Having appeared in 2009, the cryptocurrency made a breakthrough not only in economics, casino bonus uk games but also in programming, thanks to the blockchain technology, based on which the Bitcoin system works.
Since its inception, the value of the bitcoin coin has been steadily gaining popularity and increasing in value, albeit with occasional short-term dips. Thanks to this popularity, other cryptocurrencies began to appear, so that today casinos offer payment not only in Bitcoin but also in Bitcoin Cash, Litecoin, Tether, and other virtual units.
Cryptocurrency did not immediately find a place in the gambling industry, but now it appears to be an ideal option for betting. Online casinos with cryptocurrency today can offer customers better conditions compared to fiat money, such as complete anonymity and instant transfers. In addition, companies often offer interesting promotions for users for depositing in virtual currency. Learn more about the benefits of cryptocurrency betting below.
What impact does cryptocurrency have on the development of online casinos?
Online casinos started accepting cryptocurrency not so long ago, a few years after its creation. The first companies at their own risk began to cooperate with cryptocurrency wallets, and at first, it seemed that this venture would not pay off, because customers themselves had not yet begun to make payments in virtual currency. But now it has become clear that it was the right step into the new future.
Yes, today there are already casinos that offer to make payments exclusively in cryptocurrencies, and this has allowed a new way of looking at security issues. The fact is that cryptocurrency casinos may not ask customers to verify their identity, because blockchain technology already has all the necessary degrees of security that prevent fraudsters from acting.
Unfortunately, of course, such casinos are still only a handful, while other companies stick to the old ways of working. Even if they offer cryptocurrency as a means of payment, it is only under the same conditions as with other currency options – with verification.
Pros of cryptocurrency betting
If we break down why cryptocurrencies have caught on so well in the gambling industry, it’s worth considering the pros for players who bet in virtual coins.
A decentralized blockchain does not allow the government to interfere with transactions
Perhaps this is one of the main advantages for those who like to bet, especially in countries where such entertainment is prohibited. With blockchain, the government will not be able to obtain transfer data and will not link it to the player in any way. In addition, choosing such a currency will shield the user from any taxes they have to pay on winnings.
Cryptocurrencies provide anonymity to the user
Another nice thing about using cryptocurrencies is the anonymity, as far as companies are concerned, that do not force users to go through verification. Thus, the www.newonline-casinos.co.uk/deposit-bonuses/ does not leave any personal data of the customer or information about the transfers, which means that they are not threatened with anything.
Blockchain technology is such that the transfer is considered to be made after several subsequent transactions in the system. For bitcoin and large cryptocurrencies, the wait is instantaneous, but in the case of less common ones, it can take up to half an hour. Nevertheless, compared to other options for transferring funds, this is not comparable, as transactions to electronic wallets often take a day, and to bank accounts up to 7 business days.
High security of transfers
If in the case of standard casino currencies you have to encrypt the data, in the case of cryptocurrency transfers there is no possibility of data leakage. However, be careful when entering the address for the transfer – if there is an error in it, the funds will forever go to an unknown destination.
Blockchain technology, despite all the advantages, is still not perfect. The thing is that for security purposes, the addresses to which the funds are sent must be new each time. So the user has to spend some time to get it. In addition, to make a deposit, the player must first write to support, make a request and wait until he is given a new address to send funds. But these small inconveniences are paid off by the instant speed of transfer.
Video slots with cryptocurrency
If we talk about cryptocurrency slots, you should understand that there are several variants of such programs. Yes, some offer customers only a game with the corresponding theme, but without the ability to bet in cryptocurrencies themselves. Why so? Software developers are trying to follow the fashion, especially since bitcoins are becoming synonymous with wealth, but they are unwilling or simply unable to connect virtual coins.
The second option for gambling on cryptocurrency is to bet directly in bitcoins. In this case, especially if the user makes calculations in crypto, it is convenient to calculate the profitability of bets, because there is no need for conversion.
It seems that the combination of cryptocurrency and gambling betting can be called almost ideal. Most likely, over time, this connection will only grow stronger, and more and more institutions will switch to virtual money, only increasing the safety and anonymity of the player