The Use of Cryptocurrencies in Online Gambling

Cryptocurrency is a trend that has been massively booming all around the global market for years now. Not only is it an investment that can make you a big profit if you do it right, but it’s also revolutionising online payments, making them safer and more discreet than anything ever before. One could use cryptocurrency to buy goods and services, but there is even a trade market for the cryptocurrencies themselves. We also know however that the crypto world is not yet all sunshine and rainbows, as along with the advantages, there also comes a list of disadvantages, which either might make no difference for you whatsoever, or could even put you off from the thought of ever attempting to use them.

What Is Cryptocurrency?

A cryptocurrency can be any type of payment method which one uses for a particular use, after exchanging real money for it. Say for example you see a company where you need to buy tokens in order to be able to buy or use their goods and services (like arcades), or when you buy chips to play games at a casino. Only difference is that cryptocurrencies are based solely online and can be used for almost anything nowadays. Most people use cryptocurrencies as a safe alternative for online payments, so that they avoid using their bank account information or paypal account, in order to protect themselves from getting scammed or having their money stolen from their bank accounts by hackers.

Are Cryptocurrencies Safe?

The safety of cryptocurrencies mostly comes from an all-new innovation which is known as blockchain technology. This is a system that is spread across numerous computers within a network, which records and manages transactions in real time. This gives an advantage to blockchain users as they can display the live amount of transactions taking place in real time, to assure you that what you are paying for is being paid for by other people at that time, and that it is safe.

How Popular Is the Cryptocurrency Market?

There are around 7,000 cryptocurrencies available worldwide, some of which are a lot dearer and more reliable than others. There’s numerous market research websites that give you all the necessary information you need regarding which cryptocurrencies are most popular, and which are most worth investing in. It is said that as of December 2020, the cryptocurrency market is worth at least $650 billion USD, while the most well-known cryptocurrency, also known as bitcoin, is worth around $420 billion USD.

What Are the Disadvantages That Come Along With Crypto?

Although cryptocurrency has many strongpoints, there’s a few disadvantages or drawbacks one must look out for before using them too. For starters, one of the biggest concerns with using the crypto market is scalability. Even though the industry is growing at an alarming rate, it still has nothing compared to the use of VISA, a payment giant that processes the largest number of online transactions every day. Another big drawback is volatility. We all know how volatile these currencies are. One day it’s worth an amount and the next it could be worth double or half that much.

Cryptocurrencies at Online Casinos

More and more casino players are considering the transition to cryptocurrencies as a way of funding their online gaming wallets. At the same time, popular online casino brands like Leo Vegas and Spin Casino, who traditionally have always offered just regular (fiat) currency payments options, have now begun adding crypto options to deposit and withdraw.

From the players point of view, using bitcoin or other cryptocurrencies to bet digitally is smarter in certain aspects than to use your credit card or PayPal details, since, at its heart, crypto seeks to safeguard the participant using the blockchain’s technology. While also by using encryption to verify and protect your transfers and payments.

There are numerous advantages and disadvantages when it comes to using cryptocurrencies to gamble online. Here we’ve put up a short list to help you compare the pros and cons to it, to help you decide whether you would rather try it out, or just keep using the usual bank transfers.

Billy Coin is a writer at BonusCanada.com a popular casino review and rating website.

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