Is cryptocurrency the future of online casinos?

It is no secret that payment methods for british players have often been a challenge. The decision, which was introduced in 2019, effectively ensures that all british e-banks have to stop transfers to international gaming companies. This created a number of challenges for british players and the result was that they had to look for alternative solutions.

Here, solutions such as Skrill and Neteller came in as preferred choices, but these too have become unavailable. Although this evokes bad memories in many players, the popularity of the best online slot machines did not fall much. Therefore, the search for new payment solutions was once again on the agenda.

What role will cryptocurrency play for the gaming industry in the future and more importantly, have british players finally found a long-term payment solution? We will find out in this article.

The introduction of cryptocurrency at online casinos

Here, cryptocurrency has gradually proven to be a good alternative for british e players. As cryptocurrency functions as decentralized finance , it falls outside the scope of the british authorities, a fact that several gaming companies have also realized.

A result of this has therefore been that more and more online casinos are opening for deposits with various coins from decentralized finance. For british players, this means that you can transfer values to your player account quickly and easily. We have also seen the launch of several pure cryptocurrency casinos that use blockchains both in their games and deposits.

How does cryptocurrency work in online casinos?

One reason why many british players refuse to use cryptocurrency was simply that they think it is complicated to use. This may have been the case in the early days, but now there are a number of user-friendly solutions. We will therefore take a closer look at how cryptocurrency works at online casinos.

Switch to cryptocurrency

The first thing you need to do to use cryptocurrency is to exchange kroner or euros. You will therefore train an account on a crypto exchange. These are marketplaces that allow you to exchange FIAT currency for different cryptocurrencies. If you intend to use cryptocurrency at online casinos, we recommend that you research which coins they accept as deposits.

Here it is common for them to accept Bitcoin, Ethereum, LiteCoin and Ripple. Some also offer a larger selection, but it varies a lot from operator to operator. Therefore, make sure that the currency you exchange for can be used, so you do not have to sit with the cryptocurrency you have to exchange several times.

Transfer to online casino

Once you have exchanged what you want for cryptocurrency, then it will be time to make your deposit. You do this easily with the usual process. You select the deposit at the relevant online casino and then select the cryptocurrency as the desired deposit method. You will then receive a wallet address that you will use.

This works a bit like a bank account number, only that it is for cryptocurrency. We will therefore in practice carry out a bank transfer of cryptocurrency. You go to your crypto wallet and select transfer. Then enter the address you have received from the online casino, as well as any identifications.

NB: Remember that cryptocurrency transactions are not reversible, so be sure to check the address twice. When you are comfortable with the coins being sent to the correct address, you complete the transaction.

What cryptocurrencies can you use at online casinos?

There are over 3000 different coins available on the market and new ones are constantly being launched. However, it is far from all of these that are suitable for use as deposits. Many of the smaller currencies are in fact very volatile, which causes sharp fluctuations in value.

For this reason, it is often stack coins and the largest cryptocurrencies that are used as a deposit method at online casinos. We recommend that you familiarize yourself well with the various methods, but some of the most popular for use in online casinos today are:

• Tether
• Ripple
• LiteCoin
• Bitcoin
• Ethereum

Here you can learn more about the process of buying Bitcoin.

Summary

Cryptocurrency has quickly become a popular means for british e-players at online casinos. This is because the solution is decentralized and thus falls outside the general blockade introduced in 2019. As cryptocurrencies offer cost-effective cross-border transactions, this has also become a far cheaper option than many traditional solutions.

However, the use of cryptocurrency requires some knowledge of decentralized finance, and this is exactly what we have tried to add using this introduction. Here we have gone through what cryptocurrency can mean for the future, as well as how to use this as a deposit method.