How to start playing at Dapp Casino – How to Gamble with Cryptocurrency?

DeFi, or decentralized finance, is taking the world by storm. And with just a little over a million people actively participating in this crowdsourced version of financial amenities, DeFi betting is slowly becoming an option for avid punters. Like decentralized money, decentralized casinos (dapp casinos) are communally regulated and transparent, with each sequential blockchain entry being verified at multiple node points before being etched permanently into the chain. 

The crypto gambling industry itself is projected to be worth a little more than $ 250 million and is part of a $ 2 trillion dollar ecosystem on the whole. And with over 30,000 players betting in digital currency each week and making it big, it would be a shame if you’d lost out. So, here’s a quick and comprehensive guide on how to bet with cryptocurrency.

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How do Crypto Gambling Sites work?

Before anything else, let’s take a look at how crypto gambling sites work and how they differ from what you’re already used to. The first variation are casinos that accept solely deposits in the form of digital currencies. These work exactly like your usual online punting place and will require your crypto deposit to be converted to a fiat form before you can start placing bets.

But the other, more revolutionary betting space will employ the use of smart contracts to allow you to actually place bets in digital currencies! Such sites commonly show up with a crypto-only clause due to this unique aspect of theirs. Smart contracts are pre-written transactions or bets that can only be fulfilled under extremely specific, even exact, conditions. This allows crypto bets to be targeted, accurate, and brings increased security, fairness, and transparency to players, as agreed by 23% of the industry’s bigwigs.

How To Start Playing At A Crypto Casino?

Treading new waters always leaves one weary. But with this fool-proof guide on everything how, what, and why, there’s no way for you to go astray. Let’s get to it then, shall we?

Finding The Best Dapp Gambling Site

In order to seek out the most rewarding dApp casino spot on the Internet, one must keep in mind a few must-have factors of the casino itself. Naturally, the first thing to look at would be if the select casino offers your choice digital coin. Diversity in payment options would also be a welcome feature later into your sessions. Coin exchanges? Even better!

But the most important facet of all – the customer service – should be top of the line. That’s the only lifeline you’ll have, should you have something go amiss with a transaction, a bet, or god forbid, a deposit. These support agents should be there 24/7 to assist with just about any part of your gambles, so make sure your casino has a solid team put together. 

Other things that make a good crypto casino include :

• Advantageous odds / provably fair games
• Generous bonuses & promotions
• Internationally licensed/regulated
• Lacks sketchy fine prints
• Has been around for a while / earned a good rapport

Sorting Out Payments

Now that you know what makes up a strong contender, we’ll move on to the style of payments and transactions at one. Unlike your usual fiat transactions, these digitally-powered payments are swift, and more importantly, much more secure. Here’s a supersized section on how to get started with your digital wallets, exchanges, and coins-buying at a gambling site. 

Opening A Crypto Exchange Account

The first step to opening a crypto exchange account is to register yourself with a trusted one. Coinbase, Kraken, and Binance are some of the well-seasoned ones. For our example, we’ll be going with Kraken. The registration process with this digital coin exchange is fairly simple. You’ll only need a few basic details – an email, a cool username, along with a password and location – and voila! – you’re now a Kraken user.

Transferring Fiat Currency To An Exchange

As with any first transaction, you’ll need to further verify your identity with a couple of more detailed information. Your exchange account would likely ask you for an address, as well as your legal name and contact specifics. After that, you’ll need to proffer an identity document and proof of residency – usually in the form of a utility bill, credit card statement, or a certificate showing your legal residence. 

Once you’ve successfully verified your account and identity, you’ll see payment methods – credit cards, mostly –  available to you. These vary regionally, so it’s best to be on top of the available options if you’re a person that’s always on the move. And like every other online transaction you’ve done in your life, you choose a payment method, complete the deposit and the balance will be converted into reciprocating digital coins on your exchange dashboard. 

Whenever the coins hit your exchange wallet, you can go ahead and link it to your casino account and play away using the balance you have. 

Swapping Fiat To Cryptos

Most DeFi casinos would offer its players an option to convert their cash into crypto directly on their pages. Take BC.game for example. Here, you can use a standard payment method – credit card or Apple Pay, in this particular case – and convert it directly into Bitcoin, Litecoin, Ethereum, Dogecoin or any other supported digital currency. Once the steps are completed, your balance will be reflected directly on your casino account.

Swapping Between Cryptos

Depending on whether your crypto betting operator offers this feature, you would be able to swap out your favorite coins for other cryptocurrencies accepted on-site. To do this, simply link your compatible native or exchange wallet with an active balance and convert. It’s that simple!

Depositing Coins To Your Casino

This one is pretty straightforward. Depending on the balance you have in your exchange wallet, you will be able to move them about within your casino account. Simply send your favorite coins to the specific deposit address link listed on your account or better yet, use the unique QR code. Do note that some currencies will require you to choose a specific network, so be sure to do a double take on those ones. Once the balance its, you’ll be able to use the coins to drop hot bets anytime, anywhere. 

Withdrawing To A Crypto Exchange

When withdrawing to a crypto exchange, it’s vital that your deposit address (of your exchange account) is set-up with the correct network. This means that it should mirror the network displayed on your casino account for the chosen currency. If you’re done with checking and tweaking these details, generate a deposit address to your exchange account – in our example, a Kraken account. Carefully copy and paste this fresh address into the portion on your casino withdrawal page that indicates an address or link to send the coins to.

Once you complete the step, your earnings should appear on your exchange account within the next 15 minutes. It’s advised that you check the sending and receiving network on both your casino and exchange ends to avoid a transfer mishap due to conflicting crypto networks.

Swapping Cryptos To Cash Via Exchange

Converting your crypto balance to fiat currency would be fairly easy via an exchange like Kraken. All you have to do is select the “Convert” feature from the main dashboard and you’ll be presented with a selection of supported daily currencies. Pick out your chosen crypto-to-cash pair and confirm the details of the transaction before hitting submit. Do keep in mind that such conversions will naturally be subject to exchange rates, depending on the liquidity of each asset in real-time. Also, exchange pair options may be limited. 

Alternatively, you could sell your coins in the market for a bit of profit, depending on the current liquidity of your Bitcoin or any altcoin in your possession. This is a smarter way to gain a bit of a premium on your casino earnings.

Once you have converted your balance to a fiat currency, you can simply select any of the available banking and classic withdrawal options to allow the converted cash to be transferred to your local banking account. 

Withdrawing Cash From Exchange To Bank

Withdrawing cash from your exchange account is a little stricter in protocol than most of us are used to. For starters, you can only exclusively use their partner payment gateways to make a cash withdrawal back to your bank. These would be regionally restricted, meaning that the available transaction channels for each country will vary. There will also be a withdrawal fee charged based on the size of your withdrawal. Processing times will also follow suit. Be mindful also of a possible withdrawal limit. 

To begin the withdrawal process, you would so as you would – select an amount to withdraw, choose a channel, and complete the withdrawal process. In some cases, you may need an extra step of a further bank transfer, especially if you’re planning on sending a withdrawal overseas.

Choosing High-Return Games

Whew! That was quite something on payments and its bits and bobs. Now, for the most important – scouting games with the best possible return margins. With the blockchain counterpart of most classic casino games, operators would be able to afford a smaller house edge, thus increasing your share of the winnings. Some of these games with 99% RTP are Crash, Plinko, Limbo, Mines, Dice, and Hi-Lo.

RTPs are also valid with crypto casino games. Keep your game selections with a higher RTP, low risk. Minimum bets of a decent size would also help when you’re unsure if it’s the game for you – helps keep that test costs down. It is after all rare that a crypto game comes with demo versions to take on a test drive. And as usual, check the win probability and machine variance before setting out to bet big in cryptocoins.

Some games may require the conversion of digital-coin-to-credits in order to kickstart the play. In these cases, be sure that you get the most out of your conversions – scoring maximum credits for much lower coin values in exchange.

Crypto Gambling Is Easy – Try It Out Yourself!

How to Gamble with Cryptocurrency is not only simple, it’s also far more secure than betting with cash mediums. Now that you know what ticks the tocks of the DeFi betting scene, you should also know that these do come with a few perks worthy of special mention – affiliate programs, jackpots, cash rains, mining, and staking features, even VIP memberships with exclusive access. And that concludes this quick guidebook to getting yourself familiar with all of the workings of dapp casinos. Happy betting! 🙂