Home Casino Tips and Tricks The Beginner’s Guide to Crypto Casino Gambling

The Beginner’s Guide to Crypto Casino Gambling

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Cryptocurrencies are no longer just a trending fad; they have been around for almost 25 years! Since Bitcoin launched in 2009, the crypto industry now has over 9,000 tradable cryptocurrencies all providing real-life uses. Of course, in our eyes, the biggest of those uses is found at a crypto casino like here at mBitcasino.

We admit cryptos have made a huge impact in countless industries around the world, but we also believe it is crypto casino fans that enjoy some of the biggest benefits. There are now hundreds, if not thousands of online casinos that support cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. If you’re reading this, you’re at the best one already – well done!

We understand that even now, many of you will not understand much about cryptocurrencies or crypto gambling. That is the sole purpose of this article, to educate, guide, and show you the way into the wonderful world of crypto casino gambling.

 

What’s Different from Your Normal Casino?

This is a good question and often what most ‘traditional’ online casino players ask before anything else. Well, sure, on the face of it, there is not a huge amount of difference between a Bitcoin casino and an online casino that only accepts fiat currencies such as USD, EUR, CAD, NZD, and AUD. 

Both types of casinos will give you access to casino games such as video slots, virtual table games, scratch cards, video poker, and live casino games. In most cases, both will also offer players bonuses and promotions to take advantage of. 

However, the main difference between the two is quite substantial. Standard online casinos only accept fiat currencies while cryptocurrencies will either support cryptocurrencies or both cryptocurrencies and fiat currencies.

Essentially, the difference is allowing players to deposit, withdraw, and play using cryptocurrencies. 

 

Why Crypto Casinos Accept Cryptocurrencies

 While the best benefits of cryptocurrencies are enjoyed by players, there are many reasons why there is an increasing number of crypto casinos to choose from.

    • Can Target a Wider Audience: As cryptocurrencies in the main, are unregulated, this means there is nothing stopping players from countries where iGaming is unregulated, from enjoying online casino gambling via their cryptos. This means a crypto casino can attract players from all continents around the world. 
    • Good Security: Since players want the best security when playing at online casinos, crypto casinos know they can satisfy that need by accepting cryptocurrencies. Transactions using popular cryptocurrencies such as Bitcoin (BTC), Litecoin, LTC), Bitcoin Cash (BCH), Ethereum (ETH), Tether (USDT), Ripple (XRP), and Dogecoin (DOGE) offer highly secure transactions. They are encrypted making it impossible for hackers to intercept any payments. 
    • Easier to Control: With all the fees, middlemen, and long and drawn-out transaction speeds, fiat currencies are not easy to control and manage. On the flip side, crypto transactions complete quickly, with very low fees, and with no middlemen taking their cut. Once a transaction is performed, it is impossible to cancel them.
    • Lots of Good Casino Games Support Cryptocurrencies: The best way to a man’s heart is through his stomach and the best way to a gamer’s heart, is through good games. Many of the best iGaming developers now include cryptocurrency support in their games. That means crypto casinos can now feature titles from major names including Evolution, Play’n Go, Betsoft, Pragmatic Play, BGaming, Endorphina, and many more.

Overall, cryptocurrency casinos know they’re onto a winner. Cryptocurrencies continue to grow in popularity, so along with that will come more players that prefer to use these cryptos for gambling purposes.

 

Why Players Use Cryptocurrencies for Online Gambling

Players also have many advantages when it comes to using cryptocurrencies over fiat currencies. Essentially, these are the same benefits that cryptocurrencies provide across many industries. They allow:

Fast Transactions: Another notable advantage of crypto casinos is the remarkably swift transaction times. Whether you deposit or withdraw, the majority of cryptocurrency transactions are swiftly executed within a few minutes. This stands in contrast to conventional payment methods such as credit cards or bank transfers, which often necessitate several days for processing and even more time for the funds to become visible in your bank account.

In contrast, cryptocurrencies don’t demand the same level of security measures and authentication as traditional payment methods. Cryptocurrency transactions are promptly processed and verified, eliminating the need for extensive security checks. Consequently, players can effortlessly and promptly deposit or withdraw funds from their online casino account without enduring lengthy waiting periods for the transaction to be finalised.

Lower Transaction Fees: While fiat currency deposits may seem fee-free, the truth emerges during withdrawals. Prepare to be hit with a 3% to 5% fee when funds arrive in most eWallets. And if you opt for VISA or MasterCard withdrawals, brace yourself for the dreaded 3x turnover rule, cunningly designed to cover deposits and withdrawals. Should you fall short of the 3x turnover, the casino swoops in, charging a hefty 10% to 20% of the transaction for processing your withdrawal.

Enter the realm of cryptocurrency, where deposits don’t endure turnover rules and withdrawal fees barely leave a trace. Peer-to-peer networks reign supreme, eradicating the need for costly intermediaries. Experience the bliss of significantly lower transaction costs compared to their traditional counterparts, where fees loom large and burdensome.

Increased Levels of Security: One of the biggest factors that attract players to cryptocurrencies is the added privacy and security they receive. As transactions carried out by cryptocurrencies are not linked to your identity, you never have to worry about your personal information falling into the wrong hands. This is perfect for players that would rather keep their ‘hobby’ away from nosey banks!

The Provably Fair Algorithm: If there is one thing players seek no matter the currency they use, it is fairness. Who wants to play online casino games not knowing if they deliver true and fair results? Well, with the provably fair algorithms, you can verify your results for yourself!

The idea behind provably fair algorithms relies on cryptographic methods that enable players and online casinos to authenticate the fairness of every game result. This is accomplished through the utilization of a seed number generated by the player, which is then combined with a secret seed provided by the online casino to produce a random outcome.

After a player’s session, the seed numbers used in their session are transformed into a hash and made available to the public. This transparency empowers the player to validate that the outcome of the game was genuinely fair and unbiased.

 

Deposit and Withdrawals

Now that you have a better understanding of cryptocurrencies, crypto gambling, and crypto casinos, you might want to test them all out for yourself. Well, for the latter, you’re already in the right place. For the others, we’re going to give you the guidance needed to get you started.

1. Grab Some Cryptocurrencies

Before you can start enjoying the many popular cryptocurrencies here at mBitcasino, you first need to get your hands on the crypto we support. We support payments and withdrawals using some of the most popular cryptocurrencies around. Those are Bitcoin (BTC), Litecoin, LTC), Bitcoin Cash (BCH), Ethereum (ETH), Tether (USDT), Ripple (XRP), and Dogecoin (DOGE).

We suggest doing some research on which you would like to purchase – especially if you plan to trade them in the future. Either way, as long as you purchase some of one of the above, you’re good to go. The best way to get your hands on cryptos is to use a popular cryptocurrency exchange such as Coinbase, Kraken, or Bitstamp. You can use bank cards, bank transfers, or various other payment methods to purchase your preferred amount of crypto.

2. Get a Crypto Wallet

Although some do, many cryptocurrency exchanges will not let you send or receive casino transactions using their inbuilt crypto wallets. However, it is never a good idea to leave your crypto on an exchange anyway. You want your very own wallet that gives you total control over your portfolio of digital currencies.

You can choose from software or hardware wallets – which will again require a bit of research on your part. Find one that suits you and has good reviews. For software crypto wallets, BRD, Jaxx, and Mycelium are good options. As for hardware wallets, these take a bit more setting up as these are physical wallets you have to purchase. These are probably not worth the investment unless you plan to use and hold cryptocurrency a lot.

3. Transfer your Crypto from the Exchange to Your Crypto Wallet

The next step is to move your newly acquired cryptocurrencies to your newly acquired crypto wallet. This usually involves copying your cryptocurrency wallet address to your clipboard. You then have to request a withdrawal from your chosen crypto exchange and paste that address in the required field. Once you hit submit, you will typically receive your funds within minutes.

4. Deposit at a Crypto Casino

Now all you need to do is create an account at the best cryptocurrency casino you can find (cough, mBit, cough) and begin the process of funding it with your chosen crypto. Go to the cashier and hit deposit. Take note of the blockchain address that is unique to your account at the casino before opening your crypto wallet. Choose whatever option you need to make a transfer and use that address as the recipient.

Before you send your funds, we suggest you check out any bonuses first and foremost. You might find even more value for your first few deposits – we know our welcome bonuses deliver lots of additional value! Boom, there you have it, you now have cryptocurrency funds loaded up at your chosen cryptocurrency casino.

 

Start Playing Casino Games Using Your Cryptocurrencies

Before you dive in and start playing your favourite slots, table games, or live casino titles, take some time to have a look around. The great thing about online casinos is the sheer number of games they can feature that support cryptocurrency play.

We have many of the best crypto casino game providers featured here at mBitcasino, so we know the quality that is out there. For instance, you can play slots from award-winning developers including NetEnt, Play’n Go, Pragmatic Play, Wazdan, and iSoftBet. Plus, if you prefer playing live casino games, we feature the best of the best with titles from Evolution, Ezugi, and Pragmatic Play Live!

 

 

 

 

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