However, while it is easy to send money from your crypto wallet to another, online casinos need a more effective way to manage the payments that are sent or received. Therefore, so many are now offering the CoinsPaid payment method that enables them to do this more efficiently.
Essentially, CoinsPaid is a cryptocurrency wallet, but with a few addons. You can store many cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ripple, and use them to send and receive payments at online casinos, and convert to other cryptocurrencies or fiat currencies. It basically gives you the ability to manage your cryptocurrency portfolio and handle all of your casino transactions.
How Does CoinsPaid Work?
Developed in association with SoftSwiss, CoinsPaid allows you to deposit and withdraw at online casinos. It works by giving you a central location to store, purchase, send, and convert cryptocurrencies. You do not even have to own any cryptocurrencies before you use them. You can simply load your CoinsPaid account with a fiat currency such as USD, GBP, or EUR, and then use it to purchase/convert some cryptocurrencies. Once you are done, you then use the wallet to send your cryptocurrency of choice to the online casino and start playing.
Think of CoinsPaid as the middleman between you and your bank. All your bank knows is that you’re sending money to an eWallet. It does not know what happens after that. The money sent can either be used directly to send to the online casinos, or to exchange for cryptocurrencies and which are then used to deposit. When you request a withdrawal at a Bitcoin casino, you receive it in your wallet, which you can then be used to send to your bank.
All you need to do is download the CoinsPaid app. Create an account, and you’re good to go. You can load it up with a fiat currency of your choosing, purchase some cryptocurrencies, and then deposit at an online casino that accepts payments using CoinsPaid.
Security is hugely important when using cryptocurrencies, as once they are gone, you cannot get them back. They are also a target for hackers and the anonymity of cryptocurrencies means they cannot be traced.
On the casino side, CoinsPaid stores cryptocurrencies in hot and cold wallets, which help to protect against theft. As for users, you can set up two-factor authentication to improve security on your side.
Availability and Currencies
CoinsPaid supports over 20 fiat currencies, including EUR, CAD, USD, and GBP. As for cryptocurrencies, currently, the eWallet can store and convert 13 of them, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and Ripple (XRP). We fully expect the number of currencies and cryptocurrencies supported to increase over the years.
Making a Deposit Using EFT
Making a deposit at an online casino with CoinsPaid is a straightforward process. Assuming you have a cryptocurrency, such as Bitcoin in your wallet, you simply select CoinsPaid as your chosen payment method when making a deposit at an online casino. You then select your cryptocurrency and type how much of the currency you wish to deposit into your casino account. The funds will move from your wallet to the wallet owned by the online casino.
Withdrawals Using EFT
This is a similar process. When cashing out funds from an online casino, you select CoinsPaid as your payment method. The casino will send the funds directly to your CoinsPaid eWallet. Transactions (once processed by the casino) will take no more than 10 minutes to complete.
Fees and Limits
CoinsPaid does not charge any transaction fees when using it to pay for goods or services, or when sending between wallets. Where the wallet makes money is through the converting and/or purchasing of cryptocurrencies.
Pros and Cons of Using CoinsPaid
Using cryptocurrencies brings plenty of benefits, which is why they have exploded in popularity. As for CoinsPaid, the benefits also outweigh the negatives. The wallet gives you a central location to store, purchase and convert your cryptocurrencies while also offering you a payment gateway to the online casinos.
- Low fees
- Can convert multiple currencies and cryptocurrencies
- Fast transfers
- Secure and anonymous transactions
- Two-factor authentication
- Need to verify your account if you want to increase the withdrawal limit
- Not too many online casinos use CoinsPaid currently
- Cryptocurrencies are volatile (meaning values can fluctuate drastically)