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Home: VRC Squash League: General Squash: Bitcoin & Co make their way into the online casino world: Edit Log

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Dec 16, 2022, 7:25 AM

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Bitcoin & Co make their way into the online casino world

Not so long ago, cryptocurrencies did not exist at all. In the meantime, there are many ways to buy and trade not only Bitcoin, Ethereum and other cryptocurrencies. More and more, it is becoming a valid means of payment that has numerous advantages. At most casinos, Bitcoin in particular is on the list of acceptable means of payment. Many of the countless cryptocurrencies have not yet established themselves so well. Players already indicate which means of payment they prefer when registering. It is often the case that this setting cannot be changed afterwards.
What is the difference?
Conventional and crypto online casinos differ only in one respect: the currency. A good online casino is not determined by the currency in which players make their deposits. Rather, high-quality games and attractive bonus offers make a good casino. The choice of currencies offered is the key difference. This influences the deposit and withdrawal options. In a specialized crypto casino, players can pay exclusively with cryptocurrencies. However, it is more common for a casino to accept selected cryptocurrencies in addition to traditional payment methods and payment types. Especially in new online casinos, cryptocurrencies are more common. Signing up at a crypto casino has numerous advantages that are rooted in the currency and have nothing to do with the online casino itself.
What do cryptocurrencies bring to online casino?
Bitcoin in particular has been the talk of the town in recent months with its price performance. Price spikes have led to a real hype around Bitcoin. Many investors have started to invest in Bitcoin. Since its inception in 2008, the currency has shown a steady upward trend, even though there have been some sharp price drops from time to time. It represents an interesting value investment. In the crypto casino, players can increase their Bitcoins and do not have to invest a lot of money for it. For many users, the anonymity of bitcoin is a significant advantage. Those who sign up at the crypto casino do not need to provide any personal data. Only username, password and wallet ID are required for a transaction. This is a great advantage in the online casino sector. Because when it comes to higher sums, many people have concerns about data security.
Another advantage is that deposits and withdrawals are made in real-time. Bank transfers usually take a few days to be executed and processed. A transaction with the e-wallet is instantaneous. The money is directly available for playing. Players have the same speed when making withdrawals. The profit is directly available for further use.
Fees in the crypto casino
In online casinos, it is common for players to pay more or fewer fees for transactions, depending on the payment method chosen. When paying with a cryptocurrency, there are hardly any fees. This is because transactions with bitcoin and other cryptocurrencies are made directly. The money does not have to be transferred via a bank or another payment service provider. Therefore, there are very few to no fees here.
There are already a few disadvantages
Compared to conventional currencies, cryptocurrencies also have a few disadvantages. If you know the disadvantages, you will not be surprised later and problems will not arise. Most of the potential vulnerabilities are directly related to the most important advantage of cryptocurrencies. There are no controlling authorities, neither banks nor states, which means that everything remains anonymous. The value of the currencies is independent of government measures to regulate them. This can lead to problems in the area of security.
Anyone who loses, misplaces, or forgets the access data to their bank account will only have a short-term problem with this. There is always the possibility to identify oneself at the bank and get new access data. With cryptocurrencies, this is not so easy. The big advantage of cryptocurrencies is their anonymity. When setting up an e-wallet, users do not have to provide any personal data. If the access data gets lost in any way, there is no possibility to get new access data anywhere. The necessary data is missing, as is a point of contact where users could identify themselves.
The future of crypto casinos
There is more and more casinos that accept cryptocurrencies. The number of new online casinos that exclusively accept cryptocurrencies is also increasing. Most casinos that accept bitcoin accept other currencies as well. It is the drawing card among cryptocurrencies. But other cryptocurrencies are also on the rise here, such as Ethereum or Dogecoin. The market is still very volatile and the trends are hardly predictable.

(This post was edited by Derek03 on Dec 16, 2022, 7:26 AM)

Edit Log:
Post edited by Derek03 (New User) on Dec 16, 2022, 7:26 AM

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