Even though there are plenty of cryptocurrencies available in the online world today, only a few have received a green light by online casinos. This is mainly because not all of them are legal or legit. Sure, when you think about it, playing with any cryptocurrency takes a risk, but some of them have gained an impeccable reputation throughout the years and function way better than the others.
Cryptocurrencies Accepted in Crypto Casino Sites
With no further ado, take a look at the cryptocurrencies available in the best crypto casino sites:
Bitcoin started it all; it is the mother of cryptocurrencies. It is the most preferred one since players have had the time to learn about all of the advantages it has brought to online gambling. Being the first cryptocurrency invented, it has inspired so many operators to create brands that would allow players to deposit, play and withdraw their funds with Bitcoin.
Therefore, when we're talking about an online crypto casino, we're referring mostly to a Bitcoin casino, since casinos that are built upon other new cryptocurrencies are only a few if any. It is more likely to see Bitcoin casinos enabling payments with other new cryptocurrencies than to see casinos with these new options emerge.
Best online crypto casino sites, in addition to Bitcoin transactions also accept Bitcoin Cash. Referred to as Bitcoin's child, the Bitcoin Cash is the peer-to-peer electronic cash concept that allows for fast transactions, which is widely used.
Ethereum is next in line for the throne in crypto gaming. Ever since it was launched, it is considered as Bitcoin’s successor. It is believed that this cryptocurrency will change gambling and transform players behavior altogether. This is mostly because it is based on blockchain technology but it also can create smart contracts between individuals and companies, and it allows for more diverse operations and transactions.
Another popularly used cryptocurrency is Litecoin. It is actually considered as the silver to Bitcoin’s gold. It is based on the same principles as its predecessor, only it is easier to manage due to its mining algorithm, it allows for far more transactions than Bitcoin, and it offers faster processing times.
This cryptocurrency started as a joke, related to a meme that went viral on the internet, but soon became a legit one based on the Bitcoin system. Compared to both Bitcoin and Litecoin, Dogecoin takes 1 minute to confirm a transaction and has no limit as to how many coins users can mine.
How to Mine for Crypto Coins
You're repeatedly reading about mining when looking for information on cryptocurrencies, but do you even know what that process includes?
To put it, it is the process of generating, creating, releasing new coins into existence. When you’re mining for coins, you’re waiting to be rewarded with coins for the effort you’ve put trying to solve a complex math problem.
A math problem, you would ask? Yes. The system generates this math problem for the given transaction, and you need to validate it with your computing power and successfully solve it for your transfer to get a proper authorization and for you to get your new coins.
Think of it like this. A wants to send B some coins. B will have to share its public key with A so that A could use it as a destination where the coins should arrive. Then, A enters its crypto wallet and confirms the transaction. The process is then initiated. This is the part where the complex math problem kicks in.
The process that is at work in the background involves miners whose role is to solve the puzzle and the first one that solves it gets its prize, a new batch of coins. Considering A has sent the right alphanumeric sequence, the coins will reach B’s wallet.
In this regard, it is important to emphasize that A needs to make the right transaction, send the correct alphanumeric sequence to the right destination because once the transaction is finished, there is no way back. Transactions with coins are irreversible.
Significant Benefits of Playing at Crypto Casinos
Cryptocurrencies are perfect for online casino gambling. Casino crypto coin transactions are untraceable, anonymous, safe, and most importantly cost-effective. Check out all the benefits you get by playing crypto games casino sites offer to you:
The major advantage of playing at crypto casinos is anonymity. Players love the fact that they can stay anonymous and not have their name connected to online casinos in anyways.
Since they function on blockchains, you don't need to provide any personal details whatsoever, so no name, home address, phone number or bank account details are needed for you to create your account. You create a username and you're good to go.
Cryptocurrencies are decentralized, which means that no financial institution stands in the middle. There is no middle man between you and your casino to charge you a fee or oversee your transactions.
Small or No Fees
On that note, you have to pay no or really small fees when playing at crypto casinos. There are no hidden costs really because your transactions are not processed by third-parties. As to those low fees we mentioned, there may be fees required by the casino, so you need to choose carefully the casino you want to play at.
Tax-Free and Instant Transactions
Again, since there are no intermediaries and no one controls your transactions, you don’t have to pay a tax for your purchases, payments, and withdrawals with cryptocurrencies. Considering the transactions are usually processed in split second, you will experience no delay in your deposits and withdrawals. No, you will enjoy playing your favorite online slot machines
in a matter of seconds and cash out your winnings in a blink of an eye.
There is a cryptographic algorithm called Provably Fair which gives you the chance to check whether the game you want to play is entirely fair at the crypto casino site you chose to join. So, if you test the game and see that there are some inconsistencies, you can know for sure that the casino is not fair and you need to continue your search.
Gambling is not regulated globally. Hell, there are even countries where gambling is illegal and punishable by law. The only way your country can find out whether you’re gambling or not if gambling is illegal is by tracking your transactions via your bank. However, in crypto casinos, you are completely safe. You get a free pass to gamble and enjoy a few spins on your popular slot games
without being noticed by the government. With cryptocurrencies, you’re not using fiat money processed by banks and your identity is entirely hidden.