Gambling sites have been around for twenty-five years. However, due to tech limitations, they did not have the opportunity to reach a mass audience until smartphones came into existence. Over the past decade, this entertainment form has begun accumulating massive traction, boosting its global revenues at a pace of around 11% per year. Naturally, internet penetration has a lot to do with these figures, but so does the rise of cryptocurrencies.
As everyone knows, the first decentralized digital currency, Bitcoin, got birthed in 2009 by the mysterious person or people operating under the pseudonym Satoshi Nakamoto. Two years following the launch of the first blockchain database, the initial crypto gambling platforms got up and running. In 2011, Satoshi Dice debuted as the world’s original provably fair gaming site, and SwitchPoker began allowing cryptocurrency transactions. Today, thousands of online casinos/sportsbooks exist that accept digital coins. Below, we will explain the necessary steps to start playing at one, using your favorite form of virtual money.
How to Make a Crypto Deposit?
To start gambling using any cryptocurrency, first, you must pick a platform where you will partake in this activity. Look for one that has a credible gaming license and a decent reputation for always paying out wins on time. Once your account gets approved, you can play casino games like roulette, blackjack, baccarat, and slots. However, you can only do so utilizing a demo-play option. To begin making money wagers, you will have to fuel your casino balance with funds.
To transact on any blockchain, you need a wallet in which you will store your digital assets. The process of setting up a virtual pocketbook is simple. For gambling, you will require a non-custodial wallet, like MetaMask or the Coinbase Wallet. These give you 100% control of your digital funds and do not rely on third parties to keep them safe. There are three types of cryptocurrency wallets. These are paper, software, and hardware.
Once you have a wallet and have filled it with cryptos that you have purchased at an exchange, you are ready to transfer some of your digital assets to your chosen gambling operator to test your luck on their offered games of chance. You do so by navigating to the cashier tab on your account’s page. There, you pick your cryptocurrencies and proceed to follow the instructions laid out for you. These involve setting a deposit amount and copying the site’s wallet address.
A wallet address is a passcode of sorts that lets users receive crypto payments, conduct coin-based transactions. For example, a Bitcoin wallet identifier consists of 26-35 alphanumeric characters. It also comes in a QR-Code version. Once you have your online casino’s/sportsbook’s address, you need to open your wallet interface, input it, and confirm that you want to send a specific amount of funds to that address owner. You can input your desired deposited sum in a fiat currency, utilizing a dynamic exchange rate. In essence, there is no continuous linking between your crypto wallet and your gambling platform. Every time you wish to add coins to your casino/sportsbook balance, the process described in this subheading will have to get repeated.
Tips For Crypto Withdrawals
Know that there is little you can do to speed up the process of getting united with your winnings as quickly as possible. Becoming a VIP member can speed things up somewhat because it can give you access to a personalized account manager who can process your withdrawal requests quickly. Though, this option usually gets reserved for high-rollers only.
Having documentation that proves your identity on standby is a good idea, as most gambling sites today will ask you to complete a KYC procedure before they process your first withdrawal. That entails you supplying evidence that proves you are who you say you are, including a photo ID, utility bill, and in some rare cases, a source of income. Operators are legally mandated to enforce KYC procedures. Thus, there is no way to circumvent this step. The best course of action is to get ready to complete it instantly when the KYC request lands in your inbox.
Also, if you play with bonus cash, your withdrawals may get delayed. That is due to your operator looking into if you have complied with the terms of your claimed bonus.
The Best Crypto Wallets for Online Gambling
Per most experienced internet gamblers, the best software crypto wallets to use for betting online are Blockchain.com, Exodus, Coinomi, and Blockstream’s Green Wallet. These four are easy to set up, super safe, and are available for most major desktop platforms and mobile operating systems. Trezor is likely the most popular hardware option on the market and is an excellent choice for those that crave extra security.
Angela Spearman is a journalist at EzineMark who enjoys writing about the latest trending technology and business news.