FAQs on Crypto Gambling: Your Ultimate Guide
Welcome to our comprehensive crypto gambling FAQ. We understand how daunting it can be sometimes to navigate the crypto-gambling world alone, especially if you’re a complete newbie. As a result, we’ve come up with this page to address all the common questions and concerns that you may have. This section will give you quick solutions to the most frequent questions about cryptos, gambling online, and crypto gambling.
What is a crypto casino?
A crypto casino is simply an iGaming platform where you can make payments and bet in Bitcoins and other cryptocurrencies.
What is the difference between a crypto casino and an online casino?
Crypto casinos are essentially online casinos. However, a crypto casino is a type of online casino that supports cryptocurrencies. The term “online casinos” encompasses all kinds of iGaming sites that offer casino games online, whether or not they accept cryptocurrencies.
What is a blockchain casino?
A blockchain casino is the same as a crypto casino. It is a casino whose payment and security system is based on blockchain.
How do crypto casinos work?
Bitcoin casinos work like other regular online casinos. The main difference is that they accept cryptocurrencies and use cryptographic technology.
Is buying Bitcoin gambling?
No, purchasing Bitcoin or cryptocurrencies is not gambling. It only becomes gambling when you use the cryptocurrencies you purchased to make bets.
Are crypto casinos safe?
Like other online platforms, crypto casinos may be safe or unsafe depending on some factors. The major factors are licensing and security measures.
A reputable Bitcoin casino must function with a license from a trustworthy regulator. Furthermore, the crypto gaming brand has to use security measures like SSL encryption on its website.
Are crypto casinos legal?
Generally, many crypto casinos are legal as they operate with licenses from regulators in various jurisdictions. However, their legality in your location will depend on the gambling laws there.
Are crypto casinos licensed?
Yes, top cryptocurrency casino sites are licensed by reputable gambling authorities. Nevertheless, there are still many of them that do not operate with a license.
We pay attention to licensing and regulations in our crypto casino reviews. Yet, you need to check for yourself before signing up on any site.
Are Bitcoin casinos anonymous?
Not all Bitcoin casinos are anonymous. Many of them require you to submit your real name, location, and other details.
How to gamble anonymously?
To enjoy anonymity in crypto gambling, you must find a site that accepts anonymous users. On such sites, you won’t have to submit any private information or documents for review.
How are Bitcoin casinos regulated?
Cryptocurrency gambling sites are regulated just like many other online casinos. They mostly secure offshore licenses from regulators, so that they can extend their services to different jurisdictions.
Once a casino is regulated by any gambling authority, it must follow the policies and guidelines provided. Violating the regulator's policies may lead to revoking of their license.
Where is crypto gambling allowed?
Cryptocurrency gambling is allowed in many countries of the world. Generally, as long as you can purchase cryptos and access online casinos legally, you’re allowed to gamble with cryptocurrencies. However, you still need to confirm what the law says in your region.
What are the risks of crypto gaming?
The biggest risk unique to crypto gaming is the volatility of cryptocurrencies. If the cryptocurrency you hold dumps, it could significantly affect your bankroll or even personal funds.
Apart from cryptocurrency volatility, the other risks are those associated with general online gaming. You simply have to play on licensed and safe platforms to reduce the risks.
What are the benefits of cryptocurrency gambling?
There are so many advantages of crypto gambling when it is done at the right iGaming sites. Crypto casinos offer an extensive selection of games, generous bonuses, provably fair games, excellent customer service, and most importantly, lightning-fast withdrawals. They also offer you the chance to gamble anonymously and allow you to access their platforms even when you travel out of your region.
What are the disadvantages of crypto gambling?
The disadvantages of crypto gambling may depend on your region. The most common one is the volatility of cryptocurrencies. Apart from that, cryptocurrency iGaming sites may not hold a license from your local authority. This means they may not be backed by official organizations in your country.
What are the types of crypto casino games?
Which crypto game is the best?
The best crypto casino game is a matter of personal preference. You have to check through various titles in the casino lobby to pick one that suits you most.
How to choose a decent Bitcoin casino?
To select a great crypto casino site for yourself, you need to consider many factors. The non-negotiable ones are the license status and security of the casino.
After that, check the game collections, selection of bonuses, customer support, mobile-friendliness, languages, and cryptocurrencies accepted.
Are there no-deposit Bitcoin casinos?
Yes, many Bitcoin casinos offer no deposit deals. You can check our no-deposit guide to find them.
How to sign up with a Bitcoin casino?
Here’s a simple step-by-step guide to registering at a Crypto casino:
- Visit the casino website and tap the “Sign Up” or “Register” button
- Fill in the information required on the registration form
- Tick the terms and conditions agreement box (if any). This should be done after reading and understanding the terms
- Review the details on the registration form
- Submit the registration form
- Check your submitted email or SMS for any verification instruction
Do I need to provide personal information to the Bitcoin casino?
At most crypto casinos, you will need to submit private information like your name, location, and telephone. Only anonymous casinos do not require personal information.
Do I need a credit card or a bank account for a crypto casino?
You don’t need a credit card or bank account to gamble at a crypto casino. However, you may need them to purchase cryptocurrencies.
Where to buy crypto for gambling?
There are various exchanges and marketplaces to purchase cryptocurrencies. These include Binance, eToro, Kraken, and CoinBase.
What is a Bitcoin wallet?
A Bitcoin wallet is a digital wallet where you store Bitcoins or cryptocurrencies. Many exchanges also double as crypto wallets.
What is the minimum deposit amount in a Bitcoin casino?
The minimum deposit amount varies from one casino to another. Also, it depends on the specific cryptocurrency you choose to deposit with.
How can you make a deposit to a crypto casino?
Once you’re ready to deposit, follow these steps:
- Purchase cryptocurrencies from any exchange of your choice and store them in your wallet. Make sure you purchase a cryptocurrency supported by your casino.
- Log on to the Bitcoin casino and navigate to the cashier or wallet section
- Switch to the deposit tab
- Select your preferred cryptocurrency from the list.
- Copy the address displayed on your screen or scan the barcode
- Open your crypto wallet
- Transfer funds from your crypto wallet to the address you copied
How does a deposit bonus work?
A deposit bonus refers to extra credits or funds given to you by the casino when you make a new deposit. It is usually a percentage of your deposit amount.
For instance, let’s assume you’re offered a deposit bonus of 100% up to 2 BTC. If you deposit 1 BTC, you will get an extra 1 BTC as your bonus. This makes your total gambling funds 2 BTC.
If you deposit 2 BTC, you receive 2 BTC. However, if you deposit any amount greater than 2 BTC, you won’t receive more than 2 BTC as that’s the bonus limit.
Sometimes, the bonus might come with added free spins. Also, look out for bonus codes or opt-in instructions.
How to withdraw from a crypto casino?
To withdraw successfully from a Bitcoin casino, you must first ensure that you fulfill all necessary cashout criteria such as wagering requirements and documentation. After that, here are the steps to follow
- Open your crypto wallet and copy the address
- Log in to the casino site and navigate to the cashier section
- Switch to the withdrawal tab
- Select your withdrawal cryptocurrency
- Paste your address in the space
- Submit your withdrawal request
How much can I withdraw from a Bitcoin casino?
Your withdrawal limit varies from one casino to another and it also depends on the cryptocurrency. However, Bitcoin casinos typically have a higher withdrawal limit compared to traditional online casinos.
Are crypto gambling winnings taxable?
Whether or not you have to pay taxes depends on the laws in your region. Find out what the taxation laws are in your country.
How much can you make from crypto gaming?
There’s no limit to how much you can earn from crypto gambling. However, it’s wise not to focus on your earnings but the entertainment. Crypto gambling should be a fun activity and not a source of income.
What is an NFT casino?
An NFT casino is simply an iGaming platform that can accept bets or payments and pay prizes with NFTs.
What is the future of crypto gambling?
The future of crypto gambling looks bright. As long as cryptocurrencies continue to gain acceptance around the world, many online casinos will adopt the payment method.
Furthermore, crypto casinos can take advantage of blockchain technology to create more innovative games and software. More gamblers will be attracted to blockchain games due to the transparency it offers.
How does provably fair gambling work?
Provably fair gaming is one of the results of blockchain transparency. They are games that use cryptographic algorithms to enable players to independently verify the fairness of a game’s result.
When you play provably fair games, you don’t have to depend on the RNG certification alone to prove that they are fair. Through the provably fair mechanism, you can check how they arrived at the game’s outcome.
What is responsible gambling?
Responsible gambling refers to a set of initiatives used to ensure that gambling remains safe and enjoyable. Many crypto casinos actively promote responsible gambling by providing enough tools for their players to maintain control. You can read more on our responsible gambling page.
Can I bet on sports with cryptocurrencies?
Yes, you can bet on various sports with Bitcoin and altcoins. Fortunately, many crypto casinos also offer sportsbooks.
Do I really have to do KYC documentation?
If your casino requires KYC documentation, you must do it. Otherwise, you will not be allowed to withdraw your winnings.
What KYC documents do I have to submit?
Depending on your jurisdiction, the casino might request copies of various documents to prove your identity and location. For identity verification, you’ll be asked for a copy of a valid ID such as your national identity card or driver’s license. To verify your location, you may be asked to submit a recent utility bill, bank statement, or similar documents that show your address.
Can I play at Bitcoin casinos on mobile?
Yes, Bitcoin casinos are available on mobile. Whether you use an Android, iOS, or Windows device, you can gain access to crypto iGaming sites. Check our Bitcoin mobile casino guide for the best iGaming platforms for your smartphones.
Are Bitcoin casino games available for free?
Yes, some games may be available for free at Bitcoin casinos. All you have to do is launch their demo mode. However, you cannot win real money when you play free games.
Are there fees attached to gambling with cryptocurrencies?
Generally, top cryptocurrency gambling sites do not charge additional fees for transactions. However, there might be network charges from your wallet service provider.
With all that we’ve tackled in this guide, we hope we addressed all your concerns about crypto gambling online. We will keep the page updated as soon as we discover more questions bothering the minds of Bitcoin gamblers.
In case you have any question that has not been answered in this guide, feel free to contact us. Good luck with your crypto-gambling adventure!