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Casinos Cashing Out In Favor Of Digital Currencies

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As more and more casinos and gambling sites move to cryptocurrencies, we take a look at the pros and cons and the sites which are already onboard with digital currency. 

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When we think about casinos, we automatically picture high rollers with wads of cash or Platinum American Express cards placing mortgage sized bets but, in 2022, the gambling landscape is changing at lightning speed. From harnessing technology to supersize security to combining digital and physical environments through AR and VR, casinos are a far cry from their simpler beginnings. One of the latest innovations for the gambling industry is that of cryptocurrency and, these days, many physical and online casinos are not only accepting digital currency but, some are accepting nothing else. You can visit Kaszinó blog to learn even more about gambling. 

What is digital currency?

 

Cryptocurrency is a form of digital currency which can be used to buy services and products but which is not controlled by governments or banks. There are many different types of cryptocurrency available, with some of the more famous ones being BitCoin and Ethereum. 

Why use cryptocurrency ?

 

These currencies have been used online since the launch of eCash in 1990 and, while take up was slow to begin with, this began to take off with the introduction of BitCoin in 2009. While use of cryptocurrencies for gambling has been mainly restricted to online companies in the past, some physical casinos are now getting in on the act. 

 

Until recently, physical casinos relied on payment by cash or credit / debit card in exchange for gambling chips and this, unfortunately, has always brought a set of problems. To begin with, the fact that casinos handle and store huge amounts of cash has always meant that they are at risk from thieves who are willing to go to extraordinary lengths to get their hands on this swag. Similarly, credit and debit card fraud is constantly on the increase and, this kind of crime, regularly leaves casinos out of pocket. 

 

Cryptocurrency offers superior security for both casinos and players and removes the need to hire security to keep an eye on those bags of cash as well as streamlining the entire process for casinos which are still attempting to recover from the lockdowns brought about by the global COVID-19 pandemic. 

Crypto in the casino world

 

While physical casinos are jumping onto the crypto bandwagon, some gambling sites are taking this one step further by accepting nothing but cryptocurrency as payment. Many of these sites are snagging customers by offering faster deposits and withdrawals as well as same day payouts and special crypto bonuses. In this section, we’ll take a look at some of the gambling sites which have adopted cryptocurrency as payment: 

Cloudbet

 

Founded in Costa Rica in 2013, Cloudbet is a secure crypto gambling platform which offers a number of games and events for sportsbook fans. Events include motorsports, hockey, basketball, boxing and more and betting limits are set at 10 BTC (around £191). Promising complete confidentiality and security, Cloudbet offers the cryptocurrency option on most of its games and events. 

 

Stake Casino

 

Offering over 35 categories of games, egames and esports, Isle of Man based site, Stake Casino, holds the most authoritative crypto gamling licenses available for peace of mind for its customers. Featuring incredibly popular esports such as Counter-Strike, Dota and League of Legends, Stake Casino is fast becoming one of the most popular sites in the world for cryptocurrency users. Stake actively pursues new crypto customers by offering over 15 different promotions at any given time. Not only that but this site caters to pretty much any crypto holder as it accepts over 130 different cryptocurrencies. 

N1Bet

 

Bitcoin gambling site, N1Bet, is a newbie as it only set up shop in 2021, however, it’s already creating a buzz in the industry. Featuring over 7000 titles across slots, live dealer games and jackpots, N1Bet offers free bets with every deposit of 10 BTC (Bitcoin currency). 

 

It also offers some pretty darn generous bonuses to its loyal cryptocurrency customers. For extra peace of mind, N1Bet allows new customers to view the gameplay loop and progression in order to decide whether or not the site is the right one for them. N1Bet’s minimum deposit is around 0,0001 BTC with withdrawal possible once the player’s balance reaches 0.0004 BTC. 

BetOnline

 

All about the bonuses, Panama City based BetOnline offers a whopping 50% welcome bonus as well as a 25% reload bonus. Not only does this site accept cryptocurrency but, it encourages those who are new to digital currency to get onboard by offering a bonus up to £1000 as well as a 14 x rollover. Legitimate and trustworthy, BetOnline allows customers to place wagers on just about everything; from sports events to political occurrences. 

Lucky Cats

 

Not yet live, this new lottery site aims to combine gambling and digital currency by creating a brand new online lottery which can only be played using the brand’s own digital currency, the KATZ token. The public offering for Lucky Cats is set for launch on the 31st of August 2022 whereby 100 million tokens will be up for grabs. 

The Pros and Cons of cryptocurrency for gambling

 

Before using any kind of currency on a gambling or gaming site, it’s important to weigh up the pros and cons to see if it’s right for you but, don’t worry, we’ve done that for you……..

 

The Pros

 

  • Accessibility – Cryptocurrency holders manage their coins or currency through an online wallet so, as long as they have their phone with them, their funds are available at their fingertips. 
  • Anonymity – Unlike a bank account, you don’t need to disclose your full name or any other details when using crypto to buy products or services.
  • Security – Cryptocurrencies are designed to be massively secure. 
  • Independent – You don’t need to have a standard bank account in order to get onboard with cryptocurrency. 

 

The Cons

 

  • Volatility – As cryptocurrency is still relatively new, it can be subject to market volatility. 
  • Limited – As popular as crypto is, it is still not universally accepted as payment. 
  • Regulation – With limited Government regulation, protection is not guaranteed. 

 

How do I buy cryptocurrency?

 

We’ve talked about the benefits of crypto and how you can use it on gambling sites and even physical casinos and, you may be thinking it sounds pretty darn good. You may also be wondering just how the heck you get hold of these currencies – well, wonder no more……..

 

To start your cryptocurrency journey, you need to follow these steps: 

 

  • Choose a crypto exchange or broker (if you go through a broker, some extra fees may apply)
  • Create your account and then verity it by email
  • Deposit cash into your account
  • Place an order for your cryptocurrency
  • Select a storage method

 

That’s it, you’re on your way to a brand new way of paying for stuff – and placing bets. 

Conclusion

 

There’s little doubt that the use of cryptocurrency is picking up pace in the gambling world – and, in fact, pretty much every other industry. When choosing a cryptocurrency, always make sure that you do your research (ditto your gambling site) to make sure that it’s legit. Also, the normal rules of gambling apply whatever currency you use – never gamble more than you can afford. 

 

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