Cryptocurrency – Why It’s Becoming So Popular At Online Casinos
Why Using Cryptocurrency Is Great While Gambling Online
It’s an undeniable fact that over the last few years there has been a huge increase in the popularity of cryptocurrency in online casinos. Over this period, more people started studying cryptocurrencies to try and discover their potential. Though it must be admitted that crypto is new in the field of casino payment options. Yet as more gamblers become familiar with the concept, its use is only increasing.
Many players claim that by using crypto they’re able to reap many benefits. Others might point out that there are many online illegal casinos that, by dint of wanting to remain anonymous, only accept crypto. But the truth of the matter is more and more reputable online casinos like Bovada Casino are happy to accept cryptocurrency as online payments to make deposits for players’ casino accounts. Remember, the actual payment method has nothing to do with how easily you might win the jackpot online.
It Offers Unparalleled Security
Bitcoin and other cryptocurrencies boast that they are one of the most secure methods of payment to use online. They are stored away from the internet. As long as you maintain strong and private passwords, then by keeping your coins in cold storage, you don’t have to worry about thieves getting their hands on your money. If, for example, you have your credit card details on a gambling platform, and that platform is hacked, then your money is gone. Thankfully, crypto relies on an independent wallet address. This has its own password and seed phrases. As such, it means that there’s nothing to steal.
Another fact about using credit or debit cards is there are many phishing scams going on. You may receive an email which you think is genuine and when you reply, you have unwittingly exposed yourself and your money to undesirable third parties. Having a cryptocurrency cold storage wallet is probably the most secure option to keep your funds safe and secure.
Your Transactions Are Private
The many in the West who assume that maintaining online privacy when playing at online casinos can be over the top. However, you have to consider that there are many countries in the world where gambling is a crime. One that carries a very severe punishment. Imagine if it became known that an individual was gambling, particularly in places with a heavy social stigma against the practice. Then others will question their character. This is why online privacy is so important for some individuals. And it’s also why cryptocurrency is the go-to funding method. You have no need to worry about your financial details being leaked.
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Cryptocurrency Saves You Money In The Long Run
You’ll find that cryptocurrency payments are both faster and cheaper than virtually any other funding method. The transaction fees for using Bitcoin are just a fraction of what the bank may charge for your debit or credit card. For those players who are making regular transfers, both in and out of their online casino account, this can save some considerable money in fees. By having more money left in your bankroll, you’ll technically increase your jackpot winning chances at the same time.
Faster Transaction Times Are A Given
Compared to traditional banking methods, using cryptocurrencies like Bitcoin is incredibly fast. After all, no gambler who set aside time to play jackpot poker or roulette at an online casino like Bovada Casino wants to be waiting around for funds to clear before he can take part in his favourite games. On the whole, most cryptocurrency transactions will take place within either a few minutes. Or maybe up to a couple of hours at a push. If we compare this to bank transactions, for example, they can take up to 5 working days. International transfers generally take a week or more. As for winnings, this means that someone utilising a cryptocurrency wallet can have their money transferred within a day at the maximum.
Cryptocurrency Is Better For The Casino’s Profits
To some degree, some might argue that Bitcoin is a product of the internet itself. To that end, it’s perfectly optimised for online usage. That’s why many players consider that cryptocurrency is probably the perfect solution for moving funds. Especially those between themselves and their favourite gambling platform. For many players, before the advent of Bitcoin, the only option was a credit card. Unfortunately, this comes with additional fees. However, cryptocurrencies offer privacy, and security and are cost-efficient when compared to credit cards. Thanks to the efficiency of cryptocurrencies, it’s not surprising that they have become more accepted, once people understand the concept.
Conclusion: Why Players Love Cryptocurrency
The gambling public is becoming more and more comfortable with the use of cryptocurrencies like Dogecoin, Litecoin, Bitcoin and Ethereum. So it’s no surprise that they have started to embrace them more readily. As a payment system, these offer a faster and simpler method of taking part in online casino jackpot games. Transactions become seamless and transparent. Having said all of this, we should point out that there are licencing requirements from authorities like the UK Gambling Commission and the Malta Gaming Authority for many top reputable online casinos. These require them to implement KYC requirements for all players wishing to withdraw their funds. This also applies to those utilising cryptocurrencies.
In short, this means that though you may be anonymous when you make your online deposits, you will certainly not be when you make your withdrawals. In fairness, we should point out that the KYC requirements are necessary for all payment methods when utilizing any online casino. Apart from illegal ones!
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