A cryptocurrency is a digital currency used like regular currency for carrying out transactions. One way or the other, even if you do not know how cryptocurrency works, you must have heard about the popular cryptos like Bitcoin, Ethereum, Dogecoin, and Litecoin. However, most people are not aware that there has been a budding cryptocurrency gambling scene for almost as long as these digital coins have been in existence. Ideally, there are sites where people make deposits and withdraw in cryptocurrency, but some platforms, particularly casinos online in the Philippines, allow you to gamble with crypto.
Steps to Gambling with Cryptocurrency
Here are the simple steps to follow when gambling online
- Open a crypto wallet
- Get some crypto
- Find a suitable online casino site
- Make your deposit
- Pick a game
- Mind the value of the bets
Open a Cryptocurrency wallet
Most crypto users already have a cryptocurrency wallet, however, for new users, this is the first step to take when you want to play an online casino game in a crypto casino. Thankfully, there are a dozen digital wallets available; all you need to do is simply register an account. Then you will be given a digital address tied to your account.
Get Some Crypto Coins
Once you register for a crypto wallet, simply log in and buy coins with regular currency. You need to deposit some crypto to play, so you might need to purchase some coins first. So, just like you would purchase anything online, select the type of coin you want to buy within your budget, purchase it, and within a short period, you will have a funded account.
Find a suitable online casino site
If you have passed the first two steps and are substantially funded, you are set to find a licensed suitable casino to gamble. A quick search online will help you select a suitable online casino. It is necessary first to read reviews of the sites before you gamble with your cryptocurrency. Also, check if the casino offers the games you prefer to bet on; most sites will offer classic gambling games like roulette, sports betting, poker, bingo, slots, etc. On the plus size, it is the internet; if you do not like the first casino, try another one.
Make Your Deposit
With your crypto wallet open and ready to go, the next step is to deposit some coins into your player account to play games. The transfer is usually done swiftly, as most crypto casinos are developed with payment methods that carry crypto transactions.
Choose a Game
The next step is to peruse the collection of games on the platform and start having fun. When you discover the game you want to play, select a table, stakes level, and start playing. Whether you are using a traditional or cryptocurrency, there is no difference in the gameplay. As in every other game, ensure to be familiar with the game’s rules and adequately strategize.
Be Mindful of the Exchange Rate
The values of cryptos fluctuate like every other currency, but it is essential to be cautious of the exchange rate of your local currency. Because of the value of these cryptos, it will seem like you are betting fractions when you are betting at a much higher rate than usual. So, if you don’t want to enter a rabbit hole quickly, you have to be on top of the value of every bet and start managing your bankroll appropriately.
Why Use Cryptocurrency to Gamble?
With more types of cryptocurrencies being mined, more and more online casinos are admitting these coins as a payment option for online casino games. The gaming industry keeps developing new ways for players to play with higher stakes, so you can also use your digital wallets to fund accounts and play your favorite games. There are two major reasons players prefer to gamble with cryptocurrencies or play in a crypto casino
Security
Every cryptocurrency has a digital footprint. So when you make a deposit with cryptocurrency into your player account, there is a record automatically kept around the world. This feature ensures that your crypto is protected from a receiving party planning to take off with your money. If they do succeed in ripping you off, all their transactions will also be recorded, leaving a clear digital paper trail of where your money has gone.
Great Exchange Rates
Like every other currency, cryptocurrency has a value in traditional currency; its value can also fluctuate daily. For instance, when your Bitcoin is converted to dollars on an online casino, the casino may charge a small percentage for playing casino games. However, if you are playing in a crypto casino, your money is not altered in any way.