The first cryptocurrency caused quite a stir in the financial industry. There were many of those who did not believe in the success and development of digital money, others got engaged in active buying, but without a doubt, few remained indifferent.
Today there are many types of digital currency, but only a few have managed to get a foothold and gain significant capitalization. Online casinos were one of the first to become seriously interested in how to use cryptocurrency profitably. The first steps turned out to be very successful, and now many virtual platforms offer to deposit not only in fiat currency but also in cryptocurrency.
What is cryptocurrency?
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Cryptocurrency itself has no physical or electronic form; it is a digital record that denotes the number of units of account recorded in a certain position of the data protocol info package. In simple words, it is virtual money, so-called registries that record how much digital money users have in their accounts and what transactions they perform with it. They are not backed by anything, like state currency, so there are still many questions about the reliability and volatility of digital funds.
Should cryptocurrencies be used for gambling in online casinos?
Several types of cryptocurrency, such as Bitcoin, Litecoin, Ethereum, and Dogecoin have become so popular that financial transactions with them are recognized by many reputable trading platforms and payment systems. No wonder online casino operators have also joined the general trend and offer gamblers to gamble with this type of funds. However, not all gamblers who have this type of finance dare to gamble online figuring out all the risks and benefits.
So does it make sense to use cryptocurrencies for gambling? To answer this question, it is necessary to figure out all the advantages and disadvantages.
What are the advantages of using cryptocurrency for gambling?
Casinos that accept digital money are no different from the usual virtual platforms. These are the same establishments with the same set of functions and a variety of gaming software. On a par with the regular ones, bitcoin casino no deposit bonus is offered on the same terms as access to the whole loyalty program. At the same time, you can get a lot of advantages making settlements in cryptocurrency due to the technical features of this ecosystem set when the first bitcoin was created:
- Transaction speed. Everyone who has ever had to recharge a casino account through electronic wallets, bank cards, or other services, knows the situation when the operation is delayed. It is especially frustrating when you have already set your mind on gambling, but the funds are not credited to the account. The same applies to the withdrawal of money because banks can delay such payment for up to three working days. As to cryptocurrency – the process is much faster because it is not linked to any payment system. It operates autonomously and is decentralized. Often gamblers choose to use cryptocurrency for gambling because of this factor only.
- Confidentiality. Many risks of identity theft are generated during payments. In addition, the financial transaction is reflected in the bank’s database, which is not always desired by the owner of the funds. Cryptocurrency does not send personal data, because it simply does not own them, and access to the wallet is possible only if there is a key. Most casinos do not require registration and verification of users who indicated cryptocurrency as a unit of account, which is an additional advantage.
- Minimum fees. Even if the online casino does not require a commission fee, it can be charged by the payment operator. Cryptocurrency in this sense is much more profitable since the interest is minimal or absent at all.
- There is no link to the location. This is especially relevant for gamblers in the U.S., as most bank card payments are prohibited by law. However, operations with cryptocurrency are not regulated in any way, so this type of mutual settlement with the platform is more attractive and often is the only way to play for money.
- Small top-up amounts. As we know, cryptocurrency can be split into tiny particles – satoshi. Casinos give an opportunity to make minimal bets, which suits cautious gamblers.
Risks and disadvantages
The only disadvantage of cryptocurrency is its volatility and unstable rate. Fluctuations in the value of the digital currency can be significant, which affects the gambler’s game balance. Do not forget about a thorough check of the website, trust only legal establishments that have a license.
Using cryptocurrency for gambling in casinos is profitable, uncommon, and modern, more and more portals switch to a combined payment system accepting one or more types of digital funds. Summarizing the advantages and disadvantages, we offer a brief comparison table to help make the right choice.
|Security and privacy||Personal data available to the payment system is required||Complete anonymity, no personal details sent|
|Speed of transaction processing||It may take from several hours to several days, depending on the operator||it is performed instantly|
|Fee||It is charged by the payment operator||Minimal fee or no fee|
|Linking to a location||It is determined based on the personal data of the account owner||Not relevant, you can make the transfer from any place in the world|
|Stability of the rate||The risk is minimal, fluctuations are rare||Frequent sharp exchange rate fluctuations, high risk|
|Casino registration requirements||Mandatory with verification of documents||Not necessary in most cases|
Gambling is a fascinating process that should bring pleasure, a lot of adrenaline, and positivity. So, be smart in choosing a virtual establishment, rely on your luck, and play responsibly.