Cryptocurrency allows players in the Philippines to gamble safely using digital currency. Learn all about it in this full guide.
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Cryptocurrency – Guide
Cryptocurrency is a fairly new payment option that is slowly gaining ground in the gambling industry. Of course, there are plenty of online casinos in the Philippines now, and the best sites try to stay competitive. Hence why more and more cryptocurrency casinos emerge, where you can manage your funds using, for example, Bitcoin.
Although cryptocurrency casinos are a relatively new concept, more gambling enthusiasts are embracing the idea of using digital currency. So in this quick guide, we will take an in-depth look at cryptocurrency casinos. By the end you’ll know how they work, the advantages of using the digital currency, and how to acquire it.
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Cryptocurrency and Online Casinos
Cryptocurrency is a decentralized digital currency you can use to make payments – whether you’re paying for goods or services. Since there’s no tie to a central authority, such as a bank, governments cannot track or manipulate cryptocurrencies. Hence why they’re super secure and guarantee private transactions.
Paying with digital currency gives you the same experience as using your regular choices online. Moreover, the transactions are easy and fast to make. But with cryptocurrency, you get the additional advantage of anonymity. So, more and more real money casinos embrace crypto payments. Even if you don’t go to specialized cryptocurrency casinos, chances are you’ll find at least one crypto option.
How to Use Cryptocurrency at Online Casinos
Generally, there are two types of cryptocurrency casinos. First, there’s the crypto-exclusive casino, which deals exclusively with cryptocurrencies. On the other hand, there’s a hybrid casino, which accepts regular payment methods in addition to crypto. Basically, cryptocurrency casino rules are the same as those of regular online casinos. Hence payments go much in the same way.
Of course, you need to first purchase cryptocurrency using fiat currency. But to do so you also need to create a crypto wallet to store your cryptocurrencies. Then, you’ll need to sign up at your preferred cryptocurrency casino and enter the crypto address of your wallet. This will make it easier to manage your payments.
From here, just add cash to your casino account and choose the game you want to play. However, make sure to check the wagering requirements and withdrawal limits when dealing with cryptocurrency payments. Sometimes, the conditions might be different.
Most Common Cryptocurrency Options
Here are the most popular cryptocurrencies that real money casinos in the Philippines accept:
Bitcoin – Bitcoin was the first cryptocurrency to enter the market. It’s also the most popular cryptocurrency today. The main reasons Bitcoin is so popular are its speed, simplicity, and zero transaction fees.
Ethereum – This cryptocurrency might be fairly new on the market but it’s quickly becoming a players’ favorite. It’s built on the same premise as Bitcoin but with a faster transaction speed. Those who use Ethereum have praised it for being more efficient.
Litecoin – Litecoin launched in 2011. The goal was to create another decentralized network with faster speeds, making it a great alternative for Bitcoin.
Ripple – This is another common cryptocurrency that promises a clean and exciting gaming experience. Ripple offers high safety insurance and reduced resource consumption.
Tether (USDT) – One of the main reasons why Tether is popular is that it’s easier to convert to fiat currencies. Because of its liquidity players who cash out often prefer Tether.
Dogecoin – Dogecoin is another user-friendly currency as it is easy to transfer. Many people did not take it seriously at first, but it’s fast becoming a preferred payment method for online casinos.
Dash – Dash is known for providing fast transactions. In addition, its privacy levels are higher than those of Bitcoin so you can gamble anonymously.
Monero – The main reason Monero is a players’ favorite is its high level of privacy, fungibility, and decentralization.
There are hundreds of different cryptocurrencies. The list is very extensive and everyone can find a cryptocurrency that suits their interest the best. A fairly large part of the coins are used to pay for services in certain networks, but you can find that the most popular ones are used by online gambling websites and payment methods.
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Advantages of Gambling Online with Cryptocurrency
Here are the main perks of choosing crypto payments:
Privacy
Cryptocurrency guarantees high levels of privacy and anonymity. So, this means your personal details are safe from unauthorized third parties. In other words, crypto allows you to play at top online casinos without revealing your identity. Moreover, the transactions you make are not recorded on your bank statements.
Security
When gambling online, the security of your personal and financial details is very important. But besides using SSL encryption technologies, crypto is stored in cold wallets. They are not linked to any website, making it impossible for hackers to access your money.
Transaction Speed
Crypto casinos offer faster transaction speeds. Although instant deposits are common with most payment methods, the case for withdrawals is not the same. In simple terms, crypto allows you to get your money quickly.
Tax Exemption
Since the government does not track crypto, it means all transactions are exempted from tax. Of course, that’s a major perk especially if you’re lucky to win a lot.
Low or No Transaction Fees
Crypto transaction fees are either too low or non-existent, in comparison to fiat options. Moreover, some cryptocurrency casinos allow you to both deposit and withdraw free of charge.
How to Acquire Cryptocurrency
Unfortunately, you can’t just purchase crypto through your investment firm or bank yet. So instead, you have to go through a crypto exchange to exchange your fiat for your preferred cryptocurrency. But on the bright side, there are many crypto trading platforms you can use to buy cryptocurrency online. For instance, you can try Kraken, Gemini, or Coinbase.
Otherwise, it’s very simple. First, connect your bank account to transfer into your exchange account. After that, place your order for crypto. Most exchanges allow you to leave your crypto in your account. But you can transfer your investment to a crypto wallet for further security.
Conclusion
Cryptocurrency is quickly becoming one of the best payment solutions around the world. Gamblers, too, have the chance to make payments and withdrawals using digital currency. Because it guarantees security, anonymity, and fast transactions, there’s no doubt crypto will be the next big thing in gambling. Check out our casino reviews and discover the platforms that already allow Filipinos to pay with crypto.
FAQ
You can play a wide range of casino games using crypto. These include table games, slots, and even live dealer games.
This varies from one casino operator to another. Most casinos don’t have a maximum deposit limit.
Yes, as long as the operator is licensed you can play worry-free.
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