It goes without saying numerous news sites bombard its readers with tons of information in relation to cryptocurrencies. Various experts encourage novice gamblers to purchase cryptocurrency so as to sell it for a profit in the long-term. Almost every business company transfers its own assets into different cryptocurrencies. Such terms as tokens, blockchain, ICO have already taken over our minds.
There are loads of crypto values in the market, and online casinos are keen to reward punters with special bonuses if players utilise cryptocurrency as a banking method. So, here is the dilemma: what cryptocurrency is the most productive in terms of both promotions and popularity? And what types of crypto do online casinos are willing to accept? Let’s dive into these questions straight away! But first we kick things off with a pinch of definitions.
What Is a Cryptocurrency?
Well, it is extremely hard to come up with a straightforward answer to this question. Several dictionaries tell us that any digital form of saving money without central regulation but with a decentralized structure of transaction records is called a cryptocurrency. So, there are 3 essential factors which the term ‘cryptocurrency’ could be made a point with.
Cryptocurrencies can’t exist as a Tangible Asset
In other words, you will no longer see and touch physical coins and banknotes. Traders sell the currency on computers in the digital form. It partially resembles a PayPal e-wallet account. The primary difference between e-wallets and crypto lies in the fact that Bitcoin, for instance, isn’t backed up by basic currency. And still crypto values could be utilised for purchasing and selling services and goods. Above all, the crypto value hinges on the open market suggestions and people’s willingness to spend money for them.
Decentralized Control Approach
Traditionally governments back its currencies. Such values as the dollar or the euro are considered to be totally legal because authorities accept them. There is a pertinent body that is responsible for currency regulation and has an opportunity to alter the interest rates. As for cryptocurrency, you will hardly dig out any information regarding the regulative body. For those who are excited about searching for the kernel of the issue, don’t even try, as there are no authorities that govern any form of cryptocurrency. No individuals or special organisations, the cryptocurrency operates on its own.
Cryptography represents a digital encryption method. Every crypto transaction should be secured and verified. Anyway, there is no need in working out how cryptography functions. You can easily buy and utilise cryptos without figuring out the encryption procedure.
Online Gambling Cryptocurrencies
So, are you aware of the reasons why more and more online casinos are introducing crypto payment methods nowadays? There is a straightforward answer, by the way. The thing is cryptocurrencies provide really rapid withdrawals and deposits without specifying player’s personal information. Traditional card transactions can’t boast of having such great benefits. The real big deal lies in swift withdrawals. Sometimes it takes ages for your winnings to complete. Thanks to cryptocurrencies, you are able to get funds instantly.
Thus, what types of cryptocurrencies do online casinos use? What are the most renowned ones? We hit the ground running with Bitcoin, you have definitely heard this word.
The origin of the Bitcoin currency is shrouded in mystery. The only fact we know is that it was invented 13 years ago by an obscure group of people under the nickname Satoshi Nakamoto. Bitcoin was finally introduced in 2009, when it became an open-source software. Nowadays it is the most popular cryptocurrency not only in the gambling industry, but in most other spheres of business. Like any other digital currency, no governments and banks back the crypto value. The introduction of Bitcoin has triggered the introduction of some other cryptocurrencies commonly known as alternative coins, or altcoins, to put it simply. You might stumble upon the BTC abbreviation. Now you know what it implies.
The technology of Bitcoin lies in the process of mining. There is a complicated system of computers, usually named as miners, that operates with the bitcoin’s code. Moreover, this structure stores the blockchain. Imagine a set of blocks, where each block presents a range of transactions. There is no chance of hacking the system due to the reason all computers can see in a transparent way what blocks are filled with. That is the thing.
To carry out coin transfers instantly, the peer-to-peer technology was launched. Those organizations who own the major computer and take part in miners (transactions) claim various rewards for processing Bitcoin transactions.
Bitcoin Online Casinos
The majority of reputable online gambling platforms encourage its punters with enticing Bitcoin bonuses. So, it is really profitable to experience playing slot machines or table games and withdraw winnings by means of cryptocurrency. Online venues predominantly reward gamblers with seductive match deposit promotions with flexible wagering requirements.
Out of the comprehensive selection of trustworthy online casinos, what venues promote Bitcoin transactions with lavish perks? There is a shortlist of Australian online casinos with Bitcoin deposit and withdrawal options.
- JoeFortune Online Casino. Originated in 2016, the platform proposes well over 400 different casino games. There is a warm welcome bonus for Bitcoin users. It comprises three consecutive deposits for newly registered players. Firstly, the debut deposit brings a 150% match perk up to $2,000 plus 30 free spins. Secondly, the casino grants players with the 75% match up to $1,000 for the second deposit. Finally, punters could claim a 120% match bonus up to $2,000 after completing the final deposit
- Oshi Online Casino. Being primarily a cryptocurrency online gambling venue, Oshi attracts players with over 2,500 casino games with advanced visuals. Get ready to claim 20 Free Spins soon after signing up to an account or get a 150% match promotion up to 0.05 BTC on the first deposit plus additional 200 free spins. It is a progressive perk consisting of three deposits.
The Ethereum cryptocurrency represents a decentralized and blockchain platform that deploys peer-to-peer transactions. The distinctive feature of the currency allows cryptocurrency users to do business without third parties, for instance, Google. The Ethereum network operates as a decentralized computer system. In addition, Ether is fuel, the kernel of the currency. Users pay for computational services with the help of Ether.
Ethereum Online Casinos
- PlayAmo Online Casino. A huge selection of games due to close partnerships with several software developers such as Microgaming, NetEnt and NextGen Gaming.
- Joo Online Casino. The venue has been in the industry since 2017, and it has already acquired thousands of both novice players and casino aficionados. Choose an engaging game out of 3,000 titles
- Xpokies Online Casino. Games exclusively provided and powered by the RealTime Gaming software company. Loads of daily and special deposit promotions. Besides, the venue accepts multiple currencies.
Nevertheless, there are some other less renowned crypto values online casinos provide transactions with.
- LTC – Litecoin. A blockchain-based currency with both faster block procession and a more perplexing algorithm
- DOG – Dogecoin. A peer-to-peer cryptocurrency founded in 2013. The raucous dog meme served as an inspiration for a pertinent logo
- USDT – Tether. The abbreviation contains the US dollar, people mistakenly suggested the US dollar backed the cryptocurrency. Two years ago, Tether included affiliate company loans.
Cryptocurrency Pros and Cons
So, cryptocurrency is the most effective method of depositing and withdrawing funds. But there is still a fly in the ointment.
- You don’t share personal information with a casino
- Rapid deposits and withdrawals
- Cryptocurrencies are no subject to transaction fees
- The currency is extremely volatile, exchange rates pile up and go down in an unpredictable way
All in all, it is becoming more common for online casinos to introduce cryptocurrency payment methods. Most players are fed up with prolonged transactions. More than that, gamblers are concerned about the leak of personal data because some casinos may be rogue. Bitcoin, Ethereum and other cryptocurrencies stand online gambling platforms in good stead. There are no indications the amplifying crypto trend will come to an end in the nearest future. Purchase Bitcoin and play fascinating casino friends, that is the recipe!