Cryptocurrency Use on Online Casinos and Gambling Sites

Cryptocurrency casinos

Cryptocurrencies were considered weird and almost alien a few years ago, with the general public not entirely certain of how they worked, what they meant, and what the future held. Today, they have integrated themselves into everyday life. Bitcoin is accepted everywhere and online casinos in India have also begun embracing Ethereum, Dogecoin, Litecoin, and countless others.

But how do cryptocurrency casinos work, how can you get the most out of them, and are they safe? Before you sign up to a crypto casino, make sure you read this guide, as we will address all of those questions and more.

How do Cryptocurrency Casinos Work?

Cryptocurrency casinos are just like traditional online casinos, but instead of (or, sometimes, as well as) using credit cards, debit cards, and web wallets, players can use cryptocurrencies to make deposits and withdrawals.

This can be done in one of two ways.

Players can either use their crypto wallets directly, sending money to the casino via their wallet ID, and then collecting their winnings using the same method, or they can go through a cryptocurrency exchange.

With the latter option, players can essentially use any cryptocurrency available on their chosen exchange. Some sites allow for the use of dozens of different exchanges, which means there are a huge number of possible digital currencies to use.

Both of these methods are safe, secure, and fast.

Why are Crypto Casino Bonuses So High?

If something sounds too good to be true, then it probably is, right? To an extent, yes, and keeping this mantra in mind when you use online casinos will help you avoid scams.

It’s no surprise then, that casino customers are suspicious when they see that crypto casinos are offering upwards of 5BTCs to all new players.

To put that into perspective, a single Bitcoin is worth close to INR 460,600,00 at the time of writing, and it has been over twice that size in the past. So, how can a crypto casino afford to offer such a high bonus when traditional casinos, including some of the biggest and richest sites in the world, offer about 2% of that total on average?

It’s simple: The bonus is not as good as you think it is.

Cryptocurrency casino bonuses are still great, but they often work a little differently to what you might be used to. Most of these high Bitcoin bonuses are released steadily and are based on how much money you wager.

For instance, you may be offered up to 5BTC when you deposit something similar, but that could be released at a rate of just 0.01 BTC for every few hundred slots that you spin or card games that you play.

In this way, Bitcoin casino bonuses are more like casino loyalty bonuses or poker welcome bonuses.

This is also why your chosen cryptocurrency casino doesn’t advertise a loyalty program, because the welcome bonus is, more or less, the loyalty bonus.

Are Cryptocurrency Casinos Safe?

A cryptocurrency casino, if regulated, is just as safe as a traditional online casino like LeoVegas, Pure Casino, and the dozens of others reviewed here at Casino Billions India.

There have been some issues concerning digital currencies and some doubts regarding their safety, but these issues concern the currency itself and not the casino.

If we use Bitcoins as an example, these coins exist as a real entity in a virtual space. You add Bitcoins to your virtual wallet just like you add cash to your real wallet. And also just like that real wallet, it needs to be stored in a safe space.

Furthermore, if your Bitcoins are in an exchange account, it’s possible for that account, and the exchange in general, to be hacked. This has happened several times in the past and it has resulted in the loss of huge sums of money.

If you have money in a bank account or savings account and it is stolen, the bank will cover the losses and you don’t need to deal with the consequences of their poor security. But the same can’t be said for digital currency exchanges.

It’s important, therefore, that you keep your cryptocurrencies safe at all times and that you only use exchanges that are reputable and established. You can also transfer your money to a secure and reputable crypto casino and keep it there.

Many of these sites use “hot” and “cold” wallets. The former is the one they use to move funds around. It is secure, but still somewhat exposed. The latter is completely secure and well out of reach and this is where the bulk of your funds will be stored.

Can I Only Use Cryptocurrencies?

Some crypto casinos only allow you to use digital currencies and many are Bitcoin only. However, these sites are being increasingly outnumbered by sites that offer traditional payment methods (credit cards, bank transfers, web wallets) in addition to cryptocurrencies.

These payment methods are much more popular and widespread than they once were and, as a result, they are being embraced by most casinos and sportsbooks. The technology required to initiate payments using Bitcoin is not as easy to integrate as the technology needed for the likes of PayPal and Skrill, so some sites are avoiding making a move just yet, but the majority have embraced the cryptocurrency casino revolution.

Where are the Best Cryptocurrency Casinos?

We have reviewed countless top cryptocurrency casinos on this site. To find the best ones for you, just browse through our reviews, consider everything from welcome bonuses and loyalty bonuses to games and more, and sign up if it’s right for you.

Whether or not it fits your need will depend on what sort of games you play, which cryptocurrency you use, and whether you’re interested in sports bets and other gambling options or not. Some cryptocurrency casinos offer bingo rooms, poker rooms, and sports betting software in addition to casino games. Others only have casino games.

Both types of sites are reputable but casino-only sites tend to work with more iGaming developers and have a much bigger roster of real money slots, table games, and more, whereas sportsbook casinos tend to work with only one or two developers and lean more towards Live Casino games.

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