Cryptocurrencies and Their Impact on Online Casinos

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by Ryan White | 15/02/2021
Cryptocurrencies and Their Impact on Online Casinos

Given the huge boom that Bitcoin and other popular cryptocurrencies like Dogecoin, Litecoin, or Ethereum have recorded in recent years, lots of online casinos have started to add them to their lists of banking options. Cryptocurrency casinos are mostly preferred by gamers passionate about all things crypto-related, but they are also joined by players who acknowledge their unique advantages and are eager to use them in their best interests.

If you would like to learn more about the way cryptocurrency casinos work and what are their pros and cons, keep reading.

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Cryptocurrencies and Their Impact on Online CasinosWhat Is Cryptocurrency And How Does It Work?

Cryptocurrencies are digital currencies used to purchase services or products online around the world. They rely on online ledgers and the blockchain, which is a decentralised type of technology that spreads across numerous computers and it is responsible for managing and recording financial transactions. Blockchain technology is extremely secure and trustworthy and it enables casino players to benefit from full anonymity when completing their transactions online.

Cryptocurrencies were first presented to the public over a decade ago, in 2009. Ever since, they continued to influence the way online casino payments were processed and regarded, while their value kept rising due to the ever-growing number of speculators willing to invest in them.

Today, lots of online casinos have adopted Bitcoin and other popular cryptocurrencies as accepted payment methods, the currency can be used for making deposits and withdrawals. The main reason for this is the fast, secure, and hassle-free properties of these unique currencies which are often regarded as the best banking solutions for online gamblers.

Are Cryptocurrencies The Digital Currency Of The Future For Casinos Online?

While Bitcoin is the pioneer of cryptocurrency and still continues to be the most used type of cryptocurrency today, there are many other different cryptocurrencies that online casinos have started to embrace. In fact, there are over 6,700 cryptocurrencies that are currently traded. As of January 27th 2021, the total value of all cryptocurrencies combined went over $897.3 billion, whereas the total value of all bitcoins combined was estimated at around $564 billion.

Here are a few popular types of cryptocurrencies that lots of real money casinos online have started to add to their list of banking methods:

  • Litecoin, which was launched in 2011 and is the result of a Google employee's work

  • Dogecoin, which is continuously becoming more popular in terms of gambling online

  • Ethereum or Ether which is another highly valued crypto that seems to be even more successful when compared to its counterparts

Most casinos online that have embraced crypto are Bitcoin casinos and they, along with the rest of cryptocurrency casinos online, are subject to regulations in the countries they originate from. Since there is no need to use any physical fiat currencies and involve third parties such as banks and other financial institutions to complete a deposit or a withdrawal, they are preferred by plenty of gamblers. This is also due to their incredibly fast processing speeds that cannot be reached by traditional payment options that are normally used by casinos.

The risk of scamming or fraud is close to zero thanks to the enhanced verification methods that make sure there are zero double entries or suspicious third-party interferences for entirely safe transactions.

While classic banking methods are still not obsolete, digital cryptocurrencies make a lot of sense in the fast, internet-based environment we live in today. Standard casino payment options are slower, less safe, and more expensive to use, and many casinos have started regarding them as outdated solutions soon to be replaced by the quicker and safer cryptocurrencies. Some web casinos have exclusively focused their attention on Bitcoin or other forms of cryptocurrencies, while most casinos continue to allow players to use both traditional and crypto payment solutions in parallel. 

Advantages and Disadvantages of Cryptocurrencies Online Casinos

Cryptocurrency casinos online come with an impressive number of benefits and a few drawbacks:

Advantages Of Using Cryptocurrencies At Online Casinos

  • cryptocurrency casinos keep players' information protected against third parties and online threats thanks to the powerful blockchain technology

  • all casino crypto transactions are confidential, fast, anonymous, and transparent

  • there is no need to use banks and other third parties to complete deposits and cashouts using your preferred cryptocurrency, which means crypto deposits and crypto withdrawals are fee-free

  • you can find lots of cryptocurrency bonuses offered to players who select Bitcoin and other cryptocurrencies to make their payments or cash out their winnings

  • Bitcoin casinos and other types of cryptocurrency casinos online enable access to provably fair gambling, which means you can expect to experience the fairest gambling sessions and the most reliable banking solutions

Cons Of Crypto Casinos

While Bitcoin seems to be on an ascending trend in recent months, the value of cryptocurrencies is normally a fluctuating one and this is why lots of players might be having second thoughts about using them. Also, cryptocurrencies revolve around the laws of the countries where they are made available.

Important Things To Remember When Using Cryptocurrency Online Casinos

While cryptocurrencies provide extra safety against frauds and theft attempts, players must still rely on common sense and vigilance when opting for cryptocurrency gambling. It is also essential to abide by all the regulations regarding the use of cryptocurrencies at casinos online so you can steer clear of any legal consequences.

The Future Of Cryptocurrencies At Online Casinos

Depending on a gambler's expectations in relation to his or her safety, confidentiality, and anonymity online, cryptocurrencies are usually the safer choice, as they keep all banking and personal details protected against threats. Players can make deposits to cryptocurrency casinos in an anonymous manner anywhere on the planet on a 24-hour basis and this s another reason why these casinos are expected to keep growing in popularity in the upcoming years.

If you have never tried a cryptocurrency casino online before, make sure you choose a reliable and vetted one from our list.

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