Crypto as a Deposit Method in Casinos: What Do Players Have to Watch out for?
Where to put your cryptocurrency? Always hold and hope for big money? That does not have to be. The methods of use are increasing.
They are finally coming into use, but what do casino players, for example, have to watch out for? Is the cryptocurrency legally recognized as a currency, or do other regulations apply here?
Real Money or Decentralized Currency?
The State Gambling Treaty applies in Germany and regulates the framework conditions for real-money casinos. Crypto casinos can be distinguished into two variants. Pure crypto casinos do not convert the deposited currency into real money but operate directly via the blockchain. Crypto is deposited and withdrawn. Thus, legal regulations do not apply, as Bitcoin & Co are not considered currency.
The situation differs when cryptocurrencies are converted into real money on the player’s account. State restrictions must be observed as soon as real money is played with. However, this gray area has yet to gain enough attention.
It is advisable to use certified and reputable casinos to avoid one’s. Even if the crypto transaction is considered safe, caution is advised when converting it to real money. Then rather a casino, which has a proper license and operates from the outset only outside legal gray areas.
Not Without a Wallet – The Basic Requirement for Making a Deposit
The first steps to becoming a classic crypto casino were based on exchanging cryptos for real money via services like Neteller and Skrill and then depositing them. Today, providers increasingly rely on direct deposit with cryptocurrencies via the blockchain. This works quickly, so it is considered a preference.
However, a crypto wallet is indispensable for the deposit. This must be registered by providing and verifying personal data. Now the desired cryptocurrency can be selected in the casino. A wallet address for the pending transaction is automatically generated, which the user must save. The payment is then made via the user’s wallet. The desired amount, including the wallet address, is introduced, and the payment is triggered. Within a few seconds, the funds will arrive in the casino account.
Security Thanks to Blockchain – The Topic of Licenses
The topic of security plays a major role in gambling. Anyone who wants to gamble in a casino today does not want to have to worry about their money. Blockchain technology is considered extremely tamper-proof, as it stores every transaction in a decentralized manner. Regarding security, however, traditional online casinos can also keep up. They use encrypted websites, agree to state control, and thus offer a place to gamble safely.
The issue of licenses plays an important role in online casinos. However, pure crypto casinos do not receive such a concession. One of the most reliable gambling authorities is based on the popular vacation island of Malta. MGA licenses are issued here, which declare virtual casinos to be safe.
A pure crypto casino cannot obtain such a license. Consequently, it is always risky for the player to use corresponding establishments. The situation differs for classic online casinos that provide Bitcoin and Co. as one of many deposit methods. Here, an MGA license can be issued, increasing the player’s safety factor!
Pay Attention to Bonuses, Even at a Crypto Casino
For many new players, the bonus is a nice way to make their first casino experience. The various providers are overflowing with offers, with bonuses of up to 10BTC mentioned in some places. Is that completely absent in the crypto casino?
No, because casinos with cryptocurrencies as the only payment method also offer these bonuses. Here, just as in the classic casino, it is important to ensure that the bonus conditions can be implemented realistically. Sometimes these are bait offers that do not add value for the player.
The turnover conditions stipulate how often the bonus amount must be converted before it can be paid. If the time available is too short or only a few slot machines are allowed to be used for conversion, this can annoy the player.
Crypto Casino with Hardware Wallet – Useful, or Not?
Instead of the digital wallet, there is the so-called hardware wallet, which exists physically. It is visually reminiscent of a USB stick and is considered the most secure variant. The coins are, therefore, not stored on the computer in the cloud but outside the Internet. If the USB stick is removed from the PC, there is no longer a connection from the digital side.
The hardware wallet can also be used for deposits in online casinos with cryptocurrencies. The principle is reminiscent of the classic bank transfer. Each wallet has a personal and distinctive address, which can be compared to the IBAN at banks.
As soon as the address is known, digital currencies can be transferred from A to B. The wallet owner can then transfer the money to the bank. Whether the wallet owner has a purely online wallet or a physical variant is irrelevant to the deposit. For the transaction, the USB stick must be connected to the PC.
The Way of Playing Does Not Differ From the Classic Online Casino
Aside from the deposit, crypto, and online casinos have a few differences. The providers behind them always have in mind to offer players as much variety as possible. Slot games are the main focus here. Table games are no longer usable in reputable online casinos due to legislation.
Whether with bitcoin or euros, the game principle is identical. The player chooses his bet, spin the slot, and wins (or loses) money. The money won is stored in the virtual player account and can then be paid out. In the classic online casino, the payout is always made using the same method that was used to deposit. In the crypto casino, however, the wallet is also used here.
Conclusion: Crypto Deposits are More Popular Than Years Ago
Just a few years ago, cryptocurrencies were unknown in the iGaming world. Today, decentralized coins have become more widespread in many areas. With the growing establishment of corresponding casinos, people are becoming more willing to deal with them.
In crypto casinos, players who previously had no interest in cryptos often come into contact with them. Nevertheless, most gamblers will still resort to classic casinos today, as the state licensing ensures more security here.
FAQ
How to play Baccarat?
The game structure in Baccarat is simple. It would help if you decided whether to bet on the player’s hand, the banker, or a draw. Then the cards are dealt, and you can see if you have won. For a step-by-step guide, see my section on getting started playing Baccarat.
Can you count cards in Baccarat?
Strictly speaking, you can count cards in Baccarat. However, this practice is rare in card games. The advantages gained from it are minimal if you want to increase your chances of winning.
Is there a Baccarat strategy?
There is no real strategy for playing Baccarat. Your decisions during the game are limited to predicting the winning hand and choosing the bet. However, there are certain characteristics of Baccarat. If you follow them, you can further minimize the house advantage.
What are the different variations of Baccarat?
Over time, numerous variants of this classic game have emerged. Some of them extend the standard set of rules with additions such as side bets of various kinds. My article will give you an overview of the most popular Baccarat.
I am a woman of passion – and it just so happened that one of those passions is copywriting. iGaming, Crypto casinos, games, you name it, I’m all in. In this industry, the stakes are high, and in order to survive, you have to be a high-roller, so may the odds be in my favor.
