Cryptocurrency And Gambling

Cryptocurrencies have taken the gambling industry by storm. Learn everything about how these modern cryptocurrency casinos work, popular crypto coins, etc

Online casinos that allow players to use cryptocurrencies as a payment method are booming in South Africa and globally. Dozens of reputable casino providers are constantly looking for ways to enhance their customers’ gambling experience. The common cryptocurrencies that are accepted include Bitcoin, Ethereum, Litecoin, Ripple, and others. The best thing about them is that cryptos provide a safe and secure environment. 

This article offers relevant information about cryptocurrency casinos, how they work, the advantages of acquiring crypto, and much more.

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Cryptocurrency and Online Casino Gambling

Cryptocurrency is a digital product or coin that you can use to trade online. The unique thing about these currencies is that they are not physical or tangible. Bitcoin was the first crypto, and it was invented in 2009 by Satoshi Nakamoto. Over the years, many cryptocurrencies have been created and are now accepted by the majority of businesses.

The online casino industry is always looking for ways to evolve. Therefore, it doesn’t come as a surprise to see casinos embracing cryptocurrencies. The first crypto casino hit the market in 2011, two years after the birth of bitcoin. Today, numerous online casinos allow customers to pay using different cryptocurrencies like Ethereum, Dogecoin, Litecoin, etc. These platforms offer fair casino games with huge payouts.

Cryptocurrency

How Cryptocurrencies Work in Online Casinos

With an understanding of how cryptocurrency and online casinos merged, it’s time to learn how they work. New players to crypto casinos may find things slightly complicated. But that shouldn’t worry you at all. Cryptos work in more or less the same way as traditional FIAT currencies. The key difference between them is the method of transferring or moving funds. The first thing a South African player must have is a crypto wallet that will allow him to purchase digital currencies. This wallet allows you to deposit and withdraw funds without any problem. The bets the casino accepts depend on the amount in your wallet. 

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The Most Popular Cryptocurrencies at South African Online Casinos

Cryptocurrencies have evolved over the past years and are now available in numerous industries, thanks to their efficiency and safety. The best platforms allow players to choose from different crypto coins. The most popular cryptocurrencies at leading online casinos in South Africa are:

Bitcoin

Bitcoin is the pioneer of all cryptos. This cryptocurrency is powered by users, meaning it is not attached to any government or financial institution. Using Bitcoin makes paying much easier and safer. Also, this currency has a higher return potential compared to its counterparts.

Ethereum

Ethereum is the second most popular cryptocurrency. It was launched in 2014 and designed as a means of payment rather than a currency. Moreover, Ether is intended for users connected to the Ethereum network. Also, it’s based on a smart contract that utilizes a variation scenario to fulfill the terms of a contract on the chain. 

Litecoin

Litecoin was created by former Google employee and MIT graduate Charlie Lee in 2011. It is a fully decentralized currency that works like Bitcoin. As a peer-to-peer currency, it is not connected to any central authority. The good thing with Litecoin is that the verification process is faster than with other crypto coins.

Ripple

Ripple is a great cryptocurrency for beginners looking to deposit money into their online casinos. This method was invented in 2012, but it has garnered a loyal following. The advantage of this system is that it offers a high level of security and flawless transactions.

Tether

Tether cryptocurrency is designed to achieve better security and stability while ensuring full transparency of transactions. Unlike other cryptocurrencies, Tether is based on the Bitcoin blockchain and Omin platform. Also, Tether can represent the standard US Dollar with the symbol USDT and can be sold or bought at the same rate.

Dogecoin

Dogecoin joined the cryptocurrency market on December 6, 2013. It was intended to be more fun to use than Bitcoin. Everything about this Dogecoin, including its creation story, is unique. It was inspired by an internet meme of Shiba Inu named Kabosu and invented by Billy Marcus and Jackson Palmer. 

Dash

The biggest advantage of Dash currency is its ease to use. This blockchain technology is used to record transactions based on Bitcoin. The value and application of this currency have been increasing since its invention. 

Monero

Monero is a currency used to transact without a third party and maintains high privacy. Some of its unique features are worth considering – Ring Signature, Confidential Addresses, and Ring Confidential Transactions. These features provide maximum privacy to the sender, recipient, and transactions.

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Benefits of Using Cryptocurrency at Online Casinos

These are the advantages of playing at cryptocurrency online casinos in South Africa:

  • Privacy: The best crypto casinos offer financial privacy that keeps transactions safe from financial institutes.
  • Security: Using crypto is highly secure as they use blockchain technology that is hard to track and impossible to follow. 
  • Transaction Speed: All payments through cryptocurrencies are instant, which saves waiting time.
  • Tax Exemption: Since cryptocurrencies are not linked to any bank or controlled by any government, it’s straightforward for players to avoid taxation.
  • Low Transaction Fees: Paying at real money casinos using cryptocurrency saves money and time. 
Cryptocurrency Casinos

How to Acquire Cryptocurrency

There are many ways South African players can acquire cryptocurrencies today. But the easiest and most reliable on3 is by playing at crypto online casinos. These sites not only accept crypto transactions but also offer provably fair games that pay massive jackpots in cryptocurrencies. However, ensure the casino you select is fully licensed and regulated before you sign up. 

Conclusion

Online gambling is becoming popular at top online casinos across the world and most of them offer their members cryptocurrencies as payment options. The efficiency, reliability, security, and privacy of the payment systems make them a better choice than their traditional counterparts. Nonetheless, it is essential to understand how cryptocurrency works before buying them. 

FAQ

All cryptocurrency casinos are safe as these payment methods use blockchain technology

Most crypto casinos are safe as they are licensed and regulated by recognized authorities

All popular games, including slots, table games and live dealer games, are available at cryptocurrency casinos

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