Cryptocurrency is defined as a digital currency that can be used as real money in purchasing goods online or services. Crypto is derived from the words encryption and currency therefore this can be used like any ordinary money in the digital world using encryption for safety reasons.
There are many kinds of Cryptocurrencies such as Bitcoin which can be used in an online casino in making deposits and withdrawals like real money.
What is an online casino?
An online casino is a replica of the land-based house of gambling. It offers the same games, applies the same rules only played virtually at your convenience and they have wider benefits. Casinocrawlers, one of the most notable casino sites from New Zealand, recommends free spins no deposit which means that the player is entitled to spin for free without making a deposit.
What are the different kinds of Cryptocurrency?
As mentioned, this is the famous, the first, and original cryptocurrency and is up to now the most trusted and valued of all. It was launched in 2009 by Satoshi Nakamoto and it authorizes personal transactions without involving a bank in a most secure way.
Also called Ethereum, this is an open-sourced blockchain platform that modifies the functions and decentralizes the applications.
This is a digital currency that was built by Ripple wherein its platform is intended for low-cost payments.
Binance Coin or the BNB
BNB originally belonged to Ethereum but now it has its own blockchain, the Binance chain. This can be used as a token to pay for any decentralized exchange in building applications.
This is next to Bitcoin and the second-largest among Altcoins.
The newest in the Altcoin industry became very famous because of the promotion in social media by business magnate Elon Musk and music celebrity icon Snoop Doggy Dogg.
Online Casinos using Digital Currencies
There are two types of casino types that accept Cryptocurrency.
1. Hybrid Bitcoin Gambling sites
This type of gambling site accepts not just Bitcoin but also other traditional banking options which makes it popular to most casinos and players because of its convenience and wider options in depositing and withdrawing using cryptocurrency.
2. Bitcoin Only Gambling Sites
This type of gambling site accepts only Bitcoin and they are not yet fully established like the Hybrid Bitcoin.
Advantages of Altcoin in the online casino Industry
It ensures privacy and security to both the player and the casino site operator.
Cryptocurrency is a decentralized digital currency which means that all transactions exchanged by the site owner and the player which includes deposits and withdrawals are encrypted and will not be easily stolen or accessed by any third party.
Players don’t need to reveal their identity since transactions using Bitcoin are anonymous.
Fast transactions are one of the best things about Crypto, especially Bitcoin. In an online casino, some monetary transactions take days before it will be fully transferred to the bank by Altcoin; the players can automatically withdraw their winnings as well as deposits.
Some countries are a bit critical when it comes to monetary transactions involving gambling money which makes Bitcoin a better alternative.
Since the customer doesn’t have to use any third-party payment or bank which means that they can get their winnings in full.
Disadvantages of Altcoin
1) No country in the world recognizes Altcoin as a real-money currency.
2) Fiat currencies can be limited
Some cryptocurrencies need to be converted to major cryptocurrencies like Bitcoin and Ether and the conversion is not free.
3) Loss of Data
The users are given a private key to their wallet but once they lose it, it will be locked and they can no longer retrieve their coins.
4) It can also be used in illegal transactions since it is not monitored by the government.
5) There is no refund or cancellation policy in using the cryptocurrency so if you make a mistake in sending coins to the wrong wallet then it can no longer be retrieved.
Cryptocurrency is a big help in making the wagering experience more flexible and comfortable. However, one has to take note of the other side of the coin. One has to be extra careful though in using it so as to avoid future complications.