Blockchain Casinos - How to Deposit, Play and Withdraw Your Winnings
What are Blockchain Casinos
Don’t let the terminology of this emerging technology intimidate you. Understanding the basics of blockchain is easy enough. These are massive decentralized networks powered and secured by their users. Each blockchain works in a slightly different way, but the point is that there are no central servers, and so they can not go down or fail. They’re also incredibly difficult to hack since there’s no single server to gain entry to.
How to Make a Deposit in Blockchain Casinos
- Get the cryptocurrency you are going to play with. This could be Bitcoin, Ethereum, Litecoin, or any of the dozens of tokens now accepted at blockchain-powered casinos.
- The next step is to move your coins from the exchange into your own dedicated cryptocurrency wallet. Often, when you register as a new player, a wallet will be generated for you. Record the address and copy/paste it into the ‘recipient’ field when moving your coins away from an exchange or another wallet.
- Some don’t require you to deposit your coins at the casino as you normally would with a regular currency. At these casinos, bets are settled and moved to and from wallets on the spot. Some do generate specific wallets for you to deposit to. Follow the steps required by the casino you choose to play at.
How to Withdraw Your Winnings in Blockchain Casinos
- At some casinos on blockchains, no manual withdrawals are needed. We need to impress upon you that some of them don’t require a deposit in the traditional sense - bets are settled on every spin/hand and moved to or from your wallet, which the casino has no control over.
- However, there are some which do have dedicated wallets for you to deposit to and bet with. In these cases, you’ll want to move your coins back to the exchange where you can sell them or to another private wallet from which you can spend them. To do so, enter the wallet address you want to move them to in the ‘recipient’ field and verify the transaction.
- Wait for your coins to arrive. How long this takes depends on the blockchain you’re playing on. If it’s Bitcoin, it could take hours, whereas if it’s Ethereum, it will take minutes at the most.
How to Play in Blockchain Casinos
What Are the Advantages of Blockchain Casinos
Top Bitcoin Casino Sites
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