CryptocurrencyPartner content

Cryptocurrencies have entered the world of online gambling as a new payment method, and their use is accompanied by both advantages and challenges. Digital currencies like Bitcoin and Ethereum are being embraced by more and more online gaming sites, and plenty of punters are curious about all the possibilities they bring. In fact, many players are wondering whether they should switch to this innovative payment option, but they need more facts to make an informed decision. That is why we prepared this extensive guide that will help you understand the pros and cons of using cryptocurrencies in online casinos. 

What Is a Cryptocurrency?

Cryptocurrency refers to a digital payment system that does not depend on banks when it comes to the verification of transactions. The currencies are stored in digital wallets, and it is a peer-to-peer system where anyone can send and receive payments, regardless of their location. When the funds are transferred, each transaction is recorded in a public ledger. The name of the system comes from the fact that it uses encryption to verify transactions, which means that advanced coding is used for data storage and transmission. The first digital currency was Bitcoin, which was founded in 2009, and today, people can purchase and use thousands of different options.

The Benefits of Cryptocurrencies

If you decide to use digital currencies for your online gambling activities, you will be able to enjoy the following perks:


Anonymity is one of the main advantages of using cryptocurrencies, especially if you’re a player who finds it particularly important to keep your identity hidden from others. All deposits and withdrawals that you make with cryptocurrencies are entirely anonymous, and none of your personal or financial information will be shared with the online gambling site.


Thanks to the above-mentioned anonymity, you can rest assured that none of your sensitive information will be shared over the Internet and accessed by third parties. That is why using cryptocurrencies gives your gambling experience an extra layer of protection. For example, knowing that Bitcoin is almost impossible to get hacked should give you an idea of the level of security in place. Online gambling sites are constantly on the look for security improvements, and that is why there are many Irish casinos that accept Bitcoin, and the same goes for other countries as well. Digital currency transactions are protected from all sorts of fraudulent activities which makes them an attractive option for online gambling sites.

Bitcoin dollar


All cryptocurrency transactions are decentralized, which means there are no authoritative bodies involved in the process. On the other hand, when you deal with banking institutions, you are always faced with a variety of procedures, policies, and holding times that can significantly delay the withdrawal of your winnings. Also, the use of cheques, credit cards, and bank transfers involves financial institutions which give them control over your money. 

Fast Transactions

Thanks to the fact that all transactions are done in a decentralized system, they are also much faster that the ones completed with traditional payment methods. The speed is also affected by the use of blockchain. For instance, Bitcoin currency featured the slowest transaction times in the industry, but it is still much faster than standard payment options. Each block involved in the procedures takes about 10 minutes to process, and on its own, it can hold somewhere around 500 transactions. 

Fewer Fees

Traditional payment methods like bank transfers and credit cards usually involve different fees that can take a portion of a player’s total bankroll. As opposed to that, the use of cryptocurrencies does not include any fees, so the players can actually maximize their winnings in an easy way. On top of that, the decentralized nature of the system entirely eliminates the need for currency conversion which brings players from different countries together. Also, some jurisdictions even support tax-free winnings.

Fair Gaming Conditions

Finally, playing with crypto casinos provides you with the fairest gaming conditions out there. Crypto gambling sites use advanced algorithms with low house edge which gives the players higher chances to win. Additionally, the games on such platforms cannot be changed or manipulated in any way. In fact, the players are provided with the ability to verify the fairness of each wager and each outcome of the game. 

Disadvantages of Cryptocurrencies

Even though cryptocurrencies bring a multitude of benefits to online gamblers, there are still some drawbacks you should be aware of:

Limited Availability

Cryptocurrencies have entered a significant number of online casinos, but they are still not widely accepted as payment methods. Therefore, if you are one of the players who wish to enjoy the perks of crypto payments, you will be limited to a select number of online gambling sites.


Lack of Regulation

The fact that cryptocurrencies are not actually regulated by financial institutions is one of their greatest disadvantages. Since the currencies are not controlled by governments or any other authoritative bodies, it is hard to hold online gambling operators accountable in case of unfair practices or any kind of fraudulent activity.

High Volatility

Digital currencies are extremely volatile, since their prices constantly change, often in a dramatic way. Therefore, if you use them for online gambling, it will be hard to manage your bankroll with the values that change so rapidly. Also, when players win big, the winning may lose part of its value before they can withdraw the funds. 

How to Get Started with Cryptocurrencies in Online Casinos

Including digital currencies in your gambling activities can be both complex and exciting, especially if you have no previous experience with crypto. That is why we prepared this simple set of steps that will help you do it in no time:

Pick a Currency

In order to get started, you should first explore your options and learn about different currencies like Bitcoin, Litecoin, and Ethereum. Each one of them offers a unique set of features and benefits, and you need to figure out what would work the best with your needs and habits. Of course, you can even purchase more than one digital currency if you see fit. However, if you are just starting out, it is better to get started with just one.

Find an Exchange Platform

Next, you will need to find a reliable exchange platform where you can safely buy the currency that you’ve previously selected. Cryptocurrencies must be purchased through exchanges or investment platforms, and choosing the right one involves several factors. Some of the main characteristics you need to consider are the platform’s minimum investment requirements, the volume of trading, and, of course, the types of currencies available for purchase. 

Decide on the Storage

Cryptocurrencies are entirely digital, and in order to manage your funds and keep them safe, you will need a virtual storage space. The users of cryptocurrencies rely on the use of digital wallets. Crypto wallets come with private keys that allow you to access your funds by unlocking the unique digital identity associated with your account and recorded on the blockchain. You can choose between hot and cold digital wallets. Hot wallets are accessible online, while cold ones refer to physical storage devices that keep the currencies entirely offline. 

Choose a Trustworthy Online Casino

Once you’ve set up a good digital wallet, you can begin researching the selection of online gambling sites that support the use of cryptocurrencies. When you reach this step, remember to check the reputation of the platform, especially when it comes to data security. Basically, you should only stick to legal operators that hold proper licensing issued by reputable authorities. Finally, when you’ve narrowed down the selection of online platforms, take a moment to explore their offerings regarding bonuses and promotions for cryptocurrency users. Some platforms treat their members with attractive rewards, and that is something you shouldn’t miss out on. 

Tips for Safe Gambling with Digital Currencies

As the demand for digital currencies continues to grow among punters, it is important to learn more about the practices that will enhance your safety while playing with crypto. Firstly, while you’re choosing the right digital wallet, think about all the other uses of crypto that you might pursue. And if you decide to use digital currencies for other activities on the web, consider keeping your gambling funds separate from other finances. Then, take some time to explore the security measures of the online casino you decided to join. Finding information about practices like data encryption and multi-factor authentication should give you peace of mind regarding your personal information. 

Cryptocurrencies are transforming different industries in all corners of the world, and online gambling is no exception. More and more web-based operators include digital currencies in their payment methods, tempting players to start using them for deposits and withdrawals. Now that you’ve learned all about the most significant advantages and disadvantages of using cryptocurrencies in online casinos, you are ready to decide whether you’ll include them in your gambling activities.