Importance Of Cryptocurrency For Online Casinos

Currently there are less than 20% of the world’s online casinos accepting cryptocurrencies. The majority that do deal exclusively in Bitcoin. As the most recent worldwide medium of exchange, cryptocurrency or alternate currency, will soon be available to anyone who wants to use it.

This means of carrying out peer-to-peer transactions without any interference from governments or banks is allowing virtual casino players to collect a new type of wealth. Though there may be some inflation with alternate currencies, overall they have not fell prey to the sometimes disastrous whims of political leaders and market crashes that befall fiat currency such as the US dollar.

Since the Free Trade & Processing Zone Act was passed in 1994, online gambling has exploded. In many countries where such gaming was once illegal, there are now millions of players. Players can join in virtual card games, sit in on live dealer games, and even place bets on their favorite sports, from horse-racing and hockey to football and rugby. They can be a part of all of this from the comfort of their own homes.

As a result, online casinos can and do benefit from accepting different forms of cryptocurrency, such as Bitcoin, ZCash, Ripple, or Ethereum. Since no licensing is necessary to accept cryptocurrency for gaming transactions, online casinos instantly have their numbers in the black.

Another benefit for the virtual casino is that they are protected from player fraud, just by the nature of cryptocurrency itself. Cryptocurrencies, such as Bitcoin, are one of the most secure means of conducting transactions in the world, thanks to the invention of the blockchain. Blockchain code is fully transparent and open source; it is one of the most secure means of conducting peer-to-peer transactions in the world. It was designed to not only keep those transactions secure, but also to prevent double-spending of any given unit of cryptocurrency.

Virtual casinos accepting cryptocurrencies not only profit from the benefits, the players do, too. Their digital wallets or online purses cannot be frozen by any government or bank, giving them the control over their winnings. Players are not forced to pay any taxes on their virtual winnings, either. They get to retain more of the money they have won. As a direct result, and another benefit to the virtual casinos, they have more alternate currency to spend on more wagers.

Alternate currency makes it easier for online gamblers to spend small fractions of units when compared with doing the same with fiat currency. Online players enjoy almost instant processing of cryptocurrency as well as the anonymity of the transactions. They are never forced to show any type of ID to have their winnings deposited directly into their digital wallets.

Cryptocurrency is a new means of exchange and, yes, it is still mostly internet based. Major online retailers are already talking about accepting it as a payment for goods and services. Soon brick and mortar stores will be accepting alternate currency cards. With all of the benefits for players and online casinos themselves, and more to come in the future, there are virtually no more reasons for all online casinos to move in the direction of digital currencies.

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Sarah Black

About the Author: Sarah Black

NY-Based Finance and Cryptocurrency Analyst / Writer. Contributing regularly to ADR. Offering cryptocurrency news and Insights Into Asian Market (South Korea, Japan, and more).

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