Table of Contents
- The Popularity of Ripple Casinos
- The Pros and Cons of Ripple Casinos
- Ripple Payment Methods Comparison Table
- Making Withdrawals from a Ripple Casino
- Issues with Ripple Casinos
- Playing at a Ripple Casino in an Unregulated Market
- Staying Safe When Depositing at a Ripple Casino
The Popularity of Ripple Casinos
The cryptocurrency scene is a complete mystery to many. Ever since Bitcoin entered the virtual payments fray in 2008, there has been a collective scratching of heads at the thought of mining a currency through the power of your computing assets.
Yes, cryptocurrencies are complex. But there are many reasons why you might want to complete your financial transactions outside of the regular banking network and through blockchain accounting mechanisms instead.
Indeed, there are thousands of fans of peer-to-peer currencies, where it isn’t your bank manager that keeps account of your wealth but others who buy and sell virtual assets such as XRP.
Initially called OpenCoin, Ripple Labs. Inc. was the subject of significant investment in 2013, ensuring its current moniker became firmly embedded. At this time, financial institutions began to understand the benefits of Ripple and sought a closer relationship with the firm.
By 2018, this interest had developed into a web of corporate initiatives with over 100 global banking entities. However, many of these tie-ups focused on the Xcurrent technology that Ripple uses to make enhanced transfers rather than the currency itself. Still, this progression did much for the reputation of Ripple among industry executives.
However, there is often a cloud to dim every silver lining, so it was not unexpected when the U.S. Securities and Exchange Commission (SEC) launched a legal challenge to the rollout of Ripple. It was suggested that the owners of the Ripple currency had created something of a Ponzi system, where Ripple coins were introduced to the market without any associated assets to act as collateral. The proposition was that Ripple had earned billions without putting necessary financial safeguards in place. The legal case continues.
Despite such legal hiccups, Ripple continues as a first-rate crypto asset, with millions of firms and online casinos accepting XRP as one of their leading payment methods.
The Pros and Cons of Ripple Casinos
All types of cryptocurrency have inherent advantages over other payment methods, and many of these are enjoyed by the users of Ripple. So, if you want to complete online financial transactions quickly, in an air of anonymity, and at a low cost, XRP could be the right way.
- Quick – it is often wrongly believed that crypto transfers complete in an instant. However, this is a bit of a myth, like a yeti or the Loch Ness Monster. If you have ever used Bitcoin to pay for slots and table game action, you’ll realise it can take a few minutes for your coins to be transferred. Because all Bitcoin payments need to be accounted for on the blockchain system, short delays are often experienced as verification occurs. However, the length of the blockchain that requires peer-to-peer approval when Ripple is moved from a to b has been designed to be much shorter. The practicality of this change is that it now takes just four seconds for a deposit by Ripple to complete. A difference that is likely to be noticed.
- Anonymous – there aren’t many things to complain about when it comes to the invention of the internet; after all, you can now play baccarat, blackjack, and roulette wherever you can get a Wi-Fi signal, but maintaining financial confidentiality is one. In the era of cash, you would maybe go to a bank teller or perhaps an ATM, take the money you needed and then spend it. Your bank and those who weren’t privy to your purchases would have no idea how you had spent your money because no third-party records were kept. Advances in technology have changed all this. If you make an online payment that involves your bank in any way, they will immediately know where you are sending your cash. When loan and mortgage applications depend on your payment history, it may be detrimental for a string of payments to your favourite Ripple Casino to be listed. However, a Ripple transaction maintains your anonymity at all times. As these payments are completed outside the regular banking network, no details of your expenditure are kept, meaning that your bank manager will remain on friendly terms.
- Low Cost – It is believed that the fees attached to XRP transactions are among the lowest in the crypto industry. Even large movements create barely a flicker on the fee scale, leaving you more cash to play with when you finally hit the craps tables.
- Low Exchange Rates – when compared to other alt-currency alternatives, the exchange rate for Ripple is appreciably competitive. Although there is always a concern about the volatility of crypto values, Ripple is recognised by many of the biggest banking networks, so it can be readily exchanged for fiat currencies to keep exchange swings to a minimum.
Of course, there are downsides to Ripple as well, and these factors must be considered carefully before you plump for this option as your financial vehicle of choice.
- Centralised – Ripple is a bit of an oddball for a cryptocurrency. This description might appear a little unfair, but in a world where crypto is designed to be a decentralised, peer-to-peer payment method, Ripple cosies up to established banking systems with a fair amount of enthusiasm. Government agencies could unduly influence Ripple executives to adopt policies detrimental to regular users.
- Country Restrictions – Ripple is a popular currency in several countries, but its acceptance is by no means universal. Gambling authorities in the United Kingdom take a dim view of cryptocurrencies as the features that help keep transactions anonymous and prevent casinos from completing all necessary Know Your Customer (KYC) checks. This state of affairs sees the United Kingdom Gambling Commission (UKGC) prevent its casinos from offering forms of crypto as a viable payment method.
Ripple Payment Methods Comparison Table
|Payment Method||Min Deposit (NZD)||Max Deposit (NZD)||Deposit Fees (NZD)||Withdrawal Fees (NZD)||Deposit Speed|
|Ripple||5 XRP||500 XRP||Free||Free||Instant|
|Bank Transfer||10||100000||Free||Free||1 – 5 Days|
|Bitcoin||0.0001 BCH||0.5 BCH||Free||Free||Instant|
|Ethereum||0.01 ETH||0.5 ETH||Free||Free||Instant|
|Litecoin||0.01 LTC||0.5 LTC||Free||Free||Instant|
|MasterCard (Debit & Credit)||5||50000||Free||Free||Instant|
|Visa (Debit & Credit)||5||50000||Free||Free||Instant|
Making Withdrawals from a Ripple Casino
Making withdrawals from Ripple Casinos is a possibility. However, it is not quite as straightforward a process as a bank transfer, or e-wallet payout claim might be.
To complete your withdrawal, you need to navigate five important steps.
- Enter the cashier’s lobby, head for the withdrawals panel and pick out the Ripple or XRP option
- At this point, you should be able to view your casino’s wallet address. You will need this information to complete your payout request.
- You need to access your cryptocurrency wallet and copy over the wallet details your casino gave.
- Add in the amount that you would like to withdraw.
- Check all of your transaction details are correct.
Due to the express service offered by Ripple, your money should be instantly received every time you request payment via this service. If you have not received your return within two hours, contact your crypto wallet provider to ensure that all is well.
Issues with Ripple Casinos
One of the big draws of cryptocurrency variations is that transactions using these methods are completed in a largely anonymous manner. This is valuable for players who wish to keep their data secure and their dealings private. Still, it also gives money launderers a chance to convert fraudulent gains into clean casino deposits. It is this opportunity that concerns the UKGC greatly.
However, in regions where Ripple Casinos are supported, there are many positives for gambling fans who sign up for these sites.
Playing at a Ripple Casino in an Unregulated Market
Unregulated markets are jurisdictions where online casinos can be accessed but where the local government has chosen not to develop legal regulations to detail the expectations of operators and players.
It is in these markets that Ripple Casinos have been able to flourish in recent years. Of course, this is both a positive in terms of consumer choice and also a benefit that should be carefully assessed.
The licensing of online casinos in unregulated markets is patchy. Usually, you will find licensed venues, but legislators approve these in Curacao, the Netherlands Antilles, or the Kahnawake Reservation, none of which are considered robustly upholding player protections.
However, if you base your search on the reputation of casino providers, your risks should be minimised. At casinos.win, we always recommend casinos with a solid track record of delivering excellent customer service and an unblemished reputation within the wider iGaming community.
- Welcome Bonuses – if you are struggling to pick between two similar-looking casinos, the welcome bonus advertised by both could be a useful tiebreaker. New player deals come in several forms. Bonuses can be attached to one, two, three, or even four initial deposits, allowing you to build bonus credit amounts. Often these sums can also come with free spins on top slots from NetEnt or Microgaming etc..…giving you another chance to win. The true value of a welcome deal depends on several factors, including the advertised bonus, wagering terms, and the contribution rates of individual games. You can easily find a Ripple Casino that will offer a four-figure bonus if you meet certain terms. Your chances of converting this money into withdrawal cash depend on the wagering requirements that your casino attaches to this capital. On rare occasions, you might come across a no-wagering site where you keep your winnings from your bonus as soon as this has been played. However, it is more likely to find a low-wagering venue. Here you will be asked to bet your bonus up to thirty-five times before you can make a payout request. Game contribution rates might affect your chances of doing this. Usually, 100% of your bets on slots count towards wagering, but this can drop to 10% or lower for table games.
- Software – if you can indulge in quality content, why wouldn’t you? This is why we will always give a decent score to casinos that support games from the most innovative software developers—as with anything, deciding on the best in any field is somewhat subjective. However, if a Ripple Casino hosts slots and live casinos from Evolution Gaming, Quickspin, and Yggdrasil, it is likely to be a top-class venue. Games from these operators tend to come with crisp graphics, booming soundscapes, and innovative features that add value to every gaming session.
Staying Safe When Depositing at a Ripple Casino
Ripple is one of the safest payment methods you can use when making online purchases. However, this does not mean that you are immune from fraud when you are using this legendary alt-coin, and because of this, you should take some basic steps to keep your crypto wallets safe. Four main actions should always be at the forefront of your mind.
- Keep up to date with the latest crypto scams.
- Never keep an electronic copy of your crypto wallet details
- Use 2-factor encryption when you can
- Use unique passwords on all of your accounts