Can You Use Cryptocurrency to Gamble Online in 2021?
It’s official. Bitcoin and cryptocurrencies such as Ethereum and Litecoin have become legitimized by the mainstream.
What was once regarded as a medium of exchange for cybercriminals and trawlers on the deep web has now become a true asset. Digital assets like cryptocurrencies have more than just tokens with numbers attached to them.
The possibilities afforded by the blockchain has the potential to revolutionize banking and finance as we know it.
Acting as a medium of exchange, cryptocurrencies enable vast quantities of money to be seamlessly transferred from person to person.
And all of this can be done instantaneously by anyone with a smartphone and an internet connection whilst being absolutely free.
This has naturally been a boon for the online gambling and gaming industry. In fact, most online casinos were amongst the first to accept cryptocurrency payments.
With that in mind, let’s take a look at why you too should seriously consider gambling with cryptocurrencies online.
1. Instant transactions from anywhere around the world
Time is a precious commodity that many of us just can’t seem to get enough of.
Imagine this; you’ve hit the jackpot and you’re riding high. Unfortunately, your bank needs 3 working days to process the transaction and it’s a bank holiday tomorrow.
On the other hand, if you’ve chosen to make crypto your currency of choice, you’ll be able to gain instant access to your winnings.
Forget about having to wait on banks to process your transactions, cryptos such as Bitcoin and Ethereum can be instantly transferred to your digital wallet.
With adoption rates of cryptocurrency on the rise and the increasing popularity of cashless transactions, you’ll be able to enjoy your winnings easily.
2. Privacy guaranteed
Unfortunately, gambling has received something of a bad rep in recent years. While most punters are responsible members of society looking to enjoy themselves, an irresponsible minority has painted the entire industry in a negative light.
Because of this, otherwise respectable members of society who enjoy games of chance may sometimes prefer to keep their activities discreet.
Unfortunately, payments made via bank transfer or credit card are not anonymous and can be tracked by family members or a significant other.
Cryptocurrencies fulfill the need for discretion thanks to their decentralized nature. Records of transactions are kept anonymous and secure which makes them ideal for anyone looking to protect their privacy – thus making them a great choice for online gambling.
3. The opportunity to obtain cryptocurrencies
As most people would have already noticed, cryptocurrencies are once again back in vogue. Investors who would normally avoid cryptos due to their volatile nature have begun snapping up cryptos in an effort to get aboard the money train.
To a layperson with little-to-no experience, investing in cryptocurrencies can be a daunting prospect.
This is why, online casinos that offer payouts in cryptocurrencies represent an excellent opportunity to obtain either Bitcoins, Ethereum, or Litecoin without any inherent risk.
A punter can choose to buy in with fiat currencies but opt to receive his/her winning in cryptocurrencies. Given the active market for cryptocurrencies, liquidating these assets is extremely easy.
4. No transactions fees (means more money for you)
Any experienced online gamble will tell you that transaction fees can be a real pain. Payment platforms such as Paypal charge a service fee for transferring funds from your Paypal account to your bank account.
Additionally, if you’re converting your earnings from one denomination to another, you’ll usually lose out on the exchange rate.
While the differences may be minute, you’ll be surprised at how much you are actually paying on the long-term. Cryptocurrencies solve this problem entirely because crypto transfers are usually free and are unaffected by currency exchange rates.
Thus ensuring that you have more of your winnings available to you every time.
Cryptocurrencies represent a world of opportunity for the world and online gamblers everywhere will be eager to use them while playing online casino games.
From instantaneous fund transfers to an investment opportunity, there are plenty of reasons why you should use cryptocurrencies to gamble online.