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It is no secret that payment methods for players have often been a problem. The 2019 decision effectively guaranteed that all electronic banks would have to stop transferring to international gaming companies. This created several issues for players, so they had to look for alternative solutions.
Here, solutions such as Skrill and Neteller became the preferred choice, but also became unavailable. While this brings back bad memories for many players, the popularity of the best online slot machines has mostly stayed the same. Therefore, the search for new payment solutions is back on the agenda.
What role will cryptocurrency play for the gaming industry in the future, and, more importantly, have players finally found a solution for long-term payments. We will find out in this article.
Introduction of cryptocurrency in online casinos
Here, cryptocurrency has gradually established itself as a good alternative for players. Since cryptocurrency functions as decentralized financing, it is beyond the purview of the authorities, which several gaming companies have also implemented.
The result is that increasingly more online casinos are opening for deposits with different coins from decentralized finance. For players, this means that you can quickly and easily transfer values to your player account. We have also seen the launch of several pure cryptocurrency casinos that use blockchain for both their games and deposits.
How does cryptocurrency work in online casinos?
One of the reasons many U.S. players refuse to use cryptocurrency is simply because they find it difficult to use. This might have been the case in the early days, but now several user-friendly solutions exist. So let’s take a closer look at how cryptocurrency works in online casinos.
Switch to cryptocurrency
The first thing you need to do to use cryptocurrency is to exchange kroner or euros. These trading platforms allow you to exchange FIAT currency for various cryptocurrencies. Therefore, you will train an account on a cryptocurrency exchange. If you are going to use cryptocurrency at online crypto casinos, we recommend that you research which coins they accept as a deposit.
Here they usually accept Bitcoin, Ethereum, LiteCoin, and Ripple. Some also offer a more comprehensive selection, but it varies significantly from operator to operator. So make sure the currency you are exchanging for is usable, so you don’t have to sit with cryptocurrency that you have to exchange multiple times.
Transferring to an online casino
Once you’ve exchanged what you want for cryptocurrency, it’s time to make a deposit. You do this quickly through the usual process. You choose to make a deposit at the appropriate online casino and then select cryptocurrency as your desired deposit method. You will then receive the wallet address that you will use.
This is a bank account number only for cryptocurrency. So in practice, you will be making a bank transfer of cryptocurrency. You go into your cryptocurrency wallet and select transfer. Then enter the address you received from the online casino and any identifying information.
Remember that cryptocurrency transactions are irreversible, so double-check the address. You complete the transaction when you are sure that the coins are being sent to the correct address.
What cryptocurrencies can I use at an online casino?
More than 3,000 different coins are available on the market, and new ones are constantly emerging. However, not all of them are usable. Many more minor currencies are very volatile, causing sharp fluctuations in value.
For this reason, stack coins and the most prominent cryptocurrencies are often used as deposit methods in online casinos. We recommend that you take a good look at the different methods, but some of the most popular ones to use at online casinos today are:
- Tether;
- Ripple;
- LiteCoin;
- Bitcoin;
- Etherium.
Summary
Cryptocurrency has quickly become a popular medium for electronic players at online casinos. Because cryptocurrencies offer cost-effective cross-border transactions, it has also become a much cheaper option than many traditional solutions. This is due to the fact that the solution is decentralized and thus transcends the general blockade imposed in 2019.
However, using cryptocurrency requires some knowledge of decentralized finance, and that’s precisely what we tried to add in this introduction. In this article, you learned what cryptocurrency could mean for the future and how to use it as a deposit method.
