Crypto is a digital form of currency that is taking the world by storm. With various benefits including safety and transparency, many online platforms are now accepting crypto payments. Of course, casinos are no different. In this article, we discuss everything you need to know about playing online using digital currencies. If you’re looking for a crypto casino in Ireland, then we’ve got you covered!
How Cryptocurrency Online Casinos Work
As the name suggests, crypto online casinos are newer places to gamble, with digital currency being used as funds. These are becoming more popular due to the reduced payment fees. Some online providers will only accept the largest digital currency, Bitcoin. However, most are more flexible and allow you to deposit using a variety of coins. It’s worth mentioning that different assets will have independent fees and transaction speeds.
After making a deposit, the currency is often displayed as a number and not a value. For example, your balance will show 0.0001 BTC and not the € valuation. As a result of this, keeping track of your spending is key. Most reputable websites will also have safe gambling controls. This allows you to impose a deposit limit, or loss limit, on your account.
The Differences Between Cryptocurrency and Traditional Casinos
Truth be told, crypto casinos operate in a very similar way to standard alternatives that you might find online. You can still access the same games, depending on which are offered by the provider. The main difference is the way in which you deposit funds. When adding any digital coin, you will have to send the assets from your wallet to another. This will then be confirmed and reflected in your balance. While sending each deposit manually may seem like an inconvenience, there are a handful of benefits, such as:
- Transactions have a much quicker turnaround when compared to bank transfers. Withdrawals and deposits are instant in a majority of cases.
- Proof of each transaction is kept public, meaning that missing deposits can easily be tracked.
- As previously mentioned, fees are usually much less when compared to traditional methods.
- Deposit and withdrawal limits tend to be higher, making it the perfect choice for high rollers.
There are a few things to keep in mind when using a crypto casino, which wouldn’t usually be needed. Firstly, you should always double check the wallet address before confirming any transaction. Sending funds to the wrong address can result in them being lost. Another thing to consider is the reputation of the provider itself. Since these specialised casinos have emerged, scammers have been trying to take advantage. As these assets are decentralised, retrieving stolen or misplaced funds is virtually impossible.
Is Playing at an Online Casino Using Cryptocurrency Legal?
Yes, it is legal to play online with cryptocurrency in most parts of the world. This applies to the entirety of Ireland. Some providers offer crypto deposits only, while others may also accept more traditional methods. This isn’t limited to casinos either, with many betting sites in Ireland also supporting the deposit of digital assets. However, you will have to withdraw and deposit using the same method. You cannot deposit via bank transfer and then withdraw Bitcoin, for example.
To offer any gambling service, you must first gain a licence. The type of licence that is required depends on where the company is based. Each jurisdiction may have different rules to follow, but most revolve around money laundering laws. Before signing up to the site, you can check for their licence using the website of your local gambling commission. If the company is verified, your details and funds have an additional form of protection.
How to Start Using Cryptocurrency at an Online Casino
To start playing with digital assets, you’ll first need to purchase some. This can be done through a reliable exchange, such as Binance or Coinbase. On sites like these, you can use your card to purchase Bitcoin, Ethereum, or any other listed asset. Next, you’ll have to register with a reputable gaming provider, if you haven’t done so already. You could always read an Irish online casino review to find a top-rated site.
You can then proceed by visiting the ‘deposit’ section of the website and selecting the currency you purchased earlier. A wallet address should then be visible. This address is a combination of 26-35 letters or numbers. Login to your preferred exchange and transfer the funds from your wallet, to the one specified. After confirmation, the funds will be added to your play balance. Most transactions should be confirmed in less than 10 minutes, depending on the coin you selected. That’s it, you can then start playing your favourite games!
In summary, cryptocurrency is a widely popular payment method and for good reason. It allows you to transfer funds faster and with potentially much less (or no) fees attached. Before gambling with any online casino, you should evaluate their reputation on major sites, such as SoIrishCasino. This will help you to avoid getting scammed. Finally, while crypto casinos are legal in most countries, double checking before registering is never a bad idea.