What are the pros and cons of using Namecoin?
With a wide range of cryptocurrencies available and new versions seemingly emerging every month, settling on your preferred virtual token can be tricky. With that in mind, here are some of the need-to-know pros and cons of using Namecoin to fund online casino play:
Namecoin: Pros & Cons
- Lower exchange and processing fees
- Completely untraceable
- Improved privacy and security compared to some other forms of crypto
- Shares similarities with Bitcoin, including overall price volatility
- Not available from all cryptocurrency exchanges
How do you buy Namecoin?
As touched on in our quick-reference pros and cons guide above, acquiring Namecoin isn’t quite as easy as comparable currencies like Bitcoin, Ripple, and Tether. That’s largely down to the fact that NMC isn’t widely available in some countries and regions, resulting in scarcity on some crypto exchanges.
Still, so long as Namecoin is available where you live, most major exchanges allow you to purchase it. And the good news is that this process is very similar to most other forms of crypto, with just three simple steps involved:
1. Decide where you want to store NMC before you buy:
Most people store crypto in an app-based wallet for convenience, although you can do the same on an external storage device like a hard drive.
2. Find an NMC exchange:
Do some research to find a reputable NMC exchange; you can also use a Namecoin broker to secure a more competitive deal.
3. Purchase NMC:
From there it’s just a case of choosing the amount of Namecoin you want to buy before following the steps to complete your purchase.
How to use NMC on Namecoin casinos
We hope you found the Namecoin acquisition process simple. Now it’s time for the fun part: using those new NMC tokens to play your favourite casino-style games.
If you’re familiar with the
best Bitcoin casino sites, the good news is that most NMC-accepting casinos make it just as easy to select and use your preferred type of cryptocurrency. NMC transactions on online casinos work in much the same way as for other crypto tokens, and in general, the process isn’t all that different from traditional cash deposits and withdrawals.
Here’s a quick guide on how NMC transactions work:
- Access your online casino account or register with a new Namecoin casino.
- Navigate to your account page and access your online casino wallet.
- Select Namecoin from the list of available cryptocurrencies.
- Using your NMC wallet on your smartphone, scan the QR code, which should appear on the screen.
- Follow the steps to link your NMC wallet with your online casino account. Once that’s done, deposits and withdrawals should be a whole lot simpler.
- Choose the amount of NMC you want to add to your online casino account. Then, follow the steps and wait for the funds to land in your account (this can take anywhere from a couple of minutes to a day or more, depending on the NMC casino you’re playing at).
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How long do deposits and withdrawals take on Namecoin casinos?
Namecoin transactions aren’t the fastest, but nor are they the slowest, which is good news for online casino players. Because while NMC can’t match the pace of tokens like Ripple, it’s considerably faster than some other cryptocurrencies out there, meaning that you can expect bearable turnaround times on casino deposits and cashouts, much like
Bitcoin gambling sites with faucets.
If you’re not that familiar with Namecoin, this is essentially an off-shoot of Bitcoin, so you can expect transaction times to be roughly in line with its older brother currency. For years, Bitcoin users have enjoyed average-to-good transaction speeds, so you should anticipate similar from NMC.
The good news is that Namecoin deposit and withdrawal times on online casinos are up to ten times faster than standard fiat transactions in most cases. Depending on the casino you choose, NMC withdrawals and deposits may be virtually instantaneous; if speed is important to you, check casino-specific T&Cs for guidance on average NMC transaction times.
Of course, one of the advantages of using Namecoin compared to some other cryptocurrencies is the rock-bottom transaction fees. In most cases, you won’t be charged anything by your Namecoin exchange, although some NMC casinos may choose to add their own fee.
What are the verification requirements for buying Namecoin?
If you’ve never purchased a cryptocurrency before, you may be wondering what the purchasing process looks like for an alt-coin like NMC.
Don’t worry, it’s nothing scary. But to safeguard the integrity of the NMC blockchain and protect its users from fraud, all new buyers must pass identity checks to prove that they’re legitimate NMC customers.
The good news is, most Namecoin exchanges use the Electronic Know Your Customer (or eKYC) method for verifying new buyers. You’ll probably already be familiar with this type of digital identity check, which requires you to add ID documents – like your passport or driving licence – to help validate your identity. Some eKYC checks also require you to record a short video, which is the easiest way of fully proving a person’s identity.
How does Namecoin compare to other cryptocurrencies?
Namecoin is what’s classed as an “alt-coin”, meaning it’s considered an alternative to the likes of Bitcoin, Ethereum, and Tether. But how does it compare to these other crypto tokens? Let’s take a look.
1. Namecoin vs Bitcoin
Namecoin is closely related to Bitcoin, so you can expect similar performance and price volatility from both tokens. However, one key drawback of Namecoin is that it isn’t accepted by some of the
best Bitcoin betting sites, so you may wish to consider alternatives if you have eyes on a particular operator.
2. Namecoin vs Ethereum
After Bitcoin, Ethereum is the second-most popular cryptocurrency in the world. Namecoin is considered a nice alternative to ETH in that both offer outstanding anonymity, although, like with BTC, more operators accept Ethereum than they do Namecoin.
3. Namecoin vs Litecoin
Litecoin is considered one of the world’s most secure cryptocurrencies, and NMC doesn’t come close to it in this regard. It does, however, beat Litecoin on speed, with significantly faster transaction times.
Three tips for using NMC casinos
To help you make the most of playing your favourite games at NMC-accepting casinos, here are some essential tips that could come in useful.
Compare casino transaction fees
As we mentioned earlier, some casinos charge additional fees for using NMC, which can be a nuisance when it comes to making deposits and withdrawals. Since NMC exchanges charge very low fees for buying Namecoin, you’ll want to make sure the casino you use isn’t charging excessive sums, so read their T&Cs carefully; most operators provide a breakdown of fees for all the different currencies they accept.
Consider current Namecoin values
Like its forebear Bitcoin, NMC is subject to huge price volatility, so you’ll want to buy and sell at the right time. Checking NMC values frequently on crypto exchange websites will ensure you score the best deal and have maximum funds to spend at your favourite online casino.
Compare casino bonuses and special offers
Just like when using regular money, NMC users can access some excellent online casino bonuses to boost their bankroll and benefit from things like free spins and rewards. For instance, with code STRAFESOCIAL, you can access an exclusive deal over at Stake.
Conclusion – Final thoughts on Namecoin-accepting casinos
Namecoin is a nice alternative to big-name cryptocurrencies, offering perks like low fees, excellent privacy, and secure casino transactions. Users are, however, limited by the number of online casino operators that accept NMC, so if you have a particular platform in mind, it may be better to go with a more mainstream form of crypto like BTC, ETH or Litecoin.
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NMC casino FAQ
⚖️ Are Namecoin-accepting casinos legal?
Cryptocurrencies like NMC are now widely accepted by a range of safe, legal, and secure online casino and sports betting sites. Be sure to read our Namecoin guide to learn more about the legalese of using NMC-accepting casinos.
💸 How long does it take to withdraw Namecoin winnings?
Namecoin is considered a medium-fast cryptocurrency, with transaction speeds comparable to BTC. Read our deep-dive review of NMC to learn more about how long it takes to withdraw winnings and make deposits with this particular form of crypto.
📢 Is it free to open a Namecoin wallet?
Before you start using NMC on your favourite online casino, you’ll first need to open a Namecoin wallet and buy your first tokens from a reputable exchange. Find out what this whole process entails, and what it costs, in our expert guide.
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