Crypto is like digital gold in so many senses. It’s mined through computation, it has a high value, and there’s only a limited supply of it. Since its appearance in 2019, it’s created a large market. So much so that it’s replacing the function of conventional currencies in certain areas. Consumer awareness is on the rise and it’s a growing medium of trade with many advantages.
Cryptocurrency has the potential to make online gaming provably safe. The bettor can use it for payments, withdrawals, and as a denomination for wagering. Due to the latter, ether-based coin systems are enjoying widespread favouritism in the online gaming industry.
Many casinos in Norway like those hosted by beste nettcasino aspire to the trends and offer crypto as a payment or transaction method. We talk to expert Benjamin Reppersen about gambling with cryptocurrency. View his profile here.
What Is Cryptocurrency
Cryptocurrency is a digital form of payment. Coin ownership records are stored in a cloud-based ledger using strong cryptography for security.
The virtual monetary system uses what’s known as blockchain technology to support and keep track of transactions. This feature makes the cryptocurrency impossible to manipulate or be controlled by any single entity.
This helps in the creation of additional units and verifies change of ownership. The coins don’t exist in a physical form and have no central controlling authority. This allows an elevated level of security, and this aspect makes it an attractive way to trade.
The Types of Cryptocurrencies Available
According to CoinMarketCap.com, there are 6700 options out there. An assessment done on December 18, 2020, indicated that the cryptocurrency industry was worth $654.7 billion USD at the time of this writing. At its highest value, one bitcoin equated to more than $27,000 USD.
The Top 3 Cryptocurrencies
Bitcoin is responsible for the invention of the movement in 2009. It was the work of a modern-day pariah Satoshi Nakamoto (Alias) who wanted to empower the people after the US banking crises in the same year.
It’s the most reliable and preferred of all currencies and due to this will be around gambling for the foreseeable future.
ETH is best known for its small contracts and decentralised digital applications (Dapps). This coin is top-rated in the online gambling community, to the extent that there are casino brands only accepting Ethereum.
- Bitcoin Cash
Bitcoin Cash is an offshoot of the original network and is nowhere near as valuable as its progenitor. Even though it hasn’t enjoyed a paralleled success, we expect it to double in value by 2025.
Almost 100 gaming brands accept Bitcoin Cash as a payment method.
Using It at Casinos
- The first step of cryptocurrency gambling is to open up a relevant digital wallet. The latter is typically a web-based application which stores your cryptocurrency.
- The next step is buying some coins. You would have to sign up at an exchange and then swap money for crypto. Cryptocurrencies are far more potent than any other form of payment. It will take a hefty amount of money to balance out a single digital coin.
- Pick an operator that takes the kind of digital coin you’ve bought. Be mindful not every brand trades in the same crypto-coins.
- Deposit an amount into the casino account. Navigating the deposit page should reveal the crypto-option without too much effort. The payment sections of gaming websites usually have guides on how to go about making deposits.
- Pick your game. Some games allow for conversion to gambling tokens, and others use the cryptocurrency. With Bitcoin, for example, there are usually minimum bets of 0.0001.
- Be mindful of the value differences between real currencies and cryptocurrencies.
The Benefit of Cryptocurrency
Bitcoin and similar currencies use a conduit called ripple (XRP). The latter helps to convert anything non-currency to cash and gets used frequently in real life. Using XRP is fast, and processes transfer funds from digital wallet to bank account almost instantly.
- Cheap Handling Fees
Cryptocurrencies prove exceptionally economical for cross border transactions. The conventional currency conversion spread is 3.75% and has been since September 2019. The latter does not affect or influence crypto transactions at all.
These virtual payment methods use pseudonyms instead of real dealers’ names and employ complex mathematical equations for protection. It is safer than the usual banking system. Additionally, betting with cryptocurrency allows for anonymity and untraceable transactions.
We’ve put a lot of emphasis on the benefits when you play for crypto. We’ve also covered currency’s growth trajectory and its rising popularity in the casino world. As such, we expect it to flourish as a payment method in 2021, but it will be a while longer before it replaces conventional currencies.