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Cryptocurrencies like Bitcoin and Ethereum are ruling the online gambling industry, but there’s a newer player in the game, Cardano, which has become particularly popular across online casinos. It is considered to be the third-best crypto, following the footsteps of Bitcoin and Ethereum, a next-generation digital currency that allows for super-fast and safe transactions with its native token ADA. It is quite easy to get started with and use, but most importantly, it is already available across many casino sites. Why use Cardano as your payment method across online casinos?
About Cardano
The story about Cardano starts in 2015, when the co-founder of Ethereum, Charles Hoskinson, decided it was time to leave the Ethereum team, due to differences with his colleagues, and set out to create a whole new blockchain, which would combine elements of the two previous ones, Bitcoin’s and Ethereum’s, with the aim to deliver a third-generation blockchain which would be a much improved and much easier to use. That’s how Hoskinson created Cardano.
Hoskinson and his new team of experts in crypto created the first global blockchain that we know of, which is actually peer-reviewed and developed by professionals with academic backgrounds. The team managed to summarize the pros and cons of previous blockchains so that they could use everything useful to create a new blockchain that would provide the best conditions for hassle-free and smooth cryptocurrency transactions.
Three big organizations are behind it, actually. The first one is an initiative that supports startups, developers and enterprises interested in developing blockchain solutions, Emurgo, then there’s the Hoskinson/Jeremy Woods’ Input-Output Hong Kong (IOHK) and its sister organization, the Swiss Cardano Foundation.
What’s special about the Cardano blockchain is that it was developed from scratch. Sure, it uses Ethereum’s smart contracts technology to ensure security and facilitates peer-to-peer transactions, just like Bitcoin. But, its data-driven approach is its strongest suit and the fact that it is constantly reviewed by peers. With this academic and data support, the transaction times it has managed to achieve have far surpassed Bitcoin's 4.6 and Ethereum's 15 to 20, as it can actually process 257 transactions per second! With that, it is faster than the first and second-based cryptocurrencies out there!
Its native token is called ADA, but it was launched in 2017 since Cardano's founders were more interested in perfecting the blockchain and its speeds before they launch the token. On a fun note, the token was named after the brilliant British mathematician Ada King, while the Cardano itself after the Italian polymath Gerolamo Cardano. Both were academics who proved that math can be of immense use for computer devices and programming itself, so the co-founders of this new crypto paid tribute to them both.
Now that you know how fast and secure the crypto is, you are probably wondering about its presence on the online gambling market. Well, considering its popularity and the fact that it is among the top 10 cryptos on CoinMarketCap, right after Bitcoin and Ethereum, Cardano has ensured its place among the offered payment methods across online casinos. You can rest assured that you will find it across a decent number of casinos, to use it for the speediest deposits and withdrawals. Continue reading to discover more about it and to start using it right away.
Getting Started
You can learn more about the technology and discover more about the research behind it, led by academics, on its official website. We don’t want to go into further detail at this point, since we already discussed the main points you need to know about the solution as a user, but if you’re interested in how it functions from a developer’s viewpoint, you are welcome to explore the website.
We are, of course, focused on how to get started with it and how to use it across online casinos. So, the first thing you need to know is how to obtain some ADAs. Since the solution does not work on the proof-of-work consensus model, ADAs cannot be mined, and consequently, you do not need to pay PoW fees. The network consensus is achieved through the wallets by staking pools and network nodes. The fees are charged by staking pools on the network and as such, they are cost-efficient, and the validators, the nodes ensure there’s an updated copy of the blockchain state at all times for verifying transactions, ensuring security. When it comes to fees, no memory costs apply tracking the blockchain’s state, but the other fees vary.
You will most certainly be charged fees when you actually want to purchase some ADAs, and these fees would be charged by the exchange platform you’re using. You can visit exchanges like Kraken, Binance, Coinbase and Gemini and purchase some tokens using BTC, ETH, USDT, BUSD, and USDC. This means that you cannot use fiat currencies, but you can only exchange stablecoins and Bitcoin and Ethereum to get the equivalent in ADAs.
Once you’ve obtained your ADAs, you’d need to store them on a crypto wallet. There are plenty of wallet options you can explore, such as Trezor, Ledger, Daedalus and Yoroi, so just join one of these and create your wallet account. You’ll get two addresses, one for staking and, of course, one for transacting. When all is ready, you can start using Cardano across online casinos.
How to Deposit at Online Casinos
We mentioned that 2017 was the year when Cardano launched ADA, so the token is pretty new across the crypto world. Hence, you should not be surprised to learn that the crypto is not as available across online casinos as Bitcoin and Ethereum are, which have been around for quite a while. But, the list of sites that do accept it is growing by the minute. Therefore, make sure you check out several sites that do accept it and create an account with the one that looks the best for you and your preferences.
To actually make a deposit with the crypto, do the following:
- Visit the casino’s Deposits/Banking/Cashier page.
- From the list of offered methods, locate Cardano’s logo, press it and the casino’s wallet address will appear on the screen.
- On the new page, log into your crypto wallet and specify how much you’d like to deposit.
- Copy and paste the casino’s wallet address in the designated field and press Send.
- The minute you do, the ADAs will arrive on your casino balance instantaneously!
Keep in mind that when transacting with Cardano, you would need to double, and maybe even better, triple-check the casino's address before you press Send. If you have one digit or letter wrong, the ADAs will arrive on a different wallet, your deposit won't arrive on your balance and you can never get your funds back since transactions with it are irreversible.
How to Withdraw Winnings
Withdrawing winnings would involve the same steps as described for depositing. Just keep in mind the irreversible transactions again, this time be even more alert because you'll need to provide the casino with your crypto wallet address when requesting a withdrawal. The casino, as soon as it checks and approves your request, will immediately send the ADAs to the given address, so if you've put one digit or letter wrong, you will never see your tokens arriving on your wallet.
It is worth mentioning that withdrawals are processed as fast as deposits are, meaning they are also instant. Therefore, you won’t need to wait for days to receive your winnings, and this is one of the many perks you’ll get for using Cardano.
Fees and Limits
We mentioned that the fees vary, those charged by the staking pools on the network of validators. That’s why when you visit its official website, find out more about the fees which apply as an ADA staker, but remember that no memory fees would apply. As this is one of your ways to obtain ADA, you should be clear that there would be some fees.
But, there would be fees when using the other way to obtain ADAs, too, when purchasing them from exchange platforms. All exchange platforms charge different exchange fees, so you must explore a few options before you decide on the platform to go with, which charges lower fees.
Allowed and Restricted Countries
It was established from the very beginning that Cardano is a global cryptocurrency, one that can be used by anyone, regardless of the country of residence. As a global blockchain initiative, hence, it is available to people from all across the globe, so it is an excellent option to use as an online casino since no country restrictions would apply.
Of course, you need to bear in mind that some countries have chosen to ban the use of cryptocurrencies and deemed them illegal. So, if playing from one such country, beware, as you might get in trouble if you get caught using this crypto online.
Available Currencies
We said that you can stake for ADAs and you can purchase them on exchange platforms. But the thing is, you cannot use fiat currencies to get a hold of some coins.
You would need to either use stablecoins like USDT, BUSD and USDC, or Bitcoin or Ether. Only if you’re a holder of any of these coins and stablecoins can you purchase some ADAs.
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FAQs
Is its official website available in many languages?
No. Considering this is a solution that anyone, from anywhere, can use, and is not oriented towards users from one country or another, it is only available in the English language, the globally used language.
Is there a Customer Support Service available on the official website?
In addition to offering a really resourceful and informative official website, the solution also allows you to get in touch with the teams of one of the three organizations behind it. As long as you complete the on-site contact form on the Contact Us page, you will get a direct answer from the members of the Customer Support teams of one of the three organizations.
Do many casinos accept Cardano?
The exact number of casinos that accept it at the moment cannot be pinpointed precisely, but you can rest assured that over two dozen casinos offer it as a payment method, and you can be certain that some of the top crypto casinos do. Therefore, do not expect problems when trying to find the most suitable site for you to join which accepts Cardano.
Can I deposit ADAs to my casino balance via my smartphone?
Sure, why not? ADAs can be purchased and used via mobile devices, so as long as you're playing at an online casino that is optimized for mobile play, just request the payment and follow the depositing procedure as described above.
What is the very best wallet to store ADAs on and use for seamless transactions?
Well, we mentioned some suggestions previously, but, currently, Daedalus and Yoroi are your best choices. These are the most popular among ADA holders, as they can be downloaded on any iOS and Android device and installed quickly, so you’ll get access to your tokens with ease, in just a few taps on your device.