The myths about cryptos at online casinos
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The myths about cryptos at online casinos

For the past few years, new online casinos have been offering deposits and withdrawals in crypto currencies, a new and welcome payment method, but one that also comes with its share of myths and prejudices. Today, Lucky7Bonus will take the time to debunk some of the misconceptions about using cryptos for your online casino deposits and withdrawals.

So if you only know the word Bitcoin, but this whole universe seems very unfamiliar to you, this article will help you to better understand some aspects of crypto currencies and avoid falling into the traps for beginners.

Using cryptos at online casinos makes you 100% anonymous

This is a prejudice that has been hanging on to cryptos for a long time, the traditional media often discusses the abuses associated with the use of these cryptos and can give the impression that one remains anonymous by using crypto currencies, which is not totally false for some projects.

However, the most popular crypto currencies used in online casinos are Bitcoin, Ethereum, Litecoin and Ripple. Even if the identity of the users is encrypted, the address of your wallet is accessible to everyone, especially at the time of the transaction. Moreover, online casinos will ask you for your personal information, so it is not so difficult to withdraw your deposits and withdrawals from an online casino, even with crypto currencies.

So don't expect to be 100% anonymous when using crypto currencies at an online casino, your transactions can be tracked on the blockchain.

Security is no longer assured when using cryptos

Stories of scams or hacks can be common in the crypto currency world, all it takes is for a centralized exchange to get hacked and all the tokens can be stolen. This is still a rare occurrence, but online casinos are not always immune.

Indeed, if a centralized online casino gets hacked completely, your euros as well as your crypto-currencies will probably get stolen. In 2021, it is almost impossible to defeat the security of an online casino, so you don't have to worry about that. However, be careful with the use of your wallets with cryptos and when you make a transaction, protect your private key, keep your passwords safe and don't go to just any site.

Crypto casinos are less interesting than traditional online casinos

For the most part, crypto casinos are no different from traditional online casinos. The most famous providers of the market accept to work with crypto casinos, so you will find the same slot machines, live games and table games. The customer support is just as present, deposits and withdrawals are even faster than in a more traditional online casino!

Generally speaking, crypto casinos also accept deposits and withdrawals in FIAT (i.e. € or $). So crypto currencies are just another bonus in the online casino payment methods.

Online casino winnings depend on the value of a crypto

As you all probably know, the value of crypto currencies is constantly changing from one second to the next. Bitcoin can be $60,000 one day and $62,000 the next! However, nothing will change in relation to your winnings at an online casino. At the time of your wager, you will win an amount equal to the value of the Bitcoin at that moment. For example, if you win €10 on a bonus, then you will win 0.00018 BTC that day, but those BTC might be worth more in Euros the next day. The crypto casino will make you a withdrawal in BTC, regardless of its value in €.

So don't worry about the value of a crypto currency, it will not affect your winnings on an online slot machine, you will receive your winnings in crypto currencies equivalent to the amount in € won at the moment.

More chances to win with cryptos at online casinos

Some players may think that it is easier to win at online casinos by using crypto currencies. Unfortunately, this is completely false! Even though using cryptos can bring some advantages, it has no impact on slots, table games and live games: volatility, RTP and jackpots are not changed.

It should be recognized, however, that some crypto casinos offer games accessible only with crypto currency, so the RTP and volatility may vary from more traditional games.

Which online casinos accept crypto currencies?

Lucky7Bonus works with many online casinos that offer crypto currencies as a means of deposit and withdrawal. This is a definite advantage and if this article has managed to reassure you on the subject, don't hesitate to use this payment method at the best online casinos we recommend. In addition, Lucky7Bonus offers you the opportunity to take advantage of its exclusive offer with its 3 online casinos:

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About the authorClaude Gillet
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Since 2019, Claude has been editor-in-chief. His role is the most comprehensive, as he is responsible for publishing, editing and proofreading. All articles published on the site have been checked by him.

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