Crypto assets or cryptocurrencies are a digital medium based on strong cryptography used to secure transactions, provide security for the creation of new units (defining the circumstances of their origin and determining the new owner of said units) and verify the transfer of said units. assets using novel distributed ledger technologies without the need for a central authority; specifically, its protection is protected by Blockchain technology.
The widespread use of cryptocurrencies in recent years has grown spectacularly, largely led by the strong revaluation that its two main crypto assets, Bitcoin and Ethereum, have experienced. Major financial movements such as the one made by the founder of Paypal, Elon Musk or the one made by the Tesla company, have had a lot to do with the shocks in the markets that have caused these strong increases.
Cryptocurrencies no longer look like that strange financial asset that caused distrust in many of the traditional investors and users of the network. They have become one of the most interesting economic instruments of the last decade and are gaining more and more space. The online casino sector was one of the first to adopt cryptocurrencies as a form of payment on their platforms. Allowing its users to use these crypto assets for their entertainment. Today, you can find a lot of crypto gambling sites just in a few clicks.
Online casinos see the possibility of adopting these measures to offer them to the public. The impact that this measure could have is significant since cryptocurrencies, by their very system, provide benefits that other methods do not offer. Below, you will see the advantages and risks of using crypto as a payment method in casinos, as well as which are the most popular to use with operators in said market.
Benefits of cryptocurrencies in the iGaming industry
There are two big problems in online casinos about payments: most can take days to clear, and withdrawal and deposit fees are conditioned by financial institutions. With cryptocurrencies, both situations could end.
– Cryptocurrency transactions are much easier to carry out than a bank transaction or the use of credit cards.
– An operation using cryptocurrencies as a payment method becomes effective in a matter of minutes, even seconds. This significantly exceeds the times of credit cards or bank transfers that can take 48 to 72 hours.
– Your security and privacy are assured. You should not provide any information other than your cryptocurrency address or the operation number to carry out transactions. In addition, it is practically impossible to manipulate them.
– It is becoming evident that those online cryptocurrency casinos are starting to offer better bonuses and promotions to their users.
Risks of using cryptocurrencies in casinos
Of course, like everything, it also has its drawbacks and risks to take into account.
– It is not yet accepted in most casinos, although as time goes by it will be.
– In some casinos they allow you to deposit with cryptocurrencies but not withdraw, so you should consider that any amount you win will be reflected in fiat money.
– Some countries have somewhat strict regulation of casinos and it can go against the use of digital currencies as a form of payment.
– Usually, only the most popular cryptocurrencies are accepted by bookmakers.
The most popular cryptos to use in bookmakers
As you saw in the previous section, not all of these assets are accepted in casinos, and it is logical, there are more than 4,000 listed on the market. But some are always there, that never disappoints.
The main cryptocurrency is the most used in online betting houses and casinos. It is not surprising because it is the most popular, the one with the highest acceptance and price. Hovering around $50,000 this coin has a bright future, which makes iGaming operators want it even more.
The most accepted digital currency after Bitcoin is Ether, from the Ethereum network. This cryptocurrency, even though its value is lower than the first, has remained stable in the market. Ethereum has a system that gives it complete balance since it allows other users to create their Dapps (decentralized applications) within its network.
Litecoin was born from the idea of creating a cryptocurrency based on the same Bitcoin blockchain system, but solving the basic problems of said crypto. The result has not outperformed its peer, but it has given Litecoin unexpected strength. It is this solidity that has allowed this currency to be one of those accepted in the different online casinos.
Although it is impossible to predict the future, the odds show that cryptocurrencies will continue to be part of the iGaming environment, gaining more space and proclaiming themselves as one of the most important payment methods. Are you now interested? Here you can find any online casino you wish and play games for free.