USD Coin Online Casinos
Cryptocurrency attracts many online casino players, yet its value can be unstable. However, USD Coin offers the best of both worlds: the stability of fiat currency with the benefits of cryptocurrency. This means USDC, a stablecoin, is both cheaper and faster than traditional banking options and minimizes the volatility common with digital currencies.
About USDC
In 2018, the open-source technology organization CENTRE, in collaboration with Coinbase and Circle, launched USDC. This stablecoin aims to connect people, businesses, currencies, and financial institutions globally. Coinbase’s mission with USDC was to facilitate global, online money movement in a faster, cheaper way while providing the stability of a fiat currency-backed asset.
- USDC runs on the Ethereum blockchain, making it an Ethereum token that you can manage through any Ethereum-compatible wallet.
- It’s backed by fully reserved assets and regulated by financial institutions, making it a trustworthy choice for those without bank accounts who still wish to transact online in US dollars.
- It offers those excluded from the global economy a way to participate through just a digital wallet and mobile phone.
- With over a billion minted as of August 2021, USDC has quickly become a favorite in the online gambling world, where players seek stable digital currency options.
Getting Started with USDC
To use USDC, purchase it with US dollars at exchanges like Coinbase, Binance, BitFinex, and Poloniex, and store it in any Ethereum-compatible wallet. Creating a Coinbase account is the first step, allowing you to convert dollars to USDC without fees. Holding USDC in a Coinbase account also earns rewards for US citizens (excluding Hawaii), based on their balance. The next step is downloading an Ethereum-compatible wallet to store and use your USDC for online casino deposits.
Legal Considerations for USDC in Online Gambling
Cryptocurrency legality varies by country, making it a complex topic. For example, South Korea prohibits crypto gambling, while El Salvador embraces it, even making Bitcoin legal tender in 2021.
Depositing and Withdrawing with USDC
Depositing with USDC at online casinos is straightforward: select USDC as your payment method, log into your wallet, specify the amount, and confirm the transaction.
Game Availability and Fees
While some iGaming software developers limit crypto game availability, many support it, including studios like BetSoft and Yggdrasil. Players can enjoy popular titles without worrying about transaction fees, although the Ethereum blockchain’s high transaction volume may incur costs. Upgrading to Ethereum 2.0 can help reduce these fees.
Accepted Countries and Customer Support
USDC’s global accessibility means there are no country restrictions. US citizens can benefit from Coinbase Rewards, but international players can also use USDC for online gambling. For support, visit the official websites of Coinbase and Circle or contact your casino’s customer service for assistance with deposits and withdrawals.
Advantages and Disadvantages of Gambling with USDC
Gambling with USDC offers anonymity, transparency, speed, and convenience. Its stable value reduces the risk associated with cryptocurrency fluctuations. Some casinos offer special bonuses for USDC deposits. However, potential cons include the risk of scams and the learning curve associated with cryptocurrencies.
Educating yourself on crypto can help avoid scams and maximize the benefits of using USDC in online casinos.
