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Cryptocurrencies are currently the hottest assets used across online casinos, and the one that’s trending at the moment of writing is the USD Coin. This is a stablecoin, a type of digital currency that combines the best of two worlds: the stability of fiat currencies and the perks of a cryptocurrency. That’s because it always has the same value as the US dollar, meaning one USD equals one USDC. As such, it is becoming increasingly popular across online casinos, used by those players that are interested in transacting with crypto but afraid of cryptocurrencies’ fluctuating value. If one such player, make sure you stay with us to learn how to use it to make safe and fast deposits and withdrawals. Why use USD Coin across online casinos?
Getting Started with USD Coin
USD Coin (USDC) is a stablecoin created by Circle and CoinBase, co-founded by CENTRE, an open-source tech organization, in 2018. These teamed up in order to create a simple solution that could connect financial institutions, currencies, businesses and people all across the globe. The idea was to create a solution that would help people move money worldwide in a cheaper way than the conventional ones, and faster.
The founders wanted to deliver the world an open financial system which anyone can use, so they created this fiat currency-backed asset, which provided the best of both worlds: the stability of the fiat currency and the perks of the cryptocurrencies, meaning the speed and cost-effectiveness when it comes to the transactions themselves. As such, USD Coin is a stablecoin whose value does not fluctuate but is always the same as the US dollar. With that, the volatility that usually goes with cryptocurrencies is eliminated and one USD Coin always equals one US dollar.
Considering it is still a cryptocurrency, it runs on the Ethereum blockchain, meaning it is still an Ethereum token, running on the decentralized and programmable blockchain. So, to use it, you would need to have an Ethereum-compatible wallet address, and as long as you have, you can do anything you want with the asset. But this asset is special because it is backed by fully reserved assets. It is regulated and licensed by financial institutions that report to the US government since it is fully backed by the US dollar. So, with it, even though you do not have or prefer not having a bank account, you'll get to still transact using the fiat currency. You’ll just need a digital wallet and a mobile device to join the system and still use the services offered by traditional financing.
Lending with it is more transparent and paying with it is faster and cheaper, since, as CoinBase describes it, it is a programmable dollar unlocking new worlds for both applications and businesses. What’s more, developers can use just one line of code to create accounts with it and store money. Providing so many benefits to those interested in using it, it should come as no surprise that it is the second-largest stablecoin, right behind Tether. As of August 2021, reports say that more than $20 billion have been minted in USD Coins, so you should not be shocked to learn that being such a hit, the USD Coin has also become a hot piece in the online gambling industry.
Getting started with it is extremely easy, as is using it across online casinos. All you’d need to do is purchase as many USD Coins as you have in US dollars to spend. You can do the purchase on any exchange platform like Poloniex, BitFinex, Binance but also CoinBase itself. And you’d need to store the stablecoins on an Ethereum-compatible wallet. Any such wallet would do, as would any exchange platform, considering its ecosystem is huge.
So, first, create an account with an exchange platform. Say, you've gone with CoinBase. Then, go to the exchange page and at a ratio of $1 US dollar for 1 USD Coin, purchase the stablecoins. The purchase will be fee-free! Then, just download an Ethereum-compatible wallet on your mobile device, install it and after your wallet account is ready, store the stablecoins on it. From there, you can use the wallet and the stablecoins to make online payments and purchases wherever you want, across online casinos, too.
But before we move on to the steps you need to make for depositing, let us tell you that if you’ve actually holding your stablecoins on your CoinBase account, you'll get special treats. As long as you're a US citizen (but not a resident from Hawaii), you will be earning rewards if you have a verified Level 2 account and at least one USD Coin on your account. If you're meeting these criteria, the higher your balance is, the better the rewards you'll get. You are automatically signed into the Rewards program, and you get your rewards on your account in the first 5 working days of the following month.
How to Deposit Using USD Coin
Being a rather new crypto on the market, launched in 2018, and quite an interesting asset, the USD Coin has not yet gained momentum across the online gambling industry, but there’s already a decent number of casinos that accept it. These are basically casinos that already accept a variety of other cryptocurrencies, so if you have an account with such a casino, look it up. If not, make sure you explore your casino options and join one that offers the USDC. The moment you do, you’ll be ready to make your first deposit.
To fund your online casino balance with the stablecoin, follow these steps:
- Visit the casino’s Cashier/Payments/Banking page.
- Look for USDC’s logo and press it.
- In the new window, log into your Ethereum-optimized wallet.
- Specify how much you’d like to deposit.
- In the designated field, if not pre-entered, enter the casino’s wallet address.
- Confirm the transaction and nearly instantly, the stablecoins will arrive on your balance.
Is It Possible to Withdraw Using USD Coin?
Withdrawals with the USD Coin are not only possible but also incredibly quick. If the casino you've chosen accepted it for deposits, most likely, it will also accept it for withdrawals, so look for the solution on the Withdrawals page or section.
The withdrawing procedure is quite similar, but after you specify how much you’d like to cash out, this time, you’d need to enter your wallet address in the designated field. As soon as the casino confirms your request and approves it, the stablecoins will be on your wallet within minutes! That’s right, even withdrawals with this solution are super-quick, and you won’t need to wait for days to get your stablecoins on your wallet.
Benefits of Using USD Coin
The entire idea behind the USDC was to provide users with the major benefit, to enjoy the stability of a fiat and take advantage of the perks of a digital currency. So, we cannot ignore the fact that this is the first and most important benefit you’ll get for using the stablecoin.
The fact that you’ll avoid the crypto volatility and enjoy the stability of the US dollar makes the stablecoin the perfect solution to use by those users who don’t have or don’t want to have a bank account, still want to enjoy traditional financing through a simple digital wallet and mobile device.
The stablecoin is becoming accepted across many online casino sites, and it can be used for both deposits and withdrawals, quick ones, if we may add, processed within minutes after being confirmed. To add to that, you need to pay no fees to purchase your stablecoins and the process of using them across the online gambling industry is so simple and easy.
Transaction Fees & Currencies Accepted
We mentioned earlier that when purchasing your USD Coin with the US dollar, you don’t need to pay any fees. But there is something else you need to know here, other than the fact that you can actually purchase the stablecoins with US dollars and no other fiat currency would be an option.
You should know that the Ethereum blockchain has been overloaded in recent years, so consequently, this has made the stablecoin a bit more expensive to use, with fees charged for some services you’re using with it. But, if you wish to avoid these costs, you can always upgrade to Ethereum 2.0 (ETH2) blockchain, as this is the newest way around the costs.
Popular Countries for This Method
If you’re a US citizen with a verified Level 2 CoinBase account, when using the stablecoin, you’ll get many perks. As mentioned, you’ll be part of the Rewards program and the more US dollars you’re using to purchase your USDCs, the better rewards you’ll get. But that’s not the only reason why the stablecoin is actually so popular in the US. The fact that online casino players from the US won’t need to pay currency conversion fees but can use their own country’s currency to purchase the stablecoin, is what makes the solution so exciting for these players.
You should know, though, that the stablecoin is not exclusive to the US only, no. Since this is still a crypto asset, it is available all across the globe. As long as you can convert your own country’s currency to the US dollar, you can purchase your USDCs with no limits whatsoever, and use the stablecoin wherever you want, wherever accepted.
The Bottom Line
What’s not to like about USD Coin? This is the ultimate solution to use by crypto enthusiasts who wish to sleep better knowing that the value of their coin would not fluctuate overnight. It is the solution that combines the best of the two worlds. It is used digitally, and even if you don’t have a bank account, but you do have a mobile device and you’re willing to download a digital wallet, you can use it. You’ll purchase it with the US dollar, at the ratio of 1 USD to 1 USDC, and you can enjoy fast and cost-efficient transactions on the Ethereum blockchain.
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FAQs
Are transactions with USDC irreversible like with other cryptocurrencies?
Unfortunately, even though backed by reserved assets, the USDC is still a cryptocurrency, running on the Ethereum blockchain, so transactions with it are still irreversible like with other digital currencies.
Are there any limits that apply?
The minimum amount you can send through the blockchain if using the USDC via CoinBase is 0.001 USDC. The maximum you can send is 8,500,000 USDCs.
Is USDC better than USDT?
We mentioned that USD Coin is the second-largest stablecoin in the world, after Tether, and that should speak volumes. USD Tether has a better trading volume and higher liquidity. That’s one of the reasons why it is still the number one stablecoin. However, it still all depends on your preference and what you’re looking for in a stablecoin. What USD Coin can provide you with is the highest transparency degree, so if that’s important to you, USDC would be a better option for you.
Can I trade the USDC for a different crypto or only convert it back to USD?
As a matter of fact, you don’t necessarily need to convert it back to USD, but you can also trade with Ethereum, of course, and Bitcoin, too.
Is there any way for my transaction to fail?
Your transaction may only fail if the wallet address of the sender or the receiver has been blacklisted, or if you've tried using a wallet that is not compatible with Ethereum. Otherwise, your transactions will most certainly be successful, don't worry.