In case you are wondering, online casinos are the type of casinos that enable gamblers to play through the internet. Cryptocurrency, on the other hand, is a form of digital currency usually used via the internet and has got monetary value. Bitcoin is a very good example. The debate over whether to introduce cryptocurrency in online gambling is very challenging because of a host of elements. In today’s post, we are going to discuss in detail so that you can properly understand the possible challenges that online casinos are facing.
Why Some Online Casinos Don’t Have Cryptocurrency Payment Options:
Since the digital currencies are very volatile in that there is a lot of uncertainty involved. You cannot tell at any instance when it’s going to change because they do change sporadically. For this reason, casinos cannot risk their large sums of money on such a method.
Furthermore, cryptocurrency coins cannot be recovered once they are lost. Because of this, it is even harder for them to be used by casinos since they are untraceable, meaning that there is nothing on it to identify that it actually belongs to whoever has it at that instance.
Did you know that digital currencies cannot be refunded and verified? For example; if you make a deposit at a mobile casino and something goes wrong, there is a centralized corporation in which you can always raise complains to. Unlike cryptocurrency, there is nowhere you can complain and get refunded. For this reason, it makes it riskier for casinos to consider using them.
Even though the cryptocurrency network is highly secure, there is still a chance (however minute) of theft by hackers and it’s impossible to trace them. This makes it even dangerous to be used by casinos since the police can do nothing after you have reported.
Additionally, Bitcoin and other forms of digital currency cannot be used in the “common world” because a lot of people don’t understand the how it works. Therefore, betting sites cannot risk using a form of currency that majority of their customers don’t understand.
Downsides for Online Casinos by Not Using Cryptocurrency
In the new world, old gambling methods like making payments using solid cash have become kind of a cliché, and are no longer as significant as they were some time back. The introduction of cryptocurrency in gambling is superseding the usual modes of payment, and this happens because cryptocurrency has irrefutable benefits that make them perfect for online gambling. The benefits that casinos are missing out on are:
The transactions involved in cryptocurrency are anonymous. All the information that is disclosed is just the wallet number to or from which the digital currency is being transferred.
There isn’t any currency exchange involved. For instance, when you place a bet using Euros and the casino only allows dollars, the euros must be converted to dollars meaning another exchange transaction must be carried out. With cryptocurrency this doesn’t happen, making the system faster and more efficient.
Digital currencies enjoy faster speeds of the transactions since in banks, each and every transaction has to be verified by many different people and this makes the entire process slow. Cryptocurrency, on the other hand, has no middle channels making the transaction instant.
Most casinos would prefer it over other forms of transfers because it’s cheap to transact with it as there isn’t any form of commission involved.
Since complicated identification measures are always involved, this brings all hacker efforts to a halt hence very safe and should be greatly considered by online casinos.
Risks and Rewards to Players
Many gamblers have been asking about the risks and rewards of using cryptocurrency to bet online because it’s still a new concept. In this section, we will take a look at both benefits and downsides involved.
Benefits of Using Cryptocurrency for Online Gamers
- Cryptocurrency is quick. This makes it very easy for players to receive money from online casinos instantly unlike banks which are very slow.
- Digital currency can be sent anywhere around the world. This means wherever you are, so long as you have internet connections you can always play and thus, very ideal for players.
- The wallet where the money is kept is proven to be safe and almost impossible to be hacked into.
- Transacting with cryptocurrency is very cheap since you can transfer money away and back in the online casino cheaply.
- Freezing your wallet is impossible as no government has authority over cryptocurrency
Downsides that May Be Faced
- There is a lot of scamming involved and this can cripple you financially if you are not careful.
- Because of irreversible nature of cryptocurrency, there is a greater chance that slight error can really cost you a fortune.
- Cryptocurrency is very volatile, and for this reason, it is a very unstable form of currency that could easily lead to a loss.
- When your money gets stolen or lost there is no cryptocurrency agency you can report to.
Summing it All Up!
From the above analysis, we have it is clear that cryptocurrency resolves lots of challenges that are involved in online casinos. That because it’s completely anonymous, fast in making deposits and withdrawals despite the size, plus it’s much cheaper to transact. The risks involved though somewhat alarming, are very minute compared to rewards. So when it comes to online casinos, cryptocurrency is a great form of payment for the gamblers and casinos themselves.