Online casinos have created a buzz among gambling communities around the world. Together with the massive impact that the smartphone revolution has had on the gambling enterprise, things can only get better. In a world that keeps changing, cryptocurrency is newfound in online banking and a gamer changer in online gambling. Experts opine that cryptocurrencies may very well replace Visa, MasterCard, Skrill, and PayPal as the preferred online payment gateway in a few years.
How Will Cryptocurrency Benefit Gamblers and Online Casinos?
Which coins and currencies are accepted at cryptocurrency casinos? Bitcoin is by far the most popular and well-known digital currency, however, there is a huge number of them on the market (over 1,000 at the moment). Bitcoin isn’t the only cryptocurrency accepted by online casinos. The list of accepted crypto currencies varies from casino to. Which is the best cryptocurrency to use in online casinos? This is something that is up to you since all cryptocurrencies have their pros and cons. You might want to go with Bitcoin since it is the oldest one invented and people already understand it, but options like Ethereum and Litecoin should not be underestimated, as well.
The cryptocurrency revolution is becoming indispensable in everyday online transactions. While BTC is arguably the most popular of all crypto coins, most people ask how cryptocurrency benefits gamblers and online casinos. First off, note that cryptocurrency’s soaring popularity is because of blockchain, the underlying technology that creates and powers it.
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Blockchain technology is a centralized system that makes it difficult to hack payment systems. It explains why the introduction of BTC in many online casinos is a significant shift in payment processing. Moreover, the blockchain system makes everything anonymous, which further gives both the gambler and casino owners the peace they need when transacting online. To a gambler looking to cut costs, another reason why cryptocurrencies are becoming more popular than fiat currencies is the near-zero fees. Secure payments, convenience, and privacy further underscore the significance of cryptocurrency as the future of online casinos.
Bitcoin in Online Casinos
Bitcoin is undoubtedly the most valuable cryptocurrency, even in online casinos. Therefore, gamblers should understand how BTC works before adding it as a payment option. Because BTC is also the most popular international digital currency, it lends credence to blockchain technology that drives digital transactions. South African Bitcoin online casinos perfectly illustrate how digital currencies are disrupting online banking and gambling.
An area in which BTC-friendly casinos beat platforms that only accept fiat currencies is low transaction fees. Some gaming sites have Bitcoin-only games to encourage deposits in the digital currency. Interestingly, digital wallets such as Skrill that accept payments in Bitcoins further fuel the cryptocurrency revolution in online gambling.
Ethereum (ETH) in Online Casinos
Expert cryptocurrency reviews show that Ethereum closely rivals Bitcoin. While its exchange value is below that of BTC, Ethereum-friendly online casinos have lately become commonplace on the web. A quick online search for the best Ethereum casinos to join in 2020 would pull up many platforms that accept the digital currency.
Experts who have closely monitored the soaring popularity of ETH have expressed optimism about its value. They argue that the ETH value could exceed £1,000 by the end of 2020. It is something that gives Ethereum a competitive advantage over most crypto coins. An argument that Ethereum runs on a more secure platform and is more liquid than Bitcoin further makes it widely accepted in online casinos.
Bitcoin Cash (BCH)
Also referred to as Bcash, Bitcoin Cash is an altcoin that gained significance in 2018. It is a fork of BTC that has unique specifications and runs on a different blockchain system. In online casinos, BCH is a payment gateway that is gaining acceptance among gamblers. A notable advantage that Bitcoin Cash has over Bitcoin is faster payment processing.
BCH systems handle more transactions per second compared to a relatively slower blockchain system that powers BTC. However, while BCH enjoys more scalability (block size), there are security concerns that come with it. Low liquidity and low market capitalization also make BCH less popular in online casinos that accept crypto deposits and withdrawals.
Dogecoin (DOGE)
Most online casinos that accept cryptocurrency wallets have Dogecoin in the mix. Dogecoin gained traction in 2014 when its market cap surpassed $60 million. Today, even popular online casinos have embraced DOGE as an alternative payment gateway, especially to crypto lovers.
Like other popular cryptocurrencies, Dogecoin enjoys a less strict financial gatekeeping reminiscent of fiat currencies. Gamblers who use DOGE have expressed satisfaction with the faster and secure payment processing that comes with its use. Another benefit of Dogecoin in online gambling is decentralized transactions. You also save more when getting paid in Dogecoin.
Dash (DASH)
DASH casinos have also become widespread. Even reputable online casinos now pay their customers in Dash, a cryptocurrency whose popularity continues to soar. For someone who is yet to transact in Dash, a question of why comes to mind.
First off, approval of DASH transactions is faster than most alternatives such as BTC. It is because the DASH system registers lower traffic than the blockchain system. Punters also enjoy exclusive Dash bonuses in most online casinos that accept it. Note that the trustworthiness of a gaming site remains important when getting paid in Cryptocurrencies.
Litecoin (LTC)
Litecoin ranks high among the most traded and widely accepted cryptocurrencies. You will most certainly find Litecoin in online casinos that accept cryptocurrency payments. More importantly, casinos that accept LTC transactions offer new and existing customers exciting bonuses on selected games. Like Bitcoin, blockchain technology powers LTC transactions. Increasing numbers of online casinos that accept Litecoin signals a future of cryptocurrency revolution in online gambling.
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To a punter who uses LTC, the speed and low costs make it a great alternative to fiat currencies. Moreover, because cryptocurrency transactions have no links with a central bank, LTC payments are secure and anonymous. Raw data on leading cryptocurrency exchanges show the value of LTC continues to increase, signally an even brighter future. Apart from low transaction fees, gamblers who play at Litecoin casinos get more value in winnings.
Conclusion
Cryptocurrency Gambling
The best online cryptocurrency casinos compete based on the value they offer to players. Thus, punters looking for such platforms need to know everything about Bitcoin beforehand. It gives you a headstart in understanding the risks and benefits associated with cryptocurrency transactions. While most governments are yet to accept Cryptocurrencies because they are volatile, stable coins such as Libra by Facebook could offer much-need stability in the crypto world. Blockchain technology makes cryptocurrency indispensable; now and in the future.
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