After your free play, are you ready to make a deposit? It would help if you considered cryptocurrencies.
You’re probably familiar with cryptocurrencies. However, you might not know what cryptocurrencies are and how they differ from regular dollars, pounds or euros. You can use their unique features to play online gambling. With new companies entering the market with innovative ideas, they will likely offer lucrative no deposit online casino bonuses to lure players.
We’ll introduce you to some things that make cryptocurrency great for online casinos. We will also provide information on the various digital currencies that you can use in online casinos.
What are cryptocurrency and online casinos? Why are they important?
The unique characteristics of cryptocurrencies make them ideal for online casinos. They are not dependent on any one authority, unlike fiat currency issued by the government. The network is the only way to establish trust.
You might not realize it, but trust is essential if you send dollars to a casino. To initiate the transaction, you must first trust your bank. The bank then transfers the money to the casino’s bank account (if the casino is located in the same country) or to multiple banks if it is not.
The funds will appear in your casino account almost immediately. It will take a few days for the casino operator to receive the funds. They believe that the bank will tell them that a transaction is in progress and that they can trust their bank to be truthful. The bank also trusts that the sending institution sends the money.
This trust can be costly and time-consuming. This is why cryptocurrencies rely on the network to complete transactions. In addition, they have an elaborate incentive system that makes it impossible for them (this has never happened with Bitcoin) to corrupt transactions or double-spend attacks.
The network does all the work and doesn’t care about imaginary lines drawn on maps. As a result, cryptocurrencies can be sent across borders quickly and cheaply with absolute certainty in minutes rather than days. This is an excellent opportunity for gambling companies to reach a global audience.
The low cost of cryptocurrency transactions is also appealing. The casino does not charge any fees for players who deposit. However, the player must pay a small fee to ensure that the network accepts their transaction. Casinos can save significant money by accepting cryptocurrency transactions. The costs associated with Visa will significantly reduce the annual overheads of traditional online gambling venues.
Casinos that save money can be more competitive in the market. This can often lead to spectacular bonuses or higher return-to-player ratings for games.
Because cryptocurrency casinos are still relatively new, they must also try to attract players away from traditional online gambling venues. So naturally, this encourages them even more to increase their welcome bonuses. In the past, we’ve seen entire Bitcoin ($25,000!) deposit bonuses.
What cryptocurrencies can I use at an online casino with no deposit?
There are over 4,500 coins and tokens on the cryptocurrency market today. Unfortunately, online casinos do not accept payments in every cryptocurrency.
Which cryptocurrency can you pay in, then? For that answer, you’d need to check cryptocurrency-specific casinos’ individual terms and conditions. We can, however, give you information on the most accepted today.
BITCOIN (BTC)
Bitcoin is the most well-known digital currency, and it is widely accepted. This is true for online casinos and any other industry currently using cryptocurrencies.
Bitcoin is now being recognized for its challenging monetary characteristics. It was once used to finance dissident whistle-blower operations and purchase drugs online. Many pundits call it an emerging asset that is a “safe haven” due to its fixed supply limit and slow release schedule.
The network is referred to as digital gold, and it is genuinely leaderless. Because of its incentive structure, it makes it impossible to create more Bitcoin. There is 21,000,000 Bitcoin, and the network will continue growing in power.
Bitcoin is all about security and not speed or cost. It is believed that only a secure network can form the backbone for a new economic system. Therefore, bitcoin developers are developing layers that will draw security and add micropayment solutions to the existing base layer.
While the Bitcoin network’s shortcomings (lower speed and more expensive) make it ideal for capital flight from struggling economies, it can also hinder its use in online gaming. Nevertheless, it is still the most widely used digital currency in the casino industry.
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ETHEREUM (ETH)
Ethereum is much more than a cryptocurrency. It is programmable money. The Ethereum network was a pioneer in the concept of decentralised applications that are built on its blockchain. Although some casino apps have been developed on the network, it’s still in their infancy.
Developers can launch their own tokens via an ICO (Initial Coin Offering) on Ethereum. This is similar to unregulated crowdfunding, and many have proven highly successful. The tokens sold during the ICO to investors will be used to play the games once the platform is live. However, Ether, the native asset of Ethereum, is also accepted in these applications.
However, casinos will accept Ether tokens as any other deposit. They don’t have to be built on top of the Ethereum blockchain.
Users of Ethereum have faster transactions than Bitcoin users and are often cheaper. However, the network is not as secure. It has been the victim of numerous large-scale attacks. The Ethereum Foundation encouraged a hard fork to bail out people who were harmed by security breaches in early smart contracts. Many cryptocurrency industry purists balked at the ridicule that the debacle had caused to one of Bitcoin’s most important value propositions. It seems probable that similar attacks against Ethereum will also be part of the future, given the increased attack surface compared to the simpler Bitcoin.
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LITECOIN (LTC)
Litecoin was launched shortly after Bitcoin. It was initially launched as an experiment long before the cryptocurrency industry was an essential topic of discussion in 2013/14. Litecoin has a similar codebase to Bitcoin. However, it has a faster block time (transactions are processed quicker) and many more units. 21,000,000 Bitcoins can be mined. The maximum number of Litecoin is 84,000,000.
Litecoin allows you to deposit faster at online casinos. However, some people doubt the purpose of the project. While they recognize the utility of Litecoin for Bitcoin testing, they argue that it should not be worth billions.
MONERO (XMR)
Bitcoin was once regarded as entirely private. This is not true. Blockchain forensics firms are becoming more adept at linking identity to wallet addresses, although the network does not require users to submit identity documents.
Another concern about Bitcoin’s public transaction ledger is the possibility that financial information could be exposed to anyone transacting with it. For example, imagine that you were a Bitcoin-focused worker and that you invoiced your boss. You would give them the public key to your wallet, and he would send BTC directly to that address.
If your boss is a curious type, he can easily search for your private key on a blockchain browser and quickly discover how much Bitcoin you have been hoarding. Unfortunately, this is a problem for many.
Monero is here to help. Monero uses advanced privacy technology to conceal transactions. It is much more difficult (almost impossible!) to link to someone because of this. These features make cryptocurrency appealing to hackers, dark web users, and others who believe financial privacy should be a right.
Monero can also be used in online casinos. Online gambling is not legal in some countries. Online gambling is legal in some countries. However, players can enjoy anonymity by using VPN software and an online casino that supports Monero. Monero can also be helpful for people who don’t want others to know that they gamble. Gambling may not be illegal in some cultures, but it is highly stigmatized. Although ignoring local laws would be a bad idea, it is theoretically possible.
