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Ever since the online gambling industry embraced crypto, new digital currencies have risen in popularity, the latest one being Polkadot.

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Polkadot is essentially a decentralized, open-source multichain protocol that allows the transfer of not just tokens but also any data and asset types, creating a wide range of blockchains to be interoperable with each other. Due to this convenience, it has entered the world of online gambling with ease and is already offered across a dozen of online casino sites. What is Polkadot and why use it across online casinos?

About Polkadot

As introduced, Polkadot is a multichain protocol, a decentralized and open-source web, which is controlled by its users and allows multiple blockchains to interoperate with each other and simplify the creation of new services, apps and institutions. It connects independent blockchains and allows them to share transactions and information through the Relay Chain, which is at its core, helping to create interoperability, consensus and shared security across different chains. It actually connects oracles, permissionless networks, private and public chains and future technologies.

It serves three purposes: creating parachains (independent chains that can be optimized for specific use cases and have their own tokens) by bonding, and providing network operations and guidance. In addition to the Relay Chain and parachains, it has two other core components, the parathread, which is similar to parachains but based on the pay-as-you-go model, more flexible, and bridges, which allow these parachains and parathreads to communicate with external blockchains, like Ethereum

Speaking of Ethereum, it was founded by one of the co-founders of Ethereum, Dr Gavin Wood, the creator of Solidity, the smart contract coding, and the founder of Parity Technologies. The two other founders are Peter Czaban, specialized in FinTech industries, and Robert Habermeier, Thiel Fellow and an accomplished cryptography and blockchain developer and researcher. These three founded Web3 Foundation, the name behind the network, and first launched it in 2020.

Due to the fact that Polkadot has parallel processing power, meaning it allows the processing of many transactions on several chains, it improves scalability. Its native token is the DOT, and currently, there are 1 billion DOTs circulating. The network is secured with the nominated proof-of-stake (NPoS) mechanism, which maximizes chain security as it selects nominators and validators. Chains interact with each other under the same rules and scale their transactions by spreading their data across the many parachains.

Reading what you just read, you have probably created a picture in your head about how awesome this solution can be, especially for online gambling transactions. And as such, it started becoming accepted across the very best crypto sites. At the moment of writing, over a dozen of sites accept it, but more will surely add it in the future. Let's see how to get started with it and use it as your payment method.

Getting Started with It

If you’ve ever purchased crypto, you’ll know what to do with DOT. The token has been added to the Coinbase cryptocurrency trading platform in June 2021, so if you explore its crypto exchanges page, you will find many top exchanges that offer the token, such as Binance, Kraken, HBTC, Huobi Global and OKEx.

getting_started_with_it

The first step would be creating an account with the exchange platform. You can do that in a few simple steps, by providing your valid email address and creating a username and password. After you provide your name, country of residence, birth date and phone number, you’ll have verified your account. Now, if you want to purchase your crypto using cash, fiat currencies such as US dollars or euro, you would need to attach additional documents to verify your identity.

Depending on the exchange platform you join, you’ll be able to fund your account in a number of ways, using many popular payment methods like credit cards, debit cards and eWallets. After your account has been funded, you’ll just need to specify the amount of DOTs you’d want to buy and provide the equivalent fiat currency amount to complete the purchase.

After you’ve purchased your DOTs, you would need to create a crypto wallet to safely store them. You have plenty of wallet types to choose from, and after you create your wallet, you’ll get your public and private keys required to make transactions with your newly-purchased crypto.

Is It Legal to Gamble with Polkadot?

Cryptocurrencies have been around for over a decade now. The world has had more than enough time to get familiar with these technological marvels, but many governments haven’t shown any interest in them.

While this is one part of the picture, the other is even worse! While some regions see the potential in crypto, many misunderstand it and see it as a negative. It’s safe to say that crypto and crypto gambling is polarizing, which is why each country has separate crypto-related laws and regulations in place. If you want to be on the safe side, it’s best to explore each one individually.

To showcase the polarity of crypto and crypto gambling, it’s best to look at two countries that approach the subject very differently. First up is El Salvador. El Salvador has been a fan of crypto since its conception. The country has made continuous efforts to integrate crypto into everyday life, and it even made Bitcoin legal tender not too long ago! In South Korea, things couldn’t be more different! Cryptocurrencies and crypto gambling are illegal. While the country tries to enforce these regulations, South Korean crypto enthusiasts still find ways around them.

The US represents a middle ground when crypto and crypto gambling is in question. Crypto gambling isn’t prohibited, but some related laws and regulations can make it harder for players to enjoy the activity. As you can probably imagine, the situation becomes even more difficult when you explore crypto regulations on a state-to-state basis! Since most US states have different legislation, the laws surrounding crypto can vary between them.

The United Kingdom can serve as a great example of how to approach crypto gambling regulations. The country doesn’t impose too many restrictions on players, instead, it sets stricter requirements for crypto-friendly casinos applying for a gambling license. Sure, operators might need to jump through a few extra hoops to enter the UK gambling market, but it’s usually well worth the trouble. On the other end, players are automatically privy to higher-quality venues thoroughly vetted by a trusted licensing body!

Does All Casino Software Support Crypto?

Crypto might have come a long way from what it was back in 2009, but many still see it all the same. Unfortunately, this applies to more than a few companies in the iGaming industry, particularly game developers. Game providers are pretty much split down the middle when crypto support is in question. While some top-notch studios offer exciting crypto-friendly options, others don’t support cryptocurrencies at all.

If you want to get an idea of which companies you can turn to, some crypto-friendly casino software providers include Habanero, Endorphina, iSoftBet, Wazdan, Spinomenal, Vivo Gaming, and more! If you want to get down to the nitty-gritty with game recommendations, we suggest trying out titles like Colossal Gems, Robin of Loxley, and Riot.

How to Make a Deposit with Polkadot at an Online Casino?

Now that you know all the powerful things Polkadot can offer, and the fact that it is incredibly easy to get started with, you are ready to explore the online casino sites that accept it. As pointed out earlier, Polkadot has risen in popularity over the past year, and over a dozen online casinos are already offering it as a payment method. Check out some of those sites to find the one that would suit you best in terms of games and promotions offered. Join the site and you can make your first deposit.

To fund your online casino balance using DOT, you would need to do the following:

  1. Go to the casino’s Banking/Deposits/Cashier page.
  2. Look for DOT’s logo and click or tap on it.
  3. Enter the address of your wallet in the designated field and then specify how much you’d like to deposit on your casino balance.
  4. Confirm the transaction and the tokens will arrive immediately.

How to Make a Withdrawal with It?

You can make safe and fast withdrawals with DOTs from your online casino balance, too.

You would need to go through the same steps, only this time, you’d need to specify your wallet address and then the amount you’d like to withdraw.

After the casino approves your request, it will send you your coins back to your wallet. From there on, you can store them, trade them, sell them as you wish, or cash them out in fiat currency.

Applicable Fees

Fees do apply for using some of the Polkadot services, in order to prevent users from abusing its resources. You can go to its official website, and in the Docs section learn all about the fees involved.

Keep in mind that the exchange platforms will charge a small fee for each DOT purchase you make, too.

Accepted Countries

As a decentralized, open-source protocol, Polkadot is available virtually everywhere across the globe. Its community is spread over 50 countries worldwide, but the token can be used by anyone, from anywhere across the world.

Keep in mind that your country might not allow cryptocurrencies transactions. Some countries have been explicit about the illegitimacy of such transactions and have banned crypto, so before you dare to use it, make sure you discover more about your country’s stand on cryptocurrencies.

Available Currencies

You can basically purchase your DOTs in any fiat currency available out there, depending on the exchange platform you join.

For instance, Binance accepts over 150 fiat currencies, so the currency of your country is probably accepted. If not, you can always opt for some of the most used currencies like the US dollar or euro to purchase your DOTs, for a currency conversion fee, of course.

Customer Service and Support Options

You know that the rule of thumb when using cryptocurrencies across online casinos is that whenever you come across a problem, you first need to contact the casino’s Customer Support team.

However, in case you want to find out more about this incredible network, you can visit its official website and get in touch with the Polkadot team. For general chats, use Discord or Watercooler. For any other inquiries, you could always click or tap on the support.polkadot.network link and you’ll be immediately connected to one of the representatives, eager to help you understand all about the crypto.

What Pros and Cons are Polkadot Players Privy to?

In specific fields, Polkadot has a huge advantage over other cryptocurrencies due to its cross-chain transfer features. In the online casino world, it doesn’t offer anything too unique from other cryptos. Essentially, you can expect to see the usual pros and cons associated with cryptocurrencies from Polkadot. Of course, this still gives the coin an edge over many traditional payment options, and its growing popularity has even made room for a few exclusive perks!

The first big pro of using Polkadot comes from the anonymity it secures. To use cryptocurrencies, all players need is a crypto wallet. These services aren’t connected to any of your personal information, and usually function with just a passkey and wallet number! Since the most common scams in the online casino space tend to be related to extortion and identity theft, this gives you inherent protection when visiting venues!

Although your safety is better protected thanks to crypto’s anonymity, it’s still a good idea to remain vigilant. Another of crypto’s pros that can help you here is its transparency! Nearly all crypto transactions are registered on the public blockchain ledger. Anyone can view the transactions made by a specific account, and players can use this to their detriment! Before visiting an online casino, check their history. It might require some legwork, but if you spot any strange payment, they can be an indicator for a shady venue.

Several of crypto’s pros function to strengthen player protection, but that doesn’t mean that’s all there is to it. Cryptocurrencies also have a few perks that make them incredibly user-friendly! When online gambling is in question, using crypto grants players much faster transactions. The processing time with crypto is much shorter than with other methods, so players can deposit and withdraw pretty much instantly! Crypto’s infrastructure also makes it easy to work with. The digital platform is fast, reliable, and easy to navigate!

We mentioned that Polkadot can offer some exclusive perks, but it’s worth noting that these are only available in select venues. In these casinos, players are incentivized to use the cryptocurrency through special bonuses! From Free Spins to Cashback to Top-Ups, they come in all shapes and sizes and can be an excellent way to boost gameplay! Of course, these bonuses often have terms & conditions attached to them, so read them carefully before you proceed.

With crypto’s best perks out of the way, we can now focus on the cons. The world of crypto is no stranger to scams, and neither is the online casino scene. When the two mix, you can only imagine the toxic environment this can foster! The online gambling space is riddled with scams are unlawful practices. While they’ve decreased substantially over the year, they’re still a plague that haunts most fans of crypto gambling.

Another con of crypto gambling is a lack of knowledge. It might seem strange to hear but to start operating in the crypto space, you’ll need to learn the basics of crypto. As you can imagine, this takes lots of time and effort, and it can be a grueling process. The good news is, learning how crypto works can help you combat the previous con we talked about! When you have a solid grasp of the essentials, telling scams apart from the real deal should come naturally.

No list of crypto pros and cons would be complete without mentioning the inherent risk of cryptocurrencies. Most of these currencies are insanely volatile. On the one hand, that’s a good thing. On the other, it’s a massive downside. With some luck and an excellent trading strategy, you might earn huge returns. If the odds aren’t in your favor, then you can end up losing your initial investment completely! It’s a double-edged sword, so be sure to keep that in mind before your next crypto venture.

Polkadot payment method fees and facts
Polkadot is popular in these countries Singapore
Link to terms & conditions https://polkadot.network/
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FAQs

How many chains can the network really connect?

The reality is, there is no specific number or limit, for that matter, to the number of chains that can connect to the network. The solution is scalable by design and a work in progress, so at least dozens or perhaps hundreds of chains can be connected.

Other than Ethereum, can Polkadot connect to any other blockchain, like Bitcoin’s, for instance?

As long as the blockchain includes logs like in Ethereum-like chains or UTXOs like in a Bitcoin-like chain, and has the ability to form fast and compact light-client proofs over the validity of its blocks, then yes.

Are there any risks associated with the token?

As with any other cryptocurrency, the risks associated with DOT are the continuous value fluctuations, the uncertainty of the legal relationship between DOT holders and the regulatory treatment of the token.

How can I become part of the Polkadot community?

Considering it is open-source, and always looking for new members, you can find it on Element and Reddit, or follow it on Twitter, to always be kept up to date with the new developments and participate in debates and share your feedback with the community.

Should I expect the crypto to become available across hundreds of casino sites?

Definitely. Considering it is yet to reach its peak and it is still a work in progress, Polkadot is yet to get the popularity it deserves across the online gambling industry. But you can rest assured that in no time, it will become accepted across hundreds of casino sites.
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