How to use cryptocurrency correctly in online casinos?
Cryptocurrency has a huge potential for different business fields, but first of all, it opens limitless possibilities for gaming operators. Gamblers face many challenges when looking for safe online gambling. Digital tokens are a convenient and affordable solution for gambling entertainment of all sizes. First and foremost, because of 100% data privacy. Crypto coin transactions are not monitored by any authority. All transactions are made without intermediaries, so the commission is reduced to a minimum. Each transfer is anonymous – no one will know how much money was won in the casino and what the gambler did with it.
Crypto and online casinos: a wild correlation
Virtual casinos are gradually becoming more and more popular compared to standard casinos. The number of visitors to online casinos, including Wild Joker Casino, has nearly doubled in the last few months and the numbers are still growing. A separate role has been played by quarantine in countries around the world as people are forced to move from the offline world to online entertainment. And virtual gambling clubs have done an excellent job of that.
European countries are showing a striking increase in user growth. Figures vary from 50 to 200%, especially the increase in the last six months when the world began to introduce quarantine measures.
Excluding online bookmakers, online gambling has increased its revenues significantly. Just an analysis of a couple of virtual gambling market operators showed that users are investing almost twice as much. Additionally, the inflow of customers is also increasing. According to current forecasts, the information we gathered, before the end of the year revenue in virtual casinos will only grow. Much of this popularity of virtual slots contributes to the approach of the providers themselves delivering gambling software at online casinos. New versions of video slots and new methods of data protection are regularly developed. Among such protection methods are the use of cryptocurrencies to make deposits to casino accounts and withdraw your winnings through anonymous payment systems.
Using such a system allows you to keep payment data secret from the administration of the gambling club, you only need to confirm that a particular payment transfer will be received by you. Unlike many other payment systems, cryptocurrencies are less common in casinos but are gaining popularity due to the complete anonymity and security of transfers. Additionally, the system operates worldwide.
According to surveys, customers around the world have decided to switch to the new system to secure personal information. The priority is given to sites that use bitcoins for payments and deposits.
Cryptocurrency payments have advantages and disadvantages
Round-the-clock transactions with no delays. There are no time limits. You can order a withdrawal to your cryptocurrency wallet even on holiday or on a day off. As a rule, the money is credited instantly.
Convenient replenishment and withdrawal of funds. Deposit and withdrawal limits are set for some payment methods. Crypto casinos are known for their loyalty and impose more flexible limits.
Total anonymity. Blockchain technology allows for hard-to-trace payments. This often attracts casino users from all over the world.
Unstable cryptocurrency exchange rates. This is both a minus and a plus. A player can both lose and gain. In the short term, cryptocurrency is quite dangerous in terms of the risk of losing money. However, over time, the rate of crypto has always recovered and grown. Therefore, a player can derive a certain amount of coins in his wallet as a fund.
Unstable rate of cryptocurrencies. Bitcoin can go up today and fall dramatically tomorrow. In some cases, the final value of the cryptocurrency has changed by 15-20% within a day. No one can predict what will happen to crypto in a month or a year. It is important to consider the risks when choosing to gamble online on cryptocurrency.
Lack of legal status in some countries. Many states have not yet legalized digital coins. Before you create a cryptocurrency wallet, it is advisable to make sure that the currency you choose works in your country. However, this is not the case in Australia.
Crypto is an alternative to the most popular deposit methods
Payment method analogs
Given the uniqueness of blockchain technology, high-security standards, and 100% confidentiality, cryptocurrencies have no counterparts so far. In terms of transaction speed, they can compete only with PayTM, WebMoney e-wallets, and payment methods such as MuchBetter, Skrill, Neteller. Cryptocurrencies compete with each other. For example, not only Litecoin can challenge bitcoin, but also Ethereum, Dash, Ripple, and other digital tokens with a capitalization of more than $5 billion.