The use of cryptocurrencies is causing a revolution in online gaming, in online casinos and slot games. Players may swiftly, securely, and discreetly make deposits and withdrawals at online casinos using this new kind of digital currency without worrying about costs or banking restrictions.
Since some years ago, certain operators have been accepting cryptocurrency as a form of payment. But what precisely are these digital assets, and why are they becoming so popular among gamers?
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Introduction to Cryptocurrencies: What Are They and How Do They Work?
Cryptocurrency is a term used to describe a type of digital payment system that does not rely on banks to verify transactional data. Anyone can make and receive payments using this peer-to-peer system, which is a decentralised communications strategy in which both parties can initiate a communication session and each side has the same capabilities. The currencies are held in digital wallets. Every action that takes place during the transfer of funds is recorded in a public ledger. The name of the system comes from the fact that it uses encryption to verify transactions, necessitating the use of complex coding for data storage and transmission. Users have had access to and used a wide range of alternative digital currencies since the inception of Bitcoin in 2009.
The advantages of cryptocurrency include total anonymity and decentralisation. Due to its decentralised nature, cryptocurrencies allow for extremely quick transaction times because no local, national, or international governing bodies are required to be followed by users. Due to the aforementioned factors, which make it impossible for others to access your sensitive data or alter your personal information, cryptocurrency is also extremely safe.
These factors taken together account for the majority of gamblers who have made the switch to using cryptocurrency for their casino gaming transactions.
Cryptocurrencies as Online Casino Payment: The Pros and Cons
The world of online casino gaming has been completely transformed by cryptocurrencies. There are many benefits to utilising them. The first benefit is that they give players anonymity and privacy, which is crucial for people who don't want banking institutions or governments to monitor their casino activity.
Second, using cryptocurrency eliminates the need for middlemen like banks and lowers transaction fees. It expedites and secures transactions. Additionally, since cryptocurrencies are exempt from the same restrictions as fiat money, they provide users more autonomy over their money.
Finally, cryptocurrency lets users avoid currency exchange fees, which makes it simpler for them to use foreign gaming platforms. Overall, using cryptocurrencies in online casino games has a number of benefits over using traditional money.
The use of cryptocurrency as a method of payment for online casino games has grown in popularity. Players still encounter some difficulties using it, though. The volatility of cryptocurrencies is one of the main problems since it makes it impossible for players to know how much they are spending or gaining because the value of their coins can change drastically.
Furthermore, several online casinos have been sluggish to accept cryptocurrencies, which has reduced the amount of ways that players can do so. The issue of security is the last one, as some participants are concerned about the security of their digital wallets and the possibility of hackers.
Different Cryptocurrencies To Explore
There are a lot of different cryptocurrencies out there, so much so there are now even subcategories such as ‘meme coins’, but that is a conversation for a different day. Featured below are some of the most well-known and established cryptocurrencies most commonly used when gaming at cryptocurrency casinos in the UK.
Ethereum
The concept of an open-source, programmable blockchain was first introduced by Ethereum. On the Ethereum blockchain, developers can create their own cryptocurrency tokens and decentralised applications (dApps). Decentralised finance (DeFi), a platform that provides decentralised versions of conventional financial services, was consequently created.
Despite the fact that there are more cryptocurrencies with programmable blockchains now, Ethereum was the first. The second-largest cryptocurrency has firmly established itself thanks to its early development. If you are a casino player looking to use a currency that is tried and true, you might find greater reassurance from an established brand like Ethereum.
Bitcoin
Bitcoin was the first cryptocurrency ever created. By utilising the alias Satoshi Nakamoto, an unnamed founder (or founders) established Bitcoin in 2009. It was created with the intention of operating as a decentralised digital currency separate from banks and other financial institutions.
Because newer cryptocurrencies are more technologically advanced and offer far more efficient transactions, Bitcoin is currently largely used as a store of value. Being by far the most well-known and valuable cryptocurrency, it has substantially benefited from the first-mover advantage. The majority of cryptocurrency-accepting online casinos will include Bitcoin as a payment method.
XRP
XRP is the name of the native cryptocurrency of Ripple, a payment system built for speedy, affordable transactions. Ripple has partnered with many financial institutions to deploy its technology, which is intended to be used for international money transactions.
Ripple was accused by the SEC of offering unregistered securities in the form of XRP when the SEC filed a complaint against it towards the end of 2020. Many notable cryptocurrency marketplaces stopped offering XRP trading as a result, despite Ripple's denial of the allegations, however, the cryptocurrency casino market has been largely unaffected.
Monero
Cryptocurrency Technologies are used by Monero to safeguard user anonymity during transactions. As a result, transactions are made anonymous and untraceable. Monero's public blockchains hide all transaction data from view, in contrast to the majority of cryptocurrencies. Although this level of secrecy has led to Monero being utilised by criminal organisations, this kind of money offers some of the highest levels of protection and anonymity for online casino players.
Tether
Tether is the most popular stablecoin. A stablecoin is a type of cryptocurrency that tracks the value of another asset. Tether uses the U.S. dollar as its reference currency, hence one Tether is normally worth $1.
There is discussion surrounding this coin, and we obviously want to make you aware of it for the sake of complete openness. The company that developed it, Tether Limited, was shown to have been misled about its reserves when it was falsely claimed that every Tether was backed by a U.S. dollar. Despite this, Tether routinely enjoys the greatest daily trading volume of any cryptocurrency, suggesting that this mistake was only a minor setback in the currency's growth.
Cryptocurrency Wallets: What They Are and Which Are Most Popular
Crypto wallets keep your private keys, the passwords that give you access to your cryptocurrencies, safe and accessible, allowing you to send and receive cryptocurrency. They come in a wide range of forms and dimensions, from hardware wallets to smartphone applications that enable buying cryptocurrencies online as easy as using a credit card.
Unlike a traditional wallet, a cryptocurrency wallet does not store your cryptocurrency. Your assets are kept on the blockchain, but you need a private key to access them. Your keys allow transactions and serve as legal documentation that you are the lawful owner of your digital currency. If you misplace your private keys, you won't be able to access your money because that is the only way to do so. Therefore, a cryptocurrency wallet should be chosen with care.
Electrum Wallet
Electrum is one of the most well-known and well-established cryptocurrency wallets now in use. It is also one of the few wallets that only accepts Bitcoin, for which it was created specifically.
Multi-signature wallet support, two-factor authentication, and transaction-proof checking are just a few of the wallet's robust security features. Customers can also change their prices based on how long they are willing to wait for a transaction to finish: You can speed up the process by paying larger fees.
One of the wallet's key benefits is the use of a small client. Light clients are easier to set up than traditional wallet clients and take up less space on your PC. It is advised that players use desktop computers for using Electrum.
Bitpay
BitPay provides Bitcoin payment services and has its corporate headquarters in Atlanta, Georgia, in the United States. It was launched in May 2011 by Stephen Pair and Tony Gallippi. BitPay provides payment processing for Bitcoin and Bitcoin Cash. For people who just use Bitcoin, this kind of cryptocurrency wallet is ideal.
Coinbase
Coinbase Wallet is marketed as a simple and secure cryptocurrency wallet with support for more than 500 tokens, safe storage (biometric verification, cloud backup, etc.), and accessibility without a Coinbase account. Coinbase Wallet is a wonderful wallet for folks with little to no prior experience with cryptocurrency. The program's user interface, which connects to the majority of major bank accounts, is straightforward with only three tabs and immediately discernible functions.
In Coinbase Wallet, you may store more than 5,500 supported digital assets, including well-known coins like Bitcoin, Litecoin, Dogecoin, and BNB as well as any ERC-20 tokens and tokens on blockchains that are compatible with EVM.
Binance Pay
Binance Pay is a quick, safe, and universal way to send and receive cryptocurrency from your mobile devices. Users can utilise an email address, phone number, Pay ID, or Binance ID (UID) to send cryptocurrency to friends and relatives. This wallet option was created with the typical user in mind, so it's a perfect option for those who enjoy online casinos but aren't as tech-savvy or have lower funds.
Metamask
MetaMask is a leading cryptocurrency wallet for Ethereum because of its user-friendly interface, which provides quick and easy access to hundreds of tokens and decentralised apps within the Ethereum network. The wallet has an appealing and straightforward interface for novice users who want to send and receive Ethereum-compatible cryptocurrency and use decentralised applications. It's also important to note that MetaMask works with different blockchain systems.
Users using Google Chrome, Microsoft Edge, Mozilla Firefox, or Brave browsers can download the wallet as an extension. You may download the MetaMask app for both Apple and Android smartphones.
Crypto.com
On Crypto.com, a large variety of decentralised financial instruments are offered, together with a simple onboarding process and strong security measures.
Crypto.com For individuals who are just getting started with decentralised finance, DeFi Wallet is a fantastic alternative. Users of Defi wallets are fully responsible for maintaining the security of their private key and digital assets, which they have complete control over. These blockchain wallets' unique capabilities are not provided by traditional, custodial wallets, such as one-to-one cryptocurrency exchanges and a number of possibilities for users looking to generate passive income from the bitcoin they currently own.
Advantages of Using Cryptocurrencies
We’ve already touched upon some of the advantages of using cryptocurrency for online casino transactions but the benefits can be broken more clearly into the following categories:
- Global Accessibility: To use cryptocurrencies for online gambling, you are not required to be in a certain state or nation. This implies that you can play your preferred online casino games whenever you want, from wherever you are.
- Convenience: There are no fees or caps on the amount you can withdraw from your account because you don't have to deal with cash or credit cards. You can play immediately without having to wait for a cheque or wire transfer as long as you have enough money in your wallet.
- Anonymity: You are not required to divulge any personal information or financial information to anyone. All you need to make deposits on the website is a cryptocurrency you may use and an internet connection.
- Safety and Security: The funding of player accounts in cryptocurrency gambling is secure and safe. This is so because blockchain technology is used by crypto casinos. All transactions are therefore transparent, traceable, and irreversible. Additionally, because the blockchain is an open-source ledger, no one organisation or government can fully control it. Players may therefore be sure that their money is secure at these casinos because no one else has access to it without their consent.
- Unrestricted Withdrawals: Withdrawals are unrestricted as long as they satisfy the casino's restrictions. Players no longer have to wait days to withdraw their earnings; they only need to follow the steps that each casino has established.
- Transaction Speed: Players can start participating in the action more quickly due to the speed of transactions.
Conclusion: Is Crypto for You?
Cryptocurrency offers an exciting and forward-thinking payment option for online casino players, but of course, it isn’t for everyone. Cryptocurrency requires a bit more tech know-how to get your head around over using a traditional e-wallet and the relative ‘newness’ of this form of payment can be unsettling for some. Put simply, whether or not cryptocurrency is for you really is a personal decision and depends on who you are as a player and what you’re hoping to get from your online casino experience. Either way, all manners of payment are welcome at Spin Genie. Sign up and play today, so good luck, and always gamble responsibly.
