin pegged to the US Dollar, with BUSD issued by Binance, in partnership with Paxos, and is a an approved and regulated currency by New York State Department of Financial Services (NYDFS). Launched in 2019, BUSD grew in popularity and usage as a premier USD pegged stable coin with its association with the crypto exchange Binance.
15. Dai (DAI): Dai is an stablecoin that is pegged to the US Dollar, is crypto-collateralised and fully decentralised. Dai is a popular stablecoin cryptocurrecy and is suitable for betting.
16. Chainlink (LINK): The Chainlink token (LINK) is an ERC-677 token.
17. The Sandbox (SAND): SAND is an ERC-20 token that is used within The Sandbox, being a virtual world where players can build, own and monetise their gaming experience in a decentralised community. Players own their true assets within The Sandbox as NFTs, with SAND used as the basis for all transactions within The Sandbox. Launched in August 2020, SAND is a utility token built on the Ethereum blockchain.
18. Shiba Inu (SHIB): is a memecoin that follows the legacy of Dogecoin. SHIB was developed by the Shiba Inu team who have also created the decentralised exchange, As a popular memecoin, there is high supply of SHIB and can now be used as a cryptocurrency to bet and gamble with.
19. Uniswap (UNI): is a governance token for the Uniswap Decentralised Exchange (DEX). Introduced in September 2020, UNI has grown in usage.
19. Polygon (MATIC): is the native cryptocurrency of the Polygon Network (formerly MATIC Network). As a so called 'layer 2' scaling solution to Ethereum, Polygon (MATIC) is a token used for online gambling too.
How to Choose Which Crypto Coin is Right for You?
• There’s no right or wrong way to choose a cryptocurrency to use for online gambling. However, it makes sense to look at the stability of any coin you plan to buy, and you should also check its recent volatility in the crypto market to ensure you’re not buying at a bad time. You can easily track cryptocurrencies on various online indexes to see how they’re performing, which is a good starting point as you plan your budget.
• If you’re a crypto newbie, Bitcoin is perhaps the best option. It is the easiest cryptocurrency to buy and understand. It’s also one of the more stable coins, but as is the case with all crypto assets, its value can change in the blink of an eye.
From the player's perspective, with crypto gambling a player deposits his cryptocurrency into a specific platform’s/casino player account. From there, he uses these funds to play various games of chance. Afterwards, he can withdraw his winnings back into his personal crypto/Web3 wallet.
What is a Crypto Casino?
Simply put, cryptocurrency casinos are online casinos that accept crypto deposits from players’ cryptocurrency wallets as a method of funding accounts to allow online gambling. At present, the most popular crypto-currencies are Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), Bitcoin Cash (BCH), Ripple (XRP), Tron (TRX), EOS (EOS), Tether (USDT), Binance Coin (BNB), USD Coin (USDC), ApeCoin (APE), Binance USD (BUSD), Dai (DAI), Chainlink (LINK), The Sandbox (SAND), Shiba Inu (SHIB), Uniswap (UNI), Polygon (MATIC) and Cronos (CRO).
From the side of the online crypto gambling platforms, they allow players to deposit one or multiple cryptocurrencies to their platform to access their games. Some of these platforms nowadays go even one step further and allow players to connect their Web3 wallets and retain custody of their crypto funds while gambling. Currently still limited, but perhaps this evolution heralds the future of online gambling at all.
And there is more! Some crypto gambling platforms may also offer their own native crypto gambling tokens! These tokens can be used for rewards systems, take the role of casino chips, or they can even serve as tickets for special games and events. It looks like the sky will be the limit for native gambling tokens.
Safety and Benefits of Gambling with Crypto
When it comes to online gambling, crypto games are no different to normal; they are fair games, and the use of crypto assets couldn’t be in safer hands. There are heaps of benefits to using Bitcoin, Ethereum and other top cryptocurrencies, such as:
• Fast Transactions: Crypto transactions are typically faster than traditional banking methods. Deposits and withdrawals can occur almost instantly, reducing the waiting time for players. Many crypto payments can occur instantly, using technology such as the lightning network to increase transaction speed and reduce cost.
• Borderless – as cryptocurrencies exist in the virtual world, there are no international borders and thus, no currency conversions are necessary to make crypto payments from your digital wallet.
• Security: transacting in cryptocurrencies does not require sharing your financial information online, making them safer than traditional payment methods.
• Accessibility: Crypto gambling platforms are often accessible 24/7 from anywhere in the world, making it convenient for players to participate at any time.
How to Buy, Deposit and Withdraw Cryptocurrency
Effortlessly deposit crypto units into your account by following these simple steps:
Step 1: Retrieve your deposit address, located in your crypto Wallet > Deposit
Step 2: Choose the method that suits your needs, such as Bitcoin (BTC), Ethereum (ETH), Dogecoin (Doge), Litecoin (LTC), and others.
Step 3: Use your deposit address as the ‘send to’ location for your crypto wallet or exchange.
TIP! If you play with crypto for the first time, choose an online casino platform with live support!
Best Crypto Gambling Sites
Crypto gambling sites can come in various forms. From the traditional online gambling platforms that allow you to deposit cryptos recommended by us, choose from Bitstarz casino, Stake casino, 7Bit casino, Yabby casino. To make your search easily, go to our list with Bitcoin casinos.
And we also have crypto related articles and lists:
bitcoin casinos with instant deposit and payout
bitcoin casinos no deposit bonus
How To Buy Bitcoin To Play In An Online Casino
FAQ
Is Crypto Gambling Safe?It all depends on the platform that you as a player use. Just like there are scammy sites pretending to be reliable traditional online casinos, there are shady players in the crypto gambling space as well. On the other hand, when it comes to reputable platforms, it can be safe, even safer than traditional online gambling.
Why Gamble with Crypto?If players prefer reputable crypto gambling platforms, they can enjoy several benefits. Some of the most common ones include more security, lower fees (than traditional currencies(, faster processing speeds, and increased anonymity.
Is Online Crypto Gambling Legal?Just like regulations for traditional iGaming, laws for crypto gambling vary from country to country and state to state. It is always your responsibility to check what laws apply in your location and whether or not you can use crypto gambling sites without breaking any laws. If you are unsure, it’s important to contact the support team of your chosen online casino platform.
