The introduction of cryptocurrency in the online gambling sector is making big waves; many online casinos now adopt cryptocurrency as part of their payment and withdrawal processes. The main reason for this is that the currency allows many more advantages over the regular standard payment methods, such as:
Speed: As net transfers, cryptocurrency transactions are processed very quickly. We value speed above all else, making crypto a highly convenient deposit method.
Security: One of the significant advantages of using cryptocurrency is that it's a secure payment method protected by high-end encryption technologies. As such, outside of user error, there is very little chance of fraud or theft.
Anonymity: All cryptocurrency transactions and dealings are anonymous, meaning your financial information is never shared with the casino.
How to Deposit with Crypto
If you’re interested in using a cryptocurrency next time you make a deposit at a casino, here are the steps you should take to do so safely:
Select a crypto casino: Not all casinos accept crypto payments in the first place, so ensure you pick a casino that supports them. This may not be possible, depending on your jurisdiction.
Create a crypto wallet: This is an e-wallet specifically for storing and trading cryptocurrencies. You'll need to set one up if you don’t already have one. Like various banking methods in casinos, many different crypto wallets are available, so choose one that is right for you.
Purchasing Cryptocurrency: You can’t exchange crypto if you don’t have any, so you’ll need to buy some. This can be found on cryptocurrency exchanges such as Coinbase or Binance.
Fund your crypto wallet: Whichever exchange you purchase your cryptocurrency on, your next step is transferring the crypto to your wallet. This can be achieved on the cryptocurrency exchange you used to buy the tokens.
Make a deposit at the casino: Once you have funded your crypto wallet, you can use it to make a deposit. Just pick the crypto option when making your payment.
Accepted Cryptocurrencies
When purchasing crypto, be mindful that there are a lot of different cryptocurrencies on the market, but only some of them are used at casinos. A dedicated crypto casino like BC.Game will process hundreds of crypto tokens, but most casinos only accept one or two.
Commonly accepted crypto tokens include:
Bitcoin
Ethereum
Tether
USD Coin
If Bitcoin is your preferred cryptocurrency, check out our review of the Best Bitcoin Casinos in Canada.
Top Tips for Making Deposits with Crypto
Crypto is still a novelty for most people, and we’re learning how to use it better every day. So, to help you get to grips sooner, we’ve put together some tips for people looking to make casino deposits using crypto.
Make sure your chosen crypto wallet is secure and reputable. This will mean a good reputation, many supported currencies and top-tier security.
To make sure you don’t lose your funds, double check you have the correct wallet address before finalising your payments.
Keep your crypto wallet information private. For all the security features on offer, you are also responsible for keeping your financial information safe and being aware of potential crypto scams.
Stay educated. We’ve shared what we can, but if you want to be involved with crypto, you should make sure you understand the money you’re working with.
Look out for fees. Crypto transactions are usually subject to deposit fees. Read through the terms and conditions ahead of time so you know if you’ll have to contend with any.
Find out if you can use crypto. A big barrier to using crypto could be your legal jurisdiction. Not all gambling licensing bodies allow their casinos to accept crypto payments, for example, the UK Gambling Commission. Don’t invest in crypto if you can’t use it for your intended purpose.
Who Should Use Cryptocurrencies?
After all of this, there is a question to be asked: should you use cryptocurrencies to make casino deposits? And if not you, then who?
Well, when it comes down to it, there’s only one answer: people who are already involved with crypto.
Cryptocurrencies may be a legitimate transaction method, but they’re also a lot more than that. Trading crypto is a lot more like stock trading than money trading, and there are a lot of complexities involved that can trip up your average user. Getting involved with crypto is also expensive and risky if you don’t know what you’re doing. It's a lot like playing at the casino!
With that in mind, if you’re just looking for a safe way to make deposits, consider using a regular e-wallet or a prepaid card, which will keep you just as anonymous and secure as crypto. However, if you’re already a pro at crypto, it could be a fantastic way to use your tokens. Providing a safe way to add funds to your favourite casino account.
Summary
Only you can decide if cryptocurrencies should be your payment method of choice. It can offer a host of advantages, including speed, convenience and anonymity, but getting involved with crypto can be complicated and expensive. For the right person, though, it’s an excellent option for quickly depositing money into your account so you can get playing ASAP.
If you want to get started at a crypto casino today, check out our BC.Game review to see if it is the site for you.
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