The gambling industry is experiencing a disruption in the form of digital currency. Now, there are new terms like crypto casinos and bitcoin casinos springing up. Providing a wide range of payment and withdrawal options has always been critical in attracting new players to online casinos.
Since the introduction of online casino platforms, credit cards, internet banking, and international transfer options have been added as payment methods. Now, the latest in the pack is cryptocurrency.
Today, before a beginner player signs up for a new online casino, options like crypto deposits and withdrawals are available. This has led to an explosion in the use of digital currencies globally.
This article will cover the most popular cryptos utilized in online casinos.
Bitcoin, the first cryptocurrency and application of blockchain technology, is highly popular. It is the most utilized digital currency in online casinos. An online casino that integrates Bitcoin as a form of payment stands to enjoy several benefits.
First, there is the possibility of being anonymous. Second, there’s high liquidity in the Bitcoin market. You would never encounter a problem when trying to purchase or sell Bitcoin at the market price. Third, there’s the increased cybersecurity level that comes with utilizing blockchain tech. User identity would not be compromised, even in the case of a hack.
Bitcoin Cash isn’t very different from Bitcoin. Nevertheless, the product of this first Bitcoin fork has a higher MB infrastructure than its predecessor.
The Bitcoin network can sometimes experience high congestion, leading to an increase in fees. On the other hand, Bitcoin Cash, facilitates lower fees even during periods of network congestion, ensuring that casino gamblers get their exact winnings.
Tether, or USDT as popularly known, is a stablecoin that facilitates easy conversions between fiat money and cryptocurrency. One USD equals 1$, hence the reason why it is referred to as a stablecoin.
The general disadvantage of using cryptocurrencies to trade is that the digital currency market is traded like financial security. This means the price of cryptos can either go up or down. Stablecoins like Tether eliminate this risk.
Crypto has heralded a new era in the online casino industry. It is increasingly being used in online casinos. The most popular cryptocurrencies are Bitcoin, Tether, and Bitcoin Cash.