Doing business using cryptocurrencies as a means of payment has effectively taken the world by storm. There are entire countries adopting the idea of using it to pay for goods and services, with examples ranging all the way from El Salvador to China; it’s slowly seeping into our day-to-day lives.
On top of it all, giant corporations like Walmart are joining the parade, with some of the world’s richest inhabitants, like Elon Musk leading the movement. He has stated numerous times that one should invest at least a percentage of their net worth into crypto and has actively advocated for it in other ways, making it impossible to ignore.
If you are an avid bettor, you might have noticed many exceptionally designed crypto casino establishments are now accepting cryptocurrencies. With that said, you may be wondering how exactly to get started in this fledgling world of alternative payments as they relate to slot games. To help you navigate these waters, we have compiled some essential tips you can find below.
Table of ContentsToggle
1. Always Do Your Due Diligence
No crypto investments or casinos should be something that you ever rush into without first having done your due diligence. In this industry, there is a fair share of rogue casinos run by scammers and phishers looking to target newbies in the crypto sphere and avoid legal repercussions as allowed by the inherently anonymous nature of the crypto coins themselves.
Always be sure to read lots of users and independent reviews in order to make an informed decision about where to spend your money and avoid typical beginner hurdles and scams.
2. Decide on Your Chosen Cryptocurrencies
While certain casinos allow you to pay using a wide array of crypto coins, others only support certain ones, so it’s recommended to check the ins and outs of that particular token or coin.
As expected, Bitcoin and Ethereum are the most widely supported by far, but even these have their own advantages and disadvantages.
For example, a Bitcoin transaction may take longer to complete compared to certain altcoins, whereas Ethereum is known for having exorbitant gas fees (the amount you are required to burn to complete the transaction).
Most casinos, however, will support a variety of altcoins, so it is really a case of finding the site compatible with your portfolio and researching what you are getting into.
3. Try Out the Demos of the Games You Play
Most gamers are likely to be familiar with most of the games you can play on crypto casinos, and you will find that crypto slots follow a similar formula. However, in some cases, they may involve other features such as mini-games, wilds, and scatter symbols.
It’s a good idea to first try out the demo version of these slots, especially considering how crypto casinos usually allow much higher wages compared to casinos that accept traditional payment methods.
4. Seek Out Beginner Incentives
Just like regular online slots, crypto slots usually provide certain incentives and bonuses to new players. This might be anything from free coins to free spins that you will get as a new user in exchange for signing up for their service – although you should always make sure to read the fine print, as the bonuses can’t always be withdrawn without clearing the wagering requirements first.
5. Check the Crypto Address Carefully
As with any crypto transaction, you should always make sure to double or triple-check the deposit address information. If you fail to enter the correct address details of the recipient’s wallet, your coins could end up lost with no way to retrieve them.
Each crypto wallet has its own unique digital address.
6. Be Mindful of Volatility
Crypto volatility is one of the central controversies of crypto and something you should always be monitoring, especially if you’re on the verge of converting your fiat currencies so as to enter the crypto market at the right time.
Another way you may have come across the term’ volatility’ is when choosing what slot game to play. Typically, low-volatility games have smaller prizes but pay out more frequently. On the flipside, higher volatility games can pay in spades through massive jackpots. However, it’s almost always going to be at the expense of offering good odds.
It is ultimately up to the player to gauge the volatility of the coins themselves vs. the volatility of the games and make an informed decision based on that.
Cryptocurrencies are making a splash in the global economy and will continue to make headlines while adoption slowly but steadily grows for years to come. We have compiled a tips and tricks sheet to make it easier to understand what you’re getting into as a player, given the rather complex nature of crypto when compared to fiat currencies.
Joel is a whiz with computers. When he was just a youngster, he hacked into the school's computer system and changed all of the grades. He got away with it too - until he was caught by the vice-principal! Joel loves being involved in charities. He volunteers his time at the local soup kitchen and helps out at animal shelters whenever he can. He's a kind-hearted soul who just wants to make the world a better place.