Crypto currency has steadily gained prominence in the online gambling scene over the recent years. Apparently, more and more online gamblers prefer the use of crypto currencies in their trade owing to the privacy and anonymity it offers them. Gambling is a high-risk venture and isn’t entirely free from the possibility of fraud. Crypto currency with its added security features indeed, reduces the chance of fraud especially for online gamblers. However, just like the legitimacy of gambling itself being a controversial subject. The use of crypto currency in online casinos also remains a subject of discussion.
There are gamblers who have mastered the art of playing at online casinos using crypto currency and have abandoned the use of traditional currency all together. It can be said that crypto helps build trust between the casino and the player. This is thanks to the efficiency, simplicity and transparency that the use of crypto currency provides to every of the player’s transactions.
Features of crypto currency that makes it perfect for online gambling
As you perhaps already know that crypto currency is a form of digital currency that is decentralized. It doesn’t belong to any government, bank or any single person making it the freest form of currency ever.
Furthermore, crypto currency transactions are usually recorded anonymously via encryption on public ledger commonly referred to as blockchain. This makes the transactions more transparent for the users thus reducing the chance of loss of funds.
It must be noted that crypto currency even though not highly valued by most world governments is perfectly legitimate. You can use it to buy things online or deposit/withdraw funds at various online casinos that accept it as a form of currency. The only thing that sets crypto currency apart from traditional currency is that it doesn’t have any physical form. Moreover, this is what makes it highly convenient for the digital age!
So, are crypto currency online casinos legal?
Yes. Most countries and jurisdictions all over the world have allowed the use of crypto currency at online casinos. In the US for instance, there aren’t any federal laws that prohibit players from the country to enjoy playing crypto casinos. That said, the gambling laws in each country usually vary but most international markets have a progressive stand with regards to online gambling entertainment. Find out about the laws that govern online gambling and the use crypto currency in your country.
Are crypto casinos safe?
Online casinos that accept crypto currencies are generally safe. A significant number if not all casinos rated, in terms of adherence to safety measures and standards are crypto casinos. Most of these online casinos use the latest in technology security protocols and solutions to guarantee the safety of players and their funds. Some of them use the latest 128-bit SSL data encryption to secure users data.
Of course there may be other gambling sites that don’t observe or ensure any safety features for their players. Interestingly, they are usually very easy to detect and must be avoided at all costs at the slightest suspicion!
Is it possible to request withdrawal from an online crypto casino?
Of course yes. Contrary to unpopular beliefs that withdrawing funds from online crypto casinos is difficult, it’s so easy to make withdrawals. In fact, you will find most gambling sites charge much more when users withdraw by credit cards or the other traditional forms of payment.
Online crypto casinos may charge you just a small fee known as the ‘miner fee’. This is what miners charge to help them maintain the public ledger. Interestingly, the fee is usually quite lower than what the bank or card would charge the gambling site.
What about the timelines of crypto currency transactions?
Well this one usually varies depending on traffic on the network. Under normal circumstances when the network is not congested it may take approximately ten to twenty minutes. However, when there is too much traffic on the network, it may take up to 2 hours for any successful transaction.
If you compare the transactions conducted via banks or credit cards with crypto transactions, you will notice that crypto is actually quick. Banks or visa deposits may take several days for funds to be verified when making deposits or withdrawals. The fastest casinos that pay online are those that use crypto currency as a medium of transaction.
What about price change?
Of course the exchange rate changes in real-time and therefore as a gambler you need to be aware of this. It would thus be advisable that you convert your crypto funds in your casino account into the currency of your country. This may help cushion you from the unforeseen crypto currency market price changes. It is however important to note that you stand to either loose or gain depending how the crypto currency price fluctuates.