Payment methods at online casinos are one of the most critical aspects that will determine the brand’s success, besides the casino games at disposal. Usually, credit and debit cards are the most common payment methods at every online casino, but as technology advances, cryptocurrencies are used more often in online gambling than ever.
The best online casinos accept cryptocurrencies as payment methods, but there is a new type of casinos that are being created every day, called crypto casinos, or more commonly known – Bitcoin casinos.
Online Bitcoin casinos are very different from your standard online casino, as they give you the chance to play casino games without using credit and debit cards or any bank transfer for your transactions. You don’t need a bank account to register on a Bitcoin casino.
Bitcoin Casinos Compared to Online Casinos
In standard online casinos, all of the transactions you make while you play online casino games are processed by some strict bank regulations, so there is a lengthy procedure that many online casinos have in place to register a casino account.
Understandably, players would like to avoid such processes at their favorite online gambling sites. Ideally, they would like to choose their preferred payment method and then get on with playing on the site.
Bitcoin casinos eliminate this process, and while creating your casino account, you will not be required to enter information regarding your credit or debit card or leave any sensitive information on the site.
Sometimes, the site will ask for an ID card or some address details just for added security. However, overall, no Bitcoin casino will ask you to complete any long registration forms. When it comes to payment methods, the difference between them and the online casino payment options is that there is no need for a third party or any authorization for the whole process.
How Does the Registration Process Work at Bitcoin Casinos?
When the player arrives on the crypto casino site, an immediate registration will occur, and an automatic username will be created for them. Most of the crypto casinos will only need a username and nothing else.
You will need to create a unique password for security purposes, and you can also leave your email address, but this is up to you. That is the big difference between crypto and online casinos; you must leave your email address and debit card details upon registration.
Additionally, when it comes to online payments, all bitcoin deposits and bitcoin transactions, in general, are stored on the Blockchain publicly, adding to the security of those transactions.
Cryptocurrencies Accepted at Crypto Casinos
The world of cryptocurrencies changes all the time, so you need to be on pace with what is happening at the moment, especially if you gamble using those and on crypto casinos. Let’s have a look at what are the best cryptocurrencies accepted at any crypto casino.
Bitcoin is the leading digital currency globally, and it is accepted and known by most of the world’s population. Bitcoin was created back in 2008, and it is the first digital currency to be introduced in the world.
Satoshi Nakamoto is the creator, and he described it as the first peer-to-peer payment system. The online casino industry has already accepted it as one of the best payment methods, and players can play their favorite casino games. Fast transactions and low transaction fees make Bitcoin arguably the best payment method that can be used.
The bottom line is that every crypto casino will offer Bitcoin as a payment method, and it comes as no surprise, given its popularity and acceptance. Bitcoin gambling is prevalent nowadays, so almost every casino will accept bitcoin payments.
Ether is described as the native token to Ethereum, and it is the second-largest cryptocurrency, just behind Bitcoin. The main difference with Bitcoin is that it was not created as a crypto platform but as a blockchain-based computing platform with the characteristics of a computing platform.
Ether has gained massive popularity, and it is used in most online casinos for making gambling transactions. Of course, it offers instant deposits while playing the most popular games so that the overall gambling experience will be top-class.
Tether is a stable coin, and its value can be tied to fiat currencies. If you are new in the crypto world, stable coins will remain stable even if there are massive changes and swings in the crypto market. That stability is ensured as the value of stable coins is attached to any other fiat currency.
So, the stability of Tether makes it a very popular payment method that online casinos offer. The most popular casino games and online slots can be played with Tether. You are sure to get instant deposits and withdrawals, so make no mistake – this is one of the best and most stable available payment methods at cryptocurrency casinos.
Litecoin is among the top digital currencies globally, and it is seen as an excellent competitor to Bitcoin. Charlie Lee created Litecoin, and it is very similar to Bitcoin, but there are some important differences.
Litecoin has much faster online transactions than Bitcoin, and these transactions can be processed in under 3 minutes, while with Bitcoin, it can take up to 10 minutes. So, it is no surprise that cryptocurrency casinos insist on having Litecoin among the payment options.
Bitcoin Cash is known as the hard fork of Bitcoin, and it has many similarities with it. All transactions with it are transparent, secure, completely anonymous, and there are no transaction fees. So every cryptocurrency casino active in the gambling industry is best advised to implement it as one of the transaction options for its players.
This is a relatively new cryptocurrency, as it was released in 2014. It represents an open-source crypto platform that guarantees privacy and security among the players using it as their preferred virtual currency for making cryptocurrency payments when they play slots at crypto casinos. Anonymous transactions are the highlight of Monero.
Pros and Cons of Using Cryptocurrencies as Payment Methods
Like every aspect of life, cryptocurrencies have certain positive and negative aspects when using them. Let’s look at some of the benefits and then the disadvantages of crypto payments in casinos.
- Bigger security – We hear stories every day of big companies being hacked and important data being stolen, so the online gaming industry is not immune to that. Players and casinos can be the subject of such attacks, and it is not a pleasant experience for anyone. However, this will not be an issue when you use a cryptocurrency casino, as there is no need to leave sensitive personal information or card details. You will use a crypto wallet so that the security will be much higher.
- Faster withdrawal times – Every player wants to have instant access to their winnings, and that is one aspect that will make a seamless online gambling experience. You will have instant access to all your winnings when using cryptocurrencies, so it is a big plus to have them as one of your withdrawal methods.
- Unique games – certain games can be played with cryptocurrencies only, which are new and attractive. You can make some handsome winnings while playing these games.
- Unregulated market – We can only think of one major disadvantage of cryptocurrency casinos, and it is that the crypto market is unregulated in most countries in the world. That is why there is not much competition, so the standards are challenging to set and improve every day. Currently, the technology and the usage of cryptocurrencies in the online gambling sector are impressive, so imagine what can happen if countries regulate it and increase the competition.