The world of crypto has never been so exciting. With Bitcoin hitting another all-time high, crypto becoming more and more available, and exciting tokens being created all the time, there seems to be no end to the growth of crypto – the future is truly bright.
More and more games are utilizing blockchain technologies in the gameplay, as a currency within the game, and as a means of payment. If you haven’t started using crypto payments yet, today’s the day. Tag along!
Benefits of Using Crypto for Making Payments
People have many different reasons for wanting to use crypto, but in general, there are 3 main benefits that anyone can appreciate:
You can enjoy instant withdrawals with Bitcoin. “Online casino crypto withdrawals and deposits often occur almost instantaneously. This is because they skip the traditional banking delay; you’re not waiting on an institution to approve the transactions,” writes Andjelija, crypto and iGaming expert on Cardplayer.com.
Low fees on transactions. Cryptocurrencies are known for the low fees they offer on payments. Forget high currency exchange fees and other expensive costs associated with other types of international payments.
A safe and anonymous way to pay. You don’t have to give out any personal information to pay using crypto. All you need to send money is the wallet address of the receiver.
Getting Started With Crypto
If you’re new to crypto, you’ll probably want to start using what’s called a hot wallet. A hot wallet is hosted online, and is therefore not quite as secure as an offline wallet, also called a cold wallet. As a general rule, a cold wallet is a better idea for long-term storage while a hot wallet works well if you’re constantly sending, receiving, and exchanging crypto.
Several popular cryptocurrency exchange platforms offer users hot wallets; Binance, Kraken, Coinbase, and Crypto.com, just to name a few.
In this guide, we’ll use Binance, known for its low transaction fees and beginner-friendly interface. To sign up on Binance, head over to the website or install and open the Binance app. You can register by filling out the forms or taking a shortcut by logging in with your existing Google or Apple Account. You might need to verify your identity.
Once that’s done, you’ll add funds by purchasing a stablecoin like Tether (USDT) that you can use to buy BTC, ETH, or any other coin available on the platform. Now you’re ready for the last step – making a payment with crypto.
Making Your First Crypto Deposit
To send money, you’ll need the recipient's address. This address will look like a long string of numbers and letters that you can copy, often accompanied by a QR code you can scan if you’re sending money through your phone. Assuming you’re trying to make a payment to a casino, you’ll first need to sign up and choose Bitcoin as a payment method to be presented with this address.
Log in on Binance, and locate the “Withdraw” option. Click that, and select the cryptocurrency you wish to send. You’ll then enter the aforementioned wallet address (or scan the QR if you’re doing this on your phone.) Finally, type in the amount you want to send and submit!
Always double-check the address – if you send crypto to the wrong address, it will be lost forever.
Final Thoughts on Payments With Crypto
From user anonymity to the immunity to deflation and its decentralized nature, crypto offers many advantages as a payment method. Gaming is the perfect, low-stakes environment for a beginner to start exploring crypto and other blockchain technologies. Welcome to the world of crypto – we hope you enjoy your stay!
