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Ever since Bitcoin, the revolutionary digital currency established itself across online casinos, many new cryptocurrencies have appeared on the market, and one that has risen in popularity recently is Polkadot. This is an innovative crypto, also decentralized and open-source, which allows not only the transfer of tokens across multiple chains but also the transfer of any asset types and data. With that, it allows several blockchains to become interoperable with each other and it gives users the chance to explore the perks of multiple chains. As such, it has been embraced by the online gambling industry and is already being offered across many online casino sites. What is Polkadot really, and why use it as your online casino payment method?
About Polkadot
Polkadot, as we introduced it, is a decentralized cryptocurrency, like all others, an open-source protocol, but a unique one since it allows the interoperability of multiple blockchains. It is controlled by users, but it connects independent blockchains and allows the creation and offering of new institutions, apps and services. Multiple chains can share information through its core Relay Chain, which helps to reach the consensus and gives chains the shared security and interoperability.
The way it functions really, it serves three purposes: guiding and providing network operations and creating parachains. Parachains are the independent chains we just mentioned that have their own tokens and can be optimized for different specific use cases. There are two other core components in addition to the parachains and the Relay Chain. One is the parathread, which is more flexible yet similar to the parachains, based on the pay-as-you-go model. The other one is the bridges, which allow parathreads and parachains to communicate with external blockchains like Bitcoin or Ethereum.
On that note, Polkadot was actually designed by one of the co-founders of Ethereum. Dr Gavin Wood, which is also the founder of Parity Technologies and the creator of the smart contract coding and Solidity, together with Robert Habermeier, an accomplished blockchain researcher, developer and brilliant cryptograph, and Peter Czaban, who specializes in FinTech industries, founded the Web3 Foundation which is actually behind the Polkadot network. They launched the final product in 2020.
Considering the new crypto facilitates the processing of multiple transactions on multiple chains with parallel processing power, it greatly improves scalability. Of course, that’s not all that it offers. It also has a native token, the DOT, which can be exchanged, traded and used as it pleases you. Currently, the number of DOTs in circulation is around 1 billion, so the token is quite attractive. Secured with the nominated proof-of-stake mechanics, instead of proof-of-work, it is quite different from Bitcoin, as nominators and validators are selected to maximize chain security. All chains interact under the same rules and spread their data across the parachains, managing to scale their transactions.
As such, the crypto allows for instant transactions at a low cost. And that’s why it is getting accepted across the leading online gambling sites. Over a dozen of casinos are already offering, but many new ones are to add it soon, that’s for sure. Therefore, this is your moment to learn how to get started with it and use it as your payment solution across some of the best crypto sites, so stay with us.
Getting Started
We explained briefly how Polkadot functions, the technology behind it, which features and elements it has. And although to someone who’s not into crypto all of that might sound confusing, if you’re a crypto enthusiast, you must be impressed by its offering. And if you are, indeed, into crypto, you’ll know how to get started with it. You’ll first need to obtain some DOTs. And to do that, you’d need to visit a crypto exchange platform. Coinbase added it in June 2021, but you can also purchase it on Huobi Global, HBTC, Binance, OKEx and Kraken, among other top exchanges.
After you choose the platform to go with, create an account with it in a few simple steps. You’d need to provide some personal details like name, date of birth and email address, and verify your account. And then, you’d need to choose the payment method you’ll use to purchase your DOTs using fiat currencies. You can use eWallets, debit and credit cards, among other options, depending on the exchange platform you’ve joined.
The purchasing procedure is quite straightforward: just specify how many DOTs you'd like in your possession and the platform will calculate the fiat currency equivalent you'd need to pay, at the current market rates. Complete the purchase and you’ll have your coins ready. The next and final step would be choosing a crypto wallet to store the DOTs. Since there are many crypto wallet types, you’d need to explore your options and safely store your DOTs on it. When you’ve created your wallet account, you’ll receive a private and a public key, addresses you’d need to use when sending and receiving your newly-obtained crypto, so keep them safe and away from wandering eyes.
How to Deposit at Online Casinos
The getting started process, as you could see, is extremely easy. Purchasing DOTs is done the same way as purchasing any other cryptocurrency. So, assuming you've obtained yours and you've stored them in your wallet, it's time to discover how to use them across online casinos. We mentioned that over a dozen sites are already offering it, one of them being 1xBit Casino. So, you can rest assured that you’ll easily find one to join that you like, to start transacting with this amazing crypto.
After you’ve joined the casino suited for you, to make your first deposit using Polkadot, go through the following steps:
- Visit the casino’s Deposits/Cashier/Banking page.
- Look for Polkadot’s logo and press it.
- Log into your crypto wallet in the pop-up window.
- Specify the amount of coins you’d like to transfer on your casino balance and in the designated field, copy and paste the casino’s wallet address.
- Confirm the transfer and you’ll see the tokens arriving on your balance in an instant.
How to Withdraw Winnings
Withdrawing your winnings with Polkadot will not only be an option, but you'll greatly enjoy it since the processing times are as quick as with deposits. As soon as the casino approves your withdrawal request, the tokens immediately arrive at your crypto wallet address.
On that note, while the withdrawal procedure is pretty similar to the depositing one, this time when you specify how much you'd like to cash out, you'd need to copy and paste your own wallet's address, so that the casino can send you your winnings. After your winnings arrive, you can use them as it pleases you, trade them, sell them, or use them for further online purchases and payments.
Fees and Limits
Just like with other cryptocurrencies, although fees are pretty standard and low with Polkadot, they do apply. However, the solution is very transparent on them and has displayed them on its Docs page.
So if you want to learn more about the fees charged, make sure you explore this page. And, keep in mind that when purchasing some DOTs, the exchange platform you’re using will also charge a fee.
Supported Currencies
Depending on the exchange platform you’re using, you should be able to purchase DOTs in any currency available in the globe. For instance, there are over 150 currencies to choose from and use to purchase crypto at Binance.
So, you can rest assured that some of the mainstream currencies such as the euro, the US dollar and the UK pound will most certainly be your options, but your own country’s currency would probably be as well.
Allowed and Restricted Countries
Technically, there should be no restricted countries when it comes to using Polkadot, considering this is an open-source and decentralized network available to anyone, anywhere across the globe.
But its community is known to have people from over 50 worldwide countries. When deciding on whether to use it or not, though, make sure you check your country’s laws on crypto trading. Some countries have banned crypto for good, so if that’s the case with your country, you’d need to reconsider using it, if you don’t want to face legal punishment.
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