Crypto at the casino-what is a cryptocurrency?

Let’s start with the very basics first and take a look at what this with bitcoin and encrypted currency really is. It all started sometime in 2008 when bitcoin was created as the very first encrypted currency. The idea behind it was and is that it should be a digital and decentralized currency. Simply put, it means that there is no central authority or bank behind and controls the value of the currency, or the transactions that are carried out.

The source code is open, open source, and that means the code is available to anyone who wants to see, modify, and distribute it. And, as you know, transparency is highly valued in today’s society.

Are bitcoin and cryptocurrency safe to use at the casino?

Just as with anything that has value, cryptocurrency should also be used wisely. Some compare cryptocurrency to Gold; Gold has a value because it is in demand. The greater the demand, the higher the price of gold will be. It is the market that sets the price. The same goes for encrypted currency. Another similarity is that the gold can be used by whoever has it. Similarly, no bank or other institution can prevent you from trading bitcoin whenever and with whomever you want.

How can it be certain if no authority stands behind and guarantees its value?

This is a question that preoccupies many, but think about it, the fact that a government guarantees the value of the money that we spend is really quite new. Until about 1970, the money in circulation was associated with a value in gold or silver and the Central Bank had a stock of gold or silver to guarantee the value of the money.

But that is no longer the case, today the money has value only because there is a consensus between the authorities and the people who use the money that it has value and because we trust that it will continue like this. If the government and authority of a country get into the wrong hands, and examples of this are not difficult to find, then it will often mean that the country’s currency is falling, because the international markets are losing confidence in it.

A country’s political situation can of course also affect the price and confidence of bitcoin and cryptocurrency. However, this will be more indirect and the value is more likely to increase, precisely because then more people will seek a decentralized currency.

Cryptocurrency and bitcoin at Norwegian casinos

It is with Norwegian casino players as it is with most people, some of us do not like authorities to tell us what we can and cannot do with our money. Norwegian authorities, for example, do not mind that you play at a casino or that you play money games in general, but they want you to do it in the state monopoly. Ergo, if you want to play at an online casino with a better selection, with better RTP and not least better bonuses, then the authorities will do what they can to stick the wheels in for you.

One thing they like to do is use Norwegian banks as a means to reach you exactly where it hurts the most. This is done by blocking transactions between you and the casinos, for example by refusing to accept the withdrawals of your winnings. What happens then is that the money will end up in a kind of limbo for a while before being sent back to the casino. This may take a few days. Then you have to advertise to the casino and explain that the money has not arrived, then the casino has to look up the transaction and put it back in your player account and so you can make a new withdrawal.

This is avoided if you use alternative payment methods such as encrypted currency. If you do not want to use bitcoin and cryptocurrency then take a look at Muchbetter, Revolut or other suitable electronic wallets.

Our best advice is to choose a casino from one of our lists. These are tested by us, they offer games from licensed game developers and they operate under valid licenses.

Never make a deposit of cryptocurrency or of any currency for that matter, to a casino that is not licensed, that offers games from developers you have never heard of before or that you have not found featured on any UK casino magazine like ours.

How can you use bitcoin and cryptocurrency at online casinos?

Payment methods are dynamic and constantly changing in order to adapt to market requirements. However, you will often find at least two options for making deposits with cryptocurrency; one is, of course, to make deposits with cryptocurrency or bitcoin that you already possess. The most popular are bitcoin, bitcash, litecoin and etherum. But there are many more.

In order to possess cryptocurrency, you should acquire it first and you can do so in one of the many crypto trading markets. Make sure you choose one that is worthy of your trust. Coinbase is a good place to start. At a good crypto market, you will at all times see the value of the different currencies and want what value you can trade.

The cryptocurrency will then end up in a wallet. Perhaps your chosen crypto market will include one, if not then you will need to send the values to your local wallet. When you go to the casino and make a deposit, you will be given a wallet address to send the deposit to. When the deposit arrives at the casino, the money will in most cases be converted into your local currency or Norwegian kroner and you will be able to play with them. What is important here is that you are accurate when entering the address, you want to send to. A mistake here makes the money disappear. It will be a bit like sending money to the wrong bank account, you need to make sure that all the numbers in the bank account are correct.

Another possibility to make deposits with cryptocurrency is that at the casino you make a deposit with your regular payment card. This is then converted into the purchase of cryptocurrency by the payment processor, and then sent to your casino account in Norwegian kroner.