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What Are Cryptocurrencies?
Cryptocurrencies are currencies that aren’t controlled by governments. These currencies, offered by tech companies, have their markets and are traded just like stocks.
The value of a cryptocurrency can rise or fall at any time. These currencies are all electronic, and they rarely have a physical coin or bill available.
Because you possess these currencies online, you must use the company's website or app to access your cryptocurrencies. When you no longer have access, it’s going to be challenging to get your currency back. You can’t stuff these currencies under your mattress, and players can’t use them everywhere. You shouldn’t assume that the casino trades the cryptocurrency you’ve chosen.
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What Are the Benefits of Using Cryptocurrencies?
When you use cryptocurrencies, you’re given the benefit of:
- Anonymity
- Easy transactions
- Access anywhere around the world
- No counterfeiting
- No location restrictions
Cryptocurrency also rises in value when the market is favourable. Because of this, you can make money while you’re playing and you haven’t had a good day in the casino. Your cryptocurrency can become more valuable and give you more money to use.
You don’t need to sign your name to a bank account or credit card when you use the API provided by Bitcoin casinos to complete all your transactions. Because cryptocurrency companies are very serious about security, you’ll benefit. You can use these currencies anywhere in the world, and you won’t have a problem accessing your money even if you’re travelling.
A Few Pros and Cons of Cryptocurrencies
When you’re thinking of what to do, you also need to remember that cryptocurrencies have their ups and downs. Yes, there are positives, but they must be weighed against the negatives.
Pros
- Anonymity
- Quick transactions
- Security
- Privacy
- Easy withdrawals back to your account
- It acts almost like an investment
- You can do everything on mobile
Cons
- The value of the cryptocurrency might drop
- Some casinos might not take the currency you’ve chosen
- You can’t use cryptocurrency as an alternative when paying off credit cards you’ve used while gambling
- Because the market is shifting, you might run out of cryptocurrency faster than you think
So if you’ve taken the time to choose crypto casinos, you’ll likely not have any problems, but you’ll need to think of what to do if the value of the currency drops.
How to Deposit Cryptocurrencies
When you choose Bitcoin casinos or any other type of cryptocurrency to play with, you’ll deposit as you would with a credit card or bank account.
You’ll use an API, connect to your cryptocurrency app, and add money to your account. The deposit is a straightforward thing to do, and you can see the "HTTPS" at the top of the screen. Of course, if the connection isn’t secure, you shouldn’t use that website.
How to Withdraw Cryptocurrencies
When you want to withdraw cryptocurrencies, you’ll establish your connection to the crypto app through an API.
The money will be sent back to your account, and it’ll be converted into your cryptocurrency given the current exchange rate. This is why you should check your exchange rate before withdrawing. You may want to wait if you believe your cryptocurrency's value will drop and give you a little more weight in return.
Popular Cryptocurrencies Used in Online Casinos
If you’re not sure which currency to choose, you can try these listed below
You may have a preference, or you can check out their exchange rates to determine which provides you with the best value. Values listed are those at the time of writing in April 2021.
Currently one Bitcoin is equivalent to about $19,000. It can be accessed in an app, and it can be used in more places than most simply because it’s the most popular cryptocurrency in the world.
One Bitcoin Cash is worth about $300, and it’s just a spinoff of Bitcoin that’s more affordable for the masses. When you’re using this currency, you should keep in mind that there are both Bitcoin Cash and Bitcoin SV.
One Ethereum is worth about $600, and it’s part of a much larger open-source network that deals with cash, payments, and investments. As it was founded in 2015, it’s not as popular as Bitcoin even though it has quite a large market presence.
One Litecoin is worth about $85, and it’s also one of the most popular cryptocurrencies on the market. These currencies, however, are much more challenging to use in casinos as they drop in value or popularity.
Dogecoin was started in 2013 as part of a joke related to a meme called "Doge". It got so popular because of the meme, and while it’s used in some casinos, it’s not seen throughout the gambling industry.
Monero came out in the wake of Bitcoin and its popularity. One Monero is worth about $126, but it may not be popular enough for some casinos to use it.
Dash is partnered with Fanduel, and one coin costs about $112. While it is partnered with Fanduel, that does not mean it is going to be popular among other casinos that compete with Fanduel.
Ripple was designed to make payments faster, and it isn’t minable. While this is an advantage for many people, it also makes the currency less popular for casinos. Sadly, it’s valued at under $1.
One ZCash is valued at almost $80, but it isn’t one of the more popular currencies on the market. Even so, you might find it simpler to use and more affordable than others.
