Cryptocurrency is one of the biggest tech innovations of the last century. Crypto hasn’t yet reached its full potential but within the world of online casino crypto offers new possibilities, leading many Grande Vegas online casino gamers to explore cryptocurrency as their preferred method of making casino deposits and withdrawing winnings.
Crypto is now a multi-billion dollar market. It has become a preferred method for facilitating currency transfers in many industries including everything from US telecoms firm AT&T and technology giant Microsoft to the Starbucks coffee chain.
Now, industries such as online gambling, are adopting this technology and finding it to be a useful option both for their own use and as a convenience for their customers.
Online casinos are adopting cryptocurrency as a transaction option to increase privacy, reduce transaction fees and make the process of depositing bets and withdrawing winnings faster, more secure and more accessible.
Cryptocurrency
Cryptocurrency, also known as “crypto” or “cybercurrency”, is a form of currency that exists virtually or digitally and uses cryptography to secure transactions. Cryptocurrencies use a decentralized system to issue new units and record transactions as opposed to being based on a central issuing or regulating authority (such as a government).
Thanks to the use of encryption technologies, cryptocurrencies are able to function both as a currency and as a virtual accounting system. Cryptocurrencies are used transmitting value (i.e. making payments) which takes place across a decentralized network of users. There are different cybercurrencies including Bitcoin (the first cryptocurrency and the most widely-used), Ethereum, Dogecoin, Tether and Pokadot.
Using Cybercurrency
If you’re going to make payments or withdraw winnings to or from your casino account using a cryptocurrency, you need to obtain a cryptocurrency wallet. Once you download the cybercurrency app of the cryptocurrency that you want to use, you register and choose a password. Most cryptos will ask you to set up a 2-step verification so you have an extra layer of security to protect your transactions.
To use the cybercurrency payment option for your online casino money transfers, you need to connect the wallet that holds your cybercurrency value to the casino. Check to make sure that the exchange that you've chosen will support both that wallet and the asset in question. Once you move your cryptocurrency onto the exchange you can connect your crypto account to your casino account and begin to transfer currency to and from your casino account.
Why Crypto for Casino Transfers?
Why are online casino enthusiasts increasingly turning to crypto as a way to place real money bets on their gaming events?
- Privacy – crypto offers a more private way to transfer funds. Credit cards and other online transfers – even cash withdrawals – can be easily tracked by authorities and even by hackers. If you use the Internet or even transfer money via a social media account you can’t maintain privacy in your financial transactions.
With crypto transactions however, all of your transactions are secure and private. To register for a crypto casino you only need to add your digital wallet and once you’re ready to transfer funds, the only place that it’s registered is on the blockchain which is not accessible to outside parties – including banking and government authorities. - Fees – fees for transferring funds via your blockchain are lower than those charged by banking and ebanking institutions. The process is also completed quickly – often within minutes – meaning that the practice of ebanks to hold onto your transferred funds for a few days before depositing it in your account is not an issue here. The processing fee with crypto is also much lower than that charged by the ebanking institutions so your money remains your money and doesn’t go to support the ebank.
- Decentralization – There is no centralized authority that can access your cybercurrency account -- it can’t be frozen or funds confiscated. Tax authorities can not audit your cybercurrency account. There’s no authority that can interact with your digital assets.
- Geo-Restrictions – even if you are located in an area where online gaming is restricted, if you can access the website in your locality, you will be able to continue to transfer money in and out of your casino website at your leisure with no limitations imposed by any bank or ebank.
- Payouts – Since it’s cheaper for the casino to facilitate transactions with a blockchain as opposed to an ebank, payouts become higher and your bonuses are bigger. As more and more players adopt crypto transfer options and as the casino saves money on its end, those benefits grow as well. The interests of the casino in having players move to cryptocurrency transactions can be seen in the added bonuses that are given to crypto players.
