Cryptocurrencies have become in vogue recently, and it is no surprise they are being relied on as means of payment on online casinos. So, as an online gambler, you definitely have realized that your favourite casino has now included cryptos such as Bitcoins, Ethereum, Litecoin, Bitcoin cash and more among the means of payment. In fact, some casinos have established themselves as solely crypto casinos and do not entertain other means of payment.
Whether you recently registered on such crypto casinos or your regular casino recently introduced cryptocurrency payments, you may have certain questions about crypto casinos. Therefore, the experts from CryptoBetting have made available frequently asked questions about crypto casinos and also provided you with answers to these questions. Simply read along and get informed.
Q: What is Cryptocurrency?
A: This is a digital currency. Quite different from conventional coins and paper money, they have no physical forms. Rather, it is operated digitally. Common forms of Crypto accepted in online casinos include Bitcoin, Ethereum, Bitcoin Cash, Litecoin, XRP Ripple, Dogecoin amongst many others being accepted.
Q: What are the Benefits of Betting with Cryptocurrency?
A: They have a variety of benefits. When it comes to online casino betting, the main benefits offered are Security: the reason for the safety is due to the system of crypto. Before they can be sold or sent, cryptos require private keys, making them quite difficult to maneouvre.
Speed: Crypto transactions are really fast. Different from means of payment like checks or bank transfers which could use days/weeks to be successfully processed, crypto transactions are concluded instantaneously.
Global currency: Before you can carry out transactions, you must use the local currencies of the country where you are located. Hence, when you travel, you must ensure your currency is changed to such local currency. However, with Cryptocurrency, this is not the case. It is global and can be spent on many online casinos.
Decentralized: While conventional currency, that is fiat is controlled by the government, cryptocurrencies are not. They are decentralized and this is another great thing about them. The governments cannot determine how crypto operates. Hence, it is not subject to regulation, players can trade using conventional Exchanges or peer to peer exchanges.
Q: How Many Cryptocurrencies Exist?
A: While preparing this guide, more than 2,100 cryptocurrencies were in existence. But this number is rapidly increasing since more cryptocurrencies are coming into existence. For instance, as proof of the expanse of cryptos, close to 500 new cryptos got included within the previous 5 months to bring about this FAQs guide. This can be recorded as up to a 30 percent increase in that short period.
Q: How do I purchase Cryptocurrencies to use on crypto casinos?
A: You can purchase Cryptocurrencies through electronic wallets. These include basically all e-wallet means, Bank wire transfers, credit cards. Upon purchase, you possess digital money and your coins are digitally preserved.
Q: What was the first cryptocurrency and who founded it?
A: The first cryptocurrency was Bitcoin. It previously reached a value of up to $50,000, though the value fluctuates due to the high volatility of cryptocurrency. It was founded by a person who used the name “Satoshi Nakamoto”.
Q: How can I earn Cryptocurrency?
A: Through a variety of ways. They include:
- By crypto mining
- Through receiving it in your wallet (digital) from a sender
- Through playing casino games at Crypto casinos
- Through no-deposit welcome bonuses
- Through completing tasks online
- Through interest on payments
- In form of a tip
- In form of steady income from an institution
- Through trading the coins on Exchanges
Q: How do I convert my crypto winnings on crypto casinos to fiat money?
A: We recommend you convert your wins through Exchanges such as Bitstamp, Kraken or through P2P exchanges such as LocalBitcoins.
Q: Does cryptocurrency exist in a physical form/ Is there a physical crypto I can hold the way I hold fiat currency?
A: No. It does not exist in physical forms such as Stocks, fiat currency, Bonds. However, they are preserved in wallets, digital wallets in the form of algorithms.
Q: Are Cryptocurrencies anonymous?
A: Yes, Cryptocurrencies are anonymous. As a result of the nature of crypto, transactions carried out are done anonymously and your personal information is not at risk. However, if you have to acquire the crypto using digital wallets online; then, your identity must be proven at the servers of the E-wallet website in order to get you verified. Therefore, when you make use of crypto as a means of payment in online crypto casinos, you can rest assured your transaction will be secure and instant.
Q: Where is the Cryptocurrency network controlled from?
A: The entire blockchain system is not subjected to any personal control. Every transaction is processed using software algorithmic numbering which is predefined.
Q: What does cryptocurrency Wallet mean?
A: This is a means for storing your coins. Several wallets exist. The most relied upon one is the digital wallet, examples of such online digital cryptocurrency wallets include Coinbase, CEX, Gemini, Trezor, Wirex, Paxful, Ledger, Kraken, Bitfinex, Overbit, Bybit, Phemex, FTX, BitIRA, Coingate, Nash, YouHolder, Payeer, Trust wallet, which are run via websites online.
Q: Is Cryptocurrency even legal?
A: Even though there are some nations that have prohibited cryptocurrency dealings, terming them as illegal; majority of the world are largely accepting crypto. For instance, while in a country like Nigeria, the government prohibited dealings in cryptocurrency and ordered that bank accounts linked to crypto be closed, on the other hand, in a country like Estonia, they have created their own national cryptocurrency. This definitely shows that crypto is not illegal and sooner, rather than later, it will competently rival conventional currencies.
Q: After winning on crypto casinos, does my crypto earning get taxed?
A: No, it does not. An advantage of using cryptocurrency is you do not pay tax on your earnings. Since it is not a centralized currency and its blockchain nature, finance organizations and authorities cannot track your transactions, thus you are not subjected to any tax payments.
Q: Does my country restrict me from crypto casinos?
A: This depends. Certain countries restrict crypto transactions, such as Cambodia, Nepal, Bangladesh, Ecuador, Bolivia, Algeria. In addition, countries like India, Nigeria, Thailand, Vietnam, Iran, Jordan, Canada also banned crypto bank transactions, though trading with them and storing them away from the bank is commonly done by crypto users. Therefore, if you belong to any of the countries, you should take extra care when dealing with cryptocurrency.