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Saturday 21 October 2017
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Cryptocurrency and Online Casinos

Cryptocurrency and Online Casinos

The very idea of online casinos already goes to prove that the nature of gambling has changed forever. While today there are more games than there ever were before, most of them exist only in the digital environment. Still, this is not the only thing that changed. Apart from the absence of real props like a roulette wheel, dices or cards, there is also the absence of money in the physical form. This raises another question- if the money isn’t there in bills or coins, does it matter what currency is it in? Apparently, it does. Here are a few reasons why cryptocurrency might be an optimal means of payment in online casinos.

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What is Cryptocurrency?

The first thing we need to resolve in order to answer the question in hand is- what is cryptocurrency? Cryptocurrencies or Altcoins are mediums of exchange, not unlike any other currency, the only difference being the process in which they are made. The easiest way to explain this is on the example of cryptocurrency’s posterchild- Bitcoin. Unlike most of the world’s currencies like Euro or USD, Altcoins are not made by any government or institution, but by the network to reward the individuals for their services. Namely, through the complex process of cryptography, cryptocurrencies are generated so that they regulate their own inflation. This is why it is impossible for more than 21 million Bitcoins to exist at a time.

How to Gamble with Bitcoin?

For starters, you will need a bitcoin wallet and they come in different forms. The three most popular types are online wallets, software wallets and hardware wallets. The last ones are by far the most secure since they look and function like a regular USB drive. After you have this covered, you will basically have to buy some bitcoin and you can do this in several ways. Wire transfers, credit cards, debit cards, money grams and cash are just some of your options. However, like in any other transaction, you might want to inquire on the person you are buying from. You wouldn’t be the first nor the last to get conned in this way.

Pros and Cons

Needless to say, using Bitcoin for your gambling efforts brings many benefits. First of all, you have a low transaction rate to deal with, which only means that you will be able to get the most out of your money’s worth. Second, Bitcoin prides itself in user anonymity, which means that this activity can in no way be linked back to you.

On the other hand, there are also some drawbacks, the largest one being the fact that Bitcoin payments are still not available in all online casinos. This is why, if, for example, you’ve ever wanted to play in a best Australian online casino, you would have to pay special attention on whether it supports cryptocurrency or not. Even though this is mostly region-dependent, it is never a bad idea to check twice.

Conclusion:

Gambling may be a set of games, but casinos are businesses and, as such, they value efficiency above all else. Obviously, it doesn’t matter if the currency is physical or digital as long as its properties are satisfactory enough. With all of this in mind, things are really looking up for cryptocurrency in the world of online casinos.