Crypto as a Payment Method in Online Casinos

Crypto or cryptocurrency is one of the innovative payment methods in online casinos. It is a collection of binary data designed to work as a medium of exchange. Though only released a few years back, it has started to dominate the online casino industry. Many casino sites have implemented the use of cryptos such as Bitcoin, Ethereum, Litecoin, Dogecoin, and others. As the number of cryptocurrencies grows, there is also a high chance that new crypto casinos will bloom on the internet and that is because prefer this payment method before bank transfers casinos or e-wallets like Neteller casinos or PayPal casinos

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These days, there are already a good number of payment methods that make online casino gambling more fun and exciting. This gives casino enthusiasts more options when it comes to payment methods. Cryptocurrency is a new and innovative way to make money transactions while enjoying your favorite online casino games. Online casinos that support cryptocurrencies are gaining more popularity. Cryptocurrencies offer state-of-the-art security as the personal and banking data of the users are not revealed or shared.

History

In 1983, David Chaum, an American cryptographer conceived an anonymous cryptographic electronic money called ecash. He later on implemented it through Digicash in 1995 and this is considered to be an early form of cryptocurrency. With this technology, user software is required to withdraw notes from a bank and send it to a recipient. As such the digital currency is untraceable by the issuing bank, the government, or even a third party. Since cryptocurrencies are not regulated by national governments, they are considered to be alternatives to currencies.

Bitcoin (BTC) is considered to be the preeminent cryptocurrency and the first to be used widely. However, there are hundreds of cryptocurrencies in existence and more are launched eventually. Cryptocurrencies that are not Bitcoin are called “altcoins” so as to determine them from the original ones.

There are many ways to make money on the internet and cryptocurrency is the newest on the list. With the use of crypto systems such as Bitfinex, Worldvest, or CleverMoney, you will be able to use digital currency in online casinos. In fact, many high-profile online gamblers use cryptocurrency to bet against each other in online gambling games.

There are good reasons why millions of people are enjoying the benefits of cryptocurrency. With the power of the internet, you can practically take your winnings and make money from anywhere in the world. Cryptocurrencies also offer good things that are irresistible to gamblers. Here are some of the benefits that one can get when playing in crypto casinos:

1. Decentralization. Cryptocurrencies have no connection with governments or banks. As such, you have complete control with your funds, Cryptos cannot be blocked and your account cannot be frozen.
2. Transaction Fees. In other payment methods, the transaction fees for deposits and withdrawals are relatively high. However, with the use of cryptocurrency, the fee is significantly lower. This means that you are able to keep more of your earnings instead of paying them in the form of transaction fees.
3. Verification. Another good thing about playing in crypto casinos is that your transactions are visible. This simply means that you can always prove that you made payment and verify that your withdrawal was made by the online casino.
4. Cryptocurrencies are accepted worldwide as a payment method without being controlled by the government or bank. This means that any cryptocurrency works the same for all online casino sites regardless of your country of origin.

Deposit/Withdraw – how does it work

In this section, let us take bitcoin as an example when making money transfers. For those of you who are not yet that familiar with how cryptocurrencies work, you will be glad to know that we have prepared a simple guide that you may use when making deposits and withdrawals with a cryptocurrency.

• Upon registration, you will be given your bitcoin address that is important when you make transactions with an online casino.
• Depositing is instant and virtually free. You just have to wait for the transaction to be confirmed by the blockchain. This process usually takes less than an hour.
• Once the funds are already in your online casino account, you can now enjoy playing your favorite online casino games.
• You may also want to check out the promotions page as there may be casino bonuses and giveaways that will help increase your chances of winning.

There will be a point in time that you would decide to collect your winnings. Withdrawals with cryptocurrency are likewise simple and easy. All you need to do is to send your coins to your exchange service address. You will have to sell your crypto and request a bank transfer or other withdrawal method. You may also want to hold onto your cryptocurrency and if so you need to download a free crypto wallet and protect it with a password.

Online game players who are still confused with what payment method to use are recommended to look at the pros and cons. This is true with the different cryptocurrencies. Understanding their advantages and disadvantages will give you the idea on what specific payment method to use in online casinos. Cryptocurrency, like Bitcoin have taken the online gaming industry by storm. This is because of the benefits they offer to gamblers. Here are some of the pros that you will find interesting:

• Privacy for both the casino and player. Your personal and banking information are kept in private to protect you from hackers and other entities.
• No chargebacks that are usually seen with the use of credit cards.
• Deposits and withdrawals are usually instantaneous.
• Cryptocurrencies like Bitcoin are not subject to tax in the majority of countries.
• Fees are not usually involved unless they are required by the online casino.
• All transactions are kept anonymous so there will be no worries when it comes to exposing your identity.

Some of the disadvantages of cryptocurrency as a payment method are:

• Cryptocurrency can be volatile just like any form of currency.
• Withdrawals can take a longer period of time due to certain policies by the online casino. It is therefore recommended to read the terms and conditions to know the rules about withdrawals of your chosen casino.
• You will have to study and learn more about this payment method. Crypto is not your regular payment method, so there are many things to study about it.

Cryptocurrency is a fun and exciting concept. It can change how we perceive online casino payment methods with its flexibility and practicality. With the other payment methods that came before crypto, of course there is the familiarity with the traditional ones. Though there is some skepticism with trying new ones, crypto as a payment method is still worth the try. In fact, there may be more perks offered to crypto users than the traditional ones.

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