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Introduction
Cryptocurrencies have taken off across the online gambling industry and are nowhere to stop; the choices of cryptos you get as an online casino player are remarkable, and one of the newer digital currencies that is currently a hit among players is Solana. Launched only a few years ago, this crypto has already seen stellar success across all industries, the online gambling industry included. It is global, of course, and offers enhanced security and improved speed, the two things most already established cryptos were missing. Thanks to the many other perks it comes with, this is the it-crypto, the one to choose and use across online casinos. What is Solana and why use it as your online casino payment method?
About Solana
Solana’s history dates from not that long ago; in fact, this crypto went live only in 2020, but it is already the up-and-coming digital currency you'd want to consider using. Ever since the first mentions of its launch started appearing, it was known that the crypto would provide enhanced security and far improved speed, compared to other already established cryptocurrencies.
In fact, it was launched as a direct competitor to the second-best crypto on the crypto scene, Ethereum. As such, it is built upon a platform similar to Ethereum’s but with many other functionalities to provide an overall improved experience, including DeFi, NFTs and Web3. These might not mean much to you if not a crypto project user or a developer, but it is worth noting that the crypto comes packed with features that pros in the crypto scene appreciate.
What surely would interest you is that this is one of the most energy-efficient and inexpensive decentralized digital currencies, and above all, incredibly fast, created for mainstream use. It is actually one of the 12 eco-friendly alternatives to the very first crypto, Bitcoin, consuming a remarkably lower processing power than Bitcoin, and Ethereum for that matter.
Anatoly Yakavenko, one of its builders and co-founders, had a background in building mobile phone networks, and that’s why the crypto and its native token SOL are focused on scalability, and efficiency but above all, on experimenting with blockchain and tech in general, to be as effortless for regular people to use as possible.
So, the cost-efficiency and improved speed, along with the enhanced security, are the three things Solana stands out from the rest of the digital currencies on the crypto scene, that’s for sure. Thanks to the tried and tested proof-of-stake protocol first introduced with Ethereum, and Solana’s own innovation called proof-of-history, this crypto validates transactions for a fraction of a cent and with the speed of light. Add to this the fact that the crypto is also incredibly user-friendly, and there you have it – the perfect crypto to get started and experience with, to use it for all kinds of transactions across the internet.
Since it is decentralized, global, easy to use and cost-efficient, it goes without saying that this crypto became an instant hit across the online gambling industry. Its value is affordable so many players have already purchased their SOLs and are using them across online casinos. Even though the crypto is still considered a rising star across casinos, it is still offered across many, so in case you’re interested in getting started with it, continue reading, as we’ll take you through the steps next.
Getting Started with It
If you've ever used crypto before, you'll know what to do with this solution, as the process won't be any different than with any other digital currency. Getting started with crypto used to be much more complicated in the past, but nowadays, the process has been narrowed down to only a few simple steps, made even simpler with Solana. There’s no mining process involved here; you can purchase your coins using fiat currencies, or other cryptos for that matter.
As you know, you’d need to choose a crypto wallet, first and foremost, to store your coins at. And as you know, there are so many different kinds of wallets you can choose from, apps you can download on your mobile device for smoother access. Or, you can simply join any of the popular trading platforms like Kraken, Coinbase and Binance, and purchase and store your SOLs right there, on the spot.
Regardless of the way you go, you'd need to create an account with either the wallet or the exchange platform, entering a few simple details. Since visiting an exchange platform is inevitable, because, eventually, you need to actually purchase the SOLs, you'd need to sign up for an account with one. Then, you'd need to connect a payment method to the platform from the global payment options offered, credit, debit cards, eWallets, other crypto wallets, etc. Decide on your method, specify the amount of SOLs you’d want to get and complete the purchase using any fiat currency or even cryptocurrency of your preference.
Once you have your coins, you can start using them right away. Using your wallet address, you’ll be able to send and receive SOLs to and from online casinos in the blink of an eye. On that note, let’s go over the depositing and withdrawing procedures next so that you know the exact steps you'd need to make while using this crypto at an online casino.
How to Deposit at Online Casinos with Solana?
We made it pretty clear that this is a pretty new crypto in the online gambling industry, so it still hasn’t reached top popularity like other cryptos, but it is getting there. You’ll still find many online gambling sites that offer it, like Tiger Gaming, for instance, reviewed for you here at WizardOfOdds. Make sure you explore your options and join the site that suits you most, creating your account with it.
To make a deposit with Solana, you’d need to go through the following steps:
- Visit the casino’s Deposits/Banking page.
- Look for Solana on the list of accepted methods and click or tap on its logo.
- In the pop-up, you’ll be presented with the casino’s address. Copy it.
- Enter your crypto wallet and paste the casino’s address.
- Specify how many SOLs you’d want to deposit and confirm the transfer.
- In an instant, the SOLs will arrive on your casino balance!
How to Withdraw Winnings with It?
Sites that accept SOL for deposits also accept it for withdrawals, like Tiger Gaming we mentioned earlier. The withdrawing procedure is pretty much the same; only you look for the solution on the Withdrawals/Banking page and in the required space copy and paste your wallet address. Then, you need to specify how much you wish to withdraw and confirm your request.
As soon as the casino reviews your request, making sure you have no bonus terms and wagering requirements left unmet, it will send you your SOLs to your wallet address. Keep in mind that, as with any other crypto, transactions with this digital currency are irreversible, so when copying and pasting your wallet address, be extremely careful not to misspell anything. Your coins could get lost for good if only one letter or digit was entered wrong.
Fees and Limits
It was stated from the very beginning that Solana is incredibly cost-efficient and one of the most inexpensive digital currencies you’ll come across. Although fees do apply for each transaction, you’ll barely notice them, as they are not more than a fraction of a cent.
You can rest assured that casinos won’t charge you a fee for making deposits and withdrawals with it, but exchange platforms will. Upon each purchase, you’ll be charged a fee, depending on the platform you’re visiting, so before you choose the platform you’d want to go with, check the fees first, to join the one that charges the lowest fees.
Allowed Countries
There's no need to remind you that Solana is global, considering it is a decentralized currency that anyone from anywhere across the globe that has access to the internet can use it.
With that in mind, you should be mindful of any crypto restrictions implemented in your country of residence. While there are countries which have embraced cryptos, like Malta and Finland, there are also such countries which have banned or forbidden the use of digital currencies, like Russia and Turkey. So, if such restrictions apply in your country, you won’t be able to use the crypto; otherwise, you are free to do it.
Available Currencies
You’ll probably be able to use your native currency to purchase SOLs, depending on whether your native currency is available on the exchange platform you went with. Mainstream currencies like US dollars, Canadian and Australian dollars, euros, UK pounds and Swiss francs are always an option, so you could at least use those. Keep in mind that if your native currency is not an option, you’d need to pay a conversion fee to purchase your coins.
Now, of course, you can trade other cryptos to get some SOLs, so Ethereum and Bitcoin will always be your options via direct crypto-to-crypto exchanges, as will Bitcoin Cash, Dogecoin, and Litecoin, to mention a few more.
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FAQs
Is there an official website I could explore, and is it available in different languages?
As a matter of fact, yes. Contrary to many other currencies where an official website is not an option, Solana does have an official website with links to the communities and extensive pages on how to get started with it and blockchain as a whole, which you can explore in many different languages like Spanish, Italian, Turkish, Arabic, Suomi and Dutch, among others.
Are there any transaction limits when it comes to deposits?
On Solana’s part, do not expect any limits; on the casino’s part, however, do expect. Due to responsible gambling measures, transactions are capped at a certain amount, regardless of the method you’re using. So, you’d need to check with your chosen casino to learn all about the transaction limits imposed.
Can I use a desktop device to transact with this crypto?
Sure, why not? As long as your device is connected to the internet, you can use any device, be it desktop or mobile, to join an exchange platform and purchase your SOLs.
Will I be able to use Solana only across crypto casinos?
No, absolutely not. Regular casinos that don’t run entirely on blockchain also offer cryptos, therefore, you can rest assured that you’ll be able to use your SOLs in regular casinos too, not only crypto casinos.
How many casinos offer the crypto at the moment?
The exact number of casinos cannot be pinpointed as it grows by the minute, but you can rest assured that there is certainly a decent number of casinos that you could explore to join to transact seamlessly using the crypto.
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