The different crypto-currencies available at the online casino

Coin one bitcoin

Crypto-currencies, and more particularly Bitcoin, are constantly in the news. Gold mine for some, safe haven or simple way to diversify assets for others, the reasons are multiple, but the crypto-currency is well and truly here. It was therefore only logical that casinos should get involved sooner or later and take into account this method of payment, which is now essential for online gambling.

What is crypto-currency?

First of all, here is a brief reminder of what crypto-currency is. According to its official name, it is a virtual and decentralised digital currency, based on blockchain technology. There are currently more than 6,000 crypto-currencies in the world whose respective value varies regularly and is linked to the level of scarcity of the product, as with precious metals. This is one of the main reasons for the growing success of crypto-currencies, which more and more users see as a safe haven in the event of a collapse of traditional currencies.

Crypto-currencies accepted by online casinos

Bitcoin. The most popular crypto-currency and, whose historical rise had reached incredible records in 2017. Bitcoin provided an excellent introduction to crypto-currencies, a safe option, and one whose value is almost guaranteed to not exceed the threshold of 21 million units in circulation. Furthermore, it is the most common crypto currency used in casinos.

Ethereum. This is the second most popular crypto currency (especially in casinos) after Bitcoin. With a capitalisation of over €37 billion in November 2020 Ethereum remains a safe bet. It also seems that security has been strengthened after a cyber-attack on Ethereum in 2016.

Litecoin. Litecoin or LT is a crypto-currency created in 2012 and technically similar to Bitcoin, in fact it runs on the same mining software as Bitcoin. Not as popular as Bitcoin, Litecoin is still a safe bet with a capitalization in March 2021 of $13.3 billion.

Dogecoin. Created in 2013, Dogecoin, although capitalised at $60 million, is still more confidential and less widespread than its counterparts.

Electronic wallets for cryptocurrencies at the casino

CoinBase. CoinBase is among the best choices for a crypto wallet. It is also one of the most common and useful, allowing you to buy and store your chips in one place. Some people choose cold wallets because of their security, but CoinBase is also a safe bet in this area. It is one of the best choices if you are managing virtual coins for the first time. CoinBase also offers a perfect mobile application that has all the features available at a click.

Electrum. Electrum is an ideal crypto wallet for crypto casinos users. Using two-factor verification and a simple approval system you allow to control your spending, while ensuring that your chips remain safe. Electrum is one of the most widely used crypto wallets to date.

Edge. For iOS clients, Edge is proving to be a completely incredible alternative. It is secure, private, user-friendly and decentralised, perfect for betting and retrieving casino game winnings. Edge is also versatile, being able to store a multitude of crypto-currencies. Thanks to its many strengths and versatility, it is now positioned as one of the leading major crypto wallets.

What is the best crypto-currency for playing at the casino?

Bitcoin, arguably because of its age and despite increased competition, remains the most commonly accepted currency and the one with the most guarantees in the medium term.

Playing in crypto currencies at the casino – advantages and disadvantages

Advantages: Secure, attractive exchange rate, anonymous, no bank charges on transactions.

Disadvantages: Less widespread and therefore more limited than traditional currencies. Slightly longer transaction times.

How to play casino with crypto-currency?

To play crypto-currency at the casino, you first need an e-wallet containing crypto-currency. Be careful though, because while there are more than 6,000 types of crypto-currencies, in reality the most commonly accepted ones can be counted on the fingers of one hand. The most widespread and therefore accepted in a maximum of transactions are Bitcoin, Ethereum, Binance Coin, Ripple, and Litecoin. You’ll need to have one of these “currencies” in your virtual wallet, but that’s not all, you’ll also need to find a casino that accepts these crypto-currencies.

Which casino games are compatible with virtual currency?

They all are, as long as the casino accepts crypto-currencies. The most popular games are poker, slots, blackjack and roulette.