So many people across the globe enjoy the intrigues of online casino games either via their mobile devices or desktops. Technology has eased off the pain of having to visit brick and mortar outlets to catch your favorite games. Payment options have also been diversified to cater for the interests of a wider audience. With the emergence of newer payment options, creativity is also at its very best and brands are looking for ways beyond the traditional credit cards and other existing options.
In modern gaming, it is now possible to make payments through digital currencies, popularly known as cryptocurrency. For the time cryptocurrency has been in existence, there might have been some mixed thoughts about its value and reliability, but that notwithstanding, it certainly seems like playing casino games with cryptocurrency could be an option that will be around for a long time, and probably the one for the future.
So, what exactly is cryptocurrency?
Cryptocurrency is a form of digitally-accessed currency featuring unique computer coding to create a secure system that is difficult, or even impossible to hack. The majority of cryptocurrencies are created as decentralized systems using a technology known as blockchain. One distinctive feature of digital currency is that there is absolutely no central issuing authority as formatting is done organically. Unlike fiat currencies such as the dominant dollar and other currencies such as the Euro, it is difficult for cryptocurrencies to be affected by soci0-political issues of governments involved.
Bitcoin was the premier cryptocurrency based on the blockchain technology, and remains the biggest today even though other similar currencies have since been launched. Ethereum, Litecoin, Ripple, and Bitcoin Cash are some of the other popular options in the crypto space.
What are the merits and demerits of playing online casino games using cryptocurrencies?
Those who already know about cryptocurrency find transacting with them utterly advantageous in the sense that they offer unmatched security levels. Without taking anything away from the security protocols already in place in most online casinos, payment with digital currencies is entirely different. For example, there is no way fraudsters or hackers can intercept transactions to diverge your money from your wallet.
Another equally important aspect of transacting through digital platforms is that they offer a high degree of anonymity and privacy. Unlike when you pay using credit cards or personal bank accounts, at no juncture will you be asked for your email address, telephone number, or names. All this is due to the fact that the idea behind cryptocurrency was to provide a non-bank system where third parties cannot track personal transactions.
The process of making deposits and withdrawals using digital currencies is also very fast and far cheaper compared to other payment modes. While banking systems have incorporated faster transaction systems to process details equally faster, they take a while to reflect in your personal accounts.
However, for players to transact in online casinos using cryptocurrency, they must ensure that the crypto casino they enroll with meets all registration and licensing regulations. Currently there are not many crypto casinos in operation, and the existing ones may come short in terms of accepting all forms of digital currencies. In other cases, their protocols are not fully compatible with all hardware platforms.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com