Wherever you go today, it’s almost impossible to avoid news about cryptocurrencies. Ever since Bitcoin went on a parabolic price increase in 2017, more and more people have been curious about and interested in investing in cryptocurrencies.
However, cryptos aren’t supposed to be investments. They’re supposed to be currencies, and unless they’re used, they might not survive in the long run. One way to use them is to play casino games online with Bitcoin, Ethereum, and others.
What’s the Best Cryptocurrency to Gamble With?
You can find a full list of casinos that accept cryptocurrencies on www.gamblerspro.com. You can gambling with an increasing number of cryptocurrencies and tokens. This is especially so because more and more blockchain have casino apps built on them which specifically use the token associated with that blockchain. For example, WINK uses TRX on the Tron blockchain.
However, if you’re looking to play at a traditional online casino, it’s most likely that you’ll be using Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Ripple (XRP), or Litecoin (LTC).
These are the most popular cryptocurrencies right now and are the most widely accepted at casino sites. Bitcoin Cash has sort of faded away, so it’s not so common to find casinos that accept it these days.
What Are the Benefits of Crypto Casinos?
There are pros and cons to gambling with cryptos. However, aside from the technical learning curve you’ll have to undergo to learn how to use them, it’s mostly upside. Here are some of the best things about gambling with Bitcoin and altcoins.
- Privacy – When you play at online casinos with a bank card or paypal, there’s a trail that shows gambling transactions on your financial statements. Some lenders look down on such transactions, and some players have other reasons for wanting to keep their gambling hobby private. Using Bitcoin for its intended purpose: peer-to-peer electronic cash, is one way to reclaim your privacy when gambling online.
- Fees – If you use some of the low-fee altcoins like XRP, you’ll find that the fees are flat no matter how much you send, and they’re tiny. You could send $10k to the casino and it would cost you around 10 cents using this particular altcoin. If you’re sick of paying 5% or more to deposit and withdraw using Visa or Mastercard, low-fee cryptos can provide a great alternative.
- Speed – One of the biggest annoyances for online casino players is payout speeds. There’s nothing more aggravating than winning a jackpot and then waiting days or weeks to get your winnings. Slow withdrawals can be caused by the banking system and payment processors freezing funds. Crypto transactions settle within minutes, meaning you’ll usually get your winnings faster on cryptocurrency casinos.
Things to Know Before You Bet With Cryptos
Before gambling with cryptocurrencies, there are a few things you should know.
- Taxes – Even if you withdraw your jackpot in Bitcoin or another crypto, you’ll still owe taxes on it if gambling winnings are taxed in your country. It’s not a good idea to try to avoid these as blockchain transactions can be monitored and watched. Everything is published on a public ledger, so make sure to declare your winnings and pay what’s owed.
- Technicals – Make sure you understand the technical stuff about crypto such as how wallets work, how to make sure transactions have been sent, how the various blockchains work, etc.
- Fees – Blockchain transactions fees vary greatly. It’s not a good idea to send Ethereum if the gas fees are going to cost you $100+ when you could send XRP for pennies instead. Understanding blockchain fees could help you decide what cryptocurrency you want to gamble with.