Cryptocurrencies have largely changed the ways in which we function online. This absolutely includes how we have fun, and especially how we gamble. There’s an improved air of anonymity and privacy that helps you enjoy your favorite pastime hassle-free, but how does using crypto as chips influence raising your winnings? Here we’ll try to explain the whole process.
How Is Crypto Used In Casinos
Before we jump into analysis, it’s important to note that not all casinos are the same. Safety comes first, so it is crucial to choose an online parlor with a reputable licence and good reviews on the web. The best type of crypto casino will offer you safety, security and a host of cool games to play. They also boast minimal fees and almost instant transactions into your wallet. But how do those transfers from casino to wallet actually work?
Most usually, after registration on a sign-up page, you will be directly taken to the deposit page. Your wallet address will be the only piece of “personal” information you will take. So, once you are finished playing, you will move to the cashier/withdraw option, choose the amount and start the withdrawal. Simple as that!
How Do Withdrawals Work
There are a few steps in the process once you click withdraw. While things are usually fast and smooth, you have to keep in mind that these processes are all taking part in the background. First, there is the verification of the transaction. Blockchain needs to ensure that the movement of funds is verified and legit. This is the prime safety characteristic of the technology but it can take up to a few minutes.
Next comes casino processing the said transaction. While most casinos today are aiming for almost instantaneous withdrawal times, there are also ones where it can take up to a full day if there is a review that has to be done. Once that step is through, blockchain will once again confirm that the transaction is done. The speed of this, again, depends on the cryptocurrency of your choice. BTC and ETH are quite fast if there is no network congestion, so the average time is a few minutes. Altcoins are usually not as crowded, giving almost instant transactions.
After all that, your wallet will finally get the funds you won. This takes literally no time as your total will increase the same moment the blockchain network confirms the transfer.
What Can Influence Withdrawal Speed
Even in the same casino you’ll notice that you’ll need different amounts of time depending on some factors. A lot of those factors are actually dependent on the casinos. Surprisingly, time of day can be one of the biggest influences on the speed of the transaction. It’s not just about the congestion of the network, but there are actually online casinos that will only process these transactions during their appointed business hours. This is not very widely spread but it’s something to keep in mind. Other casinos will have internal policies about mandated withdrawal wait (such as up to 10 minutes, e.g.) because of their anti-fraud policies. These are very important with the rise of hi-tech cyberfrauds even in the blockchain world.
Still, the biggest factor for the speed of the actual transaction will definitely be the current status of the blockchain network, i.e. the network congestion. When things are busy on the blockchain, you can expect some delays with your withdrawals – but this also depends on the type of cryptocurrency, as previously mentioned.
If you’re just starting out and cashing out your first win you might get an extra layer of delay because of the Know Your Customer (KYC) or Anti-Money Laundering (AML) procedures. This is especially true for transactions with bigger amounts of crypto
How To Make Things Faster
There are a few things you can do to make your withdrawals smoother. Of course, as we already said, it’s important to play at good and respected casinos. Always do your research before depositing. See if any of the well-reviewed casinos you like offer instant withdrawal.
Players who value speed are recommended to choose cryptocurrencies with faster transaction times. Go for Litecoin rather than ETH or BTC. To avoid additional delays, make sure to do all the KYC procedures early and try to stick with smaller withdrawal amounts.
Conclusion
Although the additional layer of privacy is great, there are many factors that can influence the speed with which you can get your winnings from online gambling. Still, even when their speed is not up to par with real cash, crypto casinos do offer secure transactions over the blockchain that are very well worth an occasional delay.
