How to use cryptocurrencies for online gambling

May 18, 2021
How to use cryptocurrencies for online gambling

Cryptocurrencies have become part of mainstream systems over the last 15 months or so, in line with the stunning increase in the price of most crypto tokens during this time. This has led to a lot of attention on the cryptocurrency market from individuals and businesses alike, and while people have flocked to the likes of Bitcoin, Ethereum and Dogecoin in the hopes of participating in their price rallies, there are various companies and businesses who have also been looking at cryptos as an interesting and viable alternative to regular systems and forms of payment. This has been the biggest difference between this crypto rally and the one seen in 2017, as there is a lot more institutional support this time around, which has helped sustain interest and therefore prices.

Various sectors and industries have been considering cryptocurrencies as an alternative to usual payment systems, and one of these is the online gambling sector. This industry, which has anyway seen a transformation due to the effects of the pandemic, has been one of the first ones to embrace cryptocurrencies, which has also had a huge effect on its fortunes. The pandemic has meant that most people around the world have been unable to visit their favourite land-based casinos and gambling venues, and so online gambling sites have provided a ready alternative here. Additionally, the use of cryptocurrencies on these sites has provided even more of a boost, as many players have flocked to these sites to take advantage of the crypto gambling options that are now available.

There are various advantages to betting with cryptocurrencies over fiat currencies. For starters, cryptocurrencies can provide fast and convenient payments. At the moment, using fiat means that players often have to wait for days for their winnings and payouts to show up in their bank accounts, as transactions usually take time to be processed. However, cryptocurrencies provide near-instant payouts – most crypto coins have a withdrawal time of between 20 minutes to an hour at most, and usually, transactions are completed within seconds. Thus, this is extremely convenient for players and makes the process of using crypto extremely attractive.

Cryptocurrencies also do not need third-party institutions for payment processing, which is not the case for fiat currencies. Banks and other financial institutions are part of the process, which means that players can only place bets once their money is released by the third party, which also ends up delaying the process. Cryptos, on the other hand, are decentralized, and therefore transactions are only between the player and the gambling site – this, again, is a factor behind the speed and safety of crypto transactions when compared to fiat.

There are almost no fees when it comes to crypto transactions as well. Transaction fees are minimal or zero, and this is another positive factor for crypto payments as compared to using fiat currencies.

These are just some of the various advantages that cryptocurrencies have over traditional currencies when it comes to usage at online gambling platforms. Thus, we can clearly see that crypto is the better option, which is why there are so many people opting for crypto at these platforms nowadays. It is also quite easy to buy crypto to use them for online gambling, as we will explain now.

Players can choose to visit a crypto exchange to buy the cryptocurrency of their choice. Exchanges are essentially online marketplaces where players can buy, sell or transfer their crypto holdings through fiat currencies. All they need to do is be sure of the exchange and its safety and security mechanisms, but there are quite a few popular and well-known exchanges that are known to be reliable and safe which can be accessed from anywhere in the world.

Alternatively, players can use crypto wallets instead. These are online storage vaults where you can store your coins. You will be provided with private keys for access, and these are personalized and unique, making it extremely difficult to hack these vaults unless you have the keys. 

Thus, we can see just how easy it is to use crypto tokens for online gambling. There are multiple advantages for doing so, and this trend is only set to grow in the coming weeks and months as more and more people get interested in cryptocurrencies from all around the world.