How to Choose the Right Crypto?
How to Choose the Right Crypto? - What to Look for When Purchasing Cryptocurrencies
When we opened our virtual doors in 2017, Stake Casino was one of the first cryptocurrency casinos available. As crypto enthusiasts, we staked our bets on this exciting technology, believing in the power of decentralised finance and the opportunities it creates.
The entire cryptocurrency world might seem like a minefield that’s difficult to navigate, from non-fungible tokens and blockchain technology to crypto exchanges and the crypto market. However, when it comes to crypto gambling, it’s not that different from using a local currency (traditional currencies like USD, EUR, or GBP) to place your bets.
Whether you’re an online slot game enthusiast, here to experience the immersive gameplay of live dealer games , wanting to place a bet on your favourite sports or sit down to a virtual table game like poker or blackjack , it’s safe and easy to do so from your crypto wallet at Stake.com .
What Are Cryptocurrencies?
Cryptocurrency is a digital payment system that uses encryption to secure transactions and remove the need for a third party. It operates on a peer-to-peer decentralised ledger without a central governing authority. Users can store, send and receive crypto assets from anywhere in the world using a digital wallet.
Cryptocurrencies such as Bitcoin utilise technology known as blockchain, which stores data inside blocks. The network is maintained through a process known as mining, which also creates new coins. A lot of computing power is needed to solve complex mathematical problems and validate transactions. This process is known as mining. As a reward for this work, new cryptocurrency units are generated and added to the blockchain network .
As a Stake.com customer, you can securely deposit and withdraw funds with faster transactions and lower fees using digital currencies. It’s also possible to use virtual currencies to place bets and win real money.
What is Crypto Gambling?
Crypto gambling platforms operate in essentially the same way as betting with local currencies. The main difference is that crypto casinos require crypto payments rather than traditional payment methods to fund your account.
When you’ve funded your account and are ready to start a range of games from the wide variety of top game providers like Pragmatic Play , Twist Gaming, Titan Gaming and so many more, you simply select your wager amount in crypto coins using the game’s interface and collect your prizes in the same currency. Whether you’re into classic casino games or immersive adventure slots, crypto casino games offer the same great gameplay you’re looking for.
The key thing to remember is that cryptocurrencies are often more volatile than local currencies, so the value of your coins can fluctuate in keeping with their market value. Before you start gambling with crypto, it’s important to learn the basics of cryptocurrency, how it works and how to stay safe.
What Crypto Does Stake Offer?
A wide range of cryptocurrencies are available to fund your online casino account, including the most popular assets, such as Bitcoin and Ethereum. It might be daunting to try and choose which is best for you, so we concentrate on the big players to narrow down your choices and help you decide.
At Stake Casino, we accept payments from a range of crypto options, including the following most popular cryptocurrencies being used to play crypto casino games today:
Bitcoin Cash (BCH)
Ripple (XRP)
Tron (TRX)
Binance Coin (BNB)
USD Coin (USDC)
ApeCoin (APE)
Binance (BUSD)
Cronos (CRO)
Dai (DAI)
Chainlink (LINK)
The Sandbox (SAND)
Shiba Inu (SHIB)
Uniswap (UNI)
Polygon (MATIC)
Read more about each of the available cryptocurrencies offered at Stake on our blog.
Want to learn more about the cryptocurrencies used for betting? Discover popular coins, glossaries and crypto courses on learncrypto.com and take your crypto knowledge to the next level.
Technology and Security of Crypto Coins
Cryptocurrencies make use of a technology known as the blockchain. This is essentially a decentralised way of storing data, with data secured in blocks that are linked in a chain. The entire blockchain is shared between computers on the network, and any changes have to be validated before being confirmed.
The nature of the blockchain means that transactions cannot be faked or edited after they’re made. This ensures that the entire process of sending and receiving crypto assets is trustless, lowering costs and increasing security. However, because the data on each block can’t be edited after it’s stored, crypto transactions are irreversible.
Using cryptocurrency to send money and gamble online can be safer than traditional payment methods, as you don’t need to enter your bank details. However, you still need to take precautions:
Store your coins safely: Once you purchase your crypto at an exchange, you should store them safely in a wallet. Offline crypto wallets are the most secure, but if you need to access your coins regularly, an online wallet works well. You can also use the Stake vault for additional protection.
Don’t reveal your private keys: When you set up your personal crypto wallet, make sure you save your private key and keep it safe. Consider it like a password, which unlocks full control of your asset. Although you can share the wallet address safely, you should never share the private keys with anyone.
Beware of potential scams: As the crypto space grows, a lot of scammers and criminals have sought to take advantage of it. You should be aware of the dangers of phishing scams, and avoid giving out information about how much crypto you have or how you store it.
Tips for Choosing Cryptocurrencies
With such a huge selection of cryptocurrencies available to purchase, it can be confusing to know which one to choose. Here are a few tips to make choosing a digital asset easier for you:
Consider the use case: What will you be using your crypto for? Some cryptocurrencies offer unique advantages over others. For example, if you want to purchase crypto as an investment, Bitcoin has historically performed very well. However, if the volatility is too much for you, choose a stablecoin like USDT.
Using a trusted exchange: When you’re choosing a cryptocurrency to purchase, make sure you use a trusted and reputable exchange. Binance is one of the most popular, but the availability of exchanges might depend on which country you’re in.
Research before you buy: Always research a coin before you choose it, checking its historical price chart and performance against other assets. You should also see if there have been any issues with the coin, such as network outages or hacks.
Choose responsibly: When making a purchase, it’s important to always be responsible. Only ever purchase an amount of cryptocurrency you’re comfortable losing, and ensure you don’t get carried away by the hype of the crypto market.
Most Popular Crypto Coins for Gambling & Betting
There are a few different popular cryptocurrency choices for online gambling and betting, but the most common are Bitcoin, Ethereum, and Litecoin, as well as Bitcoin Cash. These are the most popular on the market and found on many other crypto gambling sites and Stake.
The good thing about using crypto deposits when playing your favourite online slots or sports betting at Stake is that once you’ve selected your crypto payment option, your online gaming experience will feel the same. Our selection of games, betting options, exclusive games and Stake Original games will all be available for you to play.
How to Buy, Deposit & Withdraw Cryptocurrencies on Stake
Easily deposit crypto units into your account to play online casino games by following these simple steps:
Step 1 – Retrieve your deposit address, located in Wallet > Deposit.
Step 2 – Choose the method that suits your needs.
Step 3 – Use your deposit address as the ‘send to’ location for your crypto wallet or exchange.
Step 4 (Optional) – If you wish to make a deposit via local currency, you can buy crypto for Stake via Moonpay and Swapped.com.
Setting up crypto withdrawals is just as easy at Stake. Just follow these steps:
Step 1 – Log into your Stake account and check your current balance.
Step 2 – Make sure you have enough to meet the minimum withdrawal amount.
Step 3 – Choose the asset you want to withdraw and then paste your personal cryptocurrency wallet address.
Step 4 – Check that you’ve selected a compatible network and then confirm the transfer
When you’re ready, you can use fast, easy and reliable platforms such as Moonpay and Swapped.com to buy your chosen crypto .
Stake offers live support to players via our customer support staff for help with issues like depositing and withdrawing units and more.
Learn how to use the Stake Vault to securely store your funds online for all future gameplay at Stake. You can also read our crypto security guide to learn more about keeping your funds safe and secure at Stake.com.
Responsible Gambling, Promotions & Stake Vip Club
To get the most out of your online casino experience, we recommend exploring our exciting casino promotions for new and existing players. We have a host of generous bonuses for new and regular players that could help you boost your wins when playing a variety of games, including our best online slot games .
If you haven’t already joined the Stake VIP Club , read up on how to join this exclusive club on our blog, and our FAQs page. Discover how you could earn members-only rewards such as having your very own dedicated VIP Host and bonuses like rakeback and reloads.
