For more than a decade, the public acceptance and popularity of cryptocurrency continue to rise. The digital currency gained further recognition when online casinos began to embrace crypto-gaming. Cryptocurrency and online casinos have been predicted to develop a fruitful partnership, creating space for multiple economies over time. How? Read this article to learn about digital currency and its future among online betting platforms.
Introduction to Cryptocurrency
Understandably, people were sceptical about cryptocurrency during its early days. This is unsurprising as everyone would like to learn how it works before putting in their hard-earned money. Over time, they found out cryptocurrency is essentially a digital fund, available in different currencies under the category name “cryptocurrency.”
Notable among the crypto coins is Bitcoin, which is the pioneering and the most widely known coin. However, there are altcoins such as Ethereum, Bitcoin Cash, Stellar, Tether, Dogecoin, and Litecoin. Every crypto coin runs on a complex technology known as Blockchain.
What You Should Know About Blockchain Technology
Simply put, blockchain technology is digital information, which is kept in a public ledger. Transaction details, including date, the amount in dollar and time, constitute the “block.” Within the blocks are crucial data about the recipients and sender of the cryptocurrency. For every block, there is a unique cryptographic code that is developed by the algorithm.
This helps differentiate one block from another. Both the sender and the recipient of a crypto coin have to agree to send and receive the payment by establishing a digital signature. Once a transfer is successful, the record is stored in the public ledger for transparency and accountability purposes.
In contrast to fiat currencies in which the central banks or authorities verify the transaction, a group of computers is designed to confirm the cryptocurrency transactions – the brief meaning of decentralization. Many individuals globally welcome this development since they don’t have to keep their funds in the hands of any authority or bank anymore.
Besides, the transaction is quicker and more straightforward compared to using a third-party payment platform online. Currently, multiple nations have legalized cryptocurrency. From making payments for cars, foods, clothing, or services, Bitcoin is widely used as a medium of exchange already.
Cryptocurrency: How is it Pseudonymous?
Apparently, the cryptocurrency transaction is not entirely a secret thing. However, important information such as private keys, transaction records, addresses, and public keys are completely encrypted and not connected to people’s identity. By recording every transaction, yet not linking it to personal detail, makes cryptocurrency pseudonymous. But it is worth mentioning that personal identity may be recognized in some cases.
For instance, transferring Bitcoin to popular eCommerce sites such as Amazon may require providing customer’s identification. With such identification, your blockchain pseudonym becomes traceable. While the anonymousness of cryptocurrency helps it flourish online, it creates a chance for cyberspace criminals to thrive as well. Below are the following ways through which cryptocurrency anonymity can foster malicious activities online:
- With the decentralized system, scammers can make a cross-border payment without a traceable path. This protects them against an investigation by the government or the concerned bank.
- Cryptocurrency gives people the privilege to purchase and sell illegal stuff and services online.
- The high level of anonymity encourages money laundering.
- Cryptocurrency transaction comes handy for tax evasion as people might intentionally choose not to announce their capital gains or losses made from cryptocurrency dealings.
Amidst all these possible challenges, there is no doubt that cryptocurrency is completely optimized for online trading. More so, it is an effective payment method for online casinos, both for making withdrawal and deposit.
Reasons Why Online Casino Should Accept Cryptocurrency Gambling
Online casinos experience real money transactions frequently. It is either the patrons are depositing funds for betting or withdrawing their winnings. With cryptocurrency, players have a perfect payment method for a swift transaction. Playing on casino accepting cryptocurrency comes with the added advantage of higher security standards compared to the traditional online casino. Also, considering that cryptocurrency is almost impossible to hack, it is safer compared to your regular bank.
Read related article: What is Cryptocurrency Casino?
Currently, both game developers and players in the gaming niche possess a large amount of cryptocurrency. Thus, crypto-gaming is likely to continue growing as it makes more market. In this way, the gaming niche and cryptocurrency will continue to experience prominence and evolution. As things stand, more online casino platforms and games are likely to incorporate blockchain technology into their systems.
Cryptocurrency Online Gambling Features Worth Knowing
1. Games Based On Blockchain
CryptoKitties and CoinDogs are a few among existing blockchain-based games that gives exciting gaming experience via blockchain technology. The gameplay is essentially about selling and buying assets. For instance, players can pay to join an individually developed environment. Players get to own the games – not the betting company.
2. Differentiate Between Your Bankroll and Other Finances
If you want to gamble responsibly, it’s pertinent to understand bankroll management. In this regard, the best approach is to keep your bankroll apart from your regular finances. This is where cryptocurrency comes in.
By ensuring that every betting is done with crypto coin, it will reduce the chances of using your fiat currencies to bankroll your gaming session. With the crypto wallet, you can easily determine how much you have spent gaming and whether to stop.
3. Multiple Welcome Bonuses
Recently, there are fast-growing trends among online casinos accepting cryptocurrency. Due to the improved competition, more free bonuses, promotions, and free spins are being created with the crypto coins. Once a player deposits cryptocurrency in the Bitcoin casino, a special welcome bonus will be provided to the player.
In this way, you can start gaming instantly. However, endeavour to perform due diligence about promotions and online casinos before signing up. Always remember that once a cryptocurrency payment is made, you cannot recover it back. Thus, you should only game with a reputable and verified online casino that accept crypto coins.
4. Enabled Gambling in the US
Gambling in the US is set to gain more footing with the integration of blockchain technology in more online casinos. As additional top betting platforms accept Bitcoin, more US players are likely to gamble without restriction.
Final Note
As stated earlier, cryptocurrency keeps getting wider acceptance and recognition. Hence, governments are receiving additional pressure to accept it. Besides, considering that cryptocurrency is not liable to a specific country, it escapes the net of current taxation protocols.
If government authorities manage to tax cryptocurrency, you can expect legislation to fall in place. With such a development, cryptocurrency can become a means of payment on every betting platform online.
