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News/Necessary Information for Beginners in The Crypto Casino World

Necessary Information for Beginners in The Crypto Casino World

COIN360

Jan 10 2024

5 months ago3 minutes read

It must be overwhelming for a beginner in the crypto space and even more confusing when combined with the world of gambling. The crypto casino world promises plenty, but if you go into it foolhardy, without care, or armed with the necessary information, it can throw plenty of unexpected surprises at you.

But as difficult as it might initially seem, finding and playing at the best bitcoin casinos can be made simple when you follow this guide. The following are some fundamentals a novice needs to get behind when exploring the crypto world. 

But first…

What’s in it for you?

It is important you know and are convinced of joining the crypto casino world. You want to avoid peer pressure, or more technically, in this newfound space, FOMO —the fear of missing out. If you are making good strides gambling with fiat, there is no pressing need to make this change just because it is making waves on the internet or because you know people who are convincing you to make the change. 

This is not to say it is not a welcome change. It is just crucial that you know what they are and that you’re doing them for you. The following are some of the advantages available to you when you make the switch:

Anonymity and privacy

The major advantages of crypto gambling over fiat gambling are the use of cryptocurrency, its cryptographic technology, and the immutable, unalterable nature of the blockchain that underpins cryptocurrencies. More accurately, the pseudonymous nature of cryptocurrency means users no longer need to register their personal information on crypto casino sites and can thus gamble anonymously. It reduces the risk of their personal and financial information being intercepted.

Also, because all the transactions are saved on the blockchain and can not be removed, edited, or tweaked by anyone, there’s sufficient trust in the system and no pressing need to request Know-Your-Customer (KYC) information from entrants. 

Spoiled for choice

Any way you choose to look at it, going to the crypto side of gambling unlocks a wealth of options for you to choose from. From the sheer number of cryptocurrencies you can use to wager on different casino sites, with Bitcoin being the most popular, to being able to access casino sites across borders, it entirely reimagines your contemporary gambling experience. The best bitcoin casinos can be accessed from anywhere around the world and offer mouthwatering bonuses while keeping players enthralled and engaged. 

Faster, cheaper transactions

Lastly, crypto casinos ensure you keep the larger chunk of your winnings. Instead of giving money away when converting between currencies or losing a percentage to third parties that facilitate your transactions, you lose relatively less when you use crypto to place your bets. 

Configure your wallet

To place your bets with crypto, you need a crypto wallet. If you already have one, you are all set. If you don’t, not to worry; there are several options for you to consider. You can choose any of these top crypto exchanges, although juggernauts of the industry like Binance and OKX are advised. 

While reputation is important, considerations like the security protocols put in place by the exchange and how much control the user has over their private keys are just as important. 

Once you have selected your wallet, you should purchase crypto on the platform using cash directly from your bank, your debit or credit card, or a peer-to-peer (P2P) network.

Choose the best crypto casino

Once you are satisfied with your choice of crypto exchange, the next step is to choose a crypto casino. Your preferred choice should be one with security measures like SSL encryption in place to secure your data exchange, one that features provably fair and random number generator (RNG) technologies to ensure the games are fair and can be proven fair, and lastly one with bonuses, so you can get the most out of your bankroll and gambling budget. 

Depositing crypto

Having picked your preferred crypto exchange, funded it from your account, and chosen your online crypto casino site, all that’s left before you can begin gambling is to deposit your cryptocurrency on the crypto site. 

To do this, navigate to the deposit area, where you will be informed what type of cryptocurrency is allowed. You should copy the address on the crypto site and paste it onto your crypto exchange site's sell/transfer section. You should then select how much crypto you want to fund your gambling wallet with and proceed to approve the transaction. 

Your wallet will be credited in real-time once the crypto network confirms and approves the transaction.

Withdrawing crypto

Placing wagers is no different from fiat casinos; you choose games that fit your skills and wager your preferred amount. When you win your wager, you can withdraw your winnings into the same wallet provided by your exchanger, with which you funded your gambling wallet. 

The process is the same, only in reverse. You go to the withdrawal section of your crypto site, provide the address of the crypto you want to withdraw as provided by your crypto exchanger and proceed to withdraw. The process happens in real time, and you immediately see the money reflected as soon as it is confirmed on the crypto network.

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