Stellar

Players have a wide range of choices when it comes to banking methods they can use at online casinos. Gambling sites accept various traditional and alternative payment methods, allowing customers to deposit and withdraw in fiat currencies easily. Over the last couple of years, we’ve seen a rise in the popularity of cryptocurrencies, with more and more online casinos adding them to the list of available payment options.

One of them is Stellar, which uses the same blockchain technology as Bitcoin, Ethereum, Litecoin, and other cryptocurrencies. Unlike its counterparts, Stellar has a decentralized network, allowing its users to trade with anything they want by turning it into coins. Due to its open-source nature, anyone is free to join the project by purchasing Stellar’s digital currency, known as the lumen.

Lumens can be used for online gambling purposes and represent a great way to deposit and withdraw funds. The money used for gambling, as well as all your winnings, are not tied to any bank account. That way, all your transactions remain anonymous and private. Blockchain technology makes Stellar extremely fast.

Continue reading to learn how Stellar can impact your online casino experience.

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About Stellar

The Stellar project is run by the Stellar Development Foundation, a Delaware-based non-profit organization established in 2014. The organization’s main objective is to further develop the Stellar cryptocurrency network by supporting its codebase. The foundation also serves as the network’s legal representative in front of institutions and regulatory bodies, making sure Stellar complies with existing laws and industry standards.

Although the foundation keeps Stellar running, it doesn’t actually own the network. Since Stellar is an open-source project, anyone can take part in it and make changes to the code. Since its launch, Stellar has established close partnerships around the globe, including South Africa, Nigeria, the Philippines, India, the South Pacific region, and Ukraine.

Stellar Account

If you wish to use Stellar for online gambling, you should know this cryptocurrency doesn’t require a dedicated account. Nevertheless, you’ll need a crypto wallet, and you’ll have to purchase lumens to top up your online casino balance. Buying lumens shouldn’t be a problem, as it’s widely available across the leading cryptocurrency exchange platforms. You can get in on platforms like Binance, Kraken, and Coinbase. Find a suitable crypto exchange, open an account, deposit your money and purchase lumens.

How to Deposit at Stellar Casinos?

Using cryptocurrency for depositing at online casinos makes all transactions much easier and quicker. Depositing with Stellar is straightforward and functions pretty much the same way as with traditional payment methods. As we already mentioned, you only need a crypto wallet with some lumens in it.

The first thing to do is find an online casino that accepts Stellar as a means of payment. Open a new account (if you already don’t have one), go to the site’s Deposit Methods page, and select Stellar (or Stellar Lumens). Copy the casino’s Stellar wallet address, paste it within your Stellar wallet and choose the amount of money you want to deposit. Confirm the payment to transfer your funds, and start playing online casino games.

Stellar is trying to get a grip on being accepted by online gamblers

How to Withdraw at Stellar Casinos?

Keep in mind that cryptocurrencies are volatile, meaning you may encounter additional losses due to the market value. It’s something you have to be aware of when it comes to using cryptocurrency as your preferred withdrawal method.

Cashing out is similar to withdrawing and essentially represents a reverse process. First, log into your online casino account, and choose Stellar from the list of available withdrawal options. Then, paste the address of your Stellar wallet, and enter the amount of money you plan to cash out. In some cases, online casinos offer their players the possibility to scan a QR code, as typing the wrong address will send their money to a different wallet.

Transfer Times, Fees, and Security

Stellar boasts super-fast transactions, as all operations are carried out instantly with the help of the algorithm located on the decentralized Stellar network. It can process hundreds of transactions in a matter of seconds, which is particularly beneficial for withdrawing your casino winnings.

Low transaction fees are something gamblers will find very attractive. Transactions carried out with lumens come with a fee of around $0.00001. That’s virtually cost-fee due to the market value of 1 lumen. Compared to the global industry, that’s a negligible amount of money.

When it comes to security, Stellar makes the most of blockchain technology, enabling its users to benefit from privacy. Stellar pays out lumens to online casinos offering this payment service through a safe and secure network. It means that no third party is involved in the transaction, eliminating all sorts of risks.

The network also includes built-in security features that prevent anyone from stealing your money. As long as your crypto wallet’s keys are secure, you’ll have no concerns regarding the safety of your funds.

Customer Support

Although the Stellar Development Foundation supports the development and growth of the network, it doesn’t control any activity or data on it. It means it cannot stop or reverse any transactions taking place on the network. At the same time, it doesn’t keep any consumer products on the Stellar network.

‍In practice, the Stellar Development Foundation doesn’t offer any support for Stellar products or transactions. You’ll have to contact the parent organization in case of an issue.

Go to the Contact section of the official Stellar website to report any harmful activities or potential scams, or any other Stellar-related issues. According to the available information, you should receive an answer within five work days. The site also features an FAQ section, which can come in handy.