Gambling coins are enjoying fast-rising popularity globally. Today, gamblers can use cryptocurrencies to fund and withdraw money from most online casino accounts effortlessly. But if you’re not a techie, you may be forgiven for knowing very little about this cutting-edge technology. So, don’t get stuck with those unreliable casino payment methods and start gambling using digital coins in 2021 going forward.
First of all, what is cryptocurrency? It’s a digital asset that works as a mode of exchange, just like fiat currency. However, cryptocurrency ownership records are saved in a ledger on a computerized database. The idea of cryptocurrency payment was first born in 1983 after David Chaum, an American cryptographer, introduced ecash, which later changed to Digicash in 1995.
In 2009, however, the first decentralized digital coin called Bitcoin (BTC) was introduced. Bitcoin is currently the most common and valuable digital coin. This lead to the emergence of other cryptocurrency coins like Litecoin, Namecoin, Dogecoin, Peercoin, etc. Today, cryptocurrency betting is vastly available on most gambling sites, although the availability may depend on the player’s jurisdiction.
Below are some hard-nosed pointers on why you should get up to speed with cryptocurrency gambling:
Anonymity is arguably the most attractive benefit of using digital coins while gambling. The fact that digital currencies are available to use without any bank connection is a significant plus for those who want to remain anonymous. Players don’t need to reveal their personal and financial details to complete cryptocurrency transactions. Even better, authorities are still struggling to regulate the fast-evolving crypto gambling world.
Cryptocurrencies actually offer better security levels compared to traditional methods of funding online casino accounts. As said before, digital coins are economical with personal information. All digital currencies use blockchain technology to keep a list of records that are intertwined with secure cryptography. So, because there are countless transaction copies, it’s impossible to alter or cheat transactions.
Most crypto casinos charge low or zero transaction fees. Others even go as far as offering promotions for players using cryptocurrency payments on the site. This is the direct opposite of the traditional and costlier online casino banking methods like Visa and MasterCard. In fact, low transaction cost can turn out to be a win-win scenario for all parties involved. For instance, if the casino makes savings through reduced transaction fees, it can offer more bonuses to players in return.
Low-cost transactions should go hand-in-hand with fast payments. Well, that is precisely what you’ll get when using cryptocurrency for gambling. Cryptocurrency payments on most regulated online casinos are almost instant. For instance, it costs less than 3 minutes to complete most Litecoin transactions. Bitcoin, which is the world’s most common digital coin, is relatively slow at around 10 minutes. Nonetheless, this is significantly quicker than traditional online casino payment methods. Debit and credit cards can take as much as a week to complete payments.
This is a hugely underrated benefit of using digital coins while gambling. Cryptocurrency payments come in many forms on most online casinos. Therefore, players are likely to use any digital cash in the vast online casino world. Some of the most popular digital coins include: