Many crypto fans buy bitcoin and altcoins for one reason: speculative investment. Only a small fraction of people buys crypto because it’s safe, decentralized and hack-proof. Still, to be clear, digital currencies are like any other form of cash.
You can trade Bitcoin for a house. Or you can buy a car using Ethereum. Nowadays, you can also gamble online using crypto. But how convenient is the process? Is it as difficult as it sounds? No, and we’ve explained why below.
Buying Crypto is Simple
Five years ago, buying crypto was challenging. Exchanges were going down, left right and center due to hacking. What’s more, some banks prohibited their customers from making crypto purchases. And some countries were against the industry.
In 2021, buying Bitcoin is a quick process. Coinbase, the biggest FIAT to crypto trading platform in the world is free. Creating an account is quick and buying Bitcoin or Ethereum takes less than 20 minutes.
All you need is to link your credit card. Next, you choose the coin to buy and the amount. Coinbase gives you a digital wallet to store your coins. But if you’re planning to hold some of your funds for the long term, it’s recommended to move them to an independent wallet.
Owning a Crypto Wallet is Crucial
When you buy Bitcoin, you receive two private keys. First, there’s a public key, which is an address you can share with friends or companies that want to send digital currencies to you. The second key is more important.
You use it to authorize transactions. Anyone with access to your keys can transact without your approval. In other words, Coinbase and other exchanges are in direct control of your private keys until when you transfer your coins to an independent wallet.
There are two types of wallets: Hot and cold wallets. Hot wallets are those attached to the Internet—apps, software programs and web apps. Cold wallets keep your coins offline in a piece of paper of a flash drive-like device.
Choose a hardware wallet if you plan to buy a substantial amount of Bitcoin and hold it for the long-term. But you could also store a small percentage of your coins in a hot wallet for ease of transferring the coins to online casinos.
Over 50 Online Casinos Accept Crypto
There was a time when finding a casino that accepted Bitcoin was challenging. That time is over. Not only are there dozens of Bitcoin casinos online but they are also safe, generous with bonuses and reliable.
Your only job is to find a safe, Bitcoin casino in your country. And thanks to casino comparison sites, that’s not really a challenge. You can easily find a good online casino USA real money website if you live in the USA. You can find great Canadian, British and Australian BTC casinos as well.
What should you look for in a good crypto casino? Naturally, you’ll want to confirm it accepts Bitcoin and altcoins for both deposits and withdrawals. Next, look at its license and safety features.
Some Bitcoin casinos—built on the blockchain—don’t have licenses. They don’t need licenses because crypto is unregulated. To be cautious, though, look for licensed casinos.
You Can Claim Crypto Bonuses
Many online casinos have bonuses for newly registered customers. Interestingly, crypto users receive the biggest rewards. The explanation is simple. The standard casino bonus is a 100% match on your deposit amount.
Now, most casinos match your deposit 100% for a maximum of $100, $500 or $1000. With crypto, you can earn up to five Bitcoins. Assuming Bitcoin is trading at $40,000, you can easily claim up to $200000 in bonuses.
Every casino has a system for valuing your crypto while gambling. Some websites use USDT—the crypto coin tethered to the US dollar. If you deposit $100 worth of Bitcoin, it’s converted to USDT. And this makes it simple to figure out how much you’re gambling at any given time.
With that in mind, the types of bonuses you qualify for varies from one casino to another. Look for websites with a myriad for offers. That way, you’ll benefit from cashback programs, VIP reloads and reload bonuses.
Some Casino Games are Based on the Blockchain
You know crypto is growing when its building blocks—the blockchain—is now used to create casino games like slots, roulette and video poker. With these games, you don’t need to worry about converting your BTC for ETH or LTC for BCH.
All you need is to find games built on the right platform. Let’s say you come across slots build on the Ethereum blockchain. Then you’ll need to deposit money using ETH and bet conveniently.
There’s a caveat. Blockchain-based casino games are relatively new in the industry. They’re cool to play and spend your crypto. But they’re flawed in numerous ways. First, there are not feature-rich and don’t always run smoothly.
Due to that, you might want to take time to find great games before spending your money on them. Read reviews or play the demo version of these games before you play for real money.
Crypto Withdrawals are Fast
Part of using crypto at online casinos involves cashing out your profits. It’s a sweet thing to win money from slots and poker. It’s even sweeter when you win Bitcoin. That’s because owning more crypto is a good thing, at least if you have a speculative mindset.
That Said, the withdrawal speed of crypto from casinos often takes less than a day. Depending on the website, you can cashout your money through any digital currency. Or you might need to use the same coin you used for deposits.
Compared to FIAT payments, crypto ranks alongside e-wallets in payout speed. That means you receive your money faster than people who prefer to use credit cards and bank transfer.
Are there fees for cashing out? In many cases, expect your casino to deduct miner’s fees from your profits. However, this is only small fraction of your profits.