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In recent years there has been a range of cryptocurrencies that have been launched, from Bitcoin to Ethereum, as well as a range of others. As a result of the demand for these, there are now online cryptocurrencies casinos that accept these currencies as a way of paying. This is good news for people that love online casinos, as well as for people who are interested in cryptocurrencies, and the population as a whole.
Cryptocurrency casinos and currencies that are used and accepted
There are a range of cryptocurrencies that are used and accepted all over the world. In fact, there are over a thousand that you could potentially use. However, Bitcoin is one of the most popular and most well-known. That doesn’t mean that it is the only one that is accepted, though. One point to note about Bitcoin is that when it comes to gambling, Bitcoin does tend to have quite high transaction fees, which can be one of the things that makes it inferior to other cryptocurrencies. Some online casinos will cover any fees for you, so that is worth checking on and bearing in mind.
Looking at other cryptocurrencies is another option. It will vary from casino to casino, but some of the most widely used cryptocurrencies for casinos, other than Bitcoin, are Ethereum, Dogecoin, Litecoin, and Dash.
Benefits of cryptocurrency casinos
In a lot of ways, cryptocurrency casinos aren’t too different from a traditional online casino. However, there are some differences, including some extra benefits, that come from using cryptocurrencies as the way to pay. In one way, it helps those who are invested in cryptocurrency, because the more that people use this as currency, then the whole market will be better off as a result.
Another benefit is that you could reach complete anonymity. When you are a player at a ‘regular’ casino, you will be using a card for payments that is associated with a bank, and therefore a specific person. As a result, it is tracked and you can be identified. As cryptocurrencies are different to this, it means that anonymous casinos can be created.
You might think that a cryptocurrency casino is going to be completely different to a traditional online casino, but the good news is that so many of the games are going to be what you already know. There will still be slots, table games, video poker, and so on. It can just be a different way of doing things, that could be potentially more lucrative for you, if you are already a seasoned online player.
One difference, which could be seen as both a disadvantage and a benefit, is that there tends to be no starting or bonus offers with cryptocurrency casinos. If there are some, then they can be more limited than traditional casinos, which may put some people off. However, there can be the benefit of having other offers, such as bonuses for no deposit. These will all vary from casino to casino, so it is worth checking out which you think will work for you.
Choosing an online cryptocurrency casino
If you are looking into cryptocurrency casinos, then you need to find one that is going to be fair and reliable. Some of the factors that you should consider when choosing a cryptocurrency casino, starts with looking at the size of the casino. Generally, choosing larger and more well known casinos is going to be best for you. The reason being is that they will have higher payouts if you get a nice win, as they are used to generating a bigger revenue. Smaller online casinos are the opposite, and being smaller could mean that they are more likely to end up in some financial difficulties should they face large payouts.
One of the other things that you should look at is how the casino looks after their players. Not all online casinos are created equal, and some will look for ways to not pay their players or allow certain withdrawals. With cryptocurrency casinos there is something called provably fair gambling that they have introduced, to help to make games more fair. So these things are all worth looking into when deciding where to spend your money.
All cryptocurrency casinos will deal with things in slightly different ways, so it is a good idea to make sure that you do your research before you play, especially into how cryptocurrency is used and deposited.
How do I buy Bitcoin and other cryptocurrencies?
You can buy cryptocurrencies using electronic wallets. Bank transfers and credit and debit cards can be used on the majority of digital wallet servers.
Are cryptocurrencies anonymous?
In short, yes they are. As a result of their crypto-nature, all of the transactions that they are used for are anonymous and they do not require any personal information. The only caveat to that is that you need to have an online ‘wallet’ to send and receive money, and you do have to prove your identity to the digital online wallet provider.
Are there taxes associated with cryptocurrencies?
One of the main advantages of cryptocurrencies is that they are tax-free. Cryptocurrencies are decentralized, controlled by a blockchain network. As a result, transactions by cryptocurrencies are not tracked by traditional financial institutions or authorities.
What does provably fair gambling mean?
With Bitcoin and other cryptocurrencies, the cryptocurrencies casino community has created a way of proving that the games are fair. As there is no third-party involved in this, then it makes games completely transparent. It also makes use of advanced cryptography, in order to make sure that the outcomes of games haven’t been altered with or tampered with. When a game uses the provably fair gambling method, then it means that you can verify any of the results of a game in real time.
What country-based restrictions are there when playing with cryptocurrencies?
Yes, there are, and it will depend on the cryptocurrency that you prefer to use. However, a lot of cryptocurrency casinos will accept players from countries that are all over the world.