Since their start in the late 2000s, crypto coins have grown in value and popularity. A Statista report shows that the crypto user base increased by 190% in the past 3 to 4 years. The total number of users currently stands at over 220 million. That indicates how popular this industry has become.
Crypto gambling is one of the main factors accelerating crypto's popularity. Crypto casinos have also had a huge impact on the gambling community.
Every upcoming gambling company today is incorporating cryptocurrencies into its payment options. Today, you can use Ethereum or Bitcoin to wager on these new platforms. You’ll notice that live casino games are popular on these gambling sites, but you can also bet on your favorite sporting events.
Among the main reasons many people prefer crypto over other modes of payment is its privacy policies. Cryptocurrency is also known for its high-security features, which are crucial in any financial transaction; more on this later in the article.
If you’re wondering how you can start your crypto gambling journey, you’re in the right place. This guide will cover everything you need to know about crypto casinos.
What is cryptocurrency?
Cryptocurrency is a form of digital currency in which transactions aren’t controlled or recorded by a central authority. This decentralized medium of exchange is based on blockchain technology which records all activities in code. Some of the benefits of blockchain technology are increased trust, transparency, and security.
In spite of its popularity, many companies and online stores have yet to adapt to this form of payment. As such, most of the players in this industry are in it mainly as an investment option. If you’re interested, you can purchase crypto coins of your choice and store them in a digital wallet as you wait for the prices to favor you.
All you need to do is choose reputable crypto exchanges and create an account with them. From then, you can deposit fiat currency from your bank or debit card. The rest of the procedures will depend on the broker you’ve chosen and your platform (desktop or smartphone-based). Nevertheless, the process is straightforward when you understand the basics.
What is a crypto casino?
A crypto casino is an online gambling platform which primary mode of payment is cryptocurrency. You can use Bitcoin, Ethereum, and other supported digital coins. The low fees, fast transactions, and anonymity enjoyed by the users have made these gambling sites more popular in recent years. Although anonymity is viewed by many as an advantage, it can be misused by others to carry out fraudulent activities.
Perhaps the most significant disadvantage of crypto casinos is the fact that crypto coins are volatile. Bitcoin prices, for one, may change abruptly, which could have severe repercussions on your financial plans.
As such, it’s imperative that you register with a gambling site that’s not only reputable but also prioritizes the financial security of its users. Fortunately, many options currently on the market can meet all your needs. For one, Stake is a crypto casino platform that’s become quite popular over the past five years. There are other similar sites that you could also consider depending on your personal requirements.
How do crypto casinos work?
Although they’re a new phenomenon, there isn’t much difference in how crypto casinos and traditional gambling work. You can bet on sporting events or play casino games on these crypto gambling platforms. The only difference, however, is that you’ll need to purchase crypto coins and use them to play those games rather than flat currencies.
Once you’ve created an account on a gambling site of your choice, you can deposit funds and then play your favorite casino games. But before doing that, you’ll need a crypto wallet which stores your crypto coins and is provided by crypto exchanges.
When recharging your account, you simply transfer digital coins from your crypto wallet to your gambling account. It’s worth noting that some casino platforms allow users to purchase crypto coins directly from their accounts. Therefore, consider these options when choosing a crypto gambling provider.
Tips for a successful crypto gambling experience
Digital currency makes crypto casinos a little more complex than regular gambling sites, especially when depositing and withdrawing funds. Therefore, if you’re planning to get into this industry, it’s important that you note the following tips:
1. Choose the right crypto casino
Your first step as a prospective crypto gambler is to choose a crypto casino that meets all your needs. Crypto casinos are on the rise because of their low operational costs. At the same time, many people are joining the community and abandoning the use of flat currencies in their gambling escapades. In fact, experts predict that the industry’s value will reach USD$93 billion by the end of 2023.
So, with such an increase in the number of crypto casinos, how can you choose the best gambling site? Consider the following tips:
a. List all the big names
Before you get into the nits and grits of finding the best gambling site, make a list of all reputable companies. Search online for some of the best crypto gambling platforms supported within your region. A list of at least five companies should suffice.
b. Consider the terms and conditions
Your next step is to carefully go through each site’s terms and conditions. This is the only way you’ll know what you’re signing up for and what the company expects of you as a site user. Some of the important details to check include:
Wagering requirements
Withdrawal limits
Any deposit bonuses available and the maximum amount paid out from winnings resulting from a bonus
The dos and don’ts of using the gambling site
c. Check the games offered
Every betting company has a set of common and unique games on their sites. It's important to check what’s offered by each crypto gambling site you have on your list. Choose those that offer as many games as possible. It might also be a good idea to go with a gambling platform that has several popular casino games.
d. What are their payout percentages?
Payout percentages are important in gambling. They give you an idea of how much money you can win. For instance, a site with a return to player (RTP) ratio of 96% will give you more money than one with a lower RTP. Keep in mind, though, that casinos or slot machines with high RTP have lower winning rate and vice versa.
e. Customer support
Your gambling experience is crucial, and proper customer support enhances that. Of course, every betting company claims to have an active customer care system. However, the best way of proving this is by reading other users’ feedback. Those with poor customer support strategies are likely to have many complaints from the players.
Why is customer support important in crypto gambling? First, there are many procedures you might not be familiar with, especially as a beginner. Customer care agents should, therefore, be able to offer guidance whenever you need it. The quicker you get this help, the better your experience.
While researching in this area, choose a company that uses several communication channels. Gambling sites that have three or more communication channels will always be reachable even when one of the channels isn’t working. Some of the communication methods used by most companies include live chats, email, phone, and social media.
2. Open a crypto wallet
As mentioned earlier, some crypto casinos allow you to recharge your crypto balance directly from their system. All you’ll need to do is deposit money from your bank or debit card and follow the prompts.
But what if your favorite gambling site doesn’t have this option? If that’s the case, you’ll need to choose a crypto exchange and create a wallet. Although there are many crypto exchanges, not all of them will meet your needs. That said, here are some of the features to consider when choosing a crypto exchange:
- Security – Go with a crypto exchange that prioritizes the security of your personal data and crypto coins.
- Liquidity – The best exchanges allow their users to turn crypto into fiat currency within the shortest time possible.
- Exchange fees – Check how much it charges for every transaction and any other fee you need to know.
- Supports gambling – This is another important consideration because not all exchanges support gambling activities.
Once you’ve chosen the best crypto exchange, you can then open a wallet in which you’ll be storing your digital coins. The procedures may vary, but they all involve depositing funds from your bank to purchase your crypto. You'll also need to create a unique password which will act as the key to your wallet.
3. Consider the best crypto coins
Perhaps the most challenging part for most beginners is choosing which cryptocurrency to gamble with. When you log in to your crypto exchange platform, you’re presented with several coins like Bitcoin, Ethereum, Litecoins, and Binance coin.
Although Bitcoin is still the most popularly used coin, it’s not the only viable option. Ethereum has become the go-to altcoin for many gamblers because it’s supported by most casino games. The mass adoption of Ethereum, for instance, can guide your decision-making. Litecoin and Ripple are other options worth considering, especially if you’re looking for affordable crypto coins.
That said, here are some of the factors you should prioritize when choosing a crypto coin for gambling:
— Quick transactions
— Affordability
— Should be supported by the crypto casino of your choice
The cryptocurrency market capitalization should also play a role in your decision. Statistics show that Bitcoin and Ethereum lead in the market cap table with over USD$1 trillion and USD$350 billion respectively. Of course, these values change every time due to economic factors. Although this might not be a huge factor, it still shows you the potential of a token.
4. Don’t bet on the coin
The crypto market is very volatile and that affects any digital coin you choose. There’s a chance that the value of your coins will change during or before placing a bet. However, focusing on this aspect can have a negative impact on your gambling career.
As a rule of thumb, always bet on the bet rather than the coin. Never base your betting decisions on the value of the crypto coin. Stick to your strategy whether the token rises or falls while you’re betting.
5. Have a gambling strategy
Crypto casinos are among the best fun ways of earning some extra money. But it’s also very easy to lose your hard-earned cash if you don’t have a gambling strategy. It’s imperative that you spend your coins wisely when starting out. Here are two main tips to keep in mind:
Set a budget
To be on the safe side, you should set a budget and make sure you stick to it. Gambling can be very addictive, so it’s easy to get caught up in the excitement. If you don’t have strict budgeting rules, you might spend more money than you’d expect.
Never chase your losses
One of the biggest mistakes that many gamblers make is trying to break-even after losing a bet. Sometimes, you might be lucky to get some of your money back. However, you’re highly likely to lose these follow-up bets because you’ll be focused on winning more money within a short period. So, if you lose several back-to-back bets, your best decision would be to walk away and try again later.
Conclusion
The use of cryptocurrencies in gambling activities is quite common these days. Several new crypto casinos are coming up every day, and that has attracted many users. If you’re planning to join this new gambling community, the tips discussed in this article should be enough to get you started.
Take your time to choose the best crypto casino, a crypto exchange, and a digital coin. Your choice of these aspects is crucial for your overall gambling experience. As you start using crypto casinos, never bet on the coin. Instead, stay focused on your bet and gambling strategy.
