Although transfers between crypto wallets can be simple, online casinos need systems to handle incoming and outgoing payments. Many casinos offer CoinsPaid as a more efficient way to manage these transactions.
CoinsPaid is described as a cryptocurrency wallet with additional features. It can hold assets such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Ripple. Users can make casino payments or exchange crypto for other digital assets or fiat money, bringing portfolio management and casino transactions together.
How Does CoinsPaid Work?
Developed in association with SoftSwiss, CoinsPaid offers a central place to hold, buy, send and convert cryptocurrency for casino deposits and withdrawals. Users do not necessarily need to own crypto already: they can add fiat funds such as USD, GBP or EUR, buy or convert them into cryptocurrency, then send the chosen asset to a casino to play.
CoinsPaid is presented as an intermediary between users and their banks. A bank transfer goes to an eWallet, after which funds can be sent to an online casino or exchanged for cryptocurrency to make a deposit. For a withdrawal from a Bitcoin casino, funds are said to arrive in the wallet and can then be transferred to a bank.
To begin, download the CoinsPaid app and open an account. Add your chosen fiat currency, buy cryptocurrency if needed, then use the wallet to deposit at an online casino that accepts CoinsPaid.
CoinsPaid's Security
Crypto transfers require care: a completed payment may be difficult to recover, and digital assets can attract hackers. Cryptocurrency transactions are also described as anonymous and untraceable.
For casino-side holdings, CoinsPaid reportedly uses both hot and cold wallets to help protect against theft. Users can also enable two-factor authentication as an additional account security measure.
Availability and Currencies
CoinsPaid is listed as supporting more than 20 fiat currencies, including EUR, CAD, USD and GBP. The eWallet is also said to store and convert 13 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC) and Ripple (XRP). The expectation that support would expand over time is a forecast.
Making a Deposit Using EFT
For someone who already holds cryptocurrency, such as Bitcoin, in a wallet, the described deposit process is simple: choose CoinsPaid at casino checkout, select the crypto asset and enter the deposit amount. Funds are then transferred from the user's wallet to the casino's wallet.
Withdrawals Using EFT
To withdraw, select CoinsPaid as the payment option and the casino sends the funds to the CoinsPaid eWallet. It is claimed that once the casino has processed a transaction, it will be completed within 10 minutes at most. This is a stated claim, not a newly verified timeframe.
Fees and Limits
CoinsPaid reportedly charges no transaction fee for purchases or services, or for transfers between wallets. Its revenue is said to come from buying and converting cryptocurrencies.
Pros and Cons of Using CoinsPaid
People use cryptocurrency for a variety of reasons. CoinsPaid’s advantages are presented as outweighing its drawbacks, with one wallet for storing, buying and converting crypto alongside a payment gateway for online casinos.
Advantages
- Low fees, as reported
- Converts between multiple fiat currencies and cryptocurrencies
- Transfers described as fast
- Transactions described as secure and anonymous
- Two-factor authentication available
Disadvantages
- Verification is required to increase the withdrawal limit,
- Reportedly used by relatively few online casinos
- Cryptocurrency prices are volatile and can shift considerably
