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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, commonly referred to as USDC, is a stablecoin that was launched by Circle and Coinbase, in collaboration with CENTRE, an open-source technology platform, back in 2018 . This collaboration aimed to create an accessible solution for connecting various financial entities, currencies, enterprises, and individuals on a global scale. The primary goal was to provide a method for transferring money internationally that would be both more affordable and quicker than traditional approaches.
The vision of the founders was to create an open financial ecosystem that anyone could utilize, leading to the development of this fiat-backed currency . This innovative asset merges the reliability of fiat currencies with the advantages of digital assets, such as speed and reduced transaction costs. Hence, USD Coin stands out as a stablecoin whose value remains consistent, not subject to fluctuations , and is always equivalent to one US dollar. This feature effectively removes the volatility typically associated with cryptocurrencies, ensuring that one USD Coin always equals one US dollar .cryptocurrencies Despite being classified as a cryptocurrency, it operates on the Ethereum blockchain , indicating that it functions as an Ethereum token within a decentralized and programmable framework. To transact with USD Coin, you will need an Ethereum-compatible wallet address . Having such an address allows you the flexibility to manage your assets freely. This particular asset stands out due to its backing by fully reserved assets, and it is regulated and authorized by financial organizations that report to the relevant government authorities due to its complete backing by the US dollar. This means that even if you don’t have a conventional bank account, you can still carry out transactions using this fiat-backed currency; just a digital wallet and a device are all you need to engage with traditional financial services.
As of August 2021, it was reported that over $20 billion worth of USD Coins had been issued, highlighting its popularity and prominence in the cryptocurrency market. Given this widespread interest, it's no surprise that the USD Coin has also become a significant player in the online gambling sector.Ethereum blockchain Starting your journey with USD Coin is remarkably straightforward, similar to its use across various platforms . You simply need to buy USD Coins equivalent to the amount of US dollars you wish to spend. This can be done on numerous exchange platforms like Poloniex, BitFinex, Binance, or even directly on Coinbase. Make sure to keep your stablecoins in an Ethereum-compatible wallet, as any such wallet, including those on exchange platforms, will work just fine.wallet To begin, create an account on an exchange platform like Coinbase. Navigate to the exchange section and, at a conversion rate of $1 for 1 USD Coin, purchase your stablecoins. This transaction incurs no fees ! Next, download an Ethereum-compatible wallet on your mobile device, set it up, and once your wallet account is active, transfer your stablecoins there. After that, you can utilize the wallet and the stablecoins for making transactions and purchases online, including at various casinos.US Before diving into the deposit procedures, it's worth mentioning that holding your stablecoins in your Coinbase account comes with additional benefits. If you are a US citizen (excluding residents of Hawaii), possessing a verified Level 2 Coinbase account along with at least one USD Coin will qualify you to earn rewards . The more USD you use to acquire your USDCs, the larger your rewards will be, as you are automatically enrolled in the rewards program. These rewards will be credited to your account within the first five business days of the month following your qualifying month.mobile device As a relatively new cryptocurrency that made its debut in 2018, USD Coin is still gaining traction in the online gambling landscape. However, there are a growing number of casinos that accept it, primarily those that already support a variety of other cryptocurrencies. If you currently hold an account at such a casino, check if they accept USDC. If you don’t have an account yet, take some time to explore your options and sign up with a casino that supports this currency. As soon as you do, you'll be set to make your inaugural deposit.
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 To add funds to your online casino account using USD Coin, follow these steps:online gambling industry.
Access the Cashier, Payments, or Banking section of the casino.online casinos In the new prompt, log into your Ethereum-based wallet.ecosystem is huge.
In the specified field, manually enter the casino’s wallet address if it isn’t automatically populated.
Confirm your transaction, and your stablecoins should appear in your account almost immediately.
How to Deposit Using USD Coin
Can You Withdraw Funds in USD Coin?
Indeed, cashing out with USD Coin is not only feasible but also extremely fast . If the casino you've chosen allows deposits in USD Coin, it is likely they also permit withdrawals, so check the Withdrawals section for this option.
- The process of withdrawing funds is quite similar; after you input the amount you'd like to withdraw, you’ll need to provide your wallet address in the given field. Once the casino verifies your request and approves it, your stablecoins will reach your wallet in a matter of minutes! This means that withdrawals using this method are incredibly swift, allowing you to access your funds without long waiting periods.
- Look for USDC’s logo and press it.
- The core concept behind USD Coin was to provide users with a significant advantage: the ability to enjoy the stability of a fiat currency while leveraging the benefits of digital currency. Therefore, this is an essential and primary benefit of using the stablecoin.
- Specify how much you’d like to deposit.
- Avoiding the common volatility associated with cryptocurrencies and embracing the stability provided by the US dollar makes this stablecoin an ideal option for individuals who either do not have a bank account or prefer not to have one, yet still want access to conventional financial tools via a user-friendly digital wallet and mobile device.
- Many online casinos are beginning to accept this stablecoin, which can be utilized for both deposits and, notably, quick withdrawals, typically processed within minutes of being confirmed. Furthermore, there are no fees required for purchasing USD Coins, and utilizing them within the online gambling sector is refreshingly easy and straightforward.
Transaction Fees & Currencies Accepted
Withdrawals It’s important to mention that the Ethereum blockchain has faced congestion in recent years, which has led to a slight increase in costs associated with using the stablecoin, with certain service fees applying. However, if you wish to minimize these expenses, you can upgrade to the Ethereum 2.0 ( ETH2 ) blockchain, which is the latest solution for overcoming these fees.
As a US citizen with a verified Level 2 Coinbase account, utilizing USD Coin offers numerous benefits. Besides the previously mentioned rewards program, the more US dollars you use to acquire your USD Coins, the better the rewards you will receive. Additionally, one of the appealing factors for online gambling players in the US is the fact that they can purchase the stablecoin using their own currency without needing to pay currency conversion fees.
Benefits of Using USD Coin
It is critical to note, however, that USD Coin is not limited to the United States . This cryptocurrency is accessible worldwide . As long as you can convert your local currency into US dollars, you are free to purchase your USD Coins with no restrictions and utilize them wherever they are accepted.
What’s not to love about USD Coin? It serves as the perfect solution for crypto enthusiasts who want peace of mind knowing the value of their asset will not fluctuate unpredictably. It merges the best features of digital assets and traditional currencies, allowing for online use, and even without a bank account, you can utilize it if you have a mobile device and are willing to download a digital wallet. You acquire it with US dollars, at a fixed exchange rate of 1 USD to 1 USDC , enabling you to enjoy rapid and cost-effective transactions on the Ethereum blockchain.
Korea, Democratic People’s Republic of
South Georgia and The South Sandwich Islands
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.
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Exclusive Offer for New Customers. T&C’s Apply. 18+. This promotion is not available for players residing in Ontario. Exclusive Offer for New Customers. T&C’s Apply. 19+. Play Responsibly. Navigate to the 'Bonus' section and click on 'Promotional Code'. Enter the code and click 'Activate Bonus'. Make a deposit and the bonus will automatically be added to your account balance. Minimum deposit: 20 EUR, 20 USD, 20 CHF, 20 CAD, 20 AUD, 200 NOK, 100 PLN, or 100 BRL. Games with restrictions include: Jackpot Games, Table Games, Video Poker, Virtual Games, Live Casino, and Sportsbook events. Maximum bet limitation: 3 €, 3 $, 3 CHF, 3 CAD, 3 AUD, 30 NOK, 15 PLN, or 15 BRL. No wagering requirements are set on bonuses, but the casino specifies that all deposits must be wagered 5 times before withdrawal of any balance.here .
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