The online world is always evolving due to various inventions. Casinos, for instance, are some of the businesses that embrace various technologies to provide better service. Nowadays, they're increasingly embracing cryptocurrency casino funding methods seeing as it is part of the future of this industry. Read on to find out more.
What's a Cryptocurrency?
The first cryptocurrency (Bitcoin) was introduced in 2019 by a group of coders under an alias 'Satoshi Nakamoto'. It slowly gained popularity and is now a universally accepted means of acquiring goods and services both online and offline. Also, it turned out to be perfect for gambling owing to its nature - anonymous decentralized.
Essentially, this is a digital currency protected by cryptography making it impossible to double-spend and counterfeit. Cryptocurrencies are decentralized through blockchain technology, which is a dispersed ledger on a separate network of computers. One defining feature of these currencies is that they're immune to government interference and manipulation, unlike the fiat currencies.
Cryptocurrency Casino Funding
For you to deposit at betting operators using this particular method, you'll need to have crypto tokens. The process is quite simple as it's similar to depositing at a standard operator, which you've probably done before.
Note that crypto game sites also accept fiat currencies. At such sites, you may either deposit in a standard currency such as USD, GBP or EUR and have it converted or stake in with cryptocurrency and convert it to fiat currency to play your favorite games. It varies from one betting site to another. Also, it's worth mentioning that some operators may even allow you to buy or trade cryptocurrencies from your exchanges, though it's rare.
Transaction processing times are among the fastest with this particular payment option. Gamers can deposit instantly while withdrawals hardly take longer than a few hours. Nevertheless, there is a small processing fee depending on the game website.
It's important pointing out that Bitcoin casino withdrawals can take longer than other cryptos because of its slower confirmation and processing periods. Fortunately, withdrawals for a verified player often take a matter of minutes to complete.
Benefits to Players
Crypto casino banking comes with a ton of benefits to the player as listed below:
- It offers total anonymity for you and transactions because no personal identity is required at all.
- You enjoy instant processing for deposits and withdrawals.
- The purse is protected - it prohibits actions by the authorities who have no right to freeze a Bitcoin purse as it's not used to store fiat money.
- Most casinos that provide cryptocurrency casino funding options will offer players profitable promotions.
- Crypto online betting houses are safe and trustworthy. All bets and games are subject to evaluation.
- They have minimum charges to none.
- Gamblers are able to participate in online gaming even in the countries where gambling is barred at the legislative level.
- You can access the entire transaction history.
Commonly used Cryptos at Online Casinos
The most popular crypto casino funding options made available at top gambling establishments include:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)