Best TRON Casinos Online
About Tron
The protocol of TRON distributes the resources for computing along with internal pricing mechanisms equally among the TRX holders. This protocol is primarily maintained by the TRON foundation. The decentralized virtual machine that TRON provides can execute a program with the help of an international public node network.
There have been claims that the network can process up to 2,000 transactions per second. Although this is a theoretical claim, it has resulted in an extremely low transaction fees for the users. This is one of the reasons why an increasing number of players are choosing TRON as a payment method in online casinos.
Shortly before cryptocurrency was outlawed by China in 2017, the TRON Foundation was established by Justin Sun. He is a business executive and cryptocurrency entrepreneur. Through an initial coin offering, the foundation raised $70 million in the same year. In May 2018, the main public blockchain for the production of this crypto called ‘TRON Mainnet’ was launched.
On July 25, 2018, the TRON Foundation acquired the peer-to-peer file sharing service, BitTorrent. Along with this acquisition, TRON became independent with the creation of ‘Genesis block’, a type of distributed ledger technology. At the beginning of 2019, TRON had an overall market capitalization of $1.6 billion.
There are three layers in the TRON architecture. They are the application layer, storage layer, and core layer. The TRON network has smart contract functionality and uses the proof-of-stake principles as its consensus algorithm. In August 2022, an announcement of the upcoming release of the GreatVoyage-v4.5:2 upgrade was made on TRON’s official website.
Pros and Cons of using TRON in online casinos
What truly differentiates the TRON network from the other blockchain networks are its unique system of governance and user efficiency. The cryptocurrency also has a strong marketing team and its network hosts a large number of decentralized applications or dApps. All these features make TRON an excellent cryptocurrency for online gaming.
Besides, some online casinos offer exclusive bonuses and promotional offers for their players who use TRON as their payment method. However, it would be a good idea to be aware of the pros and cons of this cryptocurrency.
Pros
- You can deposit and withdraw funds using TRON almost instantly
- TRON has extremely low fees on its transactions
- Most exchanges and wallets have begun supporting TRON
- Some online casinos have attractive welcome bonuses for players who use TRON
Cons
- Not all casino websites have TRON among their payment methods
- Some online casinos might charge fees on TRON transactions
How does TRON compare to other payment methods?
While using TRON you don’t need to provide your sensitive financial data online. This gives it an obvious advantage over the traditional payment methods such as bank transfers and credit or debit cards. Players using TRON as their payment method can also benefit from faster processing of transactions.
Anonymity in transactions is one of the best features of cryptocurrencies. When compared to most cryptos, TRON transactions incur lesser fees and are much faster. The popular e-wallets such as PayPal and Skrill offer fast transactions and security. However, their security features pale in comparison with TRON. You also end up paying a transaction fee for using these e-wallets.
You might consider prepaid vouchers such as paysafecard as a good alternative. They help you maintain anonymity in your transactions and make faster payments. Despite such benefits, you can’t make direct withdrawals using these vouchers. They also carry the risk of getting lost or stolen.
TRON Fees
You’re charged a certain amount of fee for processing a transaction on TRON’s blockchain. The fee varies based on the blockchain’s energy and bandwidth. To begin with, the network checks if the bandwidth balance of the sending account obtained from staking the coins or tokens is sufficient to cover the fee. If the network finds it sufficient, it consumes the bandwidth from staking coins.
If it is not enough, the TRON network will check if the initiator of the transaction has sufficient free daily bandwidth points. The network uses these points if they are sufficient. If they’re not, the network burns the coins to pay for the bandwidth of the transaction at a unit price of 0.001 TRX per bandwidth.
With regards to energy consumption, the points generated by staking TRX are consumed first. If this is insufficient, coins are deducted from the account of the sender. They are utilized to pay for the resources needed to perform the transaction. The TRON coins or TRX burned are calculated at a unit price of 0.00028 TRX per energy.
How to use TRON for deposits in online casinos
You can buy TRON coins from any of the popular and reliable crypto exchanges. The coins can be purchased using your credit or debit card. You can also buy the coins by transferring money to the exchange’s wallet and using the funds to purchase TRX. You can also use other cryptos like bitcoin and Ethereum to buy TRON coins. Once you’ve funded your exchange’s wallet, you can sign up with your chosen online casino.
You can use your wallet to deposit money into your online casino account. Once you’re logged in on the casino website, head to the cashier, payments, or banking section and choose the ‘Deposit’ option. Select ‘TRON’ from the list of payment methods and enter the amount you wish to deposit.
Copy the TRON address provided by the casino. Go to your wallet and click on ‘Send’. Paste the address provided by your online casino in the given field and confirm your deposit. Usually, the deposited funds will be available for use in your online casino account instantly.
How to use TRON for withdrawals in online casinos
The process of withdrawals using TRX is quite similar to that of deposits. However, in this case, it will be a bit reversed. First, you’ll need to check whether the casino has a minimum and maximum withdrawal limit. Once you’re absolutely sure about the withdrawal limits and how much you want to withdraw, log in on your casino website.
Navigate to the cashier, payments, or banking section and click on the option for withdrawing your winnings. Select ‘TRON’ as your preferred method for the withdrawal and copy the address provided by your online casino. Go to your TRON wallet and click on the option to receive funds.
Paste the casino address you had copied and paste it into the given field. Confirm the withdrawal to proceed further. You’ll get the amount of your winnings safely in your TRON wallet. You can then get it converted into fiat currency or use the funds to buy other cryptos you’re interested in.
How secure is TRX?
TRON is backed by an ultra-safe TRON blockchain. The proof-of-stake mechanism that it uses as its consensus algorithm makes security breaches on the network almost impossible. Additional security is given by your TRON wallet. All such features are enough to keep your TRON coins safe and secure.
When it comes to using TRON in online casinos, this cryptocurrency offers the much-needed privacy and anonymity. You don’t need to provide your personal or financial details online while making the casino transactions. The online casinos that accept TRON might require you to pass the KYC and AML checks. This is just to comply with the applicable gambling legislation.
It is always a good idea to move TRX coins from the exchange and online casino to your TRON wallet. For ensuring additional safety of your TRON coins, you can check if your online casino uses the latest SSL encryption technologies. You must also make sure that it has an official license from a leading online gaming authority.