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One of the most popular and important inventions of the 21st century is cryptocurrency. Powered by blockchain technology, digital assets revolutionized the banking industry as we know it. Every transaction you can possibly imagine can be settled with just a tap of your finger.
Aside from the financial sector, cryptocurrency also made a difference in the gambling industry. Because of the anonymity and its regulation-free nature, cryptocurrency can be used by players in various online casinos to make their deposits and withdrawals.
Not only is this efficient but it also eliminates the expensive charges and third-party presence that prolongs the transaction. Additionally, digital assets don’t discriminate. Fees between casinos and players can travel with ease because they don’t have issues with gambling-related transactions unlike banks and other financial institutions.
If you think you’re ready to take your gaming to a whole new level, learn more about cryptocurrency games here at Playslots Casino. Everything you need to know from payment, games and more are here on our site.
What is cryptocurrency?
Before we dive into cryptocurrency gaming, you first need to understand how digital assets work. In a nutshell, cryptocurrencies are assets that run on a platform called a ‘blockchain’. Inside this network, nodes and validators from across the globe send signals to approve a transaction. Keep in mind that the process varies, depending on the cryptocurrency you’re using.
All the transactions happening in the blockchain is recorded in a public ledger that shows all of the crypto’s history. The information logged in this network cannot be altered because it’s protected by layers of algorithms.
Sending crypto funds is possible because of wallet addresses. These combinations of characters are the address you will input in your wallet to make sure your receiver gets it. Usually, wallets are used to keep your crypto funds. However, note that wallets don’t actually ‘keep’ your digital assets. They’re just connected to an exchange platform that processes your request for digital assets.
Best digital assets you can use
There are a lot of digital assets you can encounter in the market, however, you have to weed out the best if you want to fully enjoy the games you love. Here are some of the most common cryptocurrencies used in online casinos:
Bitcoin
Also known as ‘digital gold’, Bitcoin is the first digital currency in the market penned by an anonymous person named Satoshi Nakamoto. When it comes to market cap and trading volume, Bitcoin is considered as the best asset. Due to its reliability, a lot of players and investors opt for BTC. However, the only issue with Bitcoin is the speed. Regardless, it still remains on top of the crypto chain.
EOS coin
EOS is a coin that’s slowly getting ahead in the crypto race. With its fast transaction time and cheap fees, this coin offers a smart contract feature that allows more ease for users. What makes EOS competitive in terms of speed is because it runs on the Ethereum network. With this, players can smoothly settle their transactions with casinos without intervention from third-parties.
Litecoin
Known as the silver to Bitcoin’s gold, Litecoin is the brainchild of Charlie Lee. This coin rose to fame because it claimed to improve the areas where Bitcoin lacked. While Litecoin is not the most popular asset for investors, most players utilise it for gaming because it allows easy transactions and for deposits and withdrawals.
Ripple (XRP)
While XRP is not promoted for gaming, Ripple Labs’s coin is one of the most popular options for online gamblers because of its lightning-fast transaction time and cheap fees, making it possible to have a hassle-free gaming experience. In addition, XRP is not vulnerable to price volatility compared to other cryptos.
Ethereum
Ethereum is the second-leading digital asset in the market. With its smart contract feature, players can easily process their transactions without worrying about expensive fees and fast processing.
Why you should use cryptocurrency for online casino gaming
Paying fees is easy with digital assets
Depositing and withdrawing your funds is easy with digital assets. Unlike with banks, using cryptos for your gaming will have fewer issues because the blockchain doesn’t impose strict rules regarding gambling. Additionally, if you don’t want your information linked to casinos, you don’t have to worry because you will only need your address to send your money. Details such as your address, name, email address won’t be visible in the blockchain.
There’s transparency with every transaction
Transparency is a feature of cryptocurrencies that compels people to use them. Whenever you make a transaction, the details go into the blockchain and are visible to people who want to view it. Moreover, once the details are in the ledger, it cannot be altered or changed.
It’s cheap
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Because cryptocurrency is decentralized and not controlled by a central authority, they’re not subject to high fees incurred from the presence of middlemen. Moreover, it can be used for other transactions such as paying bills and purchases.
It’s fast and efficient
Signing up in online casinos using crypto is easy. While there’s still a verification you need to complete, it won’t take too much of your time. When crypto emerged, it immediately became popular among gamblers because sending fees became less riddled with inconveniences such as long processing time and presence of middlemen.
You can ensure your privacy
Using cryptocurrencies provides the privacy you need. Whenever you use your wallet to send your funds to the casino, the only information that can be seen is your wallet address. Unlike bank transactions, no other personal details are disclosed.
Most casino players prefer using cryptos now because banks cannot track their casino payments. Additionally, banks are strict when it comes to casino-related transactions.
Tips in using cryptocurrency in online casinos
Using cryptocurrency in gambling may seem easy, but there are a few concepts you need to understand first before you can do this. While sending your funds is just a click away, you really don’t want to delve into a realm where you don’t know how things work. Read further and follow these tips to help you utilise cryptocurrencies in online casinos:
Learn about cryptocurrency
Before anything else, learning cryptocurrency is an important step you shouldn’t bypass. Read articles, blogs, and listen to videos of crypto experts to help you understand how they work and the risks and pros that come with them.
Remember that crypto can seem easy on the outside, but there are a lot of things happening when you dive deeper into the topic. When it comes to cryptocurrency gambling, look for a coin best suited for your purpose and stick with it. Study how it works and find an exchange site where you can buy your coins.
Check if your casino accepts cryptocurrencies
Before using cryptos for gambling, make sure to check with your casino if they accept digital assets for payments. Be wary of this because some sites don’t cater to crypto payments. Moreover, if they do accept digital currencies, make sure to double-check the coins they accommodate.
Use a reliable wallet
Your wallet is an important part of your online gambling experience, that’s why you need to make sure that it gives you the best service possible. There are a lot of options available for storing your cryptos. You can opt for hot or cold wallets. However, if you’re looking for a way to quickly access your funds, you should choose a hot wallet because you can access it right away. On another note, if you’re prioritizing security, a cold wallet is your best choice.
Check if the site you’re using is secure
While digital assets are secured by cryptography, you still need to apply a few measures to protect your funds. When using an online casino, make sure to check if it runs on an SSL. When your site is protected by SSL, it means that there’s end to end encryption that keeps your information secure.
Watch out for red flags
A lot of unscrupulous crooks lurk on the internet. If you see pop-up messages on the site you’re using, don’t open them. Usually, these are ploys from hackers that can breach your account and steal your information. What’s worse is that they can access your wallet and your funds. When playing in online casinos, being wary of these things can help you avoid falling prey to these crooks.
Crypto slots you can play
Cryptocurrency can be used in many different ways, including slot games. So, if you’re excited to try out your digital assets, here are some games that accept cryptocurrency:
At the Copa
A night of relaxation and thrill awaits you in the summery reels of At the Copa. Developed by Betsoft, this game will take you to a groovy resto where you can dine, sip some fine wine and dance the night away with a handsome gentleman and a talented flamenco dancer.
Find yourself relaxed inside this 5-reel, 30-payline slot and bag exciting rewards from the game features and payouts. Enjoy this game anytime, anywhere because you can play this crypto slot on your mobile, PC, or tablet.
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Heist
This game is another title by Betsoft that boasts 5 reels and 30 paylines. Help Detective Kowalski catch the rogue crook named Neil when you spin this game on your mobile, PC, or tablet. Aside from its immersive visuals, this game is also teeming with game features that can grant you immense riches. Additionally, this cryptocurrency slot also has exciting icons that can trigger game rounds to add more excitement.
The Slotfather
The Slotfather is another game by Betsoft that will give you a taste of what it’s like to become a member of the powerful Sicilian Mafia family. This game will give you an offer you can’t refuse when you enter its 5-reel, 30-payline slot teeming with payouts and game features.
Game of Thrones
Developed by Microgaming, the Game of Thrones crypto slot will take you to the hallowed halls of the Mad King’s kingdom where you can meet the powerful families ruling Westeros. Meet the Lannisters, Barratheons, Starks, and the Targaryens that can give you exciting payouts and rewards. Get a taste of power and riches when you activate the Free Spins and Iron Throne Scatter.
Aztec Treasure
Enter the powerful kingdom of the Aztecs when you spin Aztec Treasures crypto slot. Inside this game, you’ll enter the enigmatic jungle reigned by the Aztecs where you can find ferocious faunas. Look for the Wilds and Scatters because they can grant you immense riches fit for royalty.
Mad Scientist
Experience maddening rewards when you play the Mad Scientist crypto slot. Inside this game, you’ll enter the laboratory of the infamous Dr Walter Prescott as he mixes different potions that can grant you rewards from Bonus Games, Wilds, and Scatters. If you want to add more thrill to your gaming, you can use the Autoplay feature in the game.
Under the Bed
Play with Jane and Jessie as they run from the scary (but friendly) monsters lurking in their room. Developed by Betsoft, this game will take you inside the dimly-lit bedroom of the two where you can see the monsters waiting for you to activate the winning combinations. Spin this exciting crypto slot now because Scatters and Wilds can grant you exciting payouts.
Jumanji
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A world of adventure awaits inside the reels of NetEnt’s Jumanji. Inspired from the classic movie Jumanji, this slot will take you inside the lush jungle where you can find monkeys, rhinos, and troops that can grant you exciting payouts and game bonuses.