Nowadays cryptocurrencies such as Bitcoin and Ethereum attract more and more attention. But what about online casinos? Should we expect the appearance of new ones, based on blockchain technology in the near future? Will they replace traditional online casinos or this fantasy will remain unrealized? Let’s try to figure it out.
So what is cryptocurrency?
First of all, let’s be clear about what we are talking about. Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and to control the creation of new units. Bitcoin was invented in 2009, as the first and still most popular cryptocurrency. Ethereum followed in 2015.
Cryptocurrencies are created and held electronically. They are not regulated by governments or banks. Cryptocurrencies are not printed money; they are computed in special computer software. There are no physical coins or even digital coins. They do not have the characteristics of credit cards, which means that you cannot spend one cryptocurrency more than once.
They can be called away for gamblers to avoid taxes. Many online casinos now accept Bitcoin and Ethereum as deposit and withdrawal methods.
One of the most important features that contributed to cryptocurrency’s popularity is nobody can control it or confiscate it like governments often do with regular money.
Using cryptocurrency in gambling
Now let’s consider what delays the appearance of cryptocurrencies in online casinos. The key problem here is no reliable way to determine user identity for blockchain technologies. On the one hand, identity verification is important for online casinos to avoid minors from playing. On the other hand, it’s well known that many gamblers try to keep their gambling activity secret and prefer cash-based methods of deposit and withdrawal in order not to leave a paper trail. With the increase in popularity, online lotteries like thethaobet have become a lucrative business opportunity for the organizations who have decided to cash in on it.
Besides, cryptocurrencies carry certain risks: they can be stolen, lost, or simply forgotten. The thing is that, as opposed to regular money, you don’t actually have them in your hands. If your digital wallet is hacked or you just lose your device with the cryptocurrency stored on it, you may never see that money again.
Despite all the disadvantages of using cryptocurrency in gambling, some advantages still exist. For example, cryptocurrencies are perfect for small transactions. They don’t require giving away your credit card details or personal information like your name and address. You can simply use a pseudonym to play casino games.
Another advantage is that you can gamble anonymously. If you want to keep your gambling activity a secret from friends or family, using cryptocurrency is the best way to do it.
Playing online casinos with real money
As for regular money transactions, they are more convenient and faster. You don’t need to worry about your device being hacked or lost as you would with cryptocurrencies. And finally, you don’t have to convert your currency into Bitcoin or Ethereum to gamble online.
At the same time, if you play at a Bitcoin casino, you will have to deposit Bitcoin and the winnings will be paid back to your Bitcoin wallet. So you’ll need to convert your Bitcoins into regular currency first.
On the other hand, when you choose an online casino that takes traditional payment methods such as credit cards, you won’t feel a difference from the usual online casinos.
What to choose?
Finally, let’s look into the future and try to predict what will happen. The chances are that cryptocurrencies will replace regular money in online casinos within the next decade or so. They already proved themselves as a reliable and convenient way of payment, which is not controlled by governments. Besides, the number of people using cryptocurrencies is only going to grow in the future. So if you don’t want to miss out on this
So which option is better? Should you choose an online casino that takes cryptocurrencies or one that accepts real-money transactions? Make your gambling decisions depending on your preferences and tastes. In any case, playing an Crypto casino coinslotty is still a good choice to spend your free time. It’s always more fun to gamble with real money, but if you’re looking for privacy and want to try something new – go for cryptocurrencies.