The use case for cryptocurrencies is growing more and more. It kind of goes with its popularity on the market and as more and more people jump aboard the crypto train the ways to use and the places where you can use crypto is growing as well. Most of you that are in the crypto probably know this but for some time now you can use crypto to gamble online. The gambling sites, being the casino or a sports betting site, has to proclaim that they are taking crypto as a way to fund your account and that is the only thing that sets them apart from regular gambling sites. Here, as anywhere else, you have to open an account, register and fund that account with cash or any crypto you may hold.
With time more and more of these sites have emerged and one of those is starwarscasinos.com. If you are wondering is it safe and if there are any catches to this, well, no! These sites are safe as any other gambling site where you have to input your basic info and give the number of your card to fund the account. What is funny is that there could be some serious benefits of gambling with crypto and those come in a form of few, if any fees in transactions, smooth transactions as well, and the possibility of your crypto to rise while you wait with the cash out of your winnings. After all this, we shall go a bit in-depth with tips you need to know when gambling with crypto!
Make sure you can deposit crypto
As we already mentioned there is a slight difference between gambling with cash and in crypto. The difference is whether the gambling site of your choice can receive payments in crypto. This is your first step and the most important one if you want to start gambling with crypto. At the start, most online gambling sites received only big cryptocurrencies like Ethereum and Bitcoin but it has changed a lot since and you can use any crypto you have. Some online casinos will offer the ability to exchange crypto you have for something they receive if the crypto of your choice isn’t accepted, but those are rare. What is even more interesting is the fact that if you don’t own any crypto you can go and buy some with your fiat currency on any crypto exchange and then go and register an account on the gambling site you want to start playing with crypto.
Watch what you send and where
Many of you that are first starting ambling with crypto make some rookie mistakes. The biggest of them is trying to send or receive Bitcoin payment on an Ethereum address. What you need to know is that address you have can be sent only to a specific wallet address. This means if you have an Ethereum wallet you can’t make payments in Bitcoin or receive the same. You have to make sure you got your addresses and payment coins to avoid making a mistake that might cost you money in the end.
How to withdraw
The withdrawal process, given that you are lucky enough to win money back, is similar in steps to the registration process. You have to enter the address of your crypto wallet at the casinos’ cashier and specify the amount you would like to withdraw. There is a payment department at every casino and they will have to approve your withdraw and after they do that you will receive your requested sum in your wallet in a matter of minutes. Some hybrid casinos hold fiat and cryptocurrencies apart and that is mostly due to regulations that they have to abide by. Thanks to that you will have to withdraw your crypto payout in the same wallet you used to make the deposit. In most cases, there will be no other way to withdraw any other payment methods like bank accounts or credit cards.
Playing online casino with crypto
When you are gambling online with crypto you have to know that there are three different types of game operators. First, some run the game themselves on blockchain like Ethereum. You place a bet on the game and the blockchain then verifies your bet and randomly calculates the outcome and determines if you have won or not. Operators can’t influence these games because the blockchain cannot be manipulated, and that are great news for you. The second option is crypto casinos which are more or less like any other casino except the payment methods they take are Bitcoin or any other crypto for that matter.
All the games you play are in crypto and all the winnings and bets are shown in crypto so keep that in mind and be careful not to over calculate yourself. The third option is hybrid casinos that offer both crypto and fiat currency as a method of payment. Here the game choice is huge because you will be able to access all the popular casino games without any restrictions. In these hybrid casinos, the cryptocurrency is merely used to transfer funds to and from the casino but within the games, you will normally by playing using fiat currency. This is the reason for such a big game library and possibilities.
Playing online with crypto has its benefits and advantages to using classic fiat currency. Some of those we mentioned at the beginning of this article but we will mention them again. One of the biggest advantages is the quick transactions to and from the casino, all of those transactions are fully anonymous which is beneficial to those of you that hold up to your privacy and lastly but not least the transaction fees are low which is important to all of us that deal with large enough deposits or withdrawals.
Not to make all of this sound so easy there are some downsides to crypto but if you are well informed those shouldn’t be a big issue. If you are new to the technology find a friend that can explain some things to you that are important or take some time and familiarize yourself with crypto and the way the wallet works just to make sure you have all your options covered.