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Gamers here at Everygame Casino are increasingly using a cryptocurrency for deposits and withdrawals. So, it is a good idea to find out what all the talk about cryptocurrencies is about and how people are using them for online purchases, including deposits and withdrawals at online casinos.
We will take you through the simple steps of making deposits and withdrawals with cryptocurrencies, but first, we have to set up some background information and explanation.
Deposit is an Online Casino Term
We all know that to play at an online casino for real money, you have to make deposits. In the old days, people could give a land-based casino cash and receive coins or chips in return. At the end of the day or long weekend, players would cash out, giving back their chips and getting real money in return.
Gamers make 'deposits' to their casino account at online casinos. They don’t cash out at the end of a session. Instead, they keep the money in their account. So, online casinos need easy and safe ways to make deposits and absolute safety while the money is in the account at the casino.
Safety at an Online Casino
In terms of your money, an online casino is a kind of bank. That’s why we call depositing and withdrawing banking. All reasonably big banks are accessible online. That means that people can move money through their bank online.
So, all banks with an online presence are in the same situation as online casinos: they need to be absolutely safe. Banks and online casinos all use encryption software that scrambles data and makes it functionally impossible for hackers to access the data stored therein.
Many Ways to Make Deposits
Cash is not a deposit method at any online casino.
The most common method of depositing at an online casino, in the early days, was through direct bank transfers, debit cards, credit cards, or money orders. Money orders are passe, and debit cards have a much smaller footprint than they had before.
Credit cards and direct bank transfers are still popular deposit methods, but they have been overtaken by e-wallets and cryptocurrencies.
What is an E-wallet?
The E stands for electronic. This is an online bank of sorts that gives gamers more anonymity when they deposit and withdraw from an online casino. As it turns out, Everygame Casino still uses credit cards, but the e-wallet deposit method has been superseded by cryptocurrencies.
What is a Cryptocurrency?
This is not such an easy question to answer. You see, people have used money for many thousands of years. Until just recently, money was always a tangible asset. Even a credit card uses government money that we can touch and hold and put into a physical wallet.
A lot of people were reluctant to own or use cryptocurrencies when the first one came out just about 15 years ago. People simply did not understand what it meant to have a digital currency.
Cryptocurrencies play two important roles. First, it is not government money. It is entirely digital and doesn’t really need to have a physical form. It is not government money and was set up to counter the penchant of governments to print too much money.
The second role cryptocurrencies play is to be even more anonymous than ewallets. Many online casino gamers want as much anonymity as possible when they transfer money to or from an online casino.
So, now we have a situation where people still do not understand how cryptocurrencies are created, what they really represent, and how they work, but have started to get used to the idea of using cryptocurrencies for online transactions.
Cryptocurrencies Use Encryption Software.
This is also how online casinos and all online businesses that accept payments keep customers’ money safe. In the case of a cryptocurrency, you use encryption software to keep your own money safe.
To begin, you need a cryptocurrency wallet. Gamers who have gotten used to using an e-wallet will find the idea of a crypto wallet simple enough. The crypto wallet can be kept in the cloud or on any physical digital device, such as a desktop or laptop computer, or a mobile device.
The Cloud?
At this point, we want to point out that a lot of technological innovations have come along in the last 50 years or so, and most people have learned to accept them even as they don’t understand how they work.
There are a lot of things that we use every day without knowing exactly how they work.
The cloud is one of these tech inventions that many people use all the time and don’t know how it works.
So, you can have your encryption-based crypto wallet on the cloud! Welcome to the 21st century!
The Encryption Key
This is the irreplaceable “key” that unlocks your crypto wallet account. In most other modern contexts, people use the term “PIN”. We use our PIN at the supermarket every time we go there!
Your encryption key contains your identity and makes it okay for you to access your money in the crypto wallet.
Step by Step Depositing with Crypto
Now we have arrived at the easy steps you need to take to deposit with crypto. If you have already made deposits with other methods, you will see that if you treat a cryptocurrency as if it were dollars, euros, or any other “official” money, the process is almost the same.
The only real difference is political: crypto is an alternative currency to government money. And, as we said above, crypto is more private than going through your regular bank.
- Step one is to buy a cryptocurrency. You can do this at a crypto exchange. When you buy crypto, it goes into your crypto wallet also known as the Blockchain.
- Register at Everygame Casino.
- When you are ready to make a deposit, go to the cashier link.
- You will see several options for depositing with a cryptocurrency.
- At this point, you choose which crypto you want to deposit.
- Then, simply follow the instructions, and your deposit will be made.
Cryptocurrencies are Real Currencies
Some gamers think that because cryptocurrencies are not physical money that there is something exceptional about making a deposit with one. The exceptional part is that cryptocurrencies are real money even though they are digital and not physical.
Beyond that, there is no difference between a deposit in dollars or a deposit in Bitcoin.
In addition, you get all of the benefits that gamers who deposit with physical money get: over 400 games, lots of bonuses and free spins, a huge blogspace where we publish helpful articles like this one, and all of the convenience of online casino gaming as opposed to the by now old-fashioned land-based casino way of playing casino games.
To top it all off, we offer a great mobile gaming platform.