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Why Use Bitcoin and Other Cryptocurrencies at Online Casinos
- June 19, 2020 By Riley Wilson -
When it comes to online casino banking, there is a wide array of options players can use to make their deposits and withdrawals. In the last few years, more and more gambling sites have added Bitcoin and other cryptocurrencies to their lists of supported banking methods. In this article, we will cover the main reasons why using a cryptocurrency for online gambling is a good option for you.
The Most Popular Cryptocurrencies for Online Gambling
Before we cover the benefits of using cryptocurrencies for online gambling, let us first present you several options you can use at the best online casinos. Besides Bitcoin, which is the most popular digital currency in the world, you can also use:
- BitcoinCash: the only difference between Bitcoin and BitcoinCash is in the fact that the latter has a lower value per coin, which may come in handy when carrying out transactions in smaller amounts;
- Ethereum: an established virtual currency that uses a secure platform, just like Bitcoin;
- Litecoin: one of the first cryptocurrencies and Bitcoin alternatives that is supported by most reputable online casinos;
- Dogecoin: launched as a joke currency, it proved to be a reliable option for gambling sites that more and more player use to play casino games;
- Dash: another safe option more suitable for players on a budget.
Security Is Your No. 1 Priority
If you are a cryptocurrency newbie, the concept behind it may strike you as a bit strange. First of all, you may not be able to understand that there are only strings of numbers and no physical money at all. However, although you cannot touch the money you have in your wallet, you can use cryptocurrencies to pay for various goods and services. Once you do it, this concept becomes more tangible.
Now that you have accepted the fact that virtual money has its value and obtained some of it in your crypto wallet, you can use it any way you like, which includes playing casino games online. The most important thing about Bitcoin and other virtual currencies is that they are totally safe to use. As a matter of fact, BTC is considered one of the most reliable payment methods on the internet. Digital money is transferred as a string of numbers with no personal names or sensitive financial data revealed.
So, when you use Bitcoin or any other cryptocurrency, you don’t have to worry whether an operator will compromise or exploit your data. All transactions are encrypted with each step in the process verified. This makes Bitcoin one of the best payment options for players living in countries where online gambling is still in a grey area. To put it simply, when using Bitcoin for online gambling, you will stay anonymous.
Fast Transactions without Middleman
Not only that the transactions via cryptocurrencies are totally secure, but they are also as fast as possible. Whether you are depositing to your account or clearing your winnings from it, all transactions will be processed almost instantly. Also, there are no transaction fees incurred, unless you want to convert Bitcoin or other cryptocurrencies into traditional money.
This is due to the fact that there is no middleman in the process to charge their services between the two parties as long as you move digital money from one crypto wallet to another. As the first and most widespread cryptocurrency, Bitcoin is fully decentralized, meaning that there is no authority that can tax your money.
Disadvantages of Using Cryptocurrencies for Online Gambling
One of the biggest disadvantages of using Bitcoin, in particular, is its volatility. Due to the increasing demand for it in the market, the price of Bitcoin ebbs and flows regularly. Furthermore, it is still in an experimental stage, just like other cryptocurrencies. To benefit from using digital money when playing casino games online, avoid converting it into a fiat currency. That’s how you will avoid paying conversion fees, which are set pretty high.