Learn the positive and negative aspects of using cryptocurrency to gamble with at online casinos.
Crypto Gambling
Despite all the restrictions brought on by the pandemic the global gambling market is expected to exceed $500 billion dollars in 2021 which is a significant increase over 2020. A good part of that increase will come from online gambling sites. Although some people remain skeptical of the validity of online casinos, they are a great alternative to land-based casinos as long as you know what to look for in a site.
An important consideration when choosing an online casino is payment options. One method that is becoming increasingly popular is cryptocurrency. Many popular sites are hybrid casinos and accept both fiat currency and cryptocurrency as a means of payment. Gambling online with cryptocurrency has some definite advantages. The following are some of the pros of using crypto to gamble:
Privacy: Using cryptocurrency to gamble with provides players with a higher degree of anonymity. Due to cryptocurrency being decentralized it is harder to track transactions. You will also not be required to provide as much personal and financial information to the casino site. The degree of anonymity will depend in part on the particular casino you are playing at. Casinos are often required to get a certain amount of information to meet KYC (Know Your Client) requirements for licensing. Online sites that are exclusively crypto tend to require less information.
Increased Security: Online casinos take security seriously and use SSL encryption technologies to protect customer’s financial data. 스포츠토토 However, the blockchain technology used by cryptocurrencies provides an even higher level of security.
Speed: It is generally much faster to complete transactions at online casinos using cryptocurrency. In most cases they can be completed almost instantaneously. Some other methods may require hours or even days for a transaction to be processed. Typically, if a transaction such as a withdrawal takes more than a few minutes it is because the casino is taking their time authorizing your request. This is a standard practice for many sites for withdrawals above a certain amount whether you are using crypto or fiat currency. The bottom line is that with cryptocurrency there is no third party involved in the payment process as there is with PayPal, credit cards and many other payment methods, thus cutting down on transaction time.
No Restrictions on Location: Some payment methods will restrict deposits to online casinos in certain countries. In other cases the payment methods or currency used in some countries may not be accepted by the casino. There are also some countries where online gambling is illegal although an off-shore site will still accept wagers. Using cryptocurrency circumvents all these problems and allows users to play regardless of their location.
Save Money: Unless the online casino itself is imposing a fee it is generally cheaper to transact using cryptocurrency. Many other payment methods make their income from charging transaction fees which is not the case with crypto.
Provably Fair: Games that are designed to accept cryptocurrency are provably fair. The outcome of any game can be checked by the player using a cryptographic hash function. A lot of the top casino game developers like Microgaming, NetEnt, Play’n Go and others have developed games specifically for cryptocurrency. That being said, the majority of online casinos offer fair games that are checked regularly by an independent third party to verify fairness.
Get Paid in Crypto: A lot of players like the idea of receiving any winnings in cryptocurrency. They can increase their cryptocurrency holdings with their winnings without having to go through an exchange