You may be unfamiliar with the term “cryptocurrency”. Still, you’ve undoubtedly heard about bitcoin – it has been mentioned many times in mainstream media news. Bitcoin is the most famous cryptocurrency. The cryptocurrency revolution has been adopted by online casinos. Still, there are 4,000 different crypto options out there.
Operations with cryptos are entirely anonymous and know no banking boundaries. Cryptos can be exchanged in any currency, in any country. Are they the future of online casino operations? Keep reading and find out.
The Rise of Cryptocurrency
Recently, bitcoin has been all over the news because of its volatility. Bitcoins, like all other cryptos, are decentralized currency. It means neither the banks nor the government doesn’t regulate it. Its value is completely speculative. Moreover, it’s vulnerable to celebrity stunts or a caprice from the likes of Elon Musk. That’s why bitcoin’s value keeps roller-coasting and making it to the headlines.
However, there’s plenty of fish in the sea. Other options are gaining ground in online casinos like Ethereum (ETH) and Tether (USDT). The latter options are more affordable and widely accepted.
Advantages of Using Cryptos
Transactions with cryptos are secure from end to end, immune to hacking, and anonymous. Those features are convenient when you don’t want to leave traces of your online transactions. When you cash your cryptos, there’s no way of knowing where they came from. Moreover, there are no taxes (yet) or banking fees involved.
Disadvantages of Using Cryptos
Because of its decentralized nature, there is no authority overseeing the transactions. There’s no institution to turn to in case of scams and other problems. The billionaire Mircea Popescu has recently passed at a young age, leaving a $2 billion fortune behind. No one knows what will happen to his wallet, and in case no one manages to rescue it, it’s lost forever. It goes to show how uncharted this territory still is.
Cryptocurrencies and Online Casinos
Cryptocurrencies allow you to play globally and cash out locally. Online casinos accepting cryptos know no boundaries or legal hassles. Players can bet using cryptos from anywhere. Also, there are several crypto casinos available through VPNs and other tools.
Withdrawals are also comparatively much faster using cryptos. Some casinos even offer instant withdrawals for this method. So, in case you get lucky in your usual blackjack online round, you can cash out your winnings on the spot. Other processes involving banks and regular e-wallets can take days to process.
Cryptos allow for costless financial transactions, seamless withdrawals, and complete anonymity. The number of online retailers that accept cryptos is rising by the day. So, often, you don’t even have to bother exchanging it for fiat money. In Turkey, street shops are taking small bitcoin things such as coffee.
Yet, it’s essential to bear in mind that this kind of currency is highly volatile, and there’s no regulation body shielding you in case of collapse. Nonetheless, it’s a perfect option for players who wish to keep their gambling habits a secret.