Virtual payment methods have been gaining more ground globally in recent years. Some of them, like cryptocurrencies, seem to be miles ahead of others in terms of popularity. The gambling industry has started to embrace these methods because of their speed, security, low fees, anonymity they provide, and many other favorable features.
As a result, casino players now have numerous payment options when it comes to gambling sites.
In this article, we’ll be delving into the world of crypto casinos and learning about the payment option that has taken the world by storm.
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What Are Cryptocurrencies?
Cryptocurrencies are digital currencies that you can use to pay for goods and services online. Most are blockchain-based, which means they are decentralized — not governed by any financial authorities. Instead, blockchain technology uses a distributed public ledger to record and secure all transactions.
Nowadays, there are more than 13,000 different cryptocurrencies on the market, and over 220 million people in the world are using at least one of them. Among the top most traded cryptos, you’ll find Bitcoin, Ethereum, Tether, Binance Coin, Solana, XRP, etc.
The Philippines don’t fall behind when it comes to this trend. Statistics show that 4% of the population currently owns cryptos, while more than 50% have expressed interest in them. In fact, Pinoys hold third place in the global uptake of cryptos. Therefore, it doesn’t come as a surprise that this payment method has become a staple in online casinos aimed at Filipinos.
How to Use Cryptocurrencies in an Online Casino?
The process of using cryptos in casinos can look intimidating or feel overwhelming. To help you out, we’ve created a step-by-step guide. This is what you should do:
- Purchase coins — Before you head to your favorite online crypto casino, you have to buy some cryptos. In order to purchase coins, you’ll have to visit a crypto exchange and create an account on it. Some of the most famous exchanges are Binance, Kraken, Coinbase Exchange, OKEx, etc. You should read some reviews and focus on the most reputable ones on the market for your own security.
- Download a crypto wallet — To store your coins, you’ll need a digital wallet. This is a digital storage denoted by an online address. With it, you’ll be able to store, receive, and send cryptos. Wallets like Coins.ph, Bitbit.cash, Abra, Myetherwallet, etc. are among the most popular ones in the Philippines. Once again, make sure you do some research before making your choice.
- Send coins to your digital wallet — After you have purchased cryptos, you’ll be able to send them to your crypto wallet from the exchange where you’ve bought the coins. To do this, you’ll need to enter the wallet address we’ve mentioned above.
- Visit a cryptocurrency casino — By this point, you’ll be all set and ready to move on to your casino of choice. This casino should be Filipino-friendly and have cryptocurrencies listed among its banking options.
- Deposit with cryptos — Before you start playing, you have to deposit some money. In order to do this, navigate to the casino’s cashier page. Select the crypto you own from the list of payment methods and enter the amount you’d like to deposit. You’ll also need to open your wallet, enter the casino’s depositing address or simply use your wallet app to scan the QR code on the casino’s website and confirm the transaction. As soon as the transfer clears, you’ll be ready to jump into action.
- Withdraw with cryptos — Once you have earned some money from playing, head back to the cashier page. Choose the cryptocurrency and enter your crypto wallet address and the amount you’d like to withdraw. When you confirm this transaction, the casino will have to process it. The pending period depends on the operator, and it can last anywhere from a few hours to a day or two. However, once that’s done, your cryptos should be in your digital wallet in no time, as this method offers some of the fastest transactions in the industry.
Advantages of Using Cryptos
As we’ve already mentioned, a huge number of people around the world — a lot of whom are Filipinos — have already jumped on the crypto bandwagon. The reasons behind this trend are many, but we’ll focus on the ones which are the most relevant for the gambling sector:
- Speed — Cryptocurrency transactions are known to be fast, not only when you’re depositing but also when you’re withdrawing funds. Depending on the crypto in question, you might be able to move your funds in a matter of minutes — or even seconds in some cases. This is far quicker than what you’d get with traditional payment methods like credit cards or bank wire. Since there is no third-party involvement, all transfers are direct and seamless.
- Anonymity — Since your digital wallet address is the only information you have to provide to deposit and withdraw your coins, you can use cryptos and stay anonymous. These transactions will not be recorded by your bank or any other financial institution, which is why many gamblers prefer them over fiat currencies.
- Security — Blockchain keeps track, verifies, records, and traces all crypto transactions. It also uses cryptography to encrypt and protect all transfers. Finally, since the transactions don’t require you to share your sensitive data, you don’t have to fear that anyone will misuse it.
- Low fees — Crypto transfers come with minimal processing fees, as there are no additional charges from financial institutions like banks. Moreover, casinos tend to offer fee-free transfers to those users who opt for cryptos as their deposit and withdrawal methods, which is rarely the case with their fiat counterparts.
Disadvantages of Using Cryptos
Still, like all other payment methods, cryptos have their downfalls as well. Their main flaw lies in their high volatility. Namely, the prices of cryptos depend on numerous factors and tend to change drastically quite often. Since the market is prone to fluctuations like this, you have to be prepared for the possibility of losing money during exchanges to fiat currencies.
Games Available at Cryptocurrency Casinos
Because of the growing number of casinos that have started accepting cryptocurrencies as payment methods, you should be more than happy with the variety you’ll come across in terms of gaming options.
Crypto casinos typically host classic table and live dealer games, including blackjack, poker, roulette, and baccarat. Moreover, Filipino players should also be able to find plenty of slots — from well-known titles to new releases powered by top-tier providers. Plus, some of these gambling platforms even offer bingo, keno, or dice games.
Finally, the newer cryptocurrency casinos tend to offer crypto (often Bitcoin) games that use provably fair technology. This feature verifies the fairness of the games, so you can relax knowing you’re not being cheated out of any winnings.
Cryptocurrency Casino Bonuses
Besides the regular promotions like welcome packages, deposit and no deposit bonuses, and free spins, cryptocurrency casinos offer additional perks to crypto users. These extra benefits come in the form of various promos, typically much heftier than the regular deposit bonuses.
You may have noticed that most crypto deals target Bitcoin users. However, some casinos might be less specific, and their bonuses may be compatible with other cryptos as well.
Apart from these, you’ll also be able to take advantage of loyalty programs and other incentives that regular patrons are rewarded with.
Cryptocurrency Mobile Casinos
As you would expect from the casinos that accept payment methods as novel as cryptos, they also tend to keep up with other tech trends. In fact, some Filipino crypto casinos might have their native apps, while others might offer you their mobile-optimized websites. Regardless of which one you stumble upon, you should have no problems accessing the site and playing your favorite games from either an iOS or an Android device.
Cryptocurrencies have brought far-reaching changes to various industries, including the gambling sector. They provide secure and fast transactions, allow your data to stay private, and come with minimal fees and generous casino bonuses.
Although high volatility is not a minor shortcoming, many players seem to have enough faith in cryptos to be willing to take that risk. If you think you might be one of them, don’t miss out on giving one of the crypto casinos a try.