Is It Possible To Play Online Casino Games Using Cryptocurrency?
Thursday 20th February 2020
Disclaimer: The text below is a sponsored article that was not written by Cryptonews.com journalists.
People across the globe enjoy online casino games. These games can be accessed either via the desktops or mobile devices. Technology has gone a long way in revolutionizing the way casinos the likes of Betway operate. Most operations have moved from bricks to clicks. Payment options have also been expanded to include digital or virtual currency and take care of a wider audience.
With competition very tight in the online casino space, innovative ideas provide a competitive advantage. Present-day gaming has incorporated the use of digital currencies, also known as cryptocurrency.
Cryptocurrency is a kind of currency that can be accessed digitally. This currency uses computer codes that are safe and hard to hack. Most of these digital currencies use the blockchain technology. The blockchain system is decentralized, meaning there is no central issuing authority. The beauty of cryptocurrencies is that they are not affected by socio-political issues.
The pioneer cryptocurrency is the Bitcoin. There are also other similar currencies, including Ethereum, Litecoin, Ripple and Bitcoin Cash.
Online Casinos have slowly started to adopt cryptocurrencies. Its slow adoption has been influenced by the gradual acceptance of the currency by users. But as users continue to adapt to the new wave, the future of betting sites and apps like Betway is in the virtual currency space.
Many advantages are associated with cryptocurrency use in online casino platforms.
Pros of cryptocurrency
* The currencies offer excellent security levels. This does not mean that the current platforms are not secure. It is just that it is almost impossible for a hacker to hack and divert money from your wallet.
* Digital currency also promotes anonymity and privacy. When you use credit cards or bank accounts to make payments online, you must disclose some of your private information. This is not the case with digital currencies. It is a non-bank system where personal transactions cannot be tracked with third parties.
* Depositing and withdrawing a digital currency is fast and cheaper compared to other modes of payment.
* Cryptocurrencies have also helped to foster fairness, transparency, and trust. These are features that have been lacking in online casinos.
It is upon the users to keep themselves updated with the technology to ensure they understand the operations. Casino sites and apps that have adopted cryptocurrency have to do user sensitization also. And, as users do their thing in online casinos, they should do their due diligence.
They should ensure the crypto casino of their choice is dully registered and meets all licensing set of laws.
Presently, few crypto casinos are in operation. Most of which only use one form of virtual currency. This limits the users to a particular cryptocurrency. Some are still working on their protocols for compatibility with various hardware platforms.
Users of online casino platforms should brace themselves for a shift in the operations of the casinos. The future of online casinos promises to be more transparent, fair, and secure. Crypto casinos are slowly gaining popularity and acceptance. Soon, most of the big casinos like Betway might shift to being crypto casinos.