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Cryptocurrency is slowly taking over most operations and transactions in the world. The gambling industry is no exception. Gambling companies are always keen to adopt new technologies in the gambling scene.
This initiative helps them to stay ahead of the competition and avoid making losses. Cryptocurrencies used in online gambling allow users to top up their e-wallets just like ordinary currencies.
They enable users to complete transactions at the comfort of their homes using computers and smartphones. This feature removes the hassle of going to physical banks, hence becoming popular with online gamblers.
Cryptocurrency does not exist physically but rather in virtual form. Cryptography safeguards cryptocurrency hence guaranteeing security. The currency is decentralized due to its ability to use blockchain technology.
Advantages of Cryptocurrency in Gambling
Cryptocurrency benefits both gamblers and casino owners. Some of the benefits include high levels of security, reduced transaction costs, quick transactions, and bonuses and promotions.
1. Security
The advancement in technology has given a lee-way to hackers to manipulate online banking systems. This vulnerability discourages most people from sharing their personal information online when depositing funds in online casino accounts.
Blockchain technology has proven to be one of the safest technology safeguarding transactions on the internet. Users can transact cryptocurrencies freely without the fear of their private data leaking.
On the other hand, online casinos do not need to engage security services from third-party companies since blockchain provides enough security.
2. Reduced Transaction Costs
Cryptocurrencies platforms have very few charges on all of their transactions compared to conventional payment methods. The platforms do not engage third parties to process the transactions hence the low transaction cost.
3. Promotions and Bonuses
Online casinos do not require the services of third-party companies in their operations. This reduces their operational costs hence freeing up cash that can be used to offer customers bonuses. Their promotions also include user-friendly terms that allow players to convert their free credits into cash quickly.
Cryptocurrencies Used in Gambling
Cryptocurrency has evolved with time. There are currently multiple cryptocurrencies used in various transactions worldwide. Some of the best and most profitable cryptocurrencies used in casinos include Bitcoin, Ethereum, Dogecoin, Litecoin, and Monero.
1. Bitcoin
Bitcoin made its first appearance in late 2008 and early 2009. It came into existence after the banking crisis that occurred in 2008. Most people use bitcoin for online gambling due to its speed, simplicity, and zero fees transactions. It also offers a secure platform to conduct transactions.
2. Ethereum
Ethereum is relatively new compared to Bitcoin. However, it is still one of the most preferred cryptocurrencies. It uses a model that most online casinos are starting to adopt. Ethereum guarantees privacy, security, and convenience.
3. Dogecoin
The creators of Dogecoin first created it as a joke. However, it soon became popular with most people due to its user-friendliness. The block reading speed for Dogecoin is just one minute, hence quickening transactions. Due to this reason, it has become very popular with casino players.
4. Litecoin
This peer-to-peer cryptocurrency is entirely autonomous and decentralized. Its block reading speed is faster than Bitcoin, making it a favorite of many casino players.
5. Monero
This cryptocurrency boasts of guaranteed privacy and decentralization. It is more private than Bitcoin since its transactions are difficult to trace. For this reason, players always choose it for anonymous gambling.
Final Thoughts
Casinos have largely embraced crypto use in their operations due to the multiple benefits associated with cryptocurrency. More casinos are moving their operations online, and players are looking for more secure ways to conduct transactions, shifting to cryptocurrency.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.