Cryptocoins Are Finding A New Use Case: Online Casinos

In the recent past, the gambling industry across the world has undergone a tremendous change due to the emergency of cutting-edge technologies. Starting with live online casinos, AI to mobile app gambling, spectacular trends have continued realigning online casinos.

However, the emergence of crypto coins in the online casino gambling arena is what has taken the industry to another level. The majority of the online casino companies now have included crypto coins like bitcoin, Litecoin, and Ethereum among their banking options while some provide unique bitcoin payments. The first crypto coin, bitcoin was discovered in 2009.

This dramatic change has had a great impact because of improved safety and security features. Online casino gamblers searching for operators that are safe and secure to play on are now opting to use such platforms with crypto coins payment methods.
This post highlights how crypto coins can be used in online casinos to ensure the safety and security of gamblers. 


How Crypto Coins Online Casinos Works

A crypto coin like bitcoin represents a certain value. In simple terms, crypto coins are digital assets, the only difference being that there is no centralized regulating body like it is the case for other digital assets like fiat currency. At the core of crypto coins transactions is the cryptography, which ensures each transaction is documented as well as the players remain anonymous. This type of payment method uses blockchain technology to make sure that each transaction is updated by the currency holders.

In the case of online casinos, before you start using crypto coins, you need to register and create a cryptocurrency wallet where you can hold your digital tokens. As soon as you create a casino account, you will be able to move any amount of crypto coins into your casino account to start wagering.

In these kinds of transactions, you do not have to present your personal details but only an exchange of exclusive and one-off crypto-coin addresses. The same transactions are kept in a public ledger, something that enhances transparency. At the same time, there no point at which the trail of crypto coins goes cold and this provides a layer of extra protection and safety for the online casino players.

The future of online casino gambling relies on the new technologies and companies that have embraced crypto coins will stand to reap big. Such companies are attracting more online casino players since safety and security has become the primary concerns for players when selecting a platform to play with. 

The Best Crypto Coins For Online Casino Gambling

The online casino business has progressively evolved since the introduction of cryptocurrencies in 2009. The most reputable casino sites across the world have now included crypto coins as part of their payment methods. Due to this, there are now several payment options available for players to fund or withdraw money from their online casino accounts. Over the past few years, the need for crypto coin payment methods has led to the emergence of crypto casinos.

Bitcoin is the first crypto coin that was available for depositing and withdrawing funds among the online casino platforms. However, nowadays there are several types of crypto coins that players can select from. Some of the best crypto coins for use in online casinos are explained as follows:

Bitcoin: This is currently the biggest crypto coin that is widely accepted by many online casino gaming sites globally. The key advantage of using this crypto coin for online casinos is that it is available almost everywhere in the world. It is a highly secure safe payment method and it is decentralized.

Ethereum: This crypto coin is perceived to be the second most stable after the bitcoin. It consists of an advanced blockchain technology that makes it perfect for hiding the protecting personal and financial information of the players. Other crypto coins that can be used for online casino gaming include Monero, Litecoin, Bitcoin Cash, and many more.

New Use Cases of Crypto Coins in Online Casinos

Casino Players Remain Anonymous

For wagers to play in any traditional online casino, they must provide their details including bank account details or other sensitive personal details. This requirement is not acceptable among the majority of the potential online casino players. The thought of giving out such personal details to online casino companies puts them off from wanting to participate in online casino playing.

One of the benefits of crypto coins to cybersecurity involves the fact that it maintains the anonymity of the players while carrying out financial transactions. With crypto coins, all a player requires is a bitcoin wallet, which is usually anonymous. This means that with crypto coins, you do not have to give out your personal and sensitive information to online casino platforms. 

Transparency of Online Casino Transactions

A key characteristic of crypto coins is that each transaction is verifiable. Even though the individuals initiating the transaction remain anonymous, the transactions themselves are visible by anybody who has an internet connection. Another benefit of the anonymity is it becomes impossible for mischievous casino companies to provide fake payout files and publish altered gaming outcomes to appeal to new players. Each financial transaction can be verified and fake is easily identified. This implies that the rigging of games can be avoided completely.

With the extensive application of blockchain technology in online casino gaming, it has become more and more hard for illegitimate online casinos to scam unsuspecting players. The crypto coins technology is impossible to exploit and scammers would encounter difficulties attempting to manipulate online casino games in their favour. 

Enhanced Safety of the Online Casinos

Crypto coins are an inherently secure and safe form of currencies, which is why they are rapidly gaining popularity in the gambling industry, particularly among the online casinos. In the industry of iGaming, safety and security are paramount. From time immemorial, the online casino industry has encountered different safety and security issues and any technology that solves them is encouraged. This is why nearly all online casinos have or are now considering using blockchain technologies in their payment methods. 

Improved Speed of Online Casino Transactions

Waiting for your financial transaction to be cleared by both the bank and the casino company is the worst experience online casino players do encounter. The case is even worse when the players have to wait for days before the transaction is approved and cleared. Not only the players have to be patient for either the withdrawal or the deposit to be cleared, but as well the player cannot perform any other action. Usually, the waiting period is established as a regulatory policy to avoid money laundering.

Luckily, crypto coins have eliminated this issue. The crypto coins transactions are nearly instant. The period the players wait for them to be cleared is minimized to the lowest time. This makes it possible for players to have their money almost the same time they transact.

In conclusion, crypto coins use cases have emerged to be a win-win for both the online casino companies as well as for the online casino gamblers. The two parties stand to gain from the adoption and application of crypto coins. Its key characteristics including safety, transparency of transactions, the anonymity of players, and speed of transactions would benefit the iGaming industry as a whole.