Cryptocurrency Explained for Casino Players

What Is Cryptocurrency: The Very Basics

Cryptocurrency is digital money you can send directly to an online casino, without going through banks or other financial intermediaries.

Crypto runs on a technology called the blockchain. It’s a decentralized, shared public record that’s checked and updated by computers worldwide; it’s not controlled by a single company or authority.

Every time you send crypto through the blockchain, you have to pay a network fee (also called a gas fee), which varies by coin and network. Most cryptocurrencies have a main network (called mainnet), but some of them can also be sent on cheaper or faster secondary networks.

Altcoins, Stablecoins & Memecoins

Bitcoin was the first cryptocurrency, created in 2009 by Satoshi Nakamoto. All other cryptos are altcoins; some are stablecoins (designed to stay close to the value of regular money), while others are memecoins (self-explanatory).

Why Crypto Works Well for Online Casinos

Crypto is a great match for online casinos because it removes many of the limits that come with traditional banking methods. Let’s take a quick look at the main 5 reasons players prefer using cryptocurrency to deposit and withdraw:

1. Better Privacy

Because crypto payments are visible on the blockchain and linked to wallet addresses rather than bank accounts, many online casinos don’t need to collect your full identity details from the start.

You can often create a casino account and deposit with just an email address or basic details like your country and date of birth.

Note: Full KYC (Know-Your-Customer) is still required at many casinos, especially for large withdrawals or security checks.

2. Fast Withdrawals

Online casinos usually process your cryptocurrency withdrawals much faster than fiat ones, often within an hour.

Meanwhile, fiat withdrawals, like direct bank transfers, can take several business days or even weeks.

3. Lower Fees

Because crypto goes straight from your wallet to the casino, with no intermediary, most crypto casinos don’t charge any deposit or withdrawal fees of their own. You only pay the network (gas) fee, which is usually just a few cents (e.g., a SOL transaction often costs around $0.0025).

By comparison, bank transfers and cash-to-courier payouts sometimes come with flat processing fees that can hit $30–$50 per transaction.

4. More Gaming Options For You

As cryptocurrency doesn’t rely on local banks, you can use it to play at international or VPN-friendly crypto casinos. This gives you access to a much bigger pool of gambling sites than if you only used traditional banking methods.

And that’s with no added fees for international transfers and none of the usual cross-border banking headaches.

5. Wallet-Based Play

Many crypto-friendly sites let you sign up directly through a Web3 wallet like MetaMask. This lets you skip filling out long registration forms. Your wallet basically becomes your login method.

Plus, casinos such as Telbet integrate with Wallet Connect, which lets you both sign up and deposit straight from your crypto wallet. Speedy, hassle-free, and very secure.

Which Cryptocurrencies Are Used in Casinos?

Almost all crypto casinos support Bitcoin, which is why they’re often called “Bitcoin casinos.” But in reality, most modern platforms accept a whole range of coins, sometimes dozens or hundreds of them.

Below are some details about the 5 most common cryptocurrencies you’ll see at online casinos:

Bitcoin (BTC): The Original Crypto Still Leads the Way

Besides having the highest rate of acceptance at online casinos, one of BTC’s biggest pros is its liquidity. Nearly all exchanges and wallets support Bitcoin, so it’s easy to convert your winnings into regular money or swap them for other crypto.

BTC’s main downsides are higher network fees and slower confirmations — the avg. transaction time is 10 minutes — compared to other coins. But these issues are a thing of the past at sites that support the Bitcoin Lightning network, such as Betplay and Betpanda.

Note: Online casinos often set higher minimum limits for BTC than for other coins. For example, at Jackpotter, you can deposit around $1 with SOL, while the minimum BTC deposit is closer to $14.

Ethereum (ETH): Modern & Fast Altcoin With Web3 Features

Ethereum is the second-most used coin for crypto gambling. It’s generally faster than Bitcoin, with transactions confirming in roughly 15 seconds to a few minutes.

That said, ETH gas fees can spike dramatically during busy network times. Sometimes more than BTC’s.

For the best experience gambling with Ethereum, look for sites (e.g., Cloudbet) that support Layer 2 networks like Arbitrum and Base. With these networks, the gas fees you pay for your casino transactions can stay well under $1, even during busy periods.

There’s more. ETH is popular with modern or new crypto casinos that like to push the boundaries of iGaming experiences. That’s mainly because ETH supports smart contracts, which online casinos can use — though few actually do — to automate things like game results and payouts.

Next-gen Ethereum casinos like Rollbit support withdrawals to smart contracts, and we hope to see this trend continuing.

Litecoin (LTC): Fast & Cheap Altcoin for Everyday Play

Litecoin is designed for fast, cheap, everyday payments, which makes it a great option for frequent casino deposits and withdrawals. LTC block times are around 2.5 minutes, and fees are usually just a few cents.

What’s more, LTC casinos sometimes run Litecoin-specific promotions. For example, during our Bspin review, you could get 10% extra when buying LTC directly on the site through their third-party partner, Changelly.

Tether (USDT): #1 Stablecoin for Online Gambling

Tether is the go-to option for players who don’t want their casino balance jumping up and down with the market. It’s pegged to the US dollar, so 1 USDT is designed to stay close to $1. This means you always know roughly how much your balance is worth while playing.

Tether casinos like BC.Game often set minimum limits for deposits and withdrawals at around 1 or 5 USDT or less, so you can play without committing a big bankroll right away.

Dogecoin (DOGE): The Meme Coin That Players Actually Use

Dogecoin started as a joke and somehow became a commonly accepted coin (especially among memecoins) at online casinos. It may not offer fancy features like smart contracts, but it has its charm, especially for casual players.

Part of the appeal of Dogecoin casinos is the fun, meme-heavy vibe, but the tech side helps, too. DOGE has much faster block times than BTC — about 10 times faster — and fees that usually stay under a cent.

Benefits & Limitations of Cryptocurrency

Like any payment method, crypto has its pros and cons. We’ll cover both, so you can decide if it makes sense for how you like to play.

5 Advantages of Cryptocurrencies

Here are the main benefits of using cryptocurrencies:

1. Strong Security: Crypto transactions are protected by cryptography and recorded on public blockchains, which makes them very hard to alter or fake
2. Cheap to Use: Sending crypto usually costs very little, especially on fast blockchains like TRON and Solana, where network fees are often just a few cents or less
3. Pseudonymity & Privacy: While your transactions are public on the blockchain, what’s shown is your wallet address, not your name or other personal details
4. Fast Transfers: Crypto transactions only require network confirmations, with no bank approval involved. While confirmation times vary by blockchain, fast networks like BNB Chain typically process transfers in seconds
5. Global Financial Access: To use crypto, you only need an internet connection and a wallet. This is especially useful for people who don’t have access to traditional banking

5 Challenges and Limitations

Here are the main drawbacks of using cryptocurrencies:

1. Volatility Affects Your Balance: Crypto prices can go up and down dramatically, which may affect your casino account balance. Yesterday’s casino winnings might be worth less if the market drops today
2. Busy Networks Aren’t Fun: When lots of people use the same blockchain at once, fees can jump from just a few cents to several dollars, and transactions may also take longer to confirm
3. No Room for Mistakes: Cryptocurrency transactions are final, so any mistake you make is permanent. If you send funds to the wrong address or choose the wrong network, it can cost you (literally)
4. Regulation Varies by Country: Governments treat cryptocurrencies very differently around the world. Some regulate and support them, while others restrict or ban them, which affects where and how easily you can use crypto
5. Technical Complexity: Managing wallets, private keys, and understanding transaction fees can be challenging, especially for newcomers

How Crypto Payments Work at Online Casinos

While there are a few different ways to do it, this is the most common way players use cryptocurrencies at online casinos:

Step 1: Create a Crypto Wallet

First, you need a crypto wallet. This tool stores your private keys, which give you access to your funds on the blockchain and let you send and receive cryptocurrencies.

Popular beginner-friendly options include MetaMask, Trust Wallet, and Best Wallet. 

Step 2: Buy Cryptocurrency

Next, you have to buy cryptocurrency. Most players do that through an exchange like Coinbase or Binance.

You can check out our comprehensive guide on how to buy crypto for gambling for more details.

Step 3: Choose a Casino That Accepts Your Coin

Now you want to choose a crypto-friendly platform that supports the coin you just bought. Popular options like BTC and ETH are accepted almost everywhere, but less common coins like DAI or PYUSD are only supported by certain sites.

If you prefer playing with smaller or niche altcoins, it’s often easier to start with platforms like BitStarz, which accept 500+ cryptocurrencies.

See our crypto casino reviews page for more recommendations.

Step 4: Top Up Your Casino Account

Sign up at the site you’ve picked and initiate a deposit. You’ll have to select your crypto and, in some cases, the network you want to use.

The casino will then give you a wallet address and a QR code. Send funds from your wallet to the casino using either of these (QR is more convenient for mobiles).

Step 5: Play Games

Once the blockchain confirms your deposit and your account balance is topped up, you can start playing whichever games you like.

If you’ve claimed a crypto welcome bonus, you’ll also have extra funds or Free Spins to play with, depending on the promotion.

Step 6: Withdraw Your Winnings

When you’re ready to cash out, request a withdrawal and choose your crypto and network again. Then enter your wallet address so the casino knows where to send your winnings.

Final Words

Cryptocurrencies are more than just today’s digital cash. They’re a full-blown financial revolution that’s changing the way we play, pay, and interact online — and that makes them a natural fit for online casinos.