Future of Blockchain in Gambling Space Explored in ASEAN Gaming Summit 2019
March 20, 2019
What is Blockchain? What are its benefits? Who uses it? Day 2 of ASEAN Gaming Summit 2019 puts blockchain's role in the gaming space in the spotlight.
Admit it—even though playing your favorite games is easier in online casinos, you will still have your security in mind. After all, the last thing you want to happen is for a third party to steal your information and—worse—your money. Whether you use payment methods like credit cards or e-wallets, there will always be that fear that your details are not safe on the internet.
Thankfully, those fears are a thing of the past with the emergence of cryptocurrencies. Now, you will find cryptocurrency online casinos wherever you go, including Bitcoin casinos like BitStarz, FortuneJack, and Oshi. The reason for this popularity? Cryptocurrencies promise instant transactions, pseudonymous gaming sessions, and player protection.
The birth of crypto started with the launch of Bitcoin in 2008. Since then, numerous digital currencies have popped up, all promising fast payments and secure betting sessions. Here are the five cryptocurrencies you will find in most online casinos:
The original crypto coin, Bitcoin remains to be the top choice among crypto holders. You will find it easy to transact with Bitcoin as most top casinos accept this coin. Plus, there are many wallets that support this digital currency.
Bitcoin Cash stemmed from a Bitcoin hard fork. While this is the case, this altcoin promises faster payments and cash-outs as its network is able to handle more transactions than the Bitcoin network. If you hold this altcoin, you can also stake your coins on BCH-only casinos like SatoshiDICE.
The second-largest crypto coin serves a network that allows you to initiate smart contracts. However, you can also use its Ether (ETH) token to play in online casinos. There are a few casinos like Rolleth and vDice that let you bet using only ETH.
Litecoin pretty much shares the same features as Bitcoin. But what sets the former apart is that its network can handle a higher volume of transactions. Because of this, confirmation of transactions takes up to five minutes, faster compared with Bitcoin’s 10 minutes. Still, there are only a few LTC-only casinos. You will usually find Litecoin as a payment method in casinos that accept multiple currencies.
While it started out as a “joke currency”, Dogecoin is now one of the crypto coins commonly used in online casinos. Compared with other cryptocurrencies listed above, this altcoin has a one-minute transfer time. Plus, there is no limit of production, so it is always in circulation.
If you are just getting started with cryptocurrencies, it is best you start by getting bitcoins first. After all, it is the most traded coin out of all the digital currencies out there. Then, when you are used to handling crypto, go ahead and trade some of your BTC for other crypto coins.
The concept of cryptocurrencies may be overwhelming, but the process of topping up your account using your chosen coin is actually easy. You have to make only three steps, and then you can start playing your favorite casino games.
Before you can get crypto coins, you must first set up a crypto wallet. There are many wallets available, from hardware ones to those you can activate after signing up online. For easier transactions, get mobile or web wallets so that you can key in your wallet address easily. But it is highly recommended that you get a hardware wallet as well so that you can back up some of your funds.
After setting up your crypto wallet, the next step is to finally get your crypto coins. The easiest way to do so is to trade your fiat in crypto exchanges like Coinbase. Keep in mind, though, that exchanges will charge you with conversion fees.
Now that you have coins, it is time to transfer them to your casino account. Simply go to your account and choose your crypto coin as the payment method. The casino will then ask for your wallet address, which you can key in manually. And if you are using a mobile wallet, simply scan the QR code to top up your account. The money should then reflect in your account instantly.
Thanks to the emergence of cryptocurrencies, topping up your casino account is easy. Even better, you will enjoy safe and secure betting sessions as you do not have to provide your personal information before making a deposit.