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It’s fair to say that the rise of cryptocurrency has had ups and downs over the last decade. There were a few moments when it looked like the whole shebang was about to go up in smoke and plenty of investors were on the edge of their seats as they watched the value of their stock plummet. We imagine that there must have been a collective sigh of relief when Bitcoin levelled out and began to increase in value once again!
Now that cryptocurrencies, such as Bitcoin and Ethereum, have stabilised, we think that it’s time that you seriously consider using one of them as your currency of choice for online gambling. You’ll find many new online casinos that offer Bitcoin as a payment method. There are many advantages to using cryptocurrency rather than dollars or euros and in this article we’re going to highlight those advantages.
Security
Online security should be your primary concern no matter what your online activities happen to be. It is especially important when you’re making purchases from online stores or making deposits into an online casino account. We all know that imputing your credit card details into an online payment system comes with risks, as does using an e-wallet or a mobile payment method. If a hacker manages to crack your password, they’ll have access to your bank account and can clean it out in the blink of an eye.
Cryptocurrency is not connected to your bank account in any way. The bulk of your cryptocurrency can be kept offline – either stored on your computer or on a separate hard drive. You can then transfer small amounts to your online wallet and use that to make transactions. Your transactions are given an added layer of safety because there is no middle man, meaning your payment goes directly to your casino account. If your password is long and cryptic and you change it regularly, hackers will find it extremely difficult to break into your wallet, but if they do manage, they’ll only have access to the exact amount in the wallet and nothing more.
Privacy
Privacy is the secondary concern for most internet users. Keeping your online activities private affords you an extra level of security against online fraudsters. If you use cryptocurrency, you don’t have to input any personal information when making a purchase and you don’t have to verify your identity. If you use a traditional payment method, your transactions will not be private – your bank (and, therefore, your government) will monitor every single one of them. With cryptocurrency, you get both privacy and security.
An added bonus of this level of privacy is that your choice of online casino won’t be dictated by your country of residence. Cryptocurrency does not fall under the jurisdiction of any government or bank, which means you can use it from anywhere in the world. If you have a VPN and you use cryptocurrency , you effectively become a citizen of the world and that gives you online freedom of movement.
Lower Fees and Faster Withdrawals
Many online casinos that accept cryptocurrency as a payment method will waive their usual transaction fees, or charge a much smaller fee, due to the fact that there is no middle man to contend with – and, of course, you will also avoid the usual bank/e-wallet transaction fees. The lack of a middle man also means that when you wish to withdraw your winnings from your casino account the transaction should be much faster than it would be with a traditional payment method. The only delay will be the time it takes the casino to process your withdrawal request, which is usually one business day.
