How Cryptocurrency is Used for Online Casinos

With its increasing popularity, cryptocurrency has been sweeping several platforms including the online casinos. This is one dynamic sector that has embraced the use of Bitcoins, Ethereum and several other digital currencies. It has played a vital role in revolutionizing this industry.

Over the past few years, the betting industry has seen many casinos adopting the blockchain technology while several others have just began accepting a range of digital currencies.

Perks of using cryptocurrency at online casinos

Players chasing big jackpots and real money wins can enjoy the benefits of playing with the new age currency as it allows for almost instant withdrawal of winnings. Bitcoin withdrawals are easily confirmed making it a much better currency to transact in as compared to many other banking options that take up to several days of clearance.

A roulette wheel in a casino

Privacy is a prime concern when it comes to online payments. Casinos facilitating standard payment options such as Visa, MasterCard and other debit and credit card payments often juggle with the challenge of safeguarding the player’s identity. Cryptocurrency, however, brings in a level of anonymity where players can enjoy judgement free gaming.

Along with privacy comes security and though most top casinos ensure to protect player data in the most advanced ways, there have been incidents of hacking and breaches faced by casinos. Digital currencies such as Bitcoins offer enhanced security when it comes to online transactions.

The crypto coins are encoded to ensure that nobody can hack your money. Most cryptocurrency casinos enable verification of IDs, SSL encryption, RNG testing and independent auditing to promote and ascertain player safety. Moreover, in comparison to some of the general online casino payment options, Bitcoin transactions are less expensive with fewer transaction fees, are much faster, easy-to-use, secure and often more efficient.

How cryptocurrencies benefit the online casinos?

Beyond its advantages to players, cryptocurrency also comes with benefits for the casinos enabling this mode of payment. Unlike transacting in traditional payment methods, cryptocurrencies come without chargebacks. This means that players may not be able to reclaim their money or ask for compensation from the casino. This safeguards the operators from player frauds as well as saves time from having to deal with disputes.

Bitcoins image

With its transparent method, Bitcoin transactions enable players to check the fairness of games and legitimacy of the casino. This saves operators from going through additional processes of obtaining credibility. Moreover, no third parties or financial institutions are involved as ‘middlemen’ in the transactions as it is solely held between the payer and the receiver.

Priding itself in speed and transparency, cryptocurrencies have been seamlessly employed in the casino industry. It has been contributing immensely towards developing a well-regulated online gambling industry. The blockchain technology not only helps retain player anonymity but also has been a major breakthrough in fighting the possibilities of cryptocurrency fraud.

Most top casinos have welcomed the use of cryptocurrency, though there needs to be a monitoring mechanism to ensure sustained flawless service for players and maintaining a healthy casino environment for the operators themselves.

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