This is why Cryptocurrencies in Online Casinos are now taking off
Cryptocurrencies have been on the rise since the introduction of Bitcoin. In 2015, one coin was still worth 300 euros. In 2017 the Bitoin exceeded 1,000 Euro. And currently the equivalent value of a Bitcoin is even 8,588.70 euros. The triumphal march of the virtual currency seems to be unstoppable. Recently, the crypto currency has entered online casinos. However, there are other representatives there besides Bitcoin who rely on a similar technology. On the one hand, we would like to mention the advantages of the cryptocurrencies and on the other hand we would like to mention the available coins in the casino.
In advance it should be mentioned that the well-known names among the online casinos do not set to a large extent yet on crypto currencies. But the way there is unquestionably smoothed. The providers have their eye on the market. Should the majority of players feel the desire to deposit with Bitcoins or should other payment methods start to withdraw – such as the Visa credit card recently – Bitcoin and Co could position themselves more widely in the virtual casino market.
Cryptocurrencies have these advantages when paying at the casino
A plus point of the cryptocurrencies is the decoupling from other currencies. The Euro, Dollar or Yen is subject to economic development. In January 2018, for example, the dollar was worth 0.80 euros. Today it is 0.90 Euro. On the other hand, the exchange rate of Bitcoin and Co is of course not stable either. In fact, much greater fluctuations can be seen here. But for this reason, many investors use crypto currencies for investment purposes. Related to the payment in online casinos is the very easy application to call. A software on the own PC and a virtual business, which accepts the appropriate crypto currency – more it does not need. Although Bitcoin and Co are not yet accepted or even understood by everyone, it is still a legal method of payment.
The fact that payment is anonymous may be an advantage for some customers. There need not be any special intentions behind it. But within the transactions only the wallet ID appears in case of a booking. An assignment by third parties is not possible here. Nevertheless, the speed of the process must be mentioned. A normal bank transfer sometimes took several days. But the transfer of the Bitcoins is executed immediately. The crypto currencies require very low fees in comparison. Processing costs are usually even completely eliminated. This is due to the decentralization of the concept. In addition, Bitcoin and Co are in principle accessible to everyone. As a digital asset, crypto-payment methods can certainly be regarded as secure. However, you should also ensure that your computer is free of viruses and phishing software.
Most popular cryptocurrencies in online casinos
The best known name is Bitcoin, for sure, as it’s the mother of all cryptocurrencies. Bitcoin is probably the most widespread as you can use it in bitcoin slot casinos and on numerous bitcoin betting and poker site. In February 2020 the market value of this crypto currency was more than 183 billion US dollars. This makes Bitcoin the most popular payment method in the crypto sector, even outside the casinos. So if an online casino accepts cryptos, it is usually the Bitcoin. But there are other payment methods that are often based on the technology of Etherum. Here, for example, the FUN token or BXK (Bitbook Gambling) would be mentioned. The FUN token convinces by the fact that mining does not cause any price fluctuations. Furthermore, BXK has proven to be astonishingly stable. Related to online casinos has ignited a cashback feature for deposits. The specialization on the gambling market pays off here.
Away from cryptos, people are very happy to pay via PayPal. But this method has currently disappeared from the scene in Internet casinos. Furthermore the instant bank transfer is very popular. And this payment variant is usually also available. Skrill and Neteller are considered as alternatives. In addition, MuchBetter and Trustly are very popular. Experts agree that authorities will not stop the flow of money in the industry until the restructuring of gambling in 2021. On top of that, the complication of the payment process in serious casinos may lead to customers migrating into illegality.
Ripple on the upswing: Under the abbreviation XRP, Ripple has started its own little triumphal procession. This crypto currency can also be found in various casinos.
Is paying with cryptocurrencies legal and secure?
For many new customers, two uncertainties come together here. One is the online casinos as such. But at least in Malta various casinos are licensed. In addition, other casinos have licences within the EU and invoke the freedom to provide services within the European Union. Gambling is usually very safe with these providers.
Paying with crypto currencies is legal. Bitcoin and Co are generally tolerated as a means of payment. For example, payment via Bitcoin is also possible with Rakuten, Mozilla, Greenpeace, Expedia or Wikipedia. These names alone underscore the seriousness of crypto payment methods. So nothing stands in the way of the symbiosis of online casinos and cryptos. Except, of course, the habit of the player, who has so far relied on other payment methods. Moreover, the necessary coins are needed to be able to pay in this way.