The Best ChainLink Casinos in 2022
Although ChainLink is not as popular as Bitcoin or Litecoin, it is a cryptocurrency that is gaining momentum thanks to the role it’s playing in facilitating smart contracts. In this article, our experts look at how you can use your LINK tokens to play at the best ChainLink casinos.
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What Is ChainLink?
ChainLink is a type of cryptocurrency, which means it only exists in a digital format and is not connected to any bank, currency, country, or corporation. As a digital currency, however, ChainLink was designed and launched with a very specific purpose in mind: to connect smart contracts to the outside world.
To better understand this, let’s start from a term not everyone may be familiar with – smart contracts. These are basically agreements between two people created in computer code and run on blockchain, which is a decentralised system of storing and recording information.
Now, as in any other contract, certain obligations would need to be met for the contract to be honoured. In real life, a contract is honoured when a person or a company comply with what has been agreed, which in turn leads the other party to pay for services (among other examples). The issue with smart contracts, however, is that they cannot know when the obligations are met by themselves.
Before ChainLink, such smart contracts were reliant on people or software providing them with off-blockchain information, which usually came from one source, making it centralised. This proved to be an issue because while blockchain and smart contracts were decentralised, the data used to execute such contracts wasn’t. This shortcoming was also prone to mistakes or cheating, as unlike blockchain transactions, there wasn’t a decentralised system to verify the information.
ChainLink, which was launched in 2017, created a decentralised network of oracles run by node operators to counteract this, as these oracles would be used to upload and verify data from off-blockchain sources to the blockchain in order to help execute smart contracts more accurately and fairly.
These node operators would then be paid in LINK tokens, which were built on Ethereum, for retrieving data. These node operators would also need to make deposits using LINK tokens as a guarantee that they would do their job properly and in a timely fashion.
LINK tokens, however, can also be bought and sold using fiat currencies and other cryptocurrencies, which means you can use them to gamble at a number of crypto casinos, too. In total, there will be one billion LINK tokens made, with 426 million already in circulation.
Below, we look at all things related to ChainLink Casinos; for a more in-depth look at how ChainLink works, check out this great video below by YouTuber Humphrey Yang.
What Are ChainLink Casinos?
In a nutshell, ChainLink casinos are online casinos that accept deposits and/or withdrawals in LINK tokens. These tokens are Ethereum-backed, and so players will need to use their Ethereum wallets to make payments.
How Do the Best ChainLink Casinos Work?
ChainLink casinos largely operate in the same way as other online casinos work, in that they use specific software to run and oversee games and to ensure safety and fairness. These casinos are also still subject to local laws depending on where their licence is from and where they are operating – so while a Curaçao-licensed ChainLink casino may be legal and hold the required credentials, it is still illegal for you to play there if you’re based in the UK or Sweden.
For most European players, however, playing at a ChainLink casino should be simple and safe given you only go for a reputable casino.
Pros and Cons of Using ChainLink
- Privacy: All transactions made via ChainLink are anonymous.
- Security: Blockchain is among the safest networks in the world.
- Low fees: Most ChainLink transactions only cost a few cents.
- Fast: Funds usually appear instantly.
- Growth in value: The price of ChainLink can increase, making your winnings worth more.
- Not Common: Most online casinos do not accept ChainLink as of yet.
- Value can drop: While ChainLink’s worth can increase, it may also decrease.
- Legality: Not all countries allow players to use cryptocurrencies to gamble, and that includes using LINK tokens.
How to Use ChainLink
Using ChainLink to gamble is actually a pretty easy and straightforward affair. In fact, the biggest hurdle will be finding a casino that accepts the altcoin – something which is offset by our list above, which includes legal and licensed casinos you can play at safely.
How to Deposit Using ChainLink
If you’d like to start playing using ChainLink, then you will need to deposit funds. Here’s how to do it:
Step 1: Sign up to one of the legal and licensed ChainLink casinos from our above list.
Step 2: Head to the casino’s Banking or Cashier page, and choose ‘ChainLink’ or ‘LINK’ as your preferred method of choice. Keep in mind that this may be under ‘Cryptocurrencies’.
Step 3: The ChainLink casino will then give you its address (also known as public wallet number), which will be made up of numbers and letters all jumbled up. You will need to copy this before heading to your Ethereum wallet, which is an app you can download onto your phone or desktop computer. Once on the wallet, set up a transfer, paste the address, select how much ChainLink you wish to transfer, and confirm. In case you are wondering, our favourite Ethereum wallets are the Atomic Wallet, Guarda, Exodus, and Jaxx.
Step 4: The money should appear instantly in your account, though there have been times where it has taken up to 30 minutes. Either way, once the funds are available, you can start playing instantly.
P.S. Be aware that while some casinos allow you to deposit in ChainLink, they may not allow you to play with ChainLink. To offset this, the casino will automatically exchange your LINK tokens to a fiat currency (like the euro or the dollar). This doesn’t usually come with a fee, but the exchange rate may not be that favourable. For a better rate, you can use your Ethereum wallet to exchange your LINK tokens into a fiat currency (or another, more popular cryptocurrency like Bitcoin) before using it to make a deposit.
How to Withdraw Using ChainLink
When you do land some winnings, a number of LINK casinos have the facilities to effect withdrawals in the altcoin. To do this, you’ll need to follow these instructions:
Step 1: Head to the Cashier or Banking section on your best ChainLink casino, and go to the Withdrawals section.
Step 2: Choose ‘ChainLink’ or ‘LINK’ as your withdrawal method of choice (it may be under ‘Cryptocurrencies’).
Step 3: Input the amount you’d like to withdraw followed by your public wallet number. Once done, confirm the withdrawal.
Step 4: The funds should be in your Ethereum wallet within a few minutes, though there have been times it has taken a few hours.
Are there any ChainLink Fees and Limits?
The answer to this question is both yes and no.
Let’s start with the casinos themselves. For most ChainLink casinos, the fees they pay to allow you to make deposits and withdrawals using this (and most other) altcoins are negligible, and so they don’t charge you anything.
Nevertheless, like most cryptocurrencies, buying and selling ChainLink comes with a small fee. This fee, however, can change from one day to the next, depending on how large (in byte-size) the transaction is, and the demand for network space at that point in time. Even so, the fees are usually a very small percentage when compared to the amount you’ll be transacting, and the money goes to pay the people who make this whole network possible and safe.
For more information on the best ChainLink Trading Fees, we like to use Crypto Fee Saver.
Games at ChainLink Casinos
Players at ChainLink online casino sites can expect to find all their favourite games, including poker, video slots, roulette, baccarat, blackjack, and live dealer casino games. While these are available, they are usually played in a fiat currency, as most game developers have not yet developed ChainLink casino games like they’ve done for Bitcoin casinos, Litecoin casinos, and Ethereum casinos.
Best ChainLink Casino Bonuses
LINK casino players usually get all the bonuses available to players, which can include welcome bonuses, reload bonuses, cashbacks, free spins, and much more. These bonuses are usually awarded in a fiat currency or in Bitcoin. As always, do take the time to read the terms and conditions to make sure you’re eligible and happy with what’s on offer.
Safety and Security at ChainLink Casinos
ChainLink casinos work in the same way as other online casinos do, with safety ideally remaining a priority. A legal and licensed LINK casino will always have a licence from a reputable jurisdiction like Curaçao, and will adhere to international requirements, including those on responsible gambling and player safety.
Of course, with ChainLink being a cryptocurrency, you can expect even more safety and security, as blockchain is an open, decentralised database that is much, much harder to hack. Moreover, in 2020, ChainLink debuted the concept of Verifiable Randomness to the Ethereum Network, which is now used by some casinos to further bolster the work of their random number generators. What this means is that the games you play are doubly (or even triply) confirmed to be random and fair on players.
The vast majority of casinos that accept ChainLink also accept a wide variety of other payment methods. Among these are the usual credit cards payments, e-wallet options, internet banking, and paysafecard deposits, all of which are safe to use. However, players can also make use of other types of payment methods, including:
EOS is the world’s 23rd top cryptocurrency, and was developed to offer users scalable blockchain and lightning-fast transactions. See all EOS casinos
NEM, which is short for ‘New Economy Movement’, is a digital blockchain that first hit the scene in 2015. It is cheaper and faster than Bitcoin, making it perfect for gaming. See all NEM casinos
Stellar was developed in 2015 specifically for peer-to-peer, cross boarder transfers. This cryptocurrency is super-fast, safe, and user-friendly. See all Stellar casinos
TRON is another cryptocurrency launched within the last decade, with its aim being to eliminate the middle man when sharing content and entertainment. See all TRON casinos
ChainLink Casinos Summary
ChainLink casinos are slowly but surely permeating the online casino world, and users can expect to find more and more of these on the internet as cryptocurrencies continue to become more popular. Easy to use and incredibly safe, we’d totally recommend checking it out.
ChainLink is a type of cryptocurrency originally created to bridge the gap between smart contracts and information derived from centralised sources. Today, the currency is also being used for gambling.
The best LINK casinos are those which are legally licensed to operate. Some of the best ones are listed in our Top List above.
Transactions using LINK tokens are usually instantaneous.
This depends on where you are playing from. The majority of European countries, as well as some countries in Asia and Africa, do not have an issue with players gambling using cryptocurrencies, including ChainLink. In the UK, however, the practice is illegal.
So long as you opt for a legal and licensed casino, then gambling using ChainLink is actually safer than when using the majority of other payment methods.
Online casinos do not usually charge players for making transactions using LINK tokens. Nevertheless, there is usually a small fee to pay when buying or selling cryptocurrencies.
Yes, most casinos will still award you your bonus. It’s good to note, however, that numerous LINK casinos will exchange your ChainLink for a fiat currency once you make a deposit.
This depends entirely on the casino in question. Nevertheless, because most casinos exchange your ChainLink to a fiat currency upon making a deposit, withdrawing using another method shouldn’t be too much of an issue.
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