Crypto in gambling and gaming part – Paying with cryptocurrency in online casinos

Passionate casino and poker player with interest in new games and innovative technologies. Passion for the German language.

Crypto casinos are becoming increasingly popular because they offer players a number of benefits. These include secure and transparent payment with cryptocurrencies and anonymity. For numerous German casino players, crypto casinos therefore represent a passable alternative to online gambling platforms regulated in Germany with fiat money.

Crypto casinos as an alternative for German gamblers

The State Treaty on Gaming (GlüStV) came into force in July 2021. The aim of the legal requirements is to monitor online gambling and protect users of the platforms from fraud and pathological gambling behavior. However, the GlüStV regulations have a reputation for being too restrictive.

GlüStV measures include:

  • Monthly deposit limit of 1,000 euros.
  • Maximum stake of 1 euro per game round
  • Five-second pause on slot machines per spin
  • Restricted bonus offers
  • No parallel play
  • Mandatory identity verification
  • Limited range of games

For many players, government monitoring and the accompanying restrictions go too far. The restrictions are perceived less as protection and more as paternalism.

More and more gambling fans are therefore looking around for alternatives. Besides using platforms licensed in another country, crypto casinos also offer a welcome option.

They offer financial transactions with cryptocurrencies that are not regulated and controlled by regulators, in addition to the anonymous play preferred by numerous players.

Regulated online casinos use common payment methods such as e-wallets, instant banking or even credit cards. However, these are also subject to government regulation.

In crypto casinos, cryptocurrencies such as Bitcoin, Ripple and Ethereum are accepted. However, except for the payment methods, a crypto casino hardly differs from other online gambling websites.

How do crypto casinos work?

People who have never had anything to do with cryptocurrency are likely to wonder at this point how one comes into possession of Bitcoin & Co. For this, a trading platform for cryptocurrency is first needed to exchange the fiat money.

Among the best known are etoro, Libertex, Binance and Coinbase. There, the user creates an account. He then links this account to the bank account to purchase digital currency.

Bitcoin, cards, slot reels, dice.

A bitcoin wallet is needed for transactions with digital currency in online casinos. (Image: shutterstock.com)
The second step is to set up a bitcoin wallet. This refers to a kind of digital wallet where the coins are stored. The customer then sends the cryptocurrency purchased on the trading platform to the bitcoin wallet.

In the crypto casino, the player selects cryptocurrency as a payment method and enters the desired amount. He then sends the coins to the web address of the online casino. The transaction proceeds in real time, so the amount is immediately available for playing.

Advantages of financial transactions with cryptocurrency in online casino.
Transacting with cryptocurrency comes with several advantages:

Little or no fees: Transacting with cryptocurrency does not incur any fees, unlike most other payment methods. Therefore, online casinos and bookmakers charge little or no processing fees.

Anonymity: Among the biggest advantages that crypto casinos offer is anonymity. Bitcoin transactions are not government controlled, unlike credit card transfers.

Online gambling and cryptocurrency: a look into the future.

Digital currency has already been around for a few years. Nevertheless, Bitcoin & Co still do not seem to have caught on for everyday use. Crypto is still likely to be seen by the majority of people as an option for investment rather than a means to pay for services or goods. Regulation of digital currency is also still in its infancy.

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