The Best Guide to Cryptocurrency and Gambling

Cryptocurrency and gambling are a match made in heaven. Thanks to new technology, players in the Philippines can now enjoy a seamless gaming experience at cryptocurrency online casinos. These new platforms offer a unique solution to the frustrating transaction process on other sites. So, whether you have trouble using debit/credit cards or want to get your winnings quicker – cryptocurrency gambling is the answer. 

Besides, this way you can stay safer online and not worry about data security. In this detailed guide, we take you through everything you need to know about cryptocurrency and gambling. Discover the advantages and disadvantages of cryptocurrency casinos, how to buy crypto, or top up your casino account with it. Of course, there’s more. 

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Online Gambling with Cryptocurrency 

The first cryptocurrency (Bitcoin) emerged in 2009, with the first open-source crypto wallet launching one year later. Since then, Bitcoin has become the most successful and most widespread digital currency on the crypto market. Besides the market cap surpassing the $200 billion mark, Bitcoin has inspired the formation of other cryptocurrencies, too. For example, those include the likes of Ethereum, Dogecoin, Litecoin, Tether, and many more. These digital currencies work in a similar manner to Bitcoin but with some minor modifications. 

Unlike fiat (traditional) currencies, cryptocurrencies only exist in digital spaces. No central body or government controls the value or sale/purchase of cryptocurrencies. Of course, this makes them ideal for transactions with online casinos and sports betting sites. For instance, in the Philippines, you can always use cryptocurrencies to recharge your account and play real money games. So, you can play casino games using cryptocurrencies, win, and withdraw your prize even when credit/debit cards won’t work.

How Do Cryptocurrency Online Casinos Work?

Using crypto at online casinos in the Philippines works just like with regular currencies. But the first step to gaming using cryptocurrencies is acquiring the coin. There are several ways to do this and the most common one is through exchanges. First, you’ll have to set up your digital wallet. To purchase cryptocurrency from other users you also need to link your debit/credit card to the account. Finally, once you have the coins you can go on and deposit it at your online casino. 

Basically, all you have to do now is click the deposit button and select your cryptocurrency of choice. From here, a QR code and a crypto wallet address will be generated. To finish the transaction you’ll have to go back to your digital wallet, enter the crypto address, and confirm the amount. Unlike traditional currencies, crypto transactions can take anywhere between 10 and 30 minutes to complete.

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Popular Cryptocurrency Options at Online Casinos

Bitcoin has become the standard for all cryptocurrencies, inspiring an ever-increasing portfolio of spinoffs. Actually, there are over 200 cryptos online, but the following stand out as options at online casinos:

Bitcoin

Abbreviated as BTC, Bitcoin is the most popular digital currency and the first to emerge in 2009. Basically, all other cryptocurrencies are an improvement of Bitcoin. The advantage of using Bitcoin to gamble is anonymity, faster transaction speeds, decentralization, and security. 

Ethereum

Ethereum improves on the transaction speeds for Bitcoin. So, deposits to online casinos are much faster, and withdrawals take a shorter time to process. Furthermore, the fees associated with Ethereum are significantly lower. 

Litecoin

Litecoin is more advantageous to use while gambling because its transactions are 4x faster than those of Bitcoin. Furthermore, the transactions are much cheaper compared to Ethereum and Bitcoin.

Ripple

Also known as XRP, Ripple was created in 2012. This cryptocurrency acts as a medium to facilitate faster transactions between multiple currencies. It is a cheaper, faster, and more energy-efficient digital coin that processes transactions to and from online casinos within seconds. 

Tether

USDT, or Tether, is the most popular stablecoin in the cryptocurrency industry. In terms of market valuation, it only falls behind Bitcoin, XRP, and Ethereum. This currency tackles the issue of volatility that is quite common in Bitcoin.

Dogecoin

Doge takes its name from a popular Internet meme that features a Shiba Inu dog. But what makes it different from the other cryptocurrencies is that Doge isn’t limited in number. In other words, there is no cap as to how many Dogecoins will be created. 

Dash

Dash was the first coin to ever structure itself as a decentralized autonomous organization (DAO). This means it has a much better structure in terms of decentralization and also improves on privacy features. 

Monero

Like Dash, Monero gives users more privacy compared to Bitcoin. Monero uses better cryptographic techniques to conceal user details on the ledger, while all of Bitcoin’s transactions remain public on the ledger.

Why Use Cryptocurrency at Online Casinos?

Cryptocurrencies among Filipinos are quickly becoming the most preferred way of transacting at real money casinos. Here are a few of the reasons why:

Privacy – When you deposit using cryptocurrencies, the information you share is significantly less. To fund your account, you only need a unique address that is untraceable to you. 

Security – Transactions are safe and secure since you don’t need to share financial information. 

Transaction Speed – Deposits are usually processed in under 30 minutes, and withdrawals can take 1-3 hours. 

Tax Exemption – You don’t have to pay any taxes, so all your winnings come back to you.

Low or No Transaction Fees – The fees are not associated with gambling, but rather miners responsible for creating digital currencies. You only need to pay a small fee to incentivize miners responsible for maintaining the blockchain. 

Favorable Transaction Limits – Digital currencies have better transaction limits, so you can deposit less and withdraw more than otherwise.

However, be careful not to send the money to the wrong address because it’s impossible to reverse it.

How to Acquire Cryptocurrency

Acquiring cryptocurrency to play at online casinos is super fast and easy – anyone can do it. Here’s how: 

• From Exchange Sites – Exchange sites are the most common route to acquire cryptocurrencies in the Philippines. Basically, just sign up and trade fiat currencies like Philippine Pesos for crypto. 
• Credit and Debit Cards – There are platforms that allow you to directly purchase cryptocurrencies using your credit/debit cards. The only disadvantage of this is you might have to pay some fees. 
• Bitcoin ATMs – You can also purchase Bitcoin from a Bitcoin ATM. However, in the Philippines, there’s only one ATM located in the city of Makati, in Metro Manila.
• Over the Counter – You can visit one of the five licensed physical locations of Moneybees in Pasay, Taguig, and Quezon, and trade your fiat currency for crypto.

Conclusion

With complete anonymity, faster transaction times, and zero fees on transactions, cryptocurrency is becoming very popular among other payment methods. Players in the Philippines who join online casinos that support cryptocurrencies can enjoy thousands of games – safer and at any time. If you don’t have a crypto gaming destination yet – check out our casino reviews. There, you will find the best match for you in no time.

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