Want to learn exactly how crypto gambling works? In this guide, you will discover everything you need to know, even if you’re a complete beginner.
The new age of iGaming is developing fast. According to numerous surveys, more and more players are turning to crypto casinos.
The answer is simple – online casinos that accept Bitcoin, easily win the battle in terms of security and diversity. Plus, they offer some lucrative welcome bonuses and other promotions to boost your bankroll.
In this guide, you will find everything you need to know about gambling using crypto, including:
Without further ado, let’s get started.
A cryptocurrency is a form of digital or virtual money.
Crypto uses cryptography to secure transactions, which makes them nearly impossible to be intercepted or even double-spend (the risk that the same coin will be used twice or more).
Some popular coin examples include:
Their biggest advantage is that they are not regulated by any governmental authority. Cryptocurrencies use a decentralised system to record transactions called “blockchain”. Every user can enjoy full transparency and safety with low costs per transaction. More on that later.
Let’s put it this way
Digital currencies are an alternative form of payment based on encryption algorithms. This gives them the advantage to behave as a currency and a virtual accounting system. However, to be able to trade cryptocurrencies, or use them for crypto betting, you need a cryptocurrency wallet.
First of all, almost every crypto runs on blockchain technology, making it easy to monitor.
Online casinos receive money from their players directly, without the approval of any third party. This means that financial institutions like banks can’t interfere or manipulate the transaction or levy fees.
Second of all, Bitcoin gambling is a source of massive income and substantial profits. The coin’s value reached an all-time high in November 2021, exceeding 65,000 USD.
Nowadays, most investors purchase cryptos like Litecoin, Ethereum, Ripple, and Cardano.
However, there are four major types of crypto:
Although it may sound ridiculous, there are more than 20,000 cryptocurrencies in circulation today. They exist on numerous blockchain platforms, the base technology that most cryptocurrencies are built upon.
Players are always on the lookout for the best cryptocurrency casino. To help them pick their favorites, gaming sites often incorporate only the best digital tokens for depositing, bonuses, rewards, and withdrawal.
However, some operators offer altcoins (a.k.a alternatives for Bitcoin), and that’s what helps them stand out from the competition.
Therefore, before you make a choice, here is a quick rundown of the most used currencies in iGaming:
The most widely used and recognized cryptocurrency in gambling. Popular around the world as the currency of the future, Bitcoin is today among the top 5 popular digital assets. What makes it so favorable is its continuous value growth, but also availability, security, and safety.
If you’re an advanced player, this gamble cryptocurrency is the right choice. Apart from using it at an online casino, you can exploit its benefits in blockchain and NFT games. Ethereum is a safe investment and a valuable asset, often considered second to Bitcoin. Having it on your list is ideal, especially if you’re into making smaller deposits.
Another widely used altcoin as casino cryptocurrency, often found in the form of a payment method on iGaming sites. Designed to have a faster response for transfer, Litecoin transactions take less time and make betting quite easy. Many crypto casino games support this digital asset to keep things interesting and fun for their users.
Launched in 2014, Tether has made a name in the casino industry thanks to its fluid and easy conversions. It is denoted as USDT and many transactions on the blockchain rely on this coin for conversion. Many players are choosing it thanks to its compatibility.
Recognized as the leading provider of crypto solutions for businesses, Ripple is now redefining the online gaming scene. Despite its impact on the power of crypto, XRP lacks popularity. Another thing that makes it great is security and effortless payment.
Created as a fork of Bitcoin and its spin-off in 2017, BCH is also continually growing. The main difference is that it has 8 MB of storage capacity. Players love it for other reasons as well, such as stability in online transfers. Moreover, with the increasing transfer cost for Bitcoin, this one is still free of excessive charges.
There are many other cryptocurrencies available at online casinos, including Dash, Binance Coin, Monero, Dogecoin, and so on. Although not so popular in the industry, a lot of operators allow you to deposit and withdraw using these tokens.
There are many advantages of cryptocurrency gambling and we will go through some of them here.
The traffic of Bitcoin gambling sites has drastically increased year over year. The second best was Ethereum casinos.
Here is a smart list of advantages when it comes to cryptocurrency gambling:
The most common way to purchase crypto for gambling is via online Bitcoin exchanges. These sites allow you to trade decentralized digital currencies for cash.
Other ways of buying crypto are through local Bitcoin exchanges, Bitcoin Brokers, and Bitcoin ATMs.
However, the only way to deposit at a crypto casino is by using a crypto wallet.
A crypto wallet gives you infinite access to a crypto exchange, where you can manage your balance, trade, sell, and most importantly, keep your cryptocurrencies secure.
There are many different types of crypto wallets on the market, but the most popular ones right now are:
By using a crypto exchange, you can trade fiat money (USD, EUR, CAD, etc.) for cryptocurrency. You can also transfer the cryptos to a bank account (by exchanging it back to fiat) or buy other crypto coins.
One of the best places for buying or selling crypto is Coinbase.
It provides support for more than 70 cryptocurrencies, has a user-friendly interface, high liquidity, and very low minimum fund account, and your crypto is always insured. It can be downloaded to a smartphone or tablet on Google Play or App Store.
There is no limit on the amount of crypto you can sell for cash on an exchange, as long as the platform doesn’t consider your transaction history suspicious (money laundering schemes, pump and dumps, etc.) and you comply with the T&Cs
Invented as software programs that allow you to store virtual coins or perform transactions, crypto wallets act as a trading center for Bitcoin and other available altcoins.
This way, you can access your funds and send or receive crypto to and from their balance.
They keep every transaction safe thanks to private and public keys for coins that are stored on blockchain networks.
To perform a transaction, you must verify your wallet address via a private key that comes in a set of codes generated by the platform. Make sure you save that information when setting up your wallet!
Making payments in crypto at online casinos is quite fun and fast. Really fast!
In most cases, the only thing you need to do is navigate to the deposits page of the casino and hit the Bitcoin option when logged in.
The interface will then guide you through the entire procedure that usually involves 2-3 steps. Also, many operators have specific instructions on-spot, helping you understand how to deposit with your favorite crypto.
So, here’s a general tutorial when you’re using Bitcoin or altcoins at gambling sites:
To start making deposits and withdrawals at online casinos, you’ll need a Bitcoin wallet. It represents your online hub for buying and selling Bitcoins.
In general, a good crypto wallet works exactly like an e-wallet, only here you can trade as well. Once your money has been transferred into the wallet, you will be able to convert it into Bitcoins or any altcoins available.
To open a wallet for cryptocurrencies, simply sign up and follow the instructions to complete your profile. A good example would be Coinbase, MetaMask, TrustWallet, and so forth.
When your account is all set up, the next step would be to buy crypto. Online casinos prefer Bitcoin, but most of them also accept payments in Litecoin, Ethereum, Ripple, BCH, Dogecoin, and more.
If you transfer some money from a bank account to your crypto wallet, you will be able to purchase Bitcoin and store it there for later use.
Nonetheless, the rate of cryptocurrencies fluctuates, so make sure to check current high/low trends before purchasing.
Once you have enough virtual assets in your Bitcoin wallet to make a deposit and claim a bonus, finding best online casinos that accept crypto should be your top priority.
Luckily, our directory is home to an ever-increasing number of modern iGaming platforms, which can significantly narrow your search.
Take a look around, there are many Bitcoin gambling sites to suit your taste!
If there is a crypto online casino on our site you like in particular, opening an account shouldn’t take you more than 2 minutes.
Bitcoin casinos usually have special sign-up procedures for crypto players, so just provide a valid email address and password and you’re good to go.
When logged in to your casino account, all you need to do is navigate to the Deposit or Cashier. By selecting the Bitcoin option or some other cryptocurrency, the operator will give you specific instructions on how to initiate a deposit.
It shouldn’t take more than a few minutes to complete a transaction, provided you have enough money in your crypto wallet.
Once your account is ready, start playing and prepare to withdraw some winnings!
There are hundreds of games with crypto support, powered by many advanced software providers like NetEnt, Play’n GO, or Betsoft.
They work on the same principle as regular slots, only they use crypto like miliBits as bets per spin.
Good luck and don’t forget to transfer your winnings back to your crypto wallet via the withdrawal option!
Some operators will only accept crypto for deposits. Thus, you will only be able to withdraw your winnings in fiat money, using the traditional payment methods (card, e-wallet, bank transfer, etc.). Make sure you check this before signing up!
Believe it or not, certain strategies could help you win at crypto gambling.
It may sound too good to be true, but if you focus on the house edge, smaller jackpots, or solid bonus deals, you could be in for a surprise.
Here is a list of top 5 tips on how to win big in online crypto gambling:
According to research by European Gaming, the crypto turnover has significantly grown in the iGaming sector over the past 2 years. Since it is a relatively new form of gambling, these platforms offer a lot of freedom, especially considering that they are not regulated by any government.
On a similar note, the games in crypto casinos are decentralized, meaning that the house does not have control over the game and the odds.
With its rapidly developing tempo, cryptocurrency gambling is full of interesting facts and stats.
Here are some of the most impressive ones you should know:
If we take a look at the big picture, the future of iGaming is quite an exciting one, so stay up-to-date by reading our Chipy Online Gambling Guides. There is no doubt that blockchain and crypto gambling will quickly take over the lead in the years ahead, as they offer a lot more than standard casinos.
Fast payments, anonymity, and simplicity are just some of the important aspects to consider.
Paper money is going away, and in the fast world we live in today, crypto wins the race in user experience.
One question remains unanswered though – will regulating the blockchain and decentralized money ever be possible? With more than 20,000 cryptocurrencies in circulation, it seems like a real Sisyphean effort.