Published 3 weeks ago • 6 minute read

Cryptocurrencies As A Payment Method At Online Casinos

Cryptocurrencies as a payment method at online casinos

The launch of Bitcoin reshaped the way we think about money. Many regard this well-known virtual currency as the first of its kind. However, there were a few others, such as eCash by DigiCash, that saw the light before Bitcoin.

These early currencies had limited success, and it was indeed Bitcoin that opened the doors to cryptocurrencies in 2009. Since then, many web-based companies have introduced and now accept blockchain solutions to transact. Today, you can hardly turn an online corner without bumping into terms such as non-fungible tokens (NFTs), crypto payments, and initial coin offerings (ICOs).

The same goes for online casinos. More and more crypto casinos are appearing and accepting cryptocurrencies as payment. This move flows naturally since web-based casinos are always exploring ways to make payment methods more secure and efficient.

The growing popularity of crypto casinos

Cryptocurrencies are widely considered the go-to for any future online dealings. Rapid-developing technologies, including virtual and augmented realities coupled with novel metaverse notions, underpin this opinion.

The online gambling industry is growing in leaps and bounds. As with many other digitized enterprises, the COVID-19 pandemic boosted the demand for online casinos.

Experts foresee that online casinos will predominantly turn to cryptocurrencies as a means of transacting because it is easier and less expensive to process. This makes it a sustainable option, especially since an increasing number of people are investing in and using cryptocurrencies.

An NBC News poll recently indicated that one in five Americans has invested in and traded with a cryptocurrency. Likewise, cryptocurrency casinos are growing exponentially. Some combine traditional payment methods, such as credit cards and e-wallets, with crypto acceptance. Others advertise themselves as pure crypto casinos that only accept cryptocurrencies.

Similar to other online casinos, crypto casinos feature slots, table games, live-dealer installments, and sports betting. The same game developers service these establishments, immersing players in quality and engaging software.

Although the value of Bitcoin, the leading cryptocurrency, recently took a significant dip, analysts feel its present and projected values still outweigh any negatives. Some even predict that this currency will reach a $100,000 all-time high by the end of 2022. These prospects motivate the increase in crypto casinos.

Regulation of crypto casinos

Reports show online casinos using cryptocurrencies are booming. Because crypto casinos are decentralized, they often swim under the radar of regulated do’s and don’ts.

At the moment, there are no specific rules allowing or prohibiting cryptocurrency gambling. Views on this concept are often region-specific. In the future, regulators may implement local and international legislative changes on the regulation of cryptocurrencies and blockchains, and, as an extension, crypto casinos.

How do cryptocurrency online casinos work?

Cryptocurrency is a decentralized, virtual currency used to pay for online purchases anonymously. Transactions between parties are recorded in digital ledgers, which are then copied and stored in a network of computers called a blockchain. It is very secure and offers users protection against fraudulent internet activities.

When opting to gamble at a crypto casino, players should first have a look at the different cryptocurrencies accepted as deposit and withdrawal options. Users can choose between several options such as Bitcoin, BitcoinCash, LiteCoin, and Ethereum, to name but a few.

The next step is to buy an accepted type of cryptocurrency with fiat money. Here, conversion rates play an important role, and some cryptocurrencies are more affordable than others. With a crypto wallet, a player can access most online casinos and bookies. 

Cryptocurrency wallets

There are as many cryptocurrency wallets as there are cryptocurrencies. A crypto wallet is a central application with which one manages cryptocurrency transactions and balances.

When gambling online, fast and secure payment options are a must. Players must choose a crypto wallet that makes it easy to move coins to and from online casinos to avoid delays on deposits and withdrawals. 

As with anything else that involves money – even digital money – players should do thorough background research to avoid scams. It’s advisable to look at reviews of existing crypto wallets and select a reputable option that serves one’s purposes.

Advantages of a cryptocurrency online casino

Cryptocurrency casinos have many advantages that attract online gamblers. These virtual gambling houses offer a feasible means of gambling, especially given new technologies and metaverse concepts on the horizon.

Anonymous gambling

Online gamblers can make deposits and withdrawals without providing any personal or financial details. They only need a crypto wallet or an account destination tag.

Some argue that this anonymity fuels the existing addictions of problem gamblers. Although there might be some truth in this, one must bear in mind that these players can just as easily gamble at unregulated online casinos.

Security

Secure transacting is a major concern for most online gamblers. Blockchain technologies make cryptocurrency exchanges very secure and easy to trace. Online casino deposits are direct and do not require any third-party approval or involvement.

This technology prevents anyone from tampering with transactions. All a cryptocurrency player needs to do is ensure the deposit is sent to the correct wallet address.

Convenient gambling

Using cryptocurrencies for online gambling is convenient, and no gambling-related transactions will appear in personal bank accounts. This is another benefit of crypto casinos, as some countries deny loans if they trace gambling activities in an account.

Deposits and withdrawals are immediate. This means there are no waiting periods before a player can place a sports bet, spin the reels of favorite slots or sit down at the tables for a thrilling hand.

Choosing a cryptocurrency online casino

As with any other online casino, players should consider the reputation and security of a cryptocurrency online casino. Software quality, support structures, and mobile compatibility are also important.

Featuring the latest installments of reputable game providers is usually a good sign that the casino is legit. It is also wise to explore the reviews on different crypto casinos and compare them. Player comments provide valuable insights into how well crypto casinos perform.

Visit PayGamble and have a look at the best payment options available for online and crypto casinos.

 

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