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The rise of cryptocurrency in the 21st Century is a fascinating development that could have a dramatic affect on the way transactions are processed across the world. Services such as Bitcoin offer complete anonymity and, as a result of complex blockchain protocol, much better security when compared to more traditional bank transfers.
It all sounds rather good doesn’t it? It is also massively important to consider the potential downsides of cryptocurrency. For one, due to the alluring promise of anonymity it has become somewhat of an emblem for the criminal underbelly of society, often associated with things such as the “Dark Web”. There are also concerns over its longevity as a proper currency, Bitcoin’s value fluctuates massively, for instance, not exactly what you want from a currency.
It all sounds rather good doesn’t it? It is also massively important to consider the potential downsides of cryptocurrency. For one, due to the alluring promise of anonymity it has become somewhat of an emblem for the criminal underbelly of society, often associated with things such as the “Dark Web”. There are also concerns over its longevity as a proper currency, Bitcoin’s value fluctuates massively, for instance, not exactly what you want from a currency.
Let’s take a deeper look at the rise of cryptocurrency and consider the question, does it have a place in online casino? Could it potentially be used for deposits at sites such as Casinodames?
The Basics
A cryptocurrency is, very basically, a digital form of currency that may be utilized to make financial transactions much the same as with regular currencies. However, the distinction here is that crypocurrencies have no real tangible nature, they are in actuality very complex strings of computer code. There are a variety of different cryptocurrencies available these days, let’s take a quick look at some of the main ones:
- Bitcoin
- Bitcoin Cash
- Ethereum
- Ripple
The Benefits
- Bitcoin
- Bitcoin Cash
- Ethereum
- Ripple
The Benefits
The next thing we’ll have to explore when trying to ascertain whether cryptocurrencies have a place in online casino is the various benefits associated with them. Now, it must be said, if there wasn’t a whole host of benefits from using crytocurrencies they wouldn’t be nearly as popular as they are. The rise of cryptocurrency, as it were, would not be a rise at all. There are, therefore, a few reasons why they could have a genuine place in the online casino industry:
- Anonymity: When using cryptocurrencies online to make transactions you have near complete anonymity, a huge amount more than with regular bank transactions. These are liable to government tracking and will always include personal details such as your name. On the other hand cryptocurrencies don’t require any of these, you can deposit and withdraw from your favourite casino site as much as you like without anybody else being able to know.
- Security: One massive benefit that cryptocurrencies posses is their drastically better security – due to the blockchain security protocols involved, it is almost impossible for anybody to steal your money or your personal details.
- Fees: Perhaps the most eye-catching benefit for online gamblers is that making deposits using cryptocurrencies ends in the least transactional fees.
- Transaction Speed: Another striking benefit for online gamblers is the speed at which you can withdraw using cryptocurrencies. Regular transactions can take a few working days, with crypto it is instant.
- Anonymity: When using cryptocurrencies online to make transactions you have near complete anonymity, a huge amount more than with regular bank transactions. These are liable to government tracking and will always include personal details such as your name. On the other hand cryptocurrencies don’t require any of these, you can deposit and withdraw from your favourite casino site as much as you like without anybody else being able to know.
- Security: One massive benefit that cryptocurrencies posses is their drastically better security – due to the blockchain security protocols involved, it is almost impossible for anybody to steal your money or your personal details.
- Fees: Perhaps the most eye-catching benefit for online gamblers is that making deposits using cryptocurrencies ends in the least transactional fees.
- Transaction Speed: Another striking benefit for online gamblers is the speed at which you can withdraw using cryptocurrencies. Regular transactions can take a few working days, with crypto it is instant.
It Have A Place In Online Casino?
So, onto the million dollar question – does it have a place in online casino? The answer is a wholehearted yes, and there are already places that offer it as a deposit option, namely Bitcoin Dice or Ethereum Gambling.
Readers, please feel free to share your opinion by leaving your comments. As always your valuable thoughts are highly appreciated!
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