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However, while the only options that players once had when it came to making payments to these sites were limited to credit cards and eventually PayPal, the number of casinos accepting crypto are increasing every year, which changes the playing field completely for those locked out due to their location.
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Cryptocurrency, or ‘crypto’ for short, is the term that is used for encrypted decentralised digital currencies. Basically, this is digital money that can be used to pay for a raft of different goods and services. The good news for online gamblers is that more casinos are working on their platforms to include this option where appropriate in their country.
A big difference between crypto and regular banking is that supply is limited and trading of these currencies takes place outside the centralized banking system. All trades are completed using alphanumeric accounts, or ‘wallets’, and each trade is recorded in an electronic ledger called the blockchain. Trading, of course, means that value is attached, which shifts based on supply and demand.
Where Can I Gamble Using Cryptocurrencies Online?
At Gambling Metropolis, we have taken a look at all of the different online casinos that currently include cryptocurrency as a means of making deposits and paying for online games like slots, roulette and more.
The absence of regulation and proper governance means that many of your favourite online casinos are yet to make this payment form available to their users. It’s less to do with their willingness to adopt a new way for their players to enjoy their sites and more to do with providing a platform that is in line with the applicable rules and regulations. We are confident that should more countries recognise cryptocurrencies things will change in this regard very quickly.
However, for now, the sites that we feel are worth your attention in this regard are Ivi Casino, Das ist Casino, Playamo, Spin Up Casino and 14Red Casino.
– Ivi Casino accepts Bitcoin and Ethereum.
– Das ist Casino has opened its doors a little wider and allows users of Bitcoin, Litecoin, Ethereum, Bitcoin Cash and Dogecoin to make deposits and withdrawals.
– Playamo accepts Tether, Litecoin, Dogecoin, Bitcoin Cash, Ethereum and Bitcoin
– Spin Up Casino only accepts Bitcoin
– 14Red Casino also limits its crypto deposits and withdrawals to Bitcoin
Generally, there are no fees attached in using crypto on any of these sites and the processing times are all instant. Some differences exist in terms of the minimum and maximum deposits and withdrawals that apply, which are detailed in the respective terms and conditions of each site.
Are There Any Advantages to Using Cryptocurrency to Gamble Online?
Perhaps you are quite content gambling online by using a PayPal account, or credit card, but there are a few reasons worth considering in terms of using a cryptocurrency instead.
One of the key advantages that it affords users is privacy. Since the banking system plays no part in the trading of crypto, this means that there are no intermediaries between you and the sites that you want to spend digital currency on.
While in the case of Bitcoin there are ways to really dig down and determine where coins have come from, the level of anonymity that you gain is vast compared to using traditional payment methods. Both casino owners and players don’t have to worry about third parties gaining access to your personal or financial data as a result.
Casinos accepting crypto may become that little bit more interesting to those that hate the idea of having to hand over fees to intermediaries. That’s right, your transactions using cryptocurrencies such as Bitcoin, Litecoin, Dogecoin, Ethereum or Tether are processed free of charge. Forget about encountering chargeback issues that are typically met when using credit cards, or the 3.5% charge that PayPal gathers on each deposit. This is a great way to hold onto your digital currency.
As if all of that wasn’t enough, the speed of transactions is something that never fails to please crypto users. While there are differences between the different cryptocurrency options on the market – such as Litecoin’s faster block generation rate offering faster transaction confirmations compared to Bitcoin – the difference in the time you will wait to confirm a transaction compared to the traditional methods is like comparing chalk and cheese.
Once you confirm a payment or a withdrawal is requested, the funds typically appear in your account almost instantly. More on this later.
Australia is one of few anomalies in terms of countries that recognise and have imposed a tax stance on cryptocurrency. There, it is considered an asset and subject to Capital Gains Tax. While many other countries are pro-crypto, since the vast majority of them do not recognise it as a legal currency, it is, therefore, exempt from taxation.
Users should expect changes in this regard within the next few years since many outlets are legally accepting this method of payment for their services and as such, regulation and governance will inevitably follow. For now, the playing field is pretty open, your anonymity is protected and your digital wallet can make things happen a lot faster and at less expense.
What Are the Downsides to Using Cryptocurrency for Online Gambling?
The one factor that sometimes dissuades players from investing in crypto is its volatility. Take Bitcoin, the world’s first cryptocurrency as an example. Only 21 million Bitcoin can be mined. As such, as demand grows its price increases.
At its peak, Bitcoin hit a high of approximately £14,000 GBP back in December 2017. That means that each individual Bitcoin was worth that much on the market at that time. However, at the time of writing, the value of a single Bitcoin stands at approximately £7,800 GBP. So, while convenient, its value is not exempt from highs and lows.
Acquiring Bitcoin is not necessarily cheap, but the possibility is there to acquire fractions of these coins, which makes it that little bit more accessible. In terms of other options out there, at the time of writing, one Litecoin will set you back approximately £74 GBP, whereas one Ether (Ethereum) is worth £171.
For those looking for casinos accepting crypto based on the positives should bear in mind that a sudden uptick or downswing in the value of the cryptocurrency that you hold can alter its value. As such, it is always worth keeping an eye on how the market is moving.
Another issue that some players come up against is a low transaction processing speed. Blockchain casinos depend on miners’ work, rather than an automated system for funds to become available.
As such, this often means wait times of anywhere between a few minutes up to an hour. This is still a very efficient way to complete transactions compared to the alternatives, but when you need your currency immediately it can frustrate.
Which Cryptocurrency Should I Choose?
At Gambling Metropolis, we can see that the market for crypto is getting bigger each year. More investors are considering it a worthy investment, despite its volatility, which means that in time we can most likely expect many more options to become available.
As regulation and governance of cryptocurrencies change, which seems more inevitable with each passing year, the number of casinos accepting crypto will increase. The big difference that this will bring is that there will be a greater onus on players to pay taxes, which means that the anonymity currently afforded to crypto investors may come under scrutiny and change.
Where online gambling enthusiasts are concerned, the choice in terms of which cryptocurrency to use is one that is entirely a personal one to make. There are positives in terms of opting for Bitcoin, simply because each of the casinos that we listed above accepts it. However, the cost of investing is significantly high.
What is worth considering is the deposit and withdrawal limit that the online site you hope to use impose for each of the different currencies. It may make more sense to invest in many different currencies that are of significantly lower value compared to Bitcoin.
Or, you might prefer to acquire Ethereum or Litecoin today in hope that their respective values will reach Bitcoin heights and afford you many more opportunities to gamble in the future.
Even though crypto has been on the scene for a decade, it is still a new frontier of sorts that is still finding its feet. Popularity continues to grow simply because users are becoming more and more frustrated by financial institutions that charge fees and take what can seem like forever to complete transactions.
Online gambling and gaming are meant to be fun. At Gambling Metropolis, we know that our users want to enjoy the spoils of victory in full, which is what crypto enables them to achieve.
For now, there is a lot of fun to be had on the sites we listed above whose doors are open to digital currencies, so if you’re looking for a place to gamble online without restriction by financial institutions, then opting for cryptocurrency online casinos is the ideal choice.