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Cardano is a decentralized, open-source blockchain platform made to facilitate transactions using its internal cryptocurrency, ADA. It stands out from other blockchains because it uses proof-of-stake rather than proof-of-work to confirm and track transactions.
That’s pretty much the “dictionary definition.” If you’re just looking to use ADA in online casinos or other vendors, though, this info is meaningless. What you do need to remember is that Cardano was developed by one of the founders of Ethereum. The goal was simple – to streamline protocols and create a greener, more lightweight, and ultimately cheaper service.
It succeeded in that regard – at least on paper. Cardano proudly styles itself as a third-generation cryptocurrency, and its founders firmly believe that its proof-of-stake protocols are the future of crypto. Many experts in the field have their doubts, but that’s a topic for another day. For now, just remember that this is currently one of the largest cryptocurrencies in the world by market cap. However, it’s still not widespread among casino sites, trailing behind (arguably) much smaller coins such as Litecoin and Dogecoin in terms of availability.
On the other hand, ADA casino payments also tick all of the advantage boxes of cryptocurrencies. They’re almost instant, anonymous, available from anywhere in the world, and charge minimal fees.
The first thing you’ll need is a crypto wallet that can hold your ADA. There are many options out there, ranging from integrated exchange/wallets to cold storage and other possibilities. Do your research and set up a wallet that suits your needs and intentions. The choice matters because important details such as fees and transfer terms all depend on the wallet you opt for. Make sure to also consider other options for casino deposits and withdrawals. There may be something that suits you better out there.
Once your wallet is set up and funded, you can move on to the steps outlined below.
It’s important to remember that not all crypto casinos accept ADA. Moreover, not all wallets are capable of holding your Cardano currency. Therefore, you should be careful when selecting both the wallet and the betting site. Make sure to check for any limits, fees, or other terms before making payments to any casino. Additionally, keep an eye out for any bonuses that you can potentially opt into while making your first deposit.
The Cardano blockchain is used exclusively for its native ADA currency. You can only use ADA via this network, and the coins are not divided into any smaller denominations.
ADA is a relatively stable cryptocurrency, but you have to keep in mind the advantages and disadvantages of these new technologies. Namely, all cryptos are prone to rapid and volatile jumps in value. This can work in your favor – you may see your bankroll naturally swell in value in comparison to fiat money. On the flip side, you may also see the price tank. Investing in crypto is a bit of a gamble in its own right, which is one of the reasons blockchains became so popular in the first place.
Much like its peers, Cardano operates on a decentralized system. This means it’s not under the control of any bank or government. In practice, this means that you can use it from anywhere in the glove. In fact, cryptocurrencies are a popular method of sidestepping country restrictions and gambling regulations.
The main advantages of using Cardano can be applied to most cryptocurrencies. Payments are pretty much instant and accessible at any time, any place, no matter where you live. The system is completely secure barring human failure, which ensures your funds are safe and sound. Moreover, you can use Cardano to play casino games even if online gambling is illegal in your country of residence. In short, most countries do not consider ADA to be a legal currency, which means Cardano gambling isn’t legal gambling.
Compared to other cryptos, Cardano also boasts low fees and incredibly fast transactions.
Considering all of the above, the downsides are fairly obvious. You have limited customer protection in case you get defrauded or lose access to your wallet. Moreover, this crypto payment option is not quite widespread yet.
To illustrate our points, here are some pros and cons to using Cardano in online casinos.