Using Cryptocurrency in Online Casinos
In today’s world ruled by technology, cryptocurrencies have become widely used for payment like with any other valuable material. One of their characteristics is that they are used exclusively online, for payments anywhere in the world, and when paying your identity remains hidden. But what most people find attractive is their value and the fact that you do not need a bank to purchase, sell, or perform transactions. There are many of them available for usage and trade, and their value depends exclusively on the market. It goes up and down, which can be slightly frustrating, but also motivating and exciting.
For those who are wondering what these digital assets are, here’s a simple explanation – they are a form of digital asset, used as a medium of exchange. One can say that they are an “intangible” means of payment.
Bitcoin is officially the first cryptocurrency that appeared and most people find it the most reliable. When it appeared on the market, it had a very low value. But it managed to outgrow the expectations of many a couple of times throughout its existence. It made the whole crypto world famous.
Crypto in the world of online casinos
Some of the most popular crypto have managed to become an internationally spread currency, just because they work online. However, since their very beginnings, they had to go a long way to gain trust among users.
When it comes to using crypto in online casinos, they can be used for gaming, and they can also be used only to withdraw money from the account, which can later be exchanged for other currencies.
There are several types of casinos that use this means of payment. There are casinos that have added this option to their current offering, and there are casinos that exclusively work with crypto, popularly called crypto casinos. This first type of casino is more reliable because they are usually casinos that have already gained a reputation earlier. After all, would you rather trust a casino whose services you have been using for years or a casino you have come across for the first time?
At this point, it would be useful to explain the pros and cons of using digital currency for your online gambling activity. Read the rest of the article to find out what they are.
Privacy and anonimity
One of the most important things in the online world is privacy. If you want to remain anonymous, betting with these is the right thing for you. There is no procedure you have to complete to place a bet and no personal information is left.
Another important thing is the speed of payment. You don’t have to wait a few days for your money to be ready for withdrawal. If you use any of the coins accepted by the platform, you will need much less time for this kind of transaction. Also, the transaction costs are much lower, because online platforms also have much lower costs, thus they are in a position to give better offers.
The biggest advantage of real digital money is precisely that it bypasses intermediaries, i.e. banks and central banks, and their monetary policy. This makes the payment much faster and cheaper for the user, especially for international transactions, for which banks normally charge a rather expensive fee and usually take several days to complete the process. Besides, paying with digital assets is much safer. The use of cryptography in some types of money makes the payment almost 100 percent secure and impervious to electronic theft. It should also be noted that many banks are now adapting to this new trend, thus introducing options for fast and instant payments
No tax, and less risk
The good news for all concerned is that crypto is an untaxed currency, at least for now. And if you are concerned about the safety of your money in the electronic wallet, if you have secured it properly, you will not have problems with hackers. The data is stored by a third party and is locked behind your password or biometric fingerprint. Even if, say, you lose your mobile phone, you will still have access to your e-wallet as soon as you get a new one. Payment with cryptocurrencies is impossible without an e-wallet.
The value changes – a lot!
The value of crypto goes up and down constantly. This can be a big problem in the casino world. It may happen that, say, you invested 10 bitcoins in one hand of poker. In just a few seconds it can happen that it drops and your 10 bitcoins are worth much less compared to the first hand.
Potential hackers attacks
Another problem is the risk of hacking. If you have not protected your virtual wallet well, you may become a victim of hackers. Therefore – be careful!
The whole concept is still under development
Although it sounds great, the whole concept of digital currencies is still under development. As its use increases, it becomes more accessible and its features become more refined. For now, there are still some difficulties in the system that could complicate your financial life. For example, not all coins are accepted by certain countries, some are considered illegal. Therefore, you need to check in the country where you gamble, if the coin is legal or not. Most countries have not yet legalized Bitcoin as a betting currency, so you should do your research before delving deeper into the matter.
But the story is slowly being accepted by some of the biggest casino platforms online, as well as the world’s leading companies.
Considering all the pros and cons stated in the article, it is easier for you now to decide whether you’re going to use crypto or some other currency when you gamble online.