Many players would agree that optimal player satisfaction is achieved by striking a balance between all the services offered by a casino, including the payment options available to players. The invention of cryptocurrency as an international, virtual currency has revolutionized several industries, including the casino industry. The acceptance of cryptocurrency by online casinos has addressed the two major issues faced by online casino players – anonymity and safety.
When you compare crypto with other payment methods at online casinos, it is evident that digital currencies are safer, faster, and cost-effective. While some online casinos accept only digital currencies, others accept cryptocurrencies as an additional payment option. Nowadays, there are numerous digital currencies available globally, some of the popular crypto payment options available include:
As the first digital currency to be invented, bitcoin deserves special recognition. It is currently the most utilized virtual currency worldwide. It was invented to serve as an online payment processing system, and as a digital currency. As a B2B system, Bitcoin is completely decentralized and not under the jurisdiction of any authorities or financial institutions in the world.
To make deposits or withdrawals at an online casino, you have to create a Bitcoin wallet on the Bitcoin website, purchase Bitcoins from an online Bitcoin exchange provider, and link your bitcoin wallet to your casino account. Virtual payments with bitcoins are processed almost instantly and this is why it is widely used by many online casino players.
Ethereum is a decentralized virtual currency that was introduced in 2015 as a faster, easier, and dependable virtual currency system. With Smart contracts, Ethereum has an edge over other virtual currencies like Bitcoin. This is in addition to its faster processing time and the anonymity it provides. This currency grew exponentially in 2020, gaining over 150% from it’s low in March.
Ethereum is accepted by many online casinos and can be used by players worldwide. To transact with Ethereum, you have to download a third-party app. Confirm whether Ethereum is one of the accepted payment options on your preferred casino. Then transfer a specific amount into your e-wallet address on the casino, your casino account will be credited instantly.
Litecoin is an open-source, P2P digital currency based on blockchain technology. If Bitcoin is considered as digital gold, then LTC is regarded as digital silver. Litecoin rivals Bitcoin in terms of speed. The time taken to complete a transaction on the bitcoin network is about 10 minutes per block. On the other hand, the Litecoin Network processes each block under 3 minutes. This has contributed to the general acceptance of this virtual currency by many online casino websites.
First, you have to get an LTC wallet to store purchased coins before making LTC transactions on an online casino. Getting a wallet and purchasing LTC is probably the only obstacle you may face. Asides that, every other process is quite easy. You can connect your LTC wallet to your online casino account on the deposit page in the ‘Cashier’ section of the online casino.
Dogecoin was invented in 2013 as an alternative to Bitcoin. This digital currency was inspired by a popular meme of a Shiba Inu dog breed. Following its invention, it has become a powerful digital coin with a market capitalization of over $350 million in 2020. Since Dogecoin Gambling is relatively new, it is becoming increasingly popular among many casino players.
First, you have to get a Dogecoin wallet from the Dogecoin website and then you can purchase your preferred amount of Dogecoin. Once this is complete, you are integrated as part of the blockchain, the wallet can be stored on your phone, computer, or on the website. The deposit and withdrawal processes are the same as that of Bitcoin.
Thanks to blockchain technology, payments made with cryptocurrency are safe and completed in the simplest way, within the shortest possible time. There are no issues with virtual currencies since withdrawals are processed almost as fast as deposits. This makes cryptocurrency a particularly beneficial payment option in the world of online gambling.
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Source: Live Bitcoin News