There’s been a huge amount of attention on cryptocurrency recently, as it begins to enter the mainstream and become a widely used payment method. Crypto casinos are one area showing particularly impressive growth, but what exactly are they and how do crypto casinos work? You can find out when you read through this page.
What Are Crypto Casinos?
When people talk about crypto casinos, they’re referring to sites that allow deposits and withdrawals to be made using cryptocurrency. This is often just via Bitcoin, the world’s most popular crypto, but many other cryptocurrencies are also often available, as is the case at casinos such as Cloudbet.
Aside from the fact that cryptocurrency is accepted at them, crypto casinos are just like other online casinos. They offer games from many big software providers, along with bonuses and promotions to entice new players and retain existing ones.
How Do Crypto Casinos Work?
So, how do crypto casinos work? Many might find the idea of using crypto for the first time to be daunting, but it’s actually pretty straight forward. Below, we’ll take you through how to purchase cryptocurrency and then how to spend it at online casinos.
To play at a crypto casino, you’ll first need to purchase some cryptocurrency. To do this, head over to a crypto broker or exchange, such as Coinbase or Binance, before then creating an account with them. You then deposit cash using a conventional method, such as credit/debit card or eWallet.
Once you have money in your exchange account, you’ll be able to purchase your cryptocurrency. Choose the crypto you want to purchase and then enter how much money you want to spend. Once you have purchased your crypto it will be added to your account.
Next, you need to store your crypto somewhere safer, which means getting your hands on a crypto wallet. There are two main types: software and hardware. Software wallets are, as the name suggests, software, while hardware wallets are physical devices you can use to carry your crypto with you. The latter is much the safer option.
Once you’ve got a wallet, just follow the instructions to transfer your cryptocurrency from the exchange to it, which will go a long way to ensuring the safety of your crypto.
Spending Crypto at Online Casinos
Next, you’ll need to transfer your cryptocurrency to your chosen online casino. Assuming you have a casino account, you’ll need to log-in and then head over to the cashier. You can then pick from the different cryptos they accept.
Once you have chosen your preferred crypto, you’ll be given a wallet address. You can then open your wallet and make the transfer to the address you’ve just been given. That’s all there is to it. You might have to wait a few minutes, but your crypto will soon be transferred, and you’ll be able to start playing loads of casino games.
Withdrawing Money at a Crypto Casino
If you’re lucky and win money and then want to withdraw, just head to the cashier again, choose the correct withdrawal option, enter your crypto wallet address, and the money will be transferred. This is sometimes instant and at other times might take a couple of days – it really depends on the individual casino’s policies.
Overall, it’s really easy to understand the question of how do crypto casinos work. Once you’ve deposited some crypto a couple of times, you’ll be able to do everything quickly and with confidence. You also probably won’t ever go back to depositing using fiat currency again!
Disclaimer: This communication is for 18+ only. Gambling involves an element of financial risk and may be addictive. Please play responsibly and at your own risk. This post contains material that may or may not be legal in your country. Subject to applicable law.