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Cryptocurrency has boomed to extremes ever since bitcoin was first introduced in 2009. Today more and more businesses are opting for transactions in cryptocurrencies. Even individuals are using digital money for purchasing homes and assets. It is a widely accepted model of payment today, and even casinos cannot deny that. Cryptocurrency and blockchain technology is influencing casino industry massively and helping it to grow in the parts which have regulations against gambling. There are many benefits of using crypto in online casinos. Many operators have realized these advantages and have launched their blockchain-based casinos. This gives us an idea of the future about how cryptocurrency will affect the gaming industry.
The legitimacy of cryptocurrency casinos
Since there are plenty of cryptocurrency casinos available today, it is a difficult decision to trust on one. Among the legit cryptocurrencies casino, there are many fraudulent crypto casinos which can scam people for their money. According to a report, the government of Malta is the only authority which has processed legal cryptocurrency use on online casinos. They believe that blockchain and crypto(Watch Now) have great potential which should be wasted. Furthermore, the government has also introduced new plans to stimulate blockchain and cryptocurrency development while stating that it will help them become the leading user of digital currencies around the world.
Blockchain technology in the future of the online casino industry
There is arguably no better solution to the online gambling industry than blockchain technology. There are plenty of reasons to justify this argument. One good reason for blockchain transactions is that it can be processed almost immediately while the national currencies can take days to complete the same transaction. The operators and gamblers can swiftly exchange currencies without the hassle of approaching their banks.
Another good reason for blockchain technology to support the casino industry is the anonymity that it provides. While the banks can check your transactions and if you are found guilty for gambling in the country which has strict regulations for gambling, you can get in trouble. In most cases, the banks with themselves deny permission to exchange money with such sites. Blockchain directly eliminates the third party, which is banks in this case, and allow transactions securely between the operator and the player. It will be impossible for the banks to track down any activities. The blockchain payments are also less costly than fiat money transactions. It is beneficial for the operators who may pay up to 5% of their revenue for transaction fees.
The cryptocurrency casinos are available in every country that allows internet, and all the cryptocurrencies remain the same value globally. So, there is no need for converting the currencies on these platforms. If the player has to convert the currencies, it will alert the banks to track their identity. In the case of cryptocurrencies, it is completely private and safe.
Crypto Casino Pros and Cons
So now that you know playing casino games with cryptocurrency is legal, lets take a look at the benefits and downsides of digital currency which can help to explain why so many players are migrating to cryptocurrency to fund casino play online.
The fact that Bitcoin and other crypto have no tie with any banks or governments is appealing to lots of players who use digital currency. Your transactions aren't monitored by a third party and nobody is going to block a payment or interfere with your decision to move funds from A to B.
No Fees on Transactions
Regular payment channels have fees attached so there are costs for you to move fiat money. It's the same deal with credit card operators who charge fees for all transactions that take place. Decentralized currencies like Bitcoin allow you to send cash globally without having to pay any commission fees or hidden charges.
The crypto verification process is open and transparent which is another highlight of bitcoin and other digital currencies. Bitcoin payments are visible through the BTC public ledger that means that any transaction is totally provable and visible to all parties.
Spending Bitcoin is the same experience for any customer regardless of their geographical location as the same rules apply to crypto users all around the world. Specific online casinos may have a tougher time processing certain currencies, but digital money enables you to get around this.
Maintain Anonymity with Bitcoin
If you are displeased with the privacy measures on conventional payment methods, Bitcoin casino is your best bet. There is no need to reveal any of your personal data when you make crypto payments. The only thing recorded on bitcoin's public ledger is your wallet address which can't be linked to you personally. Your name, card number and other personal details are totally excluded from the scene.
Downsides of Bitcoin Gambling
As with most things, there's often some negative points to balance out the advantages of embracing new technologies. That said in our opinion the upsides of Bitcoin and other forms of Crypto far outweigh the few minor flaws that can be identified. Here are some of the downsides to consider.
In terms of investment, Bitcoin has been unpredictable over the past few years and that risk is something that holds a lot of people back from buying in. The price of Bitcoin has been volatile for a number of years and while this can be perceived as negative it's certainly true to say that many individuals have played this to their advantage.
No Reversing Transactions
If you send Bitcoin or any other cryptocurrency to the wrong address then that's your tough luck. Unlike when payments are made through credit cards, there is no way to reverse transactions which may be a cause for concern. It's possibly one of the reasons why digital currencies are not accepted by all casinos as they can't protect themselves using chargebacks. Be sure to always use a reputable crypto casino such as the sites we recommend here at New BTC Casino.
No Customer Support
Bitcoin isn't owned by anyone and therefore there's no recourse should you run into problems. Other payment providers such as an e-wallet or your debit card company will offer a certain level of customer service to assist you should you need it but with Bitcoin blockchain technology this isn't an option.