Hot Cryptocurrencies Used at The Best No Deposit Casinos
Ready to make a deposit after your free play? Why not use cryptocurrencies?
By now you’ve probably all heard about cryptocurrencies – you know, no deposit Bitcoin casinos and all that. However, you might not know much about them and what makes them different from the regular old pounds, euros, or dollars you have in your pocket. Some of their special features make them ideal for online gambling and with new companies entering the industry with innovative new ideas, you know competing firms will try to lure players to their platforms with juicy deposit or no deposit online casino bonuses.
In this article, we’ll introduce you to some of the things that make cryptocurrencies great for online casino use. We’ll also give you some information about the different digital currencies you can use at online casinos today.
Why Cryptocurrency and Online Casinos?
Cryptocurrencies have some pretty unique attributes that make them ideal for use at an online casino. Unlike government-issued, fiat currency, they do not rely on a single point of authority. Trust is established through the network itself.
If you want to send dollars, for example, to a casino, you might not realise it but a lot of trust is needed to make that happen. First, you trust your own bank to actually start the transaction. Next the bank sends the money off to either a bank account held by the casino (if your casino is banked in the same country as your own bank), or through numerous banks if they are located elsewhere.
Now, the funds appear in your casino account seemingly instantly. In reality, it will be a few days before the casino operator can actually access the money sent. The bank tells them a transaction is on the way and they trust that their bank is telling the truth. Likewise, the bank itself trusts that the sending institution is also actually sending the money.
All this trust is expensive and time consuming. Cryptocurrencies get around this by relying on the network itself to finalise transactions. They use an elaborate incentive structure that makes them as good as impossible (this has never happened to Bitcoin) to corrupt with false transactions or “double spend” attacks.
Since the network itself does all the work and the network doesn’t care for imaginary lines drawn on maps, cryptocurrencies can travel across borders quickly and cheaply, with absolute finality assured in minutes rather than days. For gambling companies looking to attract a global audience this is very appealing!
Also appealing is the low price of cryptocurrency transactions. For a player to deposit, the casino doesn’t pay anything. The player will pay a small network fee to ensure their transaction is picked up by the network. This means that casinos save a lot of money by accepting cryptocurrency transactions. Visa fees alone will amount to a huge percentage of a traditional online gambling venues annual overheads.
When casinos save money, they can afford to be more competitive in the market. This often results in spectacular bonuses and increased return-to-player ratings on games.
Given that cryptocurrency casinos are so new, they also must try to attract players away from traditional online gambling venues. This encourages them to amp up their welcome bonuses even more. We’ve even seen whole Bitcoin (~$10,000) deposit bonuses in the past!
Which Cryptocurrencies Can I Use at a No Deposit Online Casino?
These days there are more than 2,000 different coins and tokens occupying the cryptocurrency market. Of course, online casinos don’t take payments in all of them!
So, which can you pay in? Well, for that answer, you’d need to check the individual terms and conditions of cryptocurrency-specific casinos. However, we can give you some information about the most commonly accepted ones today.
Being the most widely recognised digital currency, Bitcoin is also the most widely accepted cryptocurrency. This applies both to online casinos and every other industry that is currently experimenting with cryptocurrencies.
From a shady means to fund dissident whistle-blowing operations and buy drugs online, Bitcoin today is being recognised for its exceptionally hard monetary qualities. With a fixed limit on supply and a known and slowing release schedule, many pundits are calling it an emerging “safe-haven” asset.
Touted as digital gold and truly leaderless, the network’s incentive structure makes creating more Bitcoin impossible. There are 21 million and as long as the network keeps growing in power, there will only ever be 21 million Bitcoin.
In Bitcoin, the focus is on security not speed or cost. The premise being that only a truly secure network is capable of forming the backbone of a new economic system. Bitcoin developers are currently working on additional layers that will draw security from the current base layer but add micropayment solutions and other upgrades.
For now, the shortcomings of the Bitcoin network (slower and relatively expensive) may make it ideal as a means of capital flight from a struggling economy, but it does hinder its use in online gambling a little. That said, it remains by far the dominant digital currency used in the casino industry.
Litecoin was created shortly after Bitcoin. It was originally launched as a bit of experiment (long before huge attention was drawn to the crypto industry in 2013/14). Litecoin uses much of the same codebase as Bitcoin. However, it features a faster block time (transactions go through quicker) and there are many more units of Litecoin. Whereas there are 21 million BTC that will ever be mined, the maximum number of Litecoin will be 84 million.
Litecoin is a faster way to make a deposit at an online casino. However, there are some that doubt the point of the project at all. Whilst recognising the utility of Litecoin as a live test net for Bitcoin of sorts, they contest that such a network should not be worth billions of dollars.
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Ethereum is more than just a cryptocurrency. It’s programmable money. The Ethereum network popularised the notion of decentralised applications built directly on its blockchain. It’s still a bit of a work in progress at the moment, although some casino applications have been built on the network.
It’s common for developers to launch their own token via what’s known as an ICO on Ethereum. It’s sort of like unregulated crowd funding and many examples have been hugely successful. Once the proposed platform goes live (if it ever does), the tokens sold to investors during the ICO will often be used to play the games. However, Ether (the native asset on the Ethereum network) is also commonly accepted on such application.
That said, some casinos accept Ether tokens just as they do any other deposit. They don’t necessarily need to be built on top of the Ethereum blockchain.
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Ether users benefit from much faster transactions than Bitcoin users and they’re often much cheaper. That said, the network is nowhere near as robust. There have already been massive scale attacks that were successful against it. Once, the Ethereum Foundation even stepped in and encouraged a hard fork that would bail out those screwed over by a huge breach of security in an early smart contract. This caused many purists in the cryptocurrency industry to balk at the mockery the debacle had made of one of Bitcoin’s prime value propositions. Given the heightened attack surface when compared with the much simpler Bitcoin, it seems likely that similar attacks will be part of Ethereum’s future too.
Bitcoin used to be championed as being entirely private. However, that’s not the case. Although the network itself requires the user submit no identity documents to use it, blockchain forensics firms have become increasingly competent at linking an identity to a wallet address.
An additional concern with Bitcoin’s public ledger of transactions is that it exposes potentially sensitive financial information to people you transact with. Say you worked at a Bitcoin-focused company and you invoiced your boss. You would send them the public key to your wallet and he would send BTC to that address.
If your boss was the nosy type, he could easily search for your public key on a blockchain explorer and quickly discovered just how much Bitcoin you were hoarding. This, for many, is a big problem.
That’s where Monero comes in. Monero utilises advanced privacy technologies to cloak transactions. This makes them considerably more difficult (almost impossible) to link to an individual. Such features have made the cryptocurrency attractive to users of the dark web, hacking circles, and those that think financial privacy is a right.
Monero has also found use in online casinos. In some nations online gambling is illegal. However, using VPN software and a Monero-friendly online casino, players can gamble in as near absolute anonymity as possible. Similarly, people that just don’t want other people to know they gamble may also find utility in Monero. In some cultures, gambling may not be illegal but it is heavily stigmatised. Of course, we would never recommend flouting your local laws but it is theoretically possible…
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Published on: 2019/08/27