In 2009, the digital currency Bitcoin first appeared. When the cryptocurrency first appeared, it was only known among tech experts. When its value rose enormously at the end of 2017 and then plummeted again shortly afterwards, it also attracted the attention of the general public. In 2019, there was an increase in the number of online casinos, like Prive Casino, that accept cryptocurrencies as a payment method. Could the digital currency mean the future of financial transactions in the virtual gambling industry?
What Cryptocurrencies Are There?
After the first digital coin, Bitcoin, was created more than a decade ago, several new cryptocurrencies followed over the years. Today, there are more than 2,200 different currencies.
In addition to Bitcoin, there are also:
- Litecoin, which is cheaper to use and quicker to produce,
- Dogecoin, a currency that is preferably used for smaller transactions,
- Bitcoin Cash, which was supposed to ensure faster transactions,
- Bitcoin’s fiercest competitor Ethereum, which scores with optimized technology,
- Tether, a currency that is easier to acquire and also has greater stability than other currencies.
Players can use the above options in casinos Not On GamStop that accept these payment methods. However, the question arises as to which currency is the best. As described, each cryptocurrency has certain advantages. It is therefore up to the individual preferences of each user.
Advantages of Cryptocurrencies in Non GamStop Casinos
For many players, the anonymity of this payment method is a decisive argument when using Bitcoin & Co. Many users do not want to reveal their personal data on gambling websites. Third parties also cannot access the protected databases. This is also an important aspect when it comes to transactions in a non GamStop casino.
With bank transfers, it can take a few days until the money is available for playing. The payout of winnings is also usually not immediate after you request it, even when using eWallets. When using cryptocurrency, however, these transactions are possible immediately, so the money is available immediately.
Some non GamStop casinos and payment providers charge fees for transactions. Since cryptocurrencies are decentralized, there are no processing fees because there is no service provider involved, as is the case with eWallets, for example.
Cryptocurrency Transactions in Non GamStop Casinos
However, despite the advantages of this payment method, there are also some disadvantages. Anyone interested in paying with Bitcoin & Co. cannot avoid looking into the subject in more detail, as certain knowledge is required. However, if you have never paid with cryptocurrency before, this may be difficult.
There are several methods to obtain cryptocurrency and use it for online transactions. For example, you can create the digital currency yourself. However, this requires highly complex software and a powerful computer. Another method is so-called “mining”. Several users join forces and the currency is generated together. However, these processes are more for advanced users.
It is easier to buy Ethereum or Bitcoin on special exchanges. The user creates an account with a provider and can buy Bitcoin with real money. However, it is necessary to provide your own name. This would no longer fully guarantee anonymity. There are now also Bitcoin or Ethereum ATMs in some larger cities.
Another disadvantage is that only a few non GamStop casinos offer Bitcoin as a payment method. However, it is expected that the number of providers will increase.
Do Cryptocurrencies Have a Future in Online Gambling?
Whether cryptocurrency has a future is a topic of debate among experts. Some studies show that the influence of virtual money will spread. However, there is also a lot of criticism, for example because of Bitcoin’s high volatility. The value could rise and fall rapidly within a short period of time. If cryptocurrency is to become established, the value would have to stabilize first. For this to happen, however, banks and states would have to officially recognize this currency. There are also no secure solutions to combat hacker attacks yet.
An important aspect that underlines that cryptocurrencies are likely to be used more frequently in financial transactions in non GamStop casinos in the future is the fact that regulators in many countries are significantly restricting traditional payment options, so that virtual currency is likely to be used instead. For example, the UK recently decided to ban the use of credit cards for online gambling. It can be assumed that other traditional payment options will also be restricted.
Cryptocurrencies offer numerous advantages. Security and anonymity are just some of the many aspects that speak in their favor. It is therefore expected that the use of Bitcoin in the online gambling industry will increase. This will become apparent in the next few years.
