Cryptocurrency is essentially a type of intangible digital cash that is kept in an online wallet or on hardware that is protected by a series of algorithms. The best-known cryptocurrency of the moment is called Bitcoin (BTC) , but it is not the only one on the market. Ethereum (ETH) and Litecoin (LTC) are other popular options for those who prefer to use something a bit more discreet.
The pioneer of this industry is Bitcoin, which is digital money protected by special cryptographic technologies. This unique system was introduced in autumn 2008 in Japan, it exists only online and has no tangible analogues. However, it can be used to buy all kinds of goods and services, withdraw funds abroad, and invest money.
The main features of the system include anonymity and decentralization. Brokers can help you buy the cryptocurrency, similar to acquiring stocks.
How can casino players benefit?
For many reasons, using cryptocurrency to play casino online betting is safer than using your bank account or PayPal information, because, in essence, cryptocurrency aims to protect the user through something called a blockchain, as well as through use of cryptography to validate and secure all transactions.
- Total anonymity for both users and transactions
- Minimum commission or total absence of commission
- Instant processing of account replenishment and withdrawal requests
- Access to all transaction history
- The wallet is protected from possible actions by national authorities who do not have the right to block or freeze the bitcoin wallet, as it is not used to store real money
- You can play anywhere, even in countries where gambling is legally prohibited
Advantages for the casino:
- We have already seen why cryptocurrencies can be beneficial for players, but what about casinos?
- The process of opening a casino that works with cryptocurrencies takes less time and the cost is lower
- The number of players using cryptocurrencies will continue to grow