The use of digital currency in online gaming

digital currency in online gaming

Cryptocurrency (Crypto) Casinos, or Bitcoin Casinos, are finding a new foothold as the ever-popular digital currency is starting to attract more attention. Betting in this way is still relatively new to us, but the anonymity and speed of transactions have become a desirable prospect. As digital currencies become increasingly popular there are now online casinos that accept this form of payment. The most widely used cryptocurrencies for online casinos are Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Dogecoin (DOGE), Dash (DASH), and Litecoin (LTC). Bitcoin is still the most popular digital currency due to its blockchain technology. But, with over 1000 digital currencies now in circulation, the market is open to some healthy competition. At present, some Crypto Casinos only transact in digital currency, whereas others offer it as an additional currency.

Some of the best online casinos are getting on board with the changes Cryptocurrency can make to enhance the players gaming experience – by including some features other traditional casinos don’t. They also want to make sure some of the most popular games are available so as not to disappoint ardent fans of Roulette, Poker, Blackjack, Slots, and Dice. In its infancy, the number of games available on Crypto Casinos will differ between casinos, but other than how you pay to play, you won’t notice much difference. While most Crypto Casinos will accept Bitcoins, they carry very high transaction fees, making it expensive in comparison to fiat currency. Still, it continues to reign as the most popular digital currency due to its blockchain technology. However, some casinos will handle the fees and add them to your account balance. Where traditional casinos charge transaction fees and set limits, most Crypto Casinos offer unlimited free daily transactions with no transaction fees.

The online digital aspect of Crypto Casinos allows access for large numbers of users to play all over the world 24/7, with anonymity being the biggest draw for many of these users. Unlike traditional payment methods, Cryptocurrency transactions aren’t connected to an individual who can be identified should the need arise to do so. Transactions between the player and the casino in fiat currency allow the tracking and identification of players, the dealers, and the casino operators. Although regulations still limit Crypto Casinos, they are still able to create anonymous casinos. Many of these casinos request very little in the way of player’s details; unlike traditional casinos, the minimum requirements of age verification and home location are not confirmed. As gambling is not allowed in several countries, transactions in digital currency, anonymously, are making the online gambling industry harder to regulate and manage. 

As this new digital currency parallel universe evolves, it has become a challenge for the authorities. Although the new way to play and transact with online casinos has proven to be a massive hit with gamers, there are downsides to how things in reality pan out. Crypto Casinos rely on the minimum when it comes to human interaction. Replacing human table dealers with software technology can throw up challenges when it comes to convincing players that all functions are conducted fairly. Some Crypto Casinos have even gone as far as sharing their software algorithms with concerned participants in the hope of reclaiming their trust in the system.

Despite the highs and lows of introducing Crypto Casinos to the open market, this is excellent news for the digital currency world. The market can only get better as more people use their digital currency in different ways. There will always be teething problems as technology advances, and new ideas are introduced. Being able to attract wider audiences, and embrace the new world of digital currencies, online casinos can continue to develop, expand, and offer greater variety to their existing and ever-expanding user base.

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Written by themoneyshed

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