5 Things You Should Know Before Making a Crypto Deposit
Many of you have likely seen Bitcoin or other forms of cryptocurrency listed as options for depositing at online casinos. Due to the changing landscape of online gambling and changes in international banking regulations, Bitcoin deposits are becoming increasingly popular.
If you are thinking about making a deposit using Bitcoin or Altcoin, there are a few things you should know. Today, we will give you 5 things you need to know before making your first crypto deposit. These tips will apply to many online casinos, but you should always talk with support if you have any questions about making a Bitcoin deposit.
Most Casinos Will Not Allow You to Play With Bitcoin
Many websites will hype online casinos as a way to play with and earn Bitcoin. In many cases, that is not true. You can deposit with Bitcoin at many online casinos, but you will be playing with USD or other fiat currency.
Casinos will accept your Bitcoin and immediately convert it to the fiat currency of the site. The amount of the conversion is based on the Bitcoin price when the transfer hits the website.
The good news is that you don’t have to worry about your crypto losing value while playing. Adversely, you lose any benefits from price spikes.
Verification Processes Still Apply
While Bitcoin is mostly decentralized and anonymous, most online casinos still require that you go through a verification process before cashing out. You will have to verify your identity and location before casinos will allow you to cash out.
There are fewer truly anonymous Bitcoin casinos available online. This is a good thing as many anonymous casinos are not regulated or licensed. You’re risking your crypto by playing at unregulated casinos. It’s better to give up some privacy and reduce your risk of loss.
You will Always Pay Miner Fees
The good news is that most casinos charge zero fees to make Bitcoin or crypto deposits and withdrawals. That doesn’t mean that transactions are free from miner fees – that is, fees paid to those who mine bitcoins or other crypto-currency. Miner fees are charged anytime you complete a transaction using Bitcoin or Altcoin.
This fee occurs at the blockchain side and is not controlled by the casino. It is a mandatory fee that cannot be avoided. If you want to deposit $50 worth of Bitcoin to your favorite online casino, you will need to add a little more to cover the miner fees. This is important to remember if you’re depositing the minimum as the amount that credits to your account may be less than what’s required to trigger online casino bonuses.
Bitcoin Games Are Better Than They Used to Be
If you played Bitcoin games or played at Bitcoin casinos back in 2014 to 2016, you probably have a low opinion of crypto games. That’s understandable as many early crypto games were basic and, in some cases, poorly programmed.
Over the years, things have changed, and many top online casino software companies offer BTC games. Microgaming is one example of a company that provides a wide variety of BTC casino games. They are precisely the same as their standard online slot games or table games, except you can use BTC.
If you are playing at true Bitcoin casinos, keep an eye out for SoftSwiss branded casinos. SoftSwiss is the premier Bitcoin casino provider, and SoftSwiss casinos generally have a conglomeration of online casino games from multiple top providers.
Do Not Send or Receive Funds from Exchanges
One word of caution that applies to every form of crypto casino. Do not under any circumstances send or receive crypto from an exchange account. Some people use their eToro or Coinbase account to make purchases or send crypto. Do not use eToro or Coinbase for gambling.
Many online casino have difficulty receiving or sending crypto to exchange accounts. Some problems are due to gambling regulations, and others are technical issues involving the transfer from third-party wallets to exchanges.
If you want to send crypto to an online casino, do so from your personal wallet. This will ensure that the casino receives the money and that it doesn’t get lost. If your deposit gets lost or miscommunicated, then your money is lost. There’s no way to recover it. To avoid issues from the start by sending money from your Bitcoin wallet.