Cryptocurrency in casinos without a license – gambler’s curse or blessing

It seems like a lot of people have been bombarded with information about cryptocurrencies lately, and you wouldn’t be wrong. It feels like every company in the world has offered a blockchain-based solution in the last couple of years, and terms like ICO, cryptocurrency, token and others dominate the discussion boards. Also recently, crypto Bluechip Casino India and other crypto casinos that are modern and cutting edge today have begun to gain popularity.

While all of this may seem a bit complicated, this article should help you. For example, did you know that there are online gambling sites that have been accepting cryptocurrencies for payments for years? The industry has always been looking for innovative ways to process payments, especially considering how expensive traditional methods have become. Cryptocurrencies are a new solution, but they are still in their infancy, and many people have only learned about them in recent months.

Even though Germany has recently changed its gambling laws, the use of cryptocurrencies in casinos is unlikely to be a priority, given the generally very restrictive stance of the new bill. But how do online casinos without a German license use the new payment medium and what are the benefits for players?

How exactly do players use cryptocurrency in gambling?

A new trend in the online gambling industry is the adoption of blockchain technology. Bitcoin paved the way for this change as it became the first blockchain-based currency to be accepted by casinos in May 2012. Other popular digital currencies soon followed, including XRP, Ripple and Ethereum. More recently, new cryptocurrencies specifically for the online gambling industry have emerged, such as CasinoCoin. Here, players can play directly with cryptocurrency at no cost and receive payouts in the same way.

Cryptocurrency casinos allow players to make deposits and withdraw winnings in digital currencies. These casinos have completely revolutionized the industry as more and more people take advantage of them. All a player needs to do is to get a so-called cryptocurrency wallet, so to speak, a digital wallet. This is possible on countless sites on the web.

Anyone who knows how cryptocurrencies work probably also knows about some of the benefits of blockchain technology. Blockchain can be defined as a database of information that records the origin of a digital asset in a way that is very difficult to change. It is a digital transaction ledger that provides an open database for every value transaction.

This makes the use of this technology extremely secure. Cryptocurrencies are easy to track because each transaction has its own unique identification code. However, it is impossible to manipulate these transactions because all digital currencies are encrypted. This ensures that payments using blockchain technology are more secure than traditional currencies. It also makes it less likely that Internet users are making unauthorized transactions.

How cryptocurrencies can be used in casinos With a German license

The new German gambling treaty, which went into effect in July 2021, does not explicitly prohibit the use of cryptocurrencies as a means of payment. However, the generally very restrictive nature of the treaty (spintimer, no classic table games, etc.) has raised doubts among many players. It is suspected that most operators will not offer cryptocurrency transactions, as it may reduce the chances of licensing.

For example, there could be deposit limits, which in one fell swoop could limit the amount of deposits in their accounts. Cryptocurrencies may not be accepted at all or lose the ability to be anonymous because there are checks to verify funds/identity. While this is good for anti-money laundering, cryptocurrency fans may take it the wrong way.

Is crypto now becoming part of the gambling industry?

It certainly is to some extent. However, it will certainly take a while until this also applies to large-scale use in the German gambling scene. It is still for many either an incomprehensible or a very controversial topic. Cryptocurrency is always linked to criminal activity to some extent, due to heavy surveillance. However, this should not stop individuals from using already established systems in gambling if they have been proven to work for several years. Take your time beforehand in your research and look closely at customer reviews and licensing. Good luck!