The idea of cryptocurrency and online casinos has been in the back of many people’s minds for a while now. And it is not without good reason; the marriage between these two industries could be very beneficial to both sides.
With the meteoric rise of cryptocurrencies over the last few years, online casinos have been forced to reinvent their offerings. Virtual or digital currencies don’t have a physical form and they bypass the hurdles associated with conventional financial systems, allowing secure, anonymous, and frictionless transactions between parties.
The bitcoin casino industry has expanded to offer customers a new way to gamble. The gambling business was traditionally funded through bank wire transfers, credit cards, and PayPal which could take days or weeks for transactions to process before the funds were available in the account.
With bitcoin casinos, customers can exchange currencies, deposit, and withdraw funds directly or through third-party crypto-wallet services with few limitations on transaction size. These benefits make bitcoin casinos more attractive than traditional fiat currency counterparts.
It is no secret that online gambling is one of the most popular pastimes on the internet. However, some countries have banned or heavily regulated it and those who gamble from such countries often find themselves at a disadvantage as they are unable to participate in their favourite games with other players around the world.
Fortunately, there is an alternative: Bitcoin gambling! The first thing you need to know about this type of gambling is that all transactions can be done anonymously and without banks or any other financial institution involved.
So, with Bitcoin gambling, players from such countries can participate without any restrictions.
In addition to the above-mentioned benefits, there are several other reasons why cryptocurrencies and online casinos are a perfect fair. Here are a few of them:
Cryptocurrency Gambling Offers Privacy, Anonymity
Cryptocurrency is an emerging digital currency that offers players anonymity, privacy, and the ability to make deposits without providing personally identifiable information. That therefore also means that online gaming will not have any negative effect on people who have bad credit scores. As long as you have money to play with, block-chain doesn’t care.
One can see a similar situation apply to things like people wanting to get a loan – cryptocurrency are not going to be visible on any bank statements. But when issuing a loan, banks look through such statements to better understand each individual’s spending habits, which only makes sense. Needless to say, if they happen to come across some expenditures related to gambling, betting or any other similar thing, they will refuse to issue a loan…
Bitcoin’s decentralized network provides a high-grade encryption system with no single point of failure, which allows users to focus on their game instead of worrying about someone hacking into their personal data.
With cybercrime on the rise, it’s more important than ever to have an anonymous currency that provides you with peace of mind.
Complete Security, and Fairness
If you understand how blockchain works, you may already know that all virtual transactions happening during an online gambling session are assigned unique codes.
The blockchain enhances the game’s integrity because all regulated crypto gaming companies are required to clearly explain how their provably fair algorithm works such that users may independently check it or use verifiers such as Primedice, and Bustabit.
Additionally, it is now compulsory for all licensed crypto gaming companies to undergo audits by reputable third parties like eeCOGRA.
Generous Bonuses, VIP Programs, Free Spins, and More
Bitcoin casinos are unique and what benefits they offer players. Bitcoin casinos have grown in popularity over the last few years for a number of reasons.
First, most Bitcoin casinos offer generous bonuses on your initial deposit which will help you grow your cryptocurrency portfolio quickly with little risk involved. You’ll also be entitled to free weekly spins, weekly promotions, VIP programs
A good example is CasinoEmpire where players enjoy loads of bonuses and promotional offers.
Increased Efficiency, Lower Costs
Today’s generation has been brought up in a world where efficiency is everything. It makes sense that when it comes to cryptocurrency transactions, the efficiency of this process would be what draws them in.
With the rising popularity of Bitcoin and other cryptocurrencies, transactions are completed much faster than with bank or credit card transfers. This can have benefits for both parties involved in a transaction.
The individual receiving the funds will receive them much quicker than if they were being transferred from an account through a third
In addition to these features, cryptocurrency transaction fees are a lot lower as compared to other traditional methods of payment processing. This makes it all the more attractive for people who want to make online purchases in a hassle-free environment.
Speed
There’s nothing worse that playing with your own money, win, wanting to withdraw your winnings, but be unable to do so. Especially when payouts are made from international businesses. And of course, standard SWIFT payments can easily take up to 5 working days – such things are a deal-breaker for people that want to play online and many just decide to turn to brick-and-mortar store as a result of such unnecessary hurdles.
When you play with BTC, Litecoin or Ethereum, you won’t need to wait long periods before receiving your winnings. Crypto will be transferred to individual’s wallets instantly so they can be invested into something else or re-spent instantly. This is a real freedom that crypto space provides.
Conclusion
Cryptocurrencies and online casinos are two peas in a pod. Both of them were created to improve on what came before, and both of them have succeeded at doing so.
The introduction of cryptocurrency casinos is changing the gaming industry for good by giving players more options than ever before while enabling operators to provide games that are cheaper and faster than traditional online casinos.
Cryptocurrency casinos offer the best of both worlds: security, transparency, fairness, anonymity, and cost-effectiveness while enabling people from all around the world to try their luck. All of these attributes point to one thing: cryptocurrencies and online casinos are indivisible.
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