With the Internet getting faster and better all over the world and phones and laptops becoming more sophisticated, it’s not surprising that playing at an online casino is becoming more and more popular. Especially since the ways of depositing money at such a casino are also getting better and better.
With the internet getting better and better we also see the trade in cryptocurrencies increasing. This digital currency is something special, because it doesn’t exist in physical form. So there are no actual bills or coins of it. Bitcoin is by far the best known and most valuable crypto, but there are dozens of them.
Online casinos that accept cryptos
As both cryptos and online casinos are becoming more and more popular, it is of course not surprising that more and more online casinos are also accepting cryptos as a valid means of payment. Admittedly, not all crypto currencies are accepted by a long shot, but the Bitcoin is now a welcome guest at the cashier of an online casino.
The advantage of this virtual currency is that it allows the traditional financial system by direct, frictionless and anonymous transactions between parties. So no hassle of banks etc. Bitcoin acts as a peer-to-peer electronic money system, allowing participants to make transactions anonymously without banks or financial institutions. The entire transaction takes place in a decentralized network. There are no central banks or mainland financial institutions involved in the processing or transfer of funds.
The advantage for online casinos
Online casinos differ in their approach to cryptocurrencies. There are currently quite a few different Bitcoin online casinos operating. However, the top casinos are still fairly cautious. The highly controversial view of cryptocurrency in global markets is one of the main reasons why it is not included as an official payment method at many online casinos.
As many online casinos compete for market share in an increasingly regulated industry, few operators are willing to take the risk of accepting cryptocurrencies. A responsible online casino is more concerned about maintaining its reputation and complying with regulations than providing edge solutions.
The current state of online gambling and cryptocurrency can best be described as “in flux. It is entirely possible that regulated cryptocurrency will find a place at regulated online casinos. In order to accept crypto, many online casinos would need to have new payment protocols in place to handle crypto payments. This is a major expense for start-up casinos and there is likely little demand for it from the average online casino player. Of the online casinos that accept cryptocurrency, Bitcoin is preferred, with Litecoin (LTC) and Ethereum (ETH) close behind.
Conclusion
Many online casinos are slow to transition to cryptocurrency payment methods. But the underlying blockchain technology may soon be used in multiplayer-style games. For unregulated casinos, crypto is the elixir. It allows anyone to deposit and withdraw without going the traditional route. From this perspective, cryptocurrency overcomes the restrictions on Visa, MasterCard and bank transfers. However, penalties can be a reason for not allowing this type of payment processing, especially if they are regulated casinos.
Make sure that when you choose an online casino that does accept Bitcoin, that this casino is licensed. This may be a license from Curacao and even better one from the MGA from Malta. These organizations control the casino and make sure everything is done fairly. This way you know that your deposits will arrive safely and you will also get your money if you win something.