USD Coin Casinos
ofCryptocurrency based casinos have been an ongoing trend over the last few years. It feels like everywhere you look, another crypto platform is making its debut. Cryptocurrencies are enticing for online gamblers for a number of reasons, like bonuses, transaction times etc. That being said, the only thing about cryptocurrency that makes players wary of investing in this new currency is its fluctuating value. However, with USDC, you can enjoy the stability of a fiat payment method, along with all the benefits of a cryptocurrency. This stable coin is cheaper and faster than your average banking options, without any of the usual risk involved. In this article, we're going to discuss USDC and its impact on online gambling!
USDC Basics
To go over the background of USDC, in 2018 an open-source technology organization called CENTRE created a stable coin, much like Tether or USDT called USD Coin. This company was co-founded by Coinbase and Circle, and their dream was to create a stable coin that could be used worldwide in collaboration with businesses (and regular people) everywhere. The purpose of USD coin is to move money globally, quickly, and more cheaply than they ever had before. That might seem like a tall order, but they were able to exceed in ways they never anticipated. Coinbase stated their mission was to create an open financial system for anyone in the world, and they succeeded at this mission by creating the USD Coin. Crafting a fast moving coin with the stability of a fiat currency was a dream come true for many of us.
This coin has the same value as a US dollar, thus you can redeem one USD coin for one US dollar. The major complaint regarding crypto currencies was always the volatility of the cryptocurrency, and that's one of the reasons why Bitcoin remains something players who need guaranteed stability associated with their cryptocurrency often turn down.
USD Coin runs on the Ethereum blockchain, which is a programmable and decentralized blockchain. You can store your USD via your Ethereum compatible wallet, and you'll be fully backed by reserved assets. This is a licensed and regulated financial institution. Meaning, it's fully legitimate, and they're even required to report their reserves to the US government. If you don't have a bank account but still want to make transactions using the US dollar, you can use USD Coin.
Coinbase often describes this coin as a programmable dollar. It can introduce you to a world of possibilities, especially if you're a business owner, or in the case of this article, an online gambler. This stable coin makes lending a transparent process. It also ensures that payments will be both faster and more inexpensive. It doesn't take much to create an account and start storing your funds. If you don't have a regular bank account, and find yourself limited in ways regarding making transactions of all sorts, you can use USDC to store your funds. You just need a digital wallet, and a mobile phone. You'll join a community of blockchain-based open financial systems, while not veering too far away from traditional financing. Stablecoin is the same price as a reserved asset.
In August of 2021, more than $20 billion in USD coins were minted. That makes this stable coin the second-largest worldwide behind Tether. That being said, this virtual currency is taking the online gambling industry by storm. Cryptocurrency is already popular when it comes to regular online gambling, offering faster and fee-free transactions, which greatly opposes the fiat payment method gambling experience. This coin is the solution to the instability around crypto-gambling that worried players initially. It can be used in online casinos everywhere. So let's discuss in great depth the perks of gambling with USDC along with any downsides.
First Steps
There is no real limit when it comes to USD Coins. You can purchase as many as you want using US dollars at any exchange, similar to Coinbase itself, along with Binance, BitFinex, Poloniex. Since you can hold stable coins in any ethereum compatible wallet, there are few limitations. Before you begin, you have to create a Coinbase account. If you don't yet have an account, go to the exchange page, and you can convert your coins at a ratio of 1 dollar for 1 USDC. You won't need to pay any fees. After you've purchased your coins, you can use them at accepted cryptocurrency establishements, including stores and online casinos. You can also convert them back to regular US dollars with the aforementioned Coinbase account.
You can also accumulate rewards just for holding USD coins in your Coinbase account, too. Every US citizen is eligible to earn rewards as long as you have at least a dollar in your account, and have a verified Account Level 2 Coinbase account. All US citizens can earn rewards unless you're a resident of Hawaii, where the promotion is excluded. You will automatically opt into the rewards program, and the higher your balance is, the more your rewards will be. Your rewards are distributed into your account within the first five business days of each month. You will need to download an Ethereum compatible wallet on your smartphone, create your account, and you can begin storing your stable coins. Once your coins are nestled safely into your account, you can use them at a variety of online casinos!
Legalities of USD Coins
All of this sounds great, but you might be wondering about the legality of USD coins. We're going to undercover all details regarding the legality of these coins, along with the overall notion on cryptocurrency worldwide. Unfortunately, most countries cannot currently agree on the subject. There is no clear consensus regarding whether cryptocurrency in general is good or bad. Many countries are supportive of cryptocurrency and see all the benefits of it, while other more traditionalist countries have turned their backs on cryptocurrency and want nothing to do with it. Since cryptocurrency is so polarizing, you have to look at the legalities related to cryptocurrency from country to country. In some countries, it's so utilized it competes against traditional payment methods, while it's flat out illegal in some countries.
There are countries that take cryptocurrencies to extremes, either loving it or hating it, but there's often more nuance in general on the whole topic. For example, in the US cryptocurrency gambling is legal. However, the US is complicated because multiple states have their own unique legislation, so the crypto laws vary from state to state. You'll want to look up all the laws related to the state you live in if you're a US citizen.
Depositing with USDC
The online gambling industry is often among the first to adapt to changing times, and will eagerly try out new technology without hesitation. That's why online cryptocurrency gambling is as popular as it is. If you're looking at crypto-gambling with USDC, you'll be happy to know this currency is accepted at most reputable online casinos along with a variety of other digital currencies. Before you begin, find yourself a stable licensed online gambling platform with a strong presence and a good reputation. After you've found a licensed casino, you can make your deposit! To make a deposit using stable coins, go to the Banking/Cashier/Payments page. Click the USDC logo and tap it. Login to your wallet and specify how many coins you want to deposit, enter the casinos deposit wallet address and confirm your transaction!
If you want to make a withdrawal, you can quickly withdraw your winnings and transfer them to your wallet. You want to make sure to use the same solution to withdraw as you did while depositing. The procedure will be simple and seamless. You just need to enter the wallet address and let the casino know where to send your coins. Compared to other payment options where withdrawals often take several days, USDC coins will be withdrawn and delivered to your wallet in several minutes.
Casino Games and USD Coin
Cryptocurrency has had its ups and downs when it comes to how the public views these alternative payment methods. Some businesses see crypto as a poor investment, and that includes some of the industry's biggest online casinos. Many of them are traditionalists who prefer not to take risks with new technology. Sometimes that means you might be limited in the crypto games you can play. While not every game title is available to play using cryptocurrency, a lot of popular titles utilize cryptocurrency and allow you to gamble via USDC. In fact, numerous popular game studios are cryptocurrency friendly! Some of these game studios are BetSoft, Habanero, Endorphina, Yggdrasil, Vivo Gaming, and Wazdan. If you're a casino regular, you are likely to recognize many of these brands, as they're often found on many popular platforms and supply some of the industry's most talked about games.
One of the reasons stable coin is so lucrative is because there are no fees associated with transferring your dollars to USD coins. However, the Ethereum blockchain has been processing an enormous amount of transactions recently, which has naturally resulted in higher fees. However, if you upgrade to the ETH2 blockchain, you can reduce these fees.
Since USDC is a cryptocurrency, there are actually no region-related limits regarding how it is used. You have to convert US dollars into USDC regardless of location. Obviously, US citizens would be able to benefit most from this, as they can enjoy Coinbase Rewards while using stable coin. However, this doesn't mean other countries cannot use USDC either.
Since USDC is a stable coin designed by Coinbase and Circle, if you have any issues while making transactions, or just need more information about the currency in general, you should visit their official website. Circle itself has a dedicated support page focused on stable coin, and Coinbase has a guidelines page where you can learn more about the specifics of this cryptocurrency. You can also contact the casino you are gambling at, as they often have customer support service and can assist you in making withdrawals and deposits, and, in general, will be able to help you out with all matters related to banking.
Pros and Cons of USD Coins
When it comes to basic cryptocurrency fundamentals, USD Coin doesn't differ much from Bitcoin or any other popular cryptocurrencies. So you can expect the usual benefits of depositing and withdrawing using crypto. There are plenty of upsides to depositing cryptocurrency on an online gambling platform. That being said, USD Coin comes with some unique benefits you'll have access to as opposed to other cryptocurrency methods. These benefits will not suit all players, though.
Anonymity and transparency is one of the reasons cryptocurrency is so popular. Every online gambler wants proper protection for their money, and currencies like USD Coin operate using a crypto wallet. Since these accounts don't require any personal information, you can easily hide your identity from any malicious hackers and scammers who would attempt to abuse such data otherwise. All transactions are registered via the blockchain ledger, so you can even view an operator's transactional history before registering for an account, or taking any risks involving their platform. This can guarantee you a new level of safety.
Another reason cryptocurrency is beloved is because it's easy to use. Speed and convenience are a solid reason to give cryptocurrency in general a try, and compared to most online casino banking options, it's significantly faster. Bank cards, bank transfers and e-wallets typically take days to process, as opposed to cryptocurrency where the most it'll take is a few hours. The utter convenience of cryptocurrency is obvious, and since this platform operates digitally, you can access instant banking at all hours of the day, seven days a week.
All of these benefits apply to cryptocurrency in general, but let's dive into the specific benefits of USD Coin. USD coin is wildly praised for its stable coin status. The fact the pricing of USD coins doesn't fluctuate the same way most cryptocurrencies do is nothing to overlook. One USD coin is the same as 1 US dollar, so in general the currency doesn't come with the same risks most cryptocurrencies do. However, another reason many players choose USD coins is because specific casinos will often include bonuses for USD coin users. In order to encourage cryptocurrency players to join a platform, many of those casinos offer special bonuses for players who use USDC. Bonuses that result from using USDC include free spins and even cashback offers you can claim! It's easy to be seduced by these aforementioned bonuses. However, you'll want to make sure to review all terms and conditions related to the platform.
Of course, it's not all fresh air and roses. Even USD coins based online gambling come with a few cons. You should keep your eyes peeled for scams, as cryptocurrency gambling can be an avenue for scammers and con artists, especially if you are uninformed about crypto as a whole. Scam casinos are rarer these days as opposed to in the past, but you want to keep your eye out on the cryptocurrency market. You don't want your crypto coins to be stolen, or your personal information. Keep your eyes peeled for any illegitimate-looking platforms, and take any necessary steps to verify a platform is legitimate. Cryptocurrency is newer than fiat payment methods, so you'll want to take some time to study crypto and learn the nuances of the currency. Considering the attention span of the average person gets shorter and shorter thanks to a lot of different factors, this can be hard for some. However, you don't want to hop into the world of crypto gambling without some knowledge. If you know more about cryptocurrency in general, it'll be way easier to spot potential scams.
USD Coin Bonuses
A number of casinos offer USD coin-friendly bonuses, and so we're going to close out this article by listing some of the USD coin-friendly bonuses you should be aware of. These are sign-up bonuses you can snatch up when you register for a new platform!
Reel Fortune gives out a $50 sign up bonus for new players. You have to make a deposit of $25 to claim this promotion, and the offer comes with a 26x wagering requirement that needs to be beaten in order to withdraw your winnings.
NetBet Casino awards a 130% bonus valued up to $500 when you sign up, and this offer comes with a 35x wagering requirement. CryptoGames gives out a 100% bonus valued up to $10,000 when you deposit with USDC. There are also cashback promotions as well, like CryptoWins which offers a 7% cashback bonus. Highroller Casino gives out a 300% bonus valued up to $1000, and the popular Wild Casino awards 320% bonus valued up to $3000 on your first cryptocurrency deposit.