The most widely used cryptocurrencies
Thousands of cryptocurrencies exist; a few come up almost everywhere. Here is what sets them apart.
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Bitcoin BTC
- The first cryptocurrency, launched in 2009
- Never more than 21 million units
- A new block roughly every 10 minutes
Highly volatile price
-
Ethereum ETH
- Launched in 2015
- Also runs programs: “smart contracts”
- Many other tokens, including stablecoins, run on its network
Highly volatile price
-
Solana SOL
- Launched in 2020
- Transactions confirmed in seconds
- Usually very low fees
Highly volatile price
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Stablecoins USDT · USDC
- Their value tracks the US dollar
- Issued by companies: Tether (USDT), Circle (USDC)
- Stable against the dollar, not necessarily against your currency
Less volatile, not risk-free
How a crypto payment works
On a site that accepts cryptocurrencies, a deposit almost always follows the same steps.
- The site gives an addressA string of letters and numbers (or a QR code), specific to one cryptocurrency and one network.
- You send from your walletYou enter the amount, then confirm the transfer.
- The blockchain confirmsThe transaction is recorded on the blockchain: from a few seconds to nearly an hour depending on the network.
- The amount is creditedOften converted into euros or dollars at the current rate.
Good to know
- The network matters: USDT sent on the wrong network can be lost for good.
- A confirmed transaction cannot be reversed: no bank will refund you.
- Network fees apply, and the site may use its own conversion rate.
- To withdraw, licensed sites almost always ask for an ID document.
What changes… and the limits
What changes
- Deposits and withdrawals often faster than a bank transfer
- Sometimes lower fees, depending on the network
- The same payment method in many countries
- Everything can be done from a phone
The limits
- The price can fall sharply within hours
- A sending mistake cannot be undone
- Many sites that accept crypto have no licence in your country
- Gains may be taxable
The effect of the price
Even without playing, the value of a crypto balance moves with its price. Change the price to see the effect.
- Balance value
- €80
- Difference
- −€20
With a stablecoin, the balance follows the dollar: only the rate between the dollar and your currency moves it, far less.
Example: bitcoin lost more than three quarters of its value between November 2021 and November 2022.
Casino chips and crypto
A casino's chips (or “plaques” for large values) can only be used in that casino: you buy them at the cash desk or the table, and exchange them for money at the cash desk.
In crypto, the word “token” means something else: a cryptocurrency created on an existing blockchain. Some gambling sites launch their own token, presented as a bonus or an investment.
A site's token is not a casino chip: nobody guarantees its price, which can fall to almost nothing.
Security & wallets
A wallet does not hold your crypto: it keeps the keys that let you spend it. There are two main kinds:
Platform wallet
The platform (an exchange, for example) keeps the keys for you. It is simple, but you depend on it: if it goes bankrupt or is hacked, your funds can be frozen.
Personal wallet
You keep the keys yourself, thanks to a recovery phrase of 12 or 24 words. Only you control your funds… and only you are responsible if the phrase is lost or stolen.
Good habits
- Never give out your recovery phrase: no site and no support team needs it.
- Write it on paper, never in a photo or a message.
- Turn on two-factor authentication for your accounts.
- Check the address and the network before every transfer; for a large amount, send a small test first.
- Beware of messages that rush you or promise gains: that is the mark of scams.
- Keep your wallet app up to date, downloaded from the official store.
Regulation by country
Gambling law depends on the country you are in, not on where the site is based. Here is a summary, to check with the official authority.
| Country | Online casino | Authority |
|---|---|---|
| United Kingdom | Allowed with a licence | Gambling Commission (new tab) |
| United States | Allowed only in a few states | Depends on the state |
| France | Not allowed. Only sports betting, horse-race betting and online poker are licensed. | ANJ (new tab) |
| Spain | Allowed with a licence | DGOJ (new tab) |
| Italy | Allowed with a concession | ADM (new tab) |
| Germany | Tightly regulated: only sites on the official whitelist | GGL (new tab) |
| Portugal | Allowed with a licence | SRIJ (new tab) |
| Brazil | Allowed since 2025 for licensed sites (.bet.br addresses); crypto payments banned | SPA (new tab) |
In the United Kingdom, licensed operators must show their licence details, which you can check on the Gambling Commission's public register.
European Union: since the end of 2024, the MiCA regulation governs the platforms that exchange or hold cryptocurrencies.
Taxes: selling or spending cryptocurrencies may be taxable; check with your country's tax authority.
General summary, not legal advice: laws change often.
Online casinos & crypto
Many gambling sites that accept cryptocurrencies are registered in small territories, far from their players. Their licence is not necessarily valid in your country, and in a dispute you will have little recourse.
Some advertise “provably fair” games: each result can be checked by a calculation. This shows the draw was not tampered with… but the house edge is still there.
If gambling becomes a problem, help exists: Responsible gambling →
Warning signs
- No licence shown, or a licence that cannot be checked
- Huge bonuses with hard-to-read conditions
- A withdrawal blocked until you deposit more
- A request for your recovery phrase or private key
- Private messages pushing you to play or invest
Going further
Before talking about payments, it is worth knowing the game itself and the limits of betting systems.