Use Crypto to Double Your Winnings in Crypto Casinos
Cryptocurrencies are now the dominant trend in the non GamStop gambling industry. There are currently more than 700 crypto casino sites active, and that number is growing rapidly. Cryptos are decentralized digital currencies that serve as an alternative payment system for traditional money.
Cryptocurrencies do not represent a physical but a digital value and are not managed or issued by any central bank or government. Partly because of this, from a legal point of view, cryptocurrency is not a means of payment but an exchange method. Payments are made via a decentralized, encrypted peer-to-peer system, without the intervention of a bank or person. All transactions are stored as digital entries in a blockchain, a public database consisting of uncrackable blocks with verified transaction data and other administration.
You keep your cryptocurrencies in a secure cryptocurrency wallet, a kind of bank account but for cryptos. Bitcoin was the very first crypto to see the light of day in 2009 and is still the best-known to this day. Altcoins such as Ethereum, Ripple, Cardano and Litecoin are also popular among GamStop players, who are also discovering more and more stablecoins. The latter is a special kind of crypto coins because they are linked to the exchange rate of traditional money.
Examples of crypto coins
- Bitcoin (BTC)
Bitcoin is not only the first crypto ever, but also by far the best known of them all. The fact that the name has become synonymous with cryptocurrencies over the years says enough in that regard. Bitcoin itself was developed in 2009 by Satoshi Nakamoto, a pseudonym of an unknown person or group. Nobody knows exactly who is behind the digital currency.
- Ethereum (ETH)
Ethereum is a blockchain platform, founded in 2015 by the programmer Vitalik Buterin, with its own crypto. This digital currency is the most popular on the market after Bitcoin and is often abbreviated to Ether.
- Ripple (XRP)
The American company Ripple wants to make payment transactions between banks more efficient with the cryptocurrency XRP, launched in 2012. It, therefore, works closely with many financial institutions, unlike Bitcoin and other well-known altcoins. While Ripple is technically the name of the company, the cryptocurrency itself is often referred to as such.
- Litecoin (LTC)
Litecoin is almost a copy of Bitcoin, but more innovative. This means faster payments, better processes and more. The lighter Bitcoin variant was released in 2011 by Charlie Lee, a well-known computer scientist.
What Is a Crypto Casino?
A crypto casino is, as the name suggests, an online casino where you can pay with crypto coins. Deposit and play with Bitcoin and altcoins to transfer the prizes and cash winnings to your cryptocurrency wallet.
Because most crypto casinos mainly accept Bitcoin, they are popularly called Bitcoin casinos. A Bitcoin casino is therefore a crypto casino and vice versa.
Why There Are No Crypto Casinos in the UK?
The UK does have crypto casino sites, no crypto casino in the UK is eligible for a gambling license for offering online games of chance. There are no legal rules for cryptocurrencies, which makes it impossible for the UKGC to control casinos that accept Bitcoin and other cryptocurrencies.
In other words, the UKGC cannot see whether a crypto or Bitcoin casino properly adheres to the rules regarding the Prevention of Money Laundering and Terrorist Financing Act (Wwft). Crypto casino sites can therefore never operate legally in the UK. However, players can make their transactions using cryptocurrencies at non GamStop casinos.
What Do the Best Bitcoin Casinos Offer?
Although visiting a legal crypto casino in the UK is a utopia, more and more online casinos are being added. And that is not without reason. The best crypto casinos come with a lot of advantages. We'll go through them briefly below:
- Many Cryptocurrencies Are Available
Crypto casinos are popularly referred to as “Bitcoin casinos”. However, this does not necessarily mean that this is the only currency accepted. With the majority of the providers, you can also pay with all kinds of other cryptocurrencies. In this way, several players are catered for.
- Bonuses Come With No or Very Low Wagering Requirements
The best crypto casino sites offer bonuses with low and sometimes no wagering requirements at all. This makes cashing in on winnings with a bonus a lot easier.
- Lightning-fast (out) payments, without costs
Since cryptocurrencies are not regulated by financial institutions and thus no other parties are involved, all payments are processed immediately. Deposits are immediately on your account and withdrawals to your cryptocurrency wallet are also made in no time and without fees.