The most basic or direct definition of cryptocurrency would be digital currency. Unlike traditional currencies, known as fiat currency, such as pounds and dollars, crypto isn’t controlled by a central organization, making it decentralized. An open market controls the value of cryptocurrency. When the demand is high, the value of the currency increases. When the demand is low, the value decreases.
In the case of security, cryptocurrency uses digital encryption. Combined with blockchain technology, all crypto transactions are recorded, verified, and secured on a ledger. This allows for transparency, as you can view all the transactions. Bitcoin was the first ever cryptocurrency to be unveiled in 2009. Since then, there have been plenty of other digital currencies, including Ethereum, Dogecoin, Ripple, Litecoin, and more. The online gambling industry, including https://vulkanvegas.com/th, and sports betting, as well as online casinos, rely heavily on cryptocurrency to facilitate their transactions. There are many reasons for this, which is what this article focuses on.
Crypto Is a Natural Fit With IGaming
There are many reasons for this, as evidenced by the number of online casinos and sportsbooks accepting cryptocurrencies. Here are some highlights showing how cryptocurrencies are making it easier and smoother to transact in the iGaming industry:
- Cryptocurrencies are cost-effective. Having read about crypto’s fast and explosive growth, one might think using cryptocurrencies might be an expensive venture. On the contrary, using crypto to gamble online is quite cheap, all thanks to the decentralization factor. Since a central organization does not regulate cryptocurrencies, the transactions don’t come with any fees like those charged by banks. This is why you might end up not paying any fees for deposits or withdrawals.
- Faster Transactions. One of the trickier parts of playing casino games online is the time used to move money in and out of your account. Especially the second part of withdrawing. When using fiat currencies, you must wait for at least 1 hour to receive your money after making a withdrawal request. In other instances, receiving your winnings can take up to five business days. However, this is not the case for cryptocurrencies. You are assured of fast transaction times if you choose to use Bitcoin, Dogecoin, Litecoin, Ethereum, Ripple, Tether, or many other cryptocurrencies. While deposits can take up to 10 minutes to complete, withdrawals are processed in under 30 minutes, regardless of the crypto you use.
- No Privacy Concerns. Traditional payment methods require you to complete a strict KYC verification process before transacting. This means sharing personal information such as your government-issued ID and address, as well as other sensitive information such as your credit/debit card image. This is not the case when transacting through cryptocurrencies. No personal information is required, which is particularly advantageous to gamblers. You can link your online casino account to your crypto wallet and move money without sharing personal information. Although you must provide a copy of your ID (from the exchange’s side), this is only meant to verify the identity of each account holder to make the marketplace safer. You can also provide your phone number (optional) for the sake of a two-step identification procedure.
- Security. There’s always a risk of losing important financial and personal information when you play at a rogue online casino. There have been cases where players lose such information to online casinos that purport to offer legitimate services. However, when you deposit using cryptocurrencies, the technology makes it difficult for scammers to steal or illegally use your financial information. All the transactions conducted via crypto are stored on a public ledger. This means everyone on the ledger can see how much money was moved. But doesn’t this mean people can track the transaction, making them exposed? Well, it’s true they can be tracked but cannot be modified. Safety and security are further fortified by blockchain technology when creating digital coins.
- Bye-bye inflation: COVID-19 introduced serious inflations, from which the world has yet to recover. If you were ever affected by these inflations, using Bitcoin and other cryptocurrencies when gambling means you are protected from such adversaries. Inflation is one of the biggest disadvantages of using fiat (traditional) currencies. Governments can decide to print more money at will, which in turn leads to a decrease in its value. However, most cryptocurrencies are meant to be produced at a fixed number. For example, only 21 million Bitcoins will be issued. Only a fixed number of 81 million Litecoins will be mined. Ethereum, Tether, and Dogecoin will only see ETH120.18 million, USDT91.34 billion, and Doge142.41 billion coins will ever be produced. This fixed amount means they are not subject to inflation.
Step Into the Future of Gambling With a Reputable Casino
It is important you only strive to play at a safe, secure, and licensed online casino site. This will not only allow you to transact knowing all your personal and financial information is safe but also give you peace of mind the games you are playing are fair.
While it’s good to focus on a site that supports fiat currencies (in your local currency), using crypto ensures you access all the advantages listed above.
