The online environment is constantly changing and evolving and with it, the innovative world of online casinos. So, it’s not surprising that many online casinos have adopted cryptocurrency as a payment and withdrawal method. Some casinos accept traditional payments and cryptocurrency, but there are now also exclusively Cryptocasinos.
The first and most widely known cryptocurrency is Bitcoin. It was released in 2009 and quite quickly garnered attention and began to move into the mainstream. Others you may have heard of are Ethereum, Dash, Litecoin, Ripple and Zcash. But what exactly is cryptocurrency? It’s a digital asset, consisting of a sequence of digital numbers which is assigned a value and used to exchange goods and services. The ledger or record is stored on a network distributed over many computers in different locations. You purchase the cryptocurrency with regular money initially, but thereafter, it’s all digital.
Due to its distributed nature and the strong cryptography employed, cryptocurrency is more secure than cash or credit cards. You can rest easy that it’s extremely difficult for the security to be breached wherever you are in the world. While records are transparent, cryptocurrency allows you to play anonymously – you don’t have to submit any personal or financial details to use cryptocurrency and your transactions aren’t tracked by any central authority. It also cuts out the middleman, saving on transaction fees and speeding transactions up dramatically.
Cryptocurrency is also free from government legislation. This makes it a lot more independent and is a definite winner for those wanting to play while residing in countries such as India, who don’t permit online gambling. With cryptocurrency, players are no longer restricted and can play from almost anywhere.
Because of the secure nature of cryptocurrency, casinos are protected from player fraud and don’t need to waste valuable time and money on settling user disputes or refund claims. They are also able to offer their clients the advantages of increased security and convenience as well as faster payouts, resulting in customer satisfaction and loyalty. Casinos are also able to offer more attractive bonuses on cryptocurrency transactions and there is little or no commission
Make sure that the casino uses encryption software for its transactions and that information is stored on a secure server as depending on the casino, you may still be required to submit some personal information.