Pretty much everyone in the British Asian community will have heard of cryptocurrencies by now. Bitcoin, of course, has been the major headline-grabber over recent years with its rapid rise in price and popularity. It is not the only cryptocurrency out there though – others such as Ethereum and Litecoin have also seen a rise in interest as the whole sector becomes more mainstream. With more news reports and stories in the papers about it, cryptocurrency has stepped into the limelight somewhat of late.
A truly digital form of money, cryptocurrency is not controlled centrally by any one organisation or government, which keeps it free from any political manoeuvring. Of course, as with any other type of currency, its main purpose is to allow you to pay for goods or services. This is being seen in many UK shops, cafés and restaurants as currencies such as Bitcoin are starting to be more widely accepted as a means of payment.
However, the service and hospitality sectors are not the only ones to adopt cryptocurrencies. The online gambling industry has been quick to realise its potential – this has seen many online casino sites start to allow players to use Bitcoin while playing games with them. There are even dedicated Bitcoin casinos online now that are designed to play at in this way. These are amazing if you want to use this specific digital currency to have fun with and enjoy the best casino games you can play with Bitcoins.
But what is it about cryptocurrency that has persuaded more and more people to use it for gambling?
Superior levels of security
Perhaps the biggest reason is the added security that playing with cryptocurrency provides. As you will not need to enter your credit card details or bank account information onto the casino site, it means that it is not vulnerable to being stolen from there. Cryptocurrency is also totally anonymous and leaves no paper trail to follow in terms of your sensitive details. This makes it impossible for any hackers to track down your personal data by seeing it in the background of the casino site itself or tracing transactions back to your bank account.
Being anonymous also makes it better for your own personal privacy. As cryptocurrency leaves no record of your personal details on any transaction, it is a 100% private method of funding your account. While gambling online is perfectly legal, it can still carry a social stigma in many cases. By playing with something like Bitcoin, you can have fun still but without worrying about the reaction of anyone who may find out.
A digital solution
When you think about something that exists online such as internet gambling, doesn’t it make sense to use a digital payment method to do it? The fact is that traditional ways of funding your casino play, such as credit cards, were never intended to be used in this way. Currencies such as Bitcoin, however, have been designed specifically to work in the digital arena. This makes them easy to use and perfectly suited to the online gambling industry.
Fewer fees involved
Another drawback with many traditional casino payment methods is the fees involved. These can really eat into your winnings over time and mean that you actually take home less than you won. Cryptocurrency fees are a lot smaller, and this means that you get to keep more of what is in your account at the casino. This also works out better for the casino itself as they save on things such as credit card fees at their end.
Anyone who has played at online casino sites already knows that most traditional payment methods are poor when it comes to getting your winnings. Bank transfers can take up to five working days to process, while international transfers can take even longer. Cryptocurrencies on the other hand are much quicker and see most withdrawal requests actioned in a few minutes. This is far more convenient and user-friendly, especially if you do need the cash quick. After all, why wait around to get your money when you could have it faster?
Online gambling set to adopt cryptocurrency even more
So far, there has been a steady trickle of new online cryptocurrency casinos and others who have chosen to accept it as a payment method. This has risen in volume over time though, and looks set to continue at a greater pace into the future. As more online players hear about it in the media and more online sites see its potential, it seems obvious that cryptocurrency will soon be the main way to fund your account when gambling online.