Cryptocurrency is polarising. There are plenty which say it will shock the status quo of the economy and commerce. They say it will lead to transparency of deals. They say it will lead to contracts which can’t be violated. They say it will lead to a fairer distribution of wealth. There are plenty, though, that dismiss it and even militantly opposite it. They say it will lead to the wealthiest buying massive stocks in a coin and manipulating the price. They say it will lead to people investing their savings only to lose it when the price collapses. They say it is not what it seems.
Some of these benefits and negatives are apparent now. They are both happening. However, both are also very focussed on the larger, global status quo. While progress on that front is slow moving, cryptocurrency is finding footholds and favour in individual markets. There’s talk of crypto-backed music sharing platforms, as well as social media sites. However, one of particular prominence, which is successful now, is online casino. Many gamers and cryptocurrency investors have found it very useful and appealing. Online casinos have taken note. They have begun to offer it as a payment method with some operating as exclusively crypto-casinos. Will and how can crypto revolutionise online casinos?
Crypto’s Benefits
Cryptocurrency has notable benefits to gamers.
Number one is security. To register for an online casino, players must hand over sensitive data like their name, contact details, and bank details. All this isn’t necessary for cryptocurrency users. The only details which need to be registered is the number of the wallet which contains the cryptocurrency. This means there’s no chance sensitive data will get stolen.
Number two is transaction speed. One complaint about using traditional payment methods is the speed at which funds are transferred in and out of the account. Cryptocurrency makes this process instantaneous as there is no third party which has to authorise and fulfil the transaction.
Number three is monetary flexibility. Cryptocurrency can be broken down into tiny units, which can correspond to tiny amounts of recognised legal tender like CA$. Crypto users can manage their finances to the nano-.
Other Payment Options
These benefits, taken in isolation, all seem wonderful. There are, though, other payment options which can offer the same results.
E-wallets or secure-payment services are one of these. There is a slight difference between the two. E-wallets allow customers to deposit money from their bank into the wallet, and hold it there. Secure-payment services do not support depositing actions. Otherwise, though, they’re the same. PayPal is a commonly used e-wallet, along with Neteller and Skrill. iDebit is a secure-payment service which Canadians can make the most of. Each online casino will accept different methods. It is important to research what they do have. For instance, it can be achieved on Slots Heaven by visiting this site. What e-wallets offer is that security of not registering bank details with an online casino account. Also, they process transactions in a matter of hours, as opposed to the days which banks need. So while it isn’t instantaneous, it is still much, much quicker.
Prepaid cards also achieve anonymity. Gamers can load up a card with a specific amount which they will play with, and no bank details are attached to their account.
Crypto’s Cons
The major downside of cryptocurrency, which puts investors off, is how volatile the price is. If you bet with it, you may come out with more crypto than you went in with. This is a win. However, during that time, the price of the crypto you invested in might have absolutely plummeted. This results in you having more of less cryptocurrency than you began the day with. It’s price is largely linked with how confident investors are in it. If they are committing to it, the price is stable. If not then you will lose money. Right now, Bitcoin’s price is higher than it has ever been. Will it stay like that? You’ll have to check every minute.
There are lots to weigh before investing and using cryptocurrency at online casinos. What it promises can be fulfilled by other options at the moment. However, with the technology improved and being implemented more and more into the fabric of daily life, will that change?
