* Disclaimer, this is a guide only and YAY Casino are not liable for any issues you may have using a Crypto Wallet
Ever since the cryptocurrency hype swept the world over a decade ago, many sectors have embraced this payment method, including online gaming. In fact, crypto sweepstakes casinos are one of the industry's latest and most exciting trends. These platforms enable their members to purchase Gold Coins with cryptocurrency, which can be used for free gameplay and potentially yield rewards in crypto tokens.
Still, we understand that playing at a crypto sweepstakes casino may be confusing, especially for beginners. That’s why we’ve created this quick guide to help you thrive in this new environment. Let’s dive in!
Over 20,000 crypto tokens are in use today, but most are not available at crypto sweepstakes casinos. Some of the major ones you should consider purchasing are Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Tether (USDT). BTC and ETH are two of the biggest crypto tokens in terms of market cap and popularity, so you can expect most casinos to accept them.
However, there’s the issue of volatility you must be aware of when dealing with these coins. Their values can fluctuate dramatically within a short period of time, affecting the quantity of your GC purchase. You can escape this by using stable coins
After picking the first crypto to buy, you must set up a secure digital wallet to hold the acquired coins. Here’s are some simple steps on how set up a crypto wallet:
Step 1 - Choose a decentralized wallet: The wallet must be able to hold your preferred cryptocurrency on the blockchain network of your choice. You will need to choose the type of wallet, software wallet, hardware wallet (cold wallet), or web wallet. There are a number of crypto wallet apps you can download from the iOS or Google app store.
Step 2 - Setting up an account and your crypto address: After installing the wallet app on your mobile phone or PC, launch it and get your seed phrase and password. You don’t need to submit any personal details to complete this procedure. Your private key is a security feature that must be stored safely in the event you ever need to recover your crypto.
Step 3 - Buying or transferring crypto: Some wallets allow you to purchase crypto directly from the platform, while others do not. If your wallet lacks this feature, you will need to get your tokens from an exchange or a marketplace. To do so, you must find a reputable exchange where you can create an account and start trading in crypto currency. This process will require you to enter some personal details. Once you purchase the coins with fiat, transfer them from your exchange wallet to your decentralized wallet.