It wasn’t too long ago that nobody was using cryptocurrencies at all. In fact, it’s only been a decade or so since cryptocurrencies were even conceptualized. During that short space of time, crypto has become a widely understood, discussed, and used thing. You can see and hear about it just about everywhere!
It is no longer an often-misunderstood investment portfolio item. Instead, it is a real-world currency accepted for all kinds of transactions. Nowadays, you can use crypto in real shops, online, or even on gambling sites. Let’s take a look at how to use cryptocurrencies to gamble on the internet.
First, Understand Crypto
Before all else, you need to understand cryptocurrencies. While it would be super easy to Google crypto casinos in Canada and get signed up right away, it’s best to make sure you know what you’re doing first! Don’t worry, you’ll get to that stage very soon!
In short, cryptocurrencies are digital currencies. They are not held or monitored by any central bank, like regular or “fiat” currencies are. Instead, they are built as part of a technological system called the blockchain. This is what is important.
Instead of your money having to go through a bank to get to someone else, it all lives on this decentralized network. The network and each transaction on it is validated by users. No bank or government needs to approve your transaction. This makes it very appealing, but also is why it is often looked down on or misunderstood. Learn the basics about crypto and various major currencies like Bitcoin, Ethereum, and Cardano, as well as learn how this system works, before taking the plunge into purchasing some.
Get a Wallet
So, if cryptocurrencies aren’t held by banks, you’ll need a way to buy, sell, and hold them. This is where wallets come in. These wallets are very similar to stock exchange software that you may have seen before. Graphs, charts, and exchange screens will show you how much currency you have, how much it is worth, and everything else.
Before the past couple of years, currencies had to be held in clever blockchain storage on hard drives or the web. Now, though, developers have made great wallets for iOS, Android, and web browsers. This means you can view, access, buy, or sell any cryptocurrencies from just about anywhere.
Buy Some Currencies
Once you have chosen a wallet, you can start to buy crypto. There are, in most wallets, a few ways to do this. In some cases, the cheapest way is to use a bank transfer and top up your wallet with dollars (or your local fiat currency). The wallet then holds your currency which can be easily exchanged for your chosen crypto. This usually incurs the lowest transaction fees.
There are other ways to buy crypto too. You can often buy directly with a credit or debit card, though you may pay higher fees when doing so. You can also exchange one currency for another.
Find a Gambling Site
Once you hold some cryptocurrency, you need to find a site that accepts it. There are, as mentioned, plenty of crypto gambling sites. All you need to do is search your local region for legal and reputable sites.
Reputation and safety are key when choosing a site. You need to look at their history, how long they have been active, what currencies they accept, and any rules and regulations surrounding deposits and withdrawals. You are, after all, giving another company your crypto, so you need to be certain that it is safe to do so.
Once you have chosen a site and registered an account, you can look at making your first deposit. You should look for a site that allows deposits as direct transfers from your wallet. This way, you can manually make a transaction to the gambling site’s wallet address. Some sites will also allow you to deposit with a crypto card – these are often linked directly to your wallet.
It’s important to set limits on gambling sites. They are designed to be fun but also to be addictive. Often, if you don’t set limits, addiction can creep in. These games can suck you in and encourage you to deposit more and more currency to be able to play more games.
Obviously, you have signed up to this site because you actively want to deposit crypto and gamble. This is fine! And, it can be very enjoyable. But, set a limit that you can afford and never allow yourself to deposit more than that. In most cases, a good gambling site will allow deposit and spin limits, meaning you can never override this and put your finances at risk.
Play and Enjoy
Now you’ve deposited your crypto, it’s time to have some fun! On gambling sites, there are all kinds of ways to play. You may be looking to play traditional casino-style games like slots, card games, or roulette. These games are a lot of fun and allow you to spread your bets in various ways. In other cases, you may be looking to gamble on sports or world events. This is also super fun and can make watching sports even more exciting.
Finally, it’s time to cash out! Whether you’ve won plenty of money or simply want to withdraw your cash and stop playing, it should be easy to do so. As mentioned, you should have looked for a reputable gambling site with fair cash-out rules.
All you should need to do is to log onto your chosen site and navigate to the account or banking section. Here, you will find your account balance and ways that you can cash out. The crypto will likely have to be deposited back via the same payment method you initially used, either to your wallet or crypto card.
And, there you have it! As simple as that. It’s super easy to find a great gambling site that accepts, plays with, and pays out in cryptocurrencies. Remember to set limits, be safe, and most of all, have fun!