Satoshi Nakamoto’s release of Bitcoin cryptocurrency was a landmark techie stride in 2009. The concept of blockchain-backed currency was alien to many. Nevertheless, this bold step towards decentralized systems opened a floodgate of cryptocurrencies years later.
Nowadays, we have dozens of cryptocurrencies and stablecoins. They are increasingly becoming a medium of exchange owing to their numerous advantages.
The widespread embrace of cryptocurrencies coincides with the increasing percolation of online/virtual casinos globally. Many gamblers are shifting to home-based and on-the-go casino experiences courtesy of online casinos. To this end, casino lovers leverage cryptocurrencies to deposit and withdraw, conveniently from their best casinos.
Once you’ve discovered what safe payment methods you can use on crypto sites, then you should visit this website where you can find a whole host of casino sites that accept cryptocurrency.
What is crypto gambling
Crypto gambling or iGaming refers to the use of cryptocurrencies instead of fiat currencies in online gaming/gambling sites. Essentially, cryptocurrency is a digital currency or asset. Bitcoin, Bitcoin Cash, Ethereum, DogeCoin, USDT, XRP and USDC are the common cryptos you can use.
Unlike traditional currencies, cryptos are blockchain-backed, meaning they are unlikely to be subjected to central bank regulations. Besides, cryptos use cryptography technology to secure their payment gateways.
These two elements (ultimate security and decentralization) attract many gamblers to embrace them.
Why online gaming sites are embracing cryptocurrencies
Renowned iGaming operators are warming up for crypto payments. Here are the mutual advantages drawing gamers and operators to the new-found convenience.
- Faster transaction speeds. Deposits and withdrawals via cryptos are enviably fast across casinos that accept them. Typically, cryptos provide Person-to-Person (P2P) payment paths. No intermediary to withhold gamers’ funds; thus, near-instant processing.
- Enhanced transparency and security. Blockchain is a public open ledger that records and updates irreversible transactions real-time. Each block on the chain encapsulates data of every authorised transaction. These blocks are cryptographically encrypted, meaning hackers can’t intercept or decode transaction details.
- Cryptocurrencies are widely accepted and accessible globally. They make it easier for iGaming sites targeting global clientele. Ordinarily, they are not subject to foreign exchange fees nor arbitrary flagging by financial institutions.
- Cryptocurrency transactions are generally less expensive compared to traditional currencies.
Major cryptos to safely transact with In online gaming sites
You might be thinking of leveraging cryptos now that you understand their advantages. The hard nut to crack, however, is narrowing down to a specific cryptocurrency, given the numerous choices available. Luckily, we briefly highlight a few of them below. Read through them and know their distinctive features and how helpful to your virtual gaming experience.
Bitcoin
Bitcoin is the pioneer cryptocurrency, no wonder every crypto casino features it in their payment options. Its sign, ₿, is a common feature across casino payment methods, underscoring the up-ticking faith gamblers and operators have in it.
In 2023, for instance, Bitcoin (BTC) processed over 73% of global crypto gambling transactions. With the increasing embrace, BTC is likely to scale up its industry influence.
Ethereum
We consider Ethereum a relatively popular crypto, defining iGaming payment trends. It launched almost a decade after BTC (2019), but it is widely recognized by gamers and operators. It, among other things, stands out because of these features.
- Easily accessible. It caters to all users, even those outside conventional banking services.
- Censorship resistant. Essentially, there isn’t a single centralized authority that claims Ethereum network ownership. Thus, gamers can transact larger amounts without censorship from higher authorities.
- Efficient P2P network. Like Bitcoin, the ETH network processes your transactions instantly.
Litecoin
Litecoin (LTC) made it into the headlines in 2011 when it was launched. It has since grown into a phenomenal cryptocurrency in the online gaming industry. It is free from centralized censorship while its transactions are less costly; thus, attracting even low rollers.
Our conclusive remarks on safe cryptos for iGaming sites
No doubt that crypto gambling is the thing of the moment within the virtual gambling space. Gambling and gaming fans revere the new-found convenience dissimilar from numerous transactions flagged by traditional currencies.
Cryptos use blockchain technology. They are efficient, faster, cheaper and less tedious. While they are mutually advantageous, we urge you to check the casinos featuring them. Do a background check and leverage seamless cryptocurrency transfers to credible sites only.