How to Deposit and Withdraw Using Cryptocurrency
With the explosion of new cryptocurrencies in the market today, we are rapidly approaching a period where you will be able to use these digital currencies to play for almost everything. The good news for those of you interested in online gambling is that the industry has been at the forefront of crypto use for many years. In fact, gambling is one of the first mainstream uses of cryptocurrencies (don't ask what they were used for originally...).
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We want you to feel completely comfortable using cryptocurrency for depositing and withdrawing funds at a gambling site, so we have prepared a step-by-step guide for you on this page. Once you are done reading, you will be all set and ready to start buying coins and using them to play your favorite games.
Why Use Cryptocurrency to Gamble?
There are many reasons that people use cryptocurrency for their payments to online gambling sites. Let's take a look at a couple of the more obvious reasons.
Using cryptocurrency to make your payments, and more importantly, your withdrawals, is very fast when compared to other forms of payment. In the case of withdrawals specifically, you can speed up your payout by days and sometimes weeks depending on where you are living. The digital currency transaction all happens online, and therefore, it can happen in a matter of seconds or minutes depending on the coin you use. Players love that these transactions are so quick, and it is really changing the payout landscape in an industry notorious for slow payments.
As the information you provide to an online gambling site is simply your digital account number, there is no personal banking information sent anywhere. This provides an extra layer of security when processing payments, as the fewer places you have to enter your banking information, the less likely this information can be compromised.
The Best Sites for Using Cryptocurrency
To get you started, we have compiled a list of some of our favorite casinos that allow you to use cryptocurrency for both depositing and withdrawing funds. While this is the main criteria we used to filter our reviews for this page, what you will find is a list of casinos that offer the best in the way of software, promotions, and customer service.
Another thing you may notice about some of these sites is that you can also use cryptocurrency as your currency at the tables and slots! This is still a work in progress for many sites, and it doesn't really matter to us either way, but we know many of you would prefer not to be moving from one currency to another during your playing sessions. Regardless of what currency you use at the tables, you can rely on these sites to process your transactions using cryptocurrency, the next logical step in the online gambling revolution.
How to Deposit and Withdraw Using Cryptocurrency
Here is your step-by-step guide to making payments with cryptocurrency. We have summarized the easy-to-follow steps here:
- Register for a crypto wallet
- Fund your wallet
- Pick your site
- Look for a bonus
- Make your deposit
- Make a withdrawal
If you want to buy some cryptocurrency, you need to store it somewhere, and since there is no physical representation of the funds, the only option is a digital wallet. These are plentiful these days, and you can find out more details on how these wallets work here.
Once you have selected a wallet, all you have to do is register by giving some of your personal information, and you will be assigned a digital ID which will be the key to unlocking your account.
Each wallet will give you a series of coins that you can buy, and once you choose the currency you want or need for the site you plan to play with, then you can use your traditional currency (credit card, debit card, wire transfer, etc.) to fund your crypto wallet. Your balance will reflect any purchase you make at the market value of each coin (don't forget that these currencies also fluctuate in value just like fiat currency).
We gave you a head start on this process earlier, but if you choose not to try one of the sites we recommended on this page, you can do your own research. We have a full set of online gambling site reviews, and in each review, there is a section on payments. Here, you will find more sites that accept cryptocurrency transactions, and you can be up and running with a site within a few clicks.
Almost every site offers deposit bonuses, especially for players making their first bonus. However, some sites are very keen to have you use cryptocurrency to deposit, and these sites sweeten the pot with better offers than those given to people using credit cards. Take the time to read our reviews or the casino website to make sure you find the best value for your deposit.
Making a deposit with cryptocurrency is a very simple process. First, you head to the casino cashier and look for the options that are available. Not every gambling site offers all the cryptocurrencies, so you may be limited to one or two of the more common options. Then, when you have selected the currency, you will be given the address for the wallet of the site operator. Enter this information into your wallet and select the amount of money to transfer. This should only take a matter of seconds, at which time your gambling account will be updated with the appropriate balance. Take note that the amount may be converted back into EUR or USD depending on the site you have chosen for your deposits.
When it comes time to request a payout (and we hope this is something all our players have to do often), again, all you do is head to the cashier. There, you will find a button to push that requests a withdrawal. You enter the amount and the cryptocurrency that you want to be paid in. The site will prompt you to give them your wallet address, and once you enter that, your request will be in motion. You should note that while the actual transaction may only take seconds, some sites do require a pending period of up to 48 hours to ensure your play hasn't been fraudulent. It's all good; as soon as your request is cleared, you will see the balance in your crypto wallet within minutes. From there, you can make a withdrawal from your bank, and the timing for this is dependent on the currency you have chosen.
The future of online payments seems to be headed in the direction of these secure, decentralized transactions. However, what cryptocurrencies will survive and which will no longer exist in a couple of years is harder to predict. We always suggest that you keep a minimum amount of money in cryptocurrencies, especially given their current level of volatility. The good news is that as the industry grows, more online gambling sites will start to accept crypto as a form of payment, which should in turn help stabilize the coin economy. Hopefully, this guide to depositing and withdrawing using cryptocurrency has been of value, and you now feel confident enough to give it a try.