There has been a marked rise in the number of online casinos accepting Bitcoin and other digital currencies. Cryptocurrencies offer a level of anonymity that fiat currencies can’t provide. Transactions are also quicker and can attract lower fees.
While some cryptocurrencies have a reputation for highly volatile prices, most Bitcoin casino sites and poker websites accept a variety of cryptocurrencies like Tether, which is tied to the value of the dollar, Bitcoin, Dogecoin, and Ripple. Players are able to choose what crypto they want to use to fund their gaming and take advantage of the many perks that playing with crypto offers.
Security
One reason crypto casinos are becoming more popular is because they are known to be secure. As long as players use reputable exchanges and secure wallets, cryptocurrency is highly secure. Individual transactions can’t be hacked or hijacked, and once a transaction has been validated via the network, it can’t be deleted or altered.
The casino site itself doesn’t hold records of bank details or any data that can be used to access funds. Players should still check the security practices of the site itself and look for details of how data is encrypted and details are kept secure.
Cryptocurrency transactions are secure, so players can register accounts, deposit, and withdraw funds knowing that their balance is safe.
Anonymity
Beyond being extremely secure, crypto casinos are also booming in popularity because of the anonymity that they offer. Cryptocurrency itself does not require any personal details. Transactions can be sent and received anonymously, as users only need wallet addresses. Those wallets are also anonymous, as well as being encrypted and secure. Whether a player is registering for a new Bitcoin poker account or depositing funds, they do not need to declare any information. Because the casino site doesn’t hold any bank account details, this offers another layer of anonymity to account holders.
This anonymity is beneficial for those who want to keep their gambling activities private. It can also be useful for players in regions where online gambling is restricted.
Transparency
Cryptocurrencies use blockchain technology. A blockchain is a digital ledger, and this means every single transaction is registered and recorded on the ledger. Although details of the sender and recipient are anonymous, ledger records are publicly accessible to those with details of transactions.
Poker sites and online casinos can show every transaction, and if they use the same blockchain technology to record games and bets, every wager and be verified externally.
This means that figures like Return To Player and maximum payouts can be verified by third parties, bringing the games greater legitimacy, and offering players confidence that a casino is operating fairly and reasonably.
Global Access
Some jurisdictions have tight restrictions on gambling. They block access to gambling sites and online gambling is against the law. Because crypto casinos offer anonymity and privacy, one of the reasons for their popularity is that players from these restricted areas are using the sites.
Even for regular players, crypto casinos offer global access. They don’t have to worry about whether an online casino is registered in their country. Not only does this mean greater access to casinos, but it means that online poker players can take part in global tournaments with players around the world. There is a larger pool of opponents.
Potentially Lower Fees
There are fees associated with all financial transactions. Some of these fees are met by recipient businesses while others are paid by the customer. Traditional payment systems, including bank deposits and credit cards, have fees ranging from 2% to 5%.
Cryptocurrency fees are typically much lower. In a lot of cases, the sender can choose the level of fee they pay, with higher fees seeing a transaction verified and processed sooner, although lower fees still offer fast transaction times.
Fast Transactions
Registering a bank account or credit card at a casino can take days. Some casinos and banks require that the user verify their account details, typically requiring a small deposit or withdrawal to be made from the account. Other banks have even more complex verification procedures. Crypto poker sites do not have these same verification requirements. Users simply initiate and complete a cryptocurrency transaction and the money is available to use as soon as the transaction completes.
Deposits and withdrawals at fiat poker sites can take anywhere from a few hours to several days, depending on the transaction type and the banking institution’s policies. Bitcoin transactions can take a few minutes to complete but are often available much sooner. And some cryptos offer virtually instant deposits and withdrawals. This means players can access their playing pot sooner, as well as their winnings.
You Don’t Have To Risk Volatility
One of the main criticisms of cryptocurrency is its volatility. It is typical to see price fluctuations of 5% a day, and if there is some major development, these prices can change from 10% to 20% or more in 24 hours.
Some currencies are tethered to the value of fiat currencies. The Tether coin, for example, is directly tied to the value of the dollar. Its price never changes relative to the dollar. And there are similar coins for most currencies in the world.
A lot of crypto casinos and poker sites accept at least one tethered cryptocurrency, and even if they don’t, users can exchange their Bitcoin for Tether while holding the balance, and then exchange them back when they want to make a deposit.
Choice
Bitcoin is the world’s largest cryptocurrency by market cap, and it is the best-known example. However, it is one of hundreds of recognized cryptocurrencies. Some cryptocurrencies that have become especially popular with casinos include Ethereum, DogeCoin, and the aforementioned Tether. Players do not have to be tied to Bitcoin as they have an increasingly varied choice of cryptocurrencies to use.
Conclusion
Bitcoin casinos are on the rise and they are proving popular because they offer anonymity, privacy, and secure betting. They are accessible from anywhere in the world and provide a wide range of games to players. Often, because of reduced transaction and other fees, they can offer some of the best bonuses, too.
Games range from traditional casino table games to live poker tournaments with players from around the world. And, with the rise in popularity of these sites has come a rise in the cryptos that they accept, so bettors can take part in their favorite games using their preferred cryptocurrency.
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