Cryptocurrencies are fast emerging as the most popular ways to make deposits and withdrawals at South African online casinos. Since they are uncontrolled by any bank, government, or financial institution, casino sites can offer them as payment options in unregulated jurisdictions without getting into legal trouble.
Check out the following list of the best crypto casino sites for SA online casino players, or read the cryptocurrency review below for more information.
What Are Cryptocurrencies?
Crypto casino sites are online casinos accepting deposits in cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash, Dogecoin, Litecoin, and many others.
There are two types of crypto casino sites—crypto-only casinos that support only cryptocurrencies and hybrid casino sites offering crypto and fiat payment methods.
Crypto-only online casinos have fast signup procedures and do not conduct verification procedures at the time of deposits and withdrawals. The absence of KYC procedures makes them great for players who prefer gambling anonymously.
Here are the various steps in a crypto transaction:
- To initiate a crypto transaction, you need a crypto wallet address, the amount you want to send, and the receiver's crypto wallet address.
- When you click on Send, your crypto wallet transfers the transaction details to the blockchain network
- Multiple computers forming part of the network get to work verifying the transaction details.
- The transaction undergoes multiple confirmations before it is added to the blockchain network.
- The funds reach your account after your transaction is confirmed.
- You may opt to pay a nominal fee to the blockchain network for speedy confirmation.
Setting up a Crypto Wallet
Crypto transactions require setting up accounts at crypto online casinos and creating crypto wallets.
You can choose from several varieties of crypto wallets, but the hosted crypto wallet is the easiest to set up. We call them "hosted" because third parties maintain the wallet. These third parties could be the exchange platforms on which you purchase cryptocurrencies using fiat currencies.
Here are the steps to set up a hosted crypto wallet:
- Choose a trustworthy host or platform like Exodus, Electrum, Guarda, Mycelium, or Coinbase.
- Set up a wallet by providing personal information and creating a strong password.
- Opt for 2-factor authentication to secure your transactions.
- Use fiat currencies to purchase Bitcoin, Ethereum, Dogecoin, or other cryptocurrencies.
- Keep your crypto money in your crypto wallet.
- You can now use your crypto wallet like electronic wallets like PayPal, Skrill, or Neteller.
- Transfer funds to other crypto wallets or receive crypto coins from other crypto wallets.
Benefits of Using Cryptocurrencies at SA Online Casinos
Here are the benefits of using cryptocurrencies to fund your SA casino gaming account:
Anonymous: Crypto transactions do not require your personal or financial information. They are truly anonymous.
Fast: Online casino deposits and withdrawals through cryptocurrencies are fast. You may pay a nominal fee to the blockchain network to speed up the transactions. Even if you don't pay a fee, your money will reach you within a few hours.
Safe & Secure: Nobody can modify the details of a transaction on the blockchain network without everybody on the network knowing about it. Crypto transactions are, therefore, safe, secure, and transparent.
Crypto Bonuses: Online casinos reward crypto depositors with generous crypto match bonuses. Also, they run several lucrative promotions related to cryptocurrencies.
Disadvantages of Using Cryptocurrencies at SA Online Casinos
Despite their many advantages, cryptocurrencies are not perfect as casino payment methods. Consider the following drawbacks of cryptocurrencies before using them to make online casino deposits and withdrawals.
Unregulated: Cryptocurrencies are uncontrolled or unregulated by any bank, financial institution, or government. Also, crypto-only casinos operate without licenses and process payouts without verification.
Volatile: The volatility of cryptocurrencies may leave an impact on your winnings.
No Limits on Deposits: The volatile nature of cryptocurrencies makes it impossible for online casinos to impose deposit limits on crypto transactions. Since you can deposit an unlimited amount using cryptocurrencies, you may find it difficult to control your casino spending.
In conclusion, cryptocurrencies as casino payment methods have several advantages. They also have drawbacks that may make you think twice before using them. They are the most cost-effective, safe, and secure options for players seeking anonymous deposits and withdrawals.