Winchasers, I want to present my comprehensive guide to crypto gambling. It covers all of the information necessary to make deposits, withdrawals, and purchases using cryptocurrency and how to convert it to cash. I intend to update this guide with frequently asked questions and make it the ultimate resource. It may seem complex or lengthy at first glance, but I have made every effort to make it easy to understand for those who are not so advanced in technology and may be hesitant about new concepts.
Cryptocurrency: what is it?
Cryptocurrency refers to a payment system. Its peculiarity lies in its decentralized nature, so any World Bank does not control it. Cryptocurrency is not fiat. It exists only in the Internet space. However, with its help, people can make transfers of payments anywhere in the world, pay for purchases, and much more. Making a payment in cryptocurrency is accompanied by an entry in the public register. In this case, the transaction is not accompanied by the personal contact details of the sender and recipient. This is another feature of the cryptocurrency – conducting transactions incognito.
The name «cryptocurrency» was applied to this digital money for a reason. Conducting financial transactions is accompanied by the use of modern encryption methods. Advanced encryption is used to store and transfer data between wallets. Encryption is used to provide the sender and recipient with security, the absence of the possibility of data leakage for their subsequent use by third parties.
Bitcoin is the first digital currency. It was created in 2009. After the creation of bitcoin, many more cryptocurrencies were invented variants. However, Bitcoin remains the most popular and expensive variation of digital money.
The main advantages of cryptocurrency
The popularity of cryptocurrency has been actively growing since its inception. A lot of people use digital currency for work and entertainment. The active demand for cryptocurrency can be explained by several advantages. That is its characteristics. Among the main privileges are the following points:
- Confidentiality. Cryptocurrency can provide the user with absolute anonymity. This indicator is appreciated by customers, especially the complete anonymity of online casino visitors. Making payments does not require identity verification and reporting any data about a person, and you only need to register.
- Security. Using bitcoin or other digital currency in a casino is very convenient because the money belongs to only one owner, and the probability of stealing funds is close to zero. The functioning of any currency type and making payments is controlled only by the owner.
- No restrictions. Gambling entertainment online is prohibited in some countries. This feature makes it difficult to make payments based on fiat currencies. The use of cryptocurrencies to deposit and withdraw winnings provides users with problems.
- Some countries block your favourite payment methods like credit cards, PayPal, PnP, and Sofort to use at online casinos – with the cryptocurrency, you can play at both classic and crypto casinos.
- Fast cashouts, as long the casino approves your withdrawal, it takes from seconds to up to one hour for money to reach your crypto waller.
Most crypto casinos allow you to purchase crypto right from their services. Suppose you don’t want to read the rest of the article now and want to gamble at a crypto casino already. In that case, I have multiple good crypto casinos for you where you can purchase crypto right now with your credit card, for example, and try to gamble already. (Can’t access any of those sites – use VPN)
The best cryptocurrency for online gambling
Online gambling is actively developing. Gamers can find many modern, comfortable, secure online casinos that offer slot launch services. The rapid popularity of cryptocurrency has affected many areas of human life, and the gambling world is no exception.
Today you can observe the active opening of cryptocurrency casinos. Some gambling and entertainment portals offer to play exclusively based on cryptocurrency, while others simply add this payment method to the list of previously available payment systems. Among the popular online casinos that are most often used in online casinos are the following:
● Bitcoin. The very first cryptocurrency appeared in 2009. This version of digital currency is the most popular and the most expensive.
● Ethereum. The second largest cryptocurrency. Transactions are fast and safe. The quality is in no way inferior to the previous one.
● Litecoin. Cheap to buy cryptocurrency. One of the most popular cryptocurrencies is mostly used in online casinos.
● USDT. A stablecoin that is actively used for financial transactions in online casinos.
These are the main options for cryptocurrencies that are proposed to be used for making payments in online casinos. They provide fast payments, complete confidentiality, and security for every financial transaction.
I prefer to use bitcoin as it is the most popular crypto. However, USDT is also my choice as the price of it is attached to USD, and it’s more stable if you compare it to the bitcoin price. However, the use of USDT is more complicated, so I suggest you start with bitcoin.
Crypto wallet: what is it?
A cryptocurrency wallet is a place where digital currency is stored. They contain user keys. The application has a simple interface with the necessary functions set for financial transactions. Such wallets also allow blockchain-based cryptocurrency transfers. There are different wallet models with different feature sets. Some wallet options even allow buying, selling, and interacting with decentralized applications.
The transferring process of cryptocurrencies does not look as simple as it might seem at first glance. The process itself is not the same as we are used to seeing when transferring funds from one card to another. Sending any cryptocurrency is accompanied by the following actions and their features:
● When sending a token, a person uses a personal key. This is necessary to sign the transaction and send it to the network.
● Next, the network includes a transaction to reflect the updated balance on the address of the sender and recipient.
Such features are typical for making payments using cryptocurrency.
Why do you need a crypto wallet?
The security of a cryptocurrency largely depends on the storage method used. Cryptocurrency storage can be carried out on the exchange from a technical point of view. However, experts do not recommend doing this, especially if you plan to trade.
It is recommended to store large amounts in crypto wallets. You can use a hot or cold version of wallets to do this. It is wallets that allow you to store keys that provide security for cryptocurrencies.
All crypto wallets can be conditionally divided into two broad categories:
- Hot wallets.
- Cold wallets.
Consider each wallet option to understand the features of a particular digital money storage system.
The main difference between a hot wallet and a cold wallet is that the first type is connected to the Internet. The constant connection of the wallet to the Internet system makes the funds more vulnerable to the influence of unauthorized persons.
Among the popular options for hot crypto wallets are the following:
● Web wallets.
● Mobile wallets.
● Desktop wallets.
Such applications offer the storage of keys for conducting transactions directly in the program, which is located on the Internet.
These types of crypto wallets are characterized by full autonomy. This characteristic is one of the main advantages.
Among the popular options for cold wallets are the following:
Among the downsides is the lack of comfort offered by hot wallets. However, the availability of security fully covers this shortcoming.
Hot and cold crypto wallets: which are better?
Both methods of storing cryptocurrency have individual features and characteristics. They can be positive and negative. Each person chooses for himself the ideal method of storing digital money based on personal requirements and wishes. So, for example, if a person wants to actively use cryptocurrency, and make financial transactions, then in this case, hot options for crypto wallets will be a more suitable option. Cold wallets would be more suitable options for people looking for the perfect way to store large crypto assets with security at the forefront without much focus on comfort.
My number one wallet is Exodus, and I suggest you start with it. It’s free and easy to use. You can install it on your phone or pc right now. It has all kinds of cryptocurrency you will ever need. Many Winchasers are using it already. Here is the link to Exodus
Some of the best wallets for storing cryptocurrencies include:
- Exodus. This is the simplest. But at the same time the most reliable wallet for storing cryptocurrency. It has a simple interface – you can create an account within one minute. Users can buy and sell digital currency within the application.
- Ledger Nano X. A fairly advanced cold wallet. The wallet supports over 5500 coins and tokens. However, quite expensive to maintain.
- Binance. It is a central platform that offers a wide range of tools and options for working with digital currency. The platform has been operating since 2017. However, some users note that it is not quite correct and prompt support.
- Trezor Model T. This is one of the most secure and modernized crypto wallets. In terms of security, it occupies a leading position. However, the cost of such a wallet is not the cheapest.
- Coinbase Wallet. This is a popular crypto wallet that allows you to store, change, buy and sell digital currency. The wallet is available to customers from over 100 countries. Customers will appreciate the simple and intuitive interface. However, users observe somewhat high commissions.
- Crypto.com. One fastest-growing digital platforms. Today it offers customers over 250 digital coin options. The platform menu has available operations with a low commission.
- Pionex. Platform with built-in trading bots (16 bots in total). The platform offers low commissions and 24/7 help from technical support specialists. However, the platform — is characterized by a rather complicated interface and a small set of available digital coins.
- Bitcoin IRA. This platform allows not only cryptocurrency stores. But also to trade it on its platform, which works around the clock. The platform is designed to connect consumers with custodians, digital wallets, and exchanges.
- Kraken. The system with a huge set of functions for clients. Users can buy, sell, and exchange cryptocurrency. The system is available to customers in more than 150 countries world around.
- CoinSmart. A simple wallet that is very popular in Canada and beyond. It has a simple interface that allows you to use it effectively, even for people without skills and knowledge in the digital currency field.
This is what the TOP 10 best cryptocurrency wallets of our time look like. Each has its characteristics. You should study the details of each wallet option before you start using it.
Crypto exchange: what is it?
Cryptocurrency exchanges are the backbone of the cryptocurrency industry. By compatibility, it is also a popular place to buy and sell crypto assets. Nevertheless, it is crypto exchanges that are the first place most newcomers go, who take their first steps in the world of digital assets. Examples of well-known crypto exchanges include Coinbase, Binance, Changelly, Bittrex, and Kraken.
Crypto exchanges allow not only buying and selling cryptocurrencies. They are also often used as a storage place for purchased crypto assets and a platform for exchanging one digital asset for another. It’s time to get acquainted with similar platforms.
Crypto exchanges offer customers access to the following activities:
● Buying cryptocurrencies.
Most cryptocurrency exchanges allow you to purchase various digital assets and, in many cases, support popular cryptocurrencies like Bitcoin, Ethereum, and XRP. Such platforms are extremely popular among beginners who purchase their first coins and tokens. In addition, they allow you to buy bitcoins with dollars and other fiat currencies using a credit card, PayPal, or direct bank transfer.
● Sale of cryptocurrencies.
Exchanges also allow you to sell crypto assets, that is, exchange them back for the already mentioned fiat money. These operations are carried out using bank transfers, which means that the money is directly in the bank account.
● Storage of crypto assets.
Crypto exchanges store bitcoins and other coins that you just bought within the platform. They also visually display the investment portfolio, and it’s easy to get to it. With this in mind, many users store crypto assets on just such platforms. They understand that they can access coins and tokens at any time – as they send them. However, not everything is so simple: storing a crypt on an exchange is associated with great risks and restrictions. But we will talk about this later.
● Cryptocurrency trading.
Exchanges also allow you to trade crypto assets, that is, exchange them with each other. In this regard, many professional traders use crypto exchanges to try to capitalize on the sharp changes in value inherent in crypto assets. Web platforms are also a great tool for crypto trading enthusiasts, as they show the current value of a crypto asset, its market capitalization, and other useful indicators.
All cryptocurrency exchanges can be divided into two broad categories:
● Centralized (CEX).
● Decentralized (DEX).
Each crypto exchange option has its advantages. The following table allows you to explore the positive qualities of centralized and decentralized cryptocurrency exchanges.
- Convenient ways to trade cryptocurrency.
- Additional layers of security.
- Availability of margin trading.
- There is no need to transfer assets to third parties.
- Implementation of a peer-to-peer currency exchange.
- Less censorship.
Best Cryptocurrency Exchanges
Further, readers can get acquainted with the best-centralized crypto exchanges. This list looks like this:
- Binance. This is an online cryptocurrency platform that combines the functions of an exchange, a blockchain network, a cryptocurrency wallet, a mining pool, an information center, an educational resource, and other features.
- Coinbase Exchange. It is an American cryptocurrency company founded in 2012. Coinbase provides tools for ordinary investors and traders, and institutional investors.
- Kraken. This is one of the oldest and largest cryptocurrency platforms, which appeared two years after the announcement of bitcoin as a means of payment. In addition to buying cryptocurrency and trading, Kraken offers customers several other options: money transfers, staking, and OTC operations.
- KuCoin. The KuCoin exchange began its work in 2014, when the former CTO of one of the subsidiaries of Alibaba, Michael Gan, and the top manager of the iBOX PAY service, Jack Zu, launched the Kubi crypto exchange. The service allowed anyone to exchange cryptocurrencies.
- BinanceUS. Founded in 2019, Binance US is a centralized exchange. The exchange has a high-reliability rating. As of January 2023, 137 cryptocurrencies are traded on the exchange. The most active trading pair is ETH/USD.
- Bitfinex. Cryptocurrency exchange Bitfinex has been operating since 2012 and is owned by iFinex Inc. The exchange has an expanded set of trading tools, peer-to-peer financing, over-the-counter market, and margin trading services with support for a wide range of tokens.
- Gemini. It is a trading platform available to private and institutional investors. The cryptocurrency exchange is constantly adding new DeFi tokens.
- Coincheck. It is a Japan-based cryptocurrency exchange that is primarily focused on bitcoin – with an easy-to-use website, high volume, and ongoing trading fees of 0%.
- Bitstamp. It is a cryptocurrency exchange launched in 2011. Bitstamp focuses on the spot trading of popular cryptocurrencies. There are no futures, options, or leverage here. There are a total of 78 coins available on Bitstamp.
- Bybit. Cryptocurrency exchange Bybit was founded in 2018. Bybit specializes in derivatives contracts. The exchange has a spot market with the possibility of margin trading, perpetual USDT and USDC contracts, and inverse futures.
This is what the TOP 10 best cryptocurrency exchanges look like today. As you can see, the variety of options is quite large. This allows people to choose the appropriate option based on individual needs.
Buying Cryptocurrency: Features
As I’ve already mentioned, most crypto casinos can purchase crypto right from their site, so exodus + crypto casino can be enough for a start!
The acquisition of cryptocurrency consists of three main stages, namely:
- The choice of the platform where the digital currency will be purchased.
- Balance replenishment.
- Place an order indicating the desired cryptocurrency and its quantity.
Let’s consider each step in more detail for a better understanding of the specifics of the actions that need to be taken to successfully acquire digital money.
The first step is very important. Further success, profitable acquisition of cryptocurrency and its safety depend on the right choice. You can decide on one of the existing methods:
- Traditional broker.
- Specialized cryptocurrency exchange.
In the first case, these are online brokers. They offer their customers affordable ways to purchase digital currency and other assets (stocks, bonds, etc.). Such a service has low trading costs, but the functionality will also be insufficiently expanded.
The second option is also very popular. Today, there are many cryptocurrency exchanges with a huge set of coins. In addition, exchanges offer the opening of a cryptocurrency wallet, interest-bearing accounts, and other functions.
The choice of platform must be made carefully. It is essential to familiarize yourself with the available range of services and offers, the commission, the level of security, and other features that will provide comfort.
The second critical step that needs to be taken after choosing a platform is replenishing the balance. This procedure is necessary to gain access to the auction. The main part of cryptocurrency exchanges offers customers to purchase digital coins using fiat currency. The range of available currencies is wide and varied, which allows customers from different countries to conduct transactions conveniently.
Placing an order
The final step in acquiring digital currency is placing an order. This operation can be done in two ways:
● through an online broker;
● through the exchange.
The acquisition of cryptocurrencies is independently accompanied by the need to perform the following actions:
- Register on the crypto exchange website.
- Log in to your account.
- Top-up balance.
- In your account, click on the «Buy» button.
- Select order type.
- Specify the desired amount of cryptocurrency.
- Confirm the order.
The process of acquiring cryptocurrency is quite simple. Convenient interfaces of online exchanges allow customers to quickly understand all the features and subtleties of such operations.
The process of withdrawing cryptocurrency from an online casino
Each online casino has an individual interface that affects the specifics of financial transactions for the funds’ withdrawal. However, the overall picture does not change from the characteristics of a particular portal. It consists of a set of specific actions that must be performed in the correct sequence. The instructions for withdrawing funds look like this:
- Login account.
- Go to the «Cashier» section.
- Select the Withdrawal tab.
- Select the desired type of cryptocurrency.
- Specify the amount to withdraw and the address of the cryptocurrency wallet.
- Confirm account address (if necessary).
Such simple actions allow you to withdraw cryptocurrency. Financial transactions are fast.
Cryptocurrency withdrawal from the online casino: transaction speed
Each online casino offers its terms for financial transactions for deposits and withdrawals. Some Internet portals offer instant withdrawals, while others require a longer period to complete the transaction.
Making payments using cryptocurrency has one common characteristic – the absence of waiting time on the part of the payment system. That is, the funds will be immediately credited to the specified address after the application is approved by the administration of the online gambling portal. Other options for withdrawing funds from an online casino require more time because they go through two stages of verification and approval – from the side of the online casino and the side of the chosen method.
Withdrawing funds from an online casino using cryptocurrency does not need a long wait. Online casino customers can observe the transfer of funds to a cryptocurrency wallet 5-15 minutes after the application is approved by the site administration.
An example of a bitcoin exchange
A cryptocurrency withdrawal from an online casino is understandable. But another question arises: how to get cryptocurrency to replenish the game balance? The following instruction will allow you to deal with this issue, which will allow you to quickly receive cryptocurrency for making a deposit.
- The first thing that any user of an online casino needs to do is register on a cryptocurrency exchange. Take the popular platform Coinbase.com as an example. The exchange often hosts various promotions for new and regular customers. So new users, after registering and depositing the first hundred dollars, can receive 10 dollars as a free bonus as a gift.
- Registration needs confirmation. To do this, the administration of the cryptocurrency exchange sends a special letter to the client’s contact email address – which allows you to confirm the creation of an account. Additionally, customers can specify a phone number. This will create two-factor authentication and further protect your account from hackers.
- The third step is preparing an account to buy bitcoin. To do this, you need to link a debit card to your crypto wallet. Coinbase.com asks for a route number for the bank account in this case. After that, the account will be ready to purchase cryptocurrency.
- The next stage is the direct execution of an application for the purchase of digital currency. It must be issued through your account, section «Cashier». In this section, you need to select the «Buy» tab. Next, the user specifies the amount of digital currency to purchase and completes the application by clicking on the appropriate button.
As you can see, cryptocurrency acquisition is a simple procedure that can be completed in a few minutes. The main thing is to fill in all the fields to avoid mistakes carefully.
The best crypto casinos
I have a list of the best crypto casinos for winchasers, where I play and stream! The casinos below don’t ask for KYC(your documents) and allow all countries. If you can’t open the site, use VPN to change your country location to Norway or Finland, for example, and open those sites to play.
The best online casinos where you can use crypto
The casinos below are my favourite classic casinos. They are only available in some countries and will ask you to verify your account. However, you can claim good welcome bonuses with your crypto deposit!
Crypto Gambling is the future!
I strongly recommend you begin using cryptocurrency for gambling, as it is becoming increasingly popular due to the issues surrounding traditional payment methods and regulations in many countries. Both traditional and cryptocurrency casinos now accept crypto.
I’m ready to help you with all crypto casino-related problems, and now I have a unique channel on Twitter for that mrBigSpin – Crypto Gambling: https://twitter.com/Mr_BigSpin and Channel on YouTube: Subscribe mrBigSpin – Crypto Gambling on Youtube You can send me your questions, and I will update this guide.
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