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What is cryptocurrency payment?
Definition and example from our casino glossary.
Definition
A cryptocurrency payment uses a digital currency such as Bitcoin to deposit or withdraw at a casino that accepts it.
Some casinos accept deposits and withdrawals in cryptocurrencies, either alongside traditional methods or exclusively. Transfers are sent to a wallet address and confirmed on the blockchain, which can be faster than bank withdrawals. The trade-offs are important. Exchange rates fluctuate, so a balance can change value between deposit and withdrawal unless it is held in a stablecoin or converted to a national currency. Network fees apply, and a payment sent to a wrong address or on the wrong network is usually unrecoverable. Many crypto-only casinos operate under licences with limited player protection, or without a licence at all, and relatively few regulated markets permit crypto gambling. Licensed crypto casinos still apply KYC and AML checks, often at withdrawal. Check the licence, verify the deposit address and network carefully, and be wary of any site offering anonymity in exchange for unclear terms.