Pros and Cons of Using Cryptocurrencies at Casinos
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When internet shopping was in its infancy, there were significant concerns about the safety of completing financial transactions online. As online security became more and more effective, completing purchases online became commonplace and society quickly adopted the efficiency and ease of online shopping.
As banks adapted to online shopping, collecting data about the transactions their customers were undertaking, cryptocurrencies were in the early stages of development. As savvy programmers grew concerned about the banking industry, they created a solution in the form of cryptocurrency – a decentralised digital currency that can be traded online securely.
Cryptocurrencies soon became popular among internet users who wanted to make the most of their flexibility and online gambling sites were early adopters when it came to transacting in cryptocurrencies. Operators adopted some of the best-known cryptocurrencies, encouraging players to make the most of the wide variety of finance options available to them.
Online Casino Security
Players at online casinos don’t just want to play the games they are familiar with in bricks-and-mortar establishments, they want the same level of security. Casinos are notoriously protective of their players, providing an environment in which they can take calculated risks in the knowledge that the security in place is top-notch.
Any online casino that wants to attract new users needs to provide players with all the reassurances they need to feel safe playing online. This means offering a range of payment options to gamers that want the flexibility of having a variety of payment options and the choice of which to use.
Gamers have embraced the idea of a currency that doesn’t rely on banks and exists outside the control of traditional financial institutions. Cryptocurrencies are managed through digital wallets, and some are easier to link to online casino sites than others.
Casinos often advertise the games that can be played with cryptocurrencies so that players can identify the games that appeal to them from those available.
Cryptocurrencies and Online Casinos
Bitcoin is the original cryptocurrency and since its creation in 2009 it has become the most popular cryptocurrency in use in online casinos. Once the precedent has been set, other cryptocurrencies joined the market and casinos started to accept a range of other currencies, including:
- Litecoin
- Bitcoin Cash
- Stablecoin
- Stellar
- Binance
- Dogecoin
As new currencies are coming onto the market all the time, casinos are embracing them and incorporating them into their offerings.
The Pros and Cons of Using Cryptocurrencies at Online Casinos
Gamers who operate a lot in the online sphere are often drawn to cryptocurrencies for the ease of transacting online. This is one of the major benefits of using cryptocurrencies for online gaming and there are a number of other benefits, including:
- Assured player privacy
- Excellent security
- High speed transactions
- Lower costs
- Cashback
- Bonuses
There are some potential disadvantages to using cryptocurrencies for online gaming. As decentralised currencies, they can be more volatile than traditional means of payment, so there is always the risk that the value could change swiftly.
There have also been a few instances of cryptocurrency accounts being hacked and depleted. This is a concern with a purely digital currency, but most of the targets of these crimes have been insufficiently secure coin exchanges used by the owners for storage.
Many experts recommend so-called ‘cold-storage’, or offline wallets, for cryptocurrencies to safeguard them against potential theft. However, in order to use cryptocurrencies online, a balance has to be moved to a live account, at which point the risk of using them isn’t significantly higher than those using standard means of making a deposit.
The Future of Cryptocurrencies in Online Casinos
More and more casinos are choosing to allow transactions using cryptocurrencies. With lower costs for both parties, guaranteed anonymity, and enhanced security, there are plenty of reasons to believe that cryptocurrencies are the future of online gaming.
The increasing popularity of cryptocurrencies has demonstrated the level of excitement about a shake-up in the way financial transactions are conducted. Some industries are benefiting from embracing the widening horizons of the financial sector and online gambling is one.
Gamers and tech-savvy individuals that want to make the most of the time they spend online are keen to find ways to take control of their online interactions. Using alternative means of payment could be one way to make online transactions safer and more efficient, and it also offers a degree of flexibility that isn’t always possible with banks.
Any new technology is likely to be met with concerns about how it can safely be incorporated into existing industries and cryptocurrencies are no exception. The way the gaming industry has embraced cryptocurrencies has reinforced their popularity and made them a viable alternative to traditional means of making deposits.
