A few years back, cryptocurrencies were considered a fad, which would never work. However, it has grown into one of the most important aspects of today’s economy, and new uses are found constantly, like with NFT in art and video games.
When you play at a UK online casino, you can use a wide range of payment options, and cryptocurrencies are the newest addition. It provides faster and more reliable transactions thanks to blockchain technology.
Table of Contents
Understanding Cryptocurrencies
The crypto adventure started back in 2009 when an anonymous group of people sought a way to conduct online transactions efficiently. The idea of a decentralised currency was born, and so was Bitcoin.
The idea was to create an independent digital public ledger that records every transaction and a system that people can’t cheat. Since this ledger is public, any anomaly can easily be spotted and flagged, keeping it relatively safe from hackers and any sort of illegal alteration.
This system quickly gained traction and caught the eye of economic experts when the price of Bitcoin started to rise dramatically. Since then, thousands of new tokens have surfaced. Some cryptocurrencies failed to prosper, while others like Ethereum quickly became trusted payment methods.
The Perks of Playing at a Crypto Casino
Crypto casinos offer the same type of games you’d find at a classic online casino with a few extras. Some operators will offer exclusive games playable directly with a cryptocurrency, so you don’t need to convert it to fiat.
Another key aspect of using cryptocurrencies to play online casino games is that it offers almost instant transactions. The blockchain used by most tokens can verify and process a transaction in approximately 15 minutes, and while this doesn’t change much for deposits, it makes withdrawal much faster.
Since cryptocurrencies are decentralised, any transaction performed isn’t controlled by the traditional banking system. It provides anonymous payments with an extra layer of safety for its users and funds. However, the anonymity part of the transaction will depend on the token used, as Bitcoin isn’t really anonymous anymore. Moreover, when you use a credit card to play at an online casino, you’ll likely experience fees.
These fees may not necessarily come from the casino but from your banking establishment, which treats the transactions as international payments. With cryptocurrencies, most online casinos don’t charge players who use cryptos, but you’ll still get charged a blockchain operating fee. However, compared to banking fees, these are often way less significant.
Using a traditional method also comes with amount limitations, you can’t deposit or withdraw as much as you want with a bank transfer or a credit card, but with cryptocurrencies, there’s virtually no limit to the amount you can transfer from an account to another.
The online casino market is a very competitive one, and another aspect you may want to consider is the bonuses offered by these establishments, which are often more generous and provide players with opportunities to get more money upon depositing with crypto.
When a casino is built around cryptocurrencies and doesn’t just adapt its site to welcome crypto players, you’ll often find bonus features that revolve around cryptos, such as tournaments and mini-games, where using a cryptocurrency is valued.
Will Decentralised Casinos Replace the Old Ones?
In the near future, the answer is definitely a resounding no. Cryptocurrencies still concern a minority of players to this day, and it’s not going to erase traditional banking methods from the equation completely. However, more and more people understand what cryptos are and how it benefits them, so it’ll surely take more space as time goes by.
