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Decentralization of online casinos – How cryptos are changing the concept of gambling? – CryptoMode

Since its inception, the value of the bitcoin coin has steadily grown in popularity and increased in value, although sometimes with short-term declines. Thanks to this popularity, other cryptocurrencies began to appear, which is why today casinos offer to pay not only in Bitcoins but also in Bitcoin Cash, Litecoin, Tether and other virtual units.

In the field of gambling, cryptocurrency did not find its place right away, but it now seems to be an ideal option for betting. Online casinos with cryptocurrency today can offer customers better terms compared to fiat currency, for example, complete anonymity and instant transfers. In addition, companies often offer attractive promotions to users to fund their accounts with virtual currency.

What is the impact of cryptocurrencies?

Online casinos started accepting cryptocurrency not so long ago, several years after its inception. The first companies, at their own risk, began to cooperate with cryptocurrency wallets, and at first it seemed that this venture would not bear fruit, since the customers themselves had not yet begun to make payments in virtual currency. However, it has now become clear that this was the right step towards a new future.

Thus, today casinos already operate, which offer to make settlements exclusively in cryptocurrencies, and this has made it possible to take a fresh look at security issues. The thing is, cryptocurrency casinos can’t ask customers to verify their identity, because blockchain technology already has all the necessary degrees of protection to prevent the actions of fraudsters.

Unfortunately, of course, there are only a few such casinos so far, while other companies adhere to the old ways of working. Even though they offer cryptocurrency as a means of payment, it is only on the same terms as when using other currency options – with verification.

Advantages of cryptocurrency betting

In order to analyze why cryptocurrencies have taken root so well in the gambling industry, it is worth considering the advantages of cryptobet for players who place bets in virtual coins. Some of the main advantages include instant transfers – it only takes a few minutes to transfer funds to your account, security and anonymity. We’ll take a closer look at each of them below.

Blockchain decentralization and secure payments

This is perhaps one of the main advantages for those who like to place bets, especially in countries where such entertainment is prohibited. When using blockchain, the government will not be able to receive transfer data and will not link it to the player in any way. Moreover, choosing such a currency will protect the user from any tax they will have to pay on the winnings.

Cryptocurrencies offer user anonymity

Another good thing about using cryptocurrencies is anonymity if we are talking about companies that do not require users to submit to verification. Thus, the casino does not have personal customer data or transfer information, which means that nothing threatens them.

Instant transfers

Blockchain technology ensures that the transfer is considered complete after several subsequent transactions in the system. For Bitcoin and major cryptocurrencies, it literally takes a while to wait, but for less common ones, it can take up to half an hour. Nevertheless, in comparison with other money transfer options, it is not comparable, because often transactions to electronic wallets take a day, and to bank accounts up to 7 working days.

High transfer security

If in the case of standard casino currencies you need to encrypt data, then there is no possibility of data leakage during cryptocurrency transfers. However, the funds could go forever in an unknown direction if it contains an error, so be careful when entering the address for the transfer. In fact, blockchain technology, despite all its advantages, is still not ideal. The fact is that for security reasons, the addresses to which the funds are sent must be new each time. So the user has to spend some time to get it. Additionally, to make a deposit, a player must first message support, make a request, and wait for a new address to send funds to. But these small inconveniences are compensated by the instantaneous transaction speed.

Cryptocurrency games

If we talk about machines with cryptocurrency, it should be understood that there are several options for such programs. Thus, some offer customers only a game with a relevant theme, but without the possibility of placing bets in the cryptocurrencies themselves. Why is that? Software developers are trying to keep up with the fad, especially as bitcoins become synonymous with wealth, but they are simply unwilling or unable to connect virtual coins as a form of payment.

Another option for playing with cryptocurrency is to bet directly in bitcoins. In this case, especially if the user makes calculations in a crypt, it is convenient to calculate the profitability of bets, since the need for conversion disappears.

What to expect in the future?

It seems that the combination of cryptocurrency and gambling betting is almost perfect. Most likely, over time, this connection will only grow stronger and more and more establishments will switch to settlements in virtual funds, while increasing the security and anonymity of the player.

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