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Cryptocurrency and gambling in online casinos 2022

There is an abundance of options to choose from in 2022, if you want to gamble for real money on online casinos. And your preferred currency is cryptocurrencies. The most famous one is Bitcoin. But many are not aware of the other great options that can also be used to play in online casinos. We will take you through all the cryptocurrencies that you need to know about. And how they work, what the differences are and which casinos you should choose when using cryptocurrencies.   –   READ MORE

Researched and written:  Robert Hansen   I   About our creators    I    Review Expertise

Cryptocurrency PROS

  • Anonymity
  • No Fees
  • Lightning Fast Transactions
  • Outside of Bank Accounts
  • Works all over the world
  • Security is the best
  • No Tax on Cryptocurrencies

Cryptocurrency CONS

  • Can be taxed when converted to fiat
  • Volatile pricing due to speculators
  • Few use cases outside of gambling
  • Some cryptocurrency tokens deflate
  • Not reached mass adoption yet

Countries available

You can use cryptocurrencies from anywhere in the world, all around the globe. As Andy Greenberg – Forbes explains: “Cryptocurrency, crypto-currency, or crypto is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of a computerised database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.”

Why should I use Cryptocurrency when playing in online casinos?

The biggest upside of using cryptocurrencies when gambling online, is that you are completely anonymous. There are a lot of different options for you to use other than Bitcoin, which we will address further down. But the common factor for them all is the anonymous transactions that they provide for you. And giving you the ability to keep your crypto separated from your fiat currencies. Also, these crypto currencies are not regulated by a central bank. Which means that you as an online casino player do not have to provide personal details to open an account or make transfers. Another great thing about Bitcoin, and other crypto tokens, is that the transactions are even more secure than traditional payment methods.

Why is Crypto safer than traditional payment methods?

Every single transaction you make is encrypted. And verified several times in different points on the different networks, like the blockchain, hashgraph or tangle. Therefor, it guarantees you the worlds greatest and best security, for deposits, withdrawals and storing your crypto money. And all of the things mentioned makes it so that it`s pretty much impossible to trace transactions back to you. Also for people living in countries where gambling is illegal, this is a great way to utilise your human rights.

What are the differences between fiat and crypto when it comes to fees?

Another good reason for why you should use cryptocurrencies when playing in online casinos, is that your transactions are free and without fees. Also, you will experience faster deposits and payouts than ever before. As when you with a card transfer can get your winnings withdrawn in 2-5 days. You have your rightful winnings back in your crypto wallet within minutes! This is the future of currency, the future of online gambling and your future is now!

Is it safe to use Cryptocurrencies in real money online casinos?

Cryptocurrencies like Bitcoin, Ethereum, Litecoin and Monero are safer and faster for you to use than normal banking options. Which is why they are all becoming increasingly popular every single year. As long as you keep your crypto wallet safe from other people. And preferably have a two factor authentication on your wallet, there is pretty much impossible for anyone to steal your funds or your personal data. As anyone with fraudulent intentions would need to have both the login information for your crypto wallet and the physical device your wallet is stored on. In order to get access to your data or money. Therefor hacking a Bitcoin or other cryptocurrencies wallet is incredibly difficult. And one of the reasons it is so safe to use crypto in real money online casinos. Also, you can often utlise the “No-Account” flow on Crypto Casinos, meaning that you can sign up without really signing up. You just play indirectly from your cryptocurrency wallet, without having to give person information and create an account with the casino.

Cryptocurrency casinos

What are the most used Cryptocurrencies for online gambling?

  1.  Bitcoin – The most popular Cryptocurrency in the world.
  2. Ethereum – A newer version of the Blockchain for more usecases.
  3. Litecoin – A faster and more agile way of transferring Cryptocurrencies.
  4. BitcoinCash – Lower value per coin than Bitcoin, which makes it more affordable.
  5. Monero – The Cryptocurrency that promises complete anonymity.
  6. Dash – The best option for lower stake players, that enjoy a more casual gambling experience.
  7. Dogecoin – The Meme Coin, that have gotten actual traction. 
Best casinos for playing on mobile

How to deposit with Cryptocurrency in an online casino

  1.  First you need to sign up to one of the top online casinos that accept Cryptocurrency.
  2. You then, either open an online casino account, or go forward with the “No Account” option.
  3. Choose which cryptocurrency you want as your preferred deposit method. Copy the link from the casino.
  4. Go to your Crypto wallet either on your computer or the mobile app, insert the link from above to send the cash.
  5. Choose your desired deposit amount in your Crypto wallet, with the link you got from the casino cashier.
  6. The money will now be sent from your wallet and to your casino account.
  7. Your Cryptocurrency deposit will be available within seconds on your account, but it can also take a few minutes.
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How to cash out Cryptocurrency winnings from an online casino

  1. So you got lucky and won money, good for you! Go to the casino cashier and open the withdrawal tab.
  2. Under the Withdrawal option within the Cashier, choose your preferred Cryptocurrency as a withdrawal method.
  3. Choose the amount you want to withdraw to your Cryptocurrency wallet.
  4. Open your Crypto wallet or wallet app, and generate a unique wallet address for your desired Cryptocurrency. This address needs to be input in the address field for your withdrawal in the casinos Cashier.
  5. Make sure that the Address details are correct. Also that the amount of the selected Cryptocurrency you want to transfer is accurate and hit the withdraw button.
  6. When you have clicked the withdraw button, your winnings will be sent to the Crypto wallet address that you entered in the Address field. And as long as you made sure this is your unique wallet address, money will be in your Crypto wallet within a few minutes. Please note that it can in rare cases take a few hours for the money to appear.

Cryptocurrency fees when gambling in online casinos

There are no fees when using Cryptocurrency for playing in online casinos. This is why this method is so great. Do note however that some Cryptocurrencies, like Bitcoin for example will give you an option for fast or instant transactions. If you go for the fastest option, you agree to pay a fee for your transaction to be prioritised. 

Who should use Cryptos for gambling?

Everyone should use Cryptocurrencies for gambling online, at least in our opinion. There are simply too many good reasons to do so. The privacy, the security, the simplicity and most of all the lack of fees, makes this the absolute best option to perform deposits, withdrawals and gamble online.

Casino bonuses when using Cryptocurrency

There are in many cases even better bonuses attached to using Crypto. When you normally might have gotten a welcome-offer of €200 with a 100% bonus, you can in many cases get 100% deposit bonuses up to 5 Bitcoin, which means hundreds of thousand Euros in bonus. Remember that when you are making your first deposit, you are eligible to collect best welcome bonuses that you get only through BaconBet links.

Easy and Fast transactions with Cryptocurrency for Online Gambling

When you are in the mood to play online casino, you want transactions to be fast and easy. This is where Cryptocurrency comes in and delivers exactly what you are looking for. So it does not really matter which currency you are choosing to use, as they are all faster than the traditional fiat currencies. And if you play quite often in online casinos, there will be a lot of transactions and fees on your normal visa or bank transfers. With Cryptocurrency you do not have to pay any fees. Therefor you will enjoy all the perks of an easy and fast deposit and withdrawal method, without having to pay extra for it. This is simply because when you use cryptocurrency, it removes the need of the middle man. Or the bank in this case. And the transaction will take place one to one on the secure network. Meaning that the transactions will be transparent, and it becomes easier for you to keep track of all the transactions.

Confidential transactions with Cryptocurrency in Online Casinos

Traditional ways of payment is no longer the norm, as when you use visa or bank transfers, the transaction history will be recorded. And this record of you will forever be available to the banks. This means that whenever you do a deposit to an online casino, or withdraw one of those big wins, the bank records it. Therefor one of the best parts of using cryptocurrency is that it will only be you that see your transactions. And no one else will have access to it. Naturally the online casino would see the transactions as well. But without having your personal information. And only the wallet code that was used for the deposit or withdrawal. So you will always have ownership of your personal data, and only you can share the information with someone if you want to. Your financial history will now have full security, and your identity will forever be protected. Just make sure to keep your Crypto Wallet safe!

No fees or low transaction costs with Cryptocurrency

Normally when you have been playing in online casinos over time, you wouldn`t think about the fees that are imposed on your transactions. The casinos often charge you on your withdrawals, and sometimes even your deposits. This is because they have to pay the payment providers and banks for your transactions. However, this is not the case with Cryptocurrency, which means that you over time will save a lot of money. As Cryptocurrency comes with no fees most of the time, and you usually only pay a fee if you decide to use “instant transactions”.

Who makes money on my transactions if there are so low fees?

When it comes to blockchain there is no bank or middleman, just the data miners that receive their compensation from the cryptocurrency network. Which is why there are no fees, or at least very low fees when transferring Cryptocurrencies. Also, in some instances there are people that let other manage their Crypto wallet for a fee. But we do not recommend this unless you have a lot of money available in the wallet, where it can be beneficial to have someone protect it for you.

Which Cryptocurrencies exist for online casinos in 2022?

Here is the list of the top 200 Cryptocurrencies in order of market share and value for gambling at online casinos:

Top 10 most valuable Crypto currencies

Bitcoin, Ethereum, Tether, Cardano, Binance Coin, Dogecoin, XRP, USD Coin, Polkadot, and Uniswap.

Top 10-20 most valuable Crypto currencies

Binance USD, Bitcoin Cash, Solana, Litecoin, Chainlink, Polygon, Wrapped Bitcoin, Ethereum Classic, Internet Computer, and THETA.

Top 20-30 most valuable Crypto currencies

Stellar, VeChain, Dai, Filecoin, TRON, Monero, EOS, SHIBA INU, Aave, and Crypto.com Coin.

Top 30-40 most valuable Crypto currencies

Bitcoin SV, Algorand, Maker, FTX Token, Neo, Cosmos, PancakeSwap, Klaytn, Tezos, and Bitcoin BEP2.

Top 40-50 most valuable Crypto currencies

Terra, Amp, IOTA, UNUS SED LEO, Compound, Avalanche, Theta Fuel, TerraUSD, Decred, and Huobi Token.

Top 50-60 most valuable Crypto currencies

BitTorrent, Kusama, The Graph, Waves, Hedera Hashgraph, Celsius, Elrond, TrueUSD, Zcash, and THORChain.

Top 60-70 most valuable Crypto currencies

Dash, Chiliz, XinFin Network, Telcoin, yearn.finance, NEM, Helium, Holo, Quant, and SushiSwap.

Top 70-80 most valuable Crypto currencies

Celo, Enjin Coin, Stacks, Zilliqa, Decentraland, NEAR Protocol, Basic Attention Token, Paxos Standard, Mdex, and Nexo.

Top 80-90 most valuable Crypto currencies

Bitcoin Gold, Synthetix, Horizen, Bancor, Qtum, Harmony, Revain, Curve DAO Token, Nano, and DigiByte.

Top 90-100 most valuable Crypto currencies

Siacoin, OKB, Ontology, SwissBorg, OMG Network, Fantom, KuCoin Token, 0x, HUSD, and UMA.

Top 100-110 most valuable Crypto currencies

Voyager Token, Ankr, ICON, Ravencoin, BakeryToken, Flow, 1inch, IOST, Neutrino USD, and Livepeer.

Top 110-120 most valuable Crypto currencies

Bitcoin Diamond, Verge, renBTC, Ren, Arweave, WazirX, Lisk, Nervos Network, Kyber Network Crystal Legacy, and MaidSafeCoin.

Top 120-130 most valuable Crypto currencies

Reserve Rights, Loopring, WINkLink, Kava.io, Golem, Gnosis, Ocean Protocol, ASD (BTMX), GateToken, and VeThor Token.

Top 130-140 most valuable Crypto currencies

Gemini Dollar, Status, Wootrade, Storj, Dent, Mina, Ergo, Stratis, iExec RLC, and SKALE Network.

Top 140-150 most valuable Crypto currencies

Fetch.ai, Bitcoin Standard Hashrate Token, StormX, Origin Protocol, IoTeX, Conflux, Network, Band Protocol, Ontology Gas, and Injective Protocol.

Top 150-160 most valuable Crypto currencies

Venus, WAX, Prometeus, Reef, Orchid, Unibright, The Sandbox, Swipe, Uquid Coin, and FUNToken.

Top 160-170 most valuable Crypto currencies

Augur, MCO, Energy Web Token, Serum, Cartesi, Ardor, Numeraire, Civic, Orbs, Celer Network, and Balancer.

Top 170-180 most valuable Crypto currencies

Phala Network, SingularityNET, NuCypher, NKN, ABBC Coin, ZKSwap, Steem, Aragon, Hive, and ZB Token.

Top 180-190 most valuable Crypto currencies

TomoChain, Enzyme, Metadium, Ultra, MediBloc, BitShares, Alpha Finance Lab, Strike, Ampleforth, and Hxro.

Top 190-200 most valuable Crypto currencies

Function X, Ark, Polymath, JUST, Metal, RSK Infrastructure Framework, Constellation, Everipedia, Wanchain and Travala.com.

References used for this article:

Forbes.com Crypto Currency»