In the last couple of years, the emergence of bitcoin has led to a revolution in the online casino sector. Many casinos in New Zealand and other parts of the globe are turning to digital currency as a payment option. Although some individuals speak against the use of crypto in casinos, stating that it allows illegal activities to thrive, the fact remains that online gambling is legal and exploding in popularity.
That’s why there has been a massive increase in crypto casinos for NZ players wanting to have a taste of iGaming excitement. Several trustworthy online casinos avoid dabbling in illegal activity. These casinos stick to the rules and regulations of the regions they’re based in. Some online casinos even restrict offering access to their websites to prevent citizens in restricted areas from engaging in games on the platform. That’s why there has been a massive increase in crypto casinos for NZ players wanting to have a taste of iGaming excitement.
That’s how tightly casinos adhere to local laws because the sector is usually embroiled in controversy. This raises the question of why online casinos integrate cryptocurrency, which several people believe enhances privacy and anonymity. To fully understand why online casinos embrace crypto, you must first understand the circumstances that birthed the blockchain and digital currency.
Cryptocurrency is digital money that can never be physically held. Cryptos can be called coins or tokens, depending on how they’re introduced into the circulating supply. Many newbies believe that the currency can be carried like fiat because several images depict a bitcoin symbol on a coin.
The whole point of establishing the cryptocurrency by Satoshi Nakamoto in 2007 was to combat the effects of big banks. The global financial recession resulting from subprime loans sold by investment bankers and the collapse of Lehmann Brothers allowed individuals to realize that the world’s economy could be hanging by a thread.
Thus, cryptocurrency was birthed out of the necessity to combat inflation and reliance on the big banks. Nevertheless, in creating the premier digital currency, bitcoin, Satoshi Nakamoto took several steps to find solutions to existing issues surrounding fiat currencies. That’s why decentralization and anonymity were factored into bitcoin’s creation.
Cryptocurrency equals and even beats fiat money in several categories. Due to blockchain tech, crypto transactions cannot be modified. A cryptocurrency transaction cannot be reversed, blocked, duplicated, or obscured. Because of the very nature of cryptocurrency, no one can cheat the system or perform a successful hack on the network. Thus, digital currency transactions are far more accurate than fiat money.
The value of a specific cryptocurrency is complicated to forecast because it depends on different factors. These factors include investor sentiment, other cryptocurrencies’ strengths, and legislation modifications.
When privacy is mentioned, some people seem to think that those with nothing to hide shouldn’t seek to hide their activities on the internet. That’s a wrong notion that needs to be corrected, especially in the casino space.
Although gambling activities are not illegal, the industry is often embroiled in controversy. Hence, casino gaming attracts social stigma in some parts of the world. Some people can be very judgmental. If they discover that you engage in casino gaming, they might have wrong opinions of you. These opinions range from you developing a gambling problem to lacking moral qualities.
While these things have a small probability of being genuinely associated with gambling, most people engage in the activity to get excited. Hence, with the introduction of cryptocurrency, casino gamers can engage in the activity without worrying about people knowing.
The nature of the blockchain facilitates this since a wallet does not hold the user’s identity. All anyone would see when you want to deposit or withdraw money is a bunch of letters and numbers as the wallet address.
In contrast, conventional casinos ask for your personal information before you can carry out financial transactions on the account. To discover your gaming history, anyone would need to go through your bank statement. On the other hand, crypto protects you from every level of scrutiny.
Bitcoin and its associated altcoins have been ranked as one of the most secure digital currencies globally, provided you store them well. To ensure maximum security, you need to stay away from crypto exchange wallets, protect your private keys and use cold wallets to store your crypto.
Conventional casinos have a lower level of cybersecurity for their users. For instance, you can use cold wallets like hardware wallets to keep your coins offline. Doing all of these will ensure that hackers would have a difficult time trying to break into your wallet. Suppose you’ve submitted your credit card data to a traditional online casino website, which gets hacked. In that case, your details will be up for sale on the dark web.
Even if you successfully fend off a possible hack on your credit card or e-wallet, you could become a victim of identity theft. Also, you’d be susceptible to spear phishing attacks that could entice you into giving your login credentials away.
When you use bitcoin and other cryptocurrencies, you’ll instantly know when your finances get attacked. When anyone requests information about your private key or wallet password, you will realize that your crypto funds are being targeted for a breach.
Although bitcoin has been attacked severally because of its slow network speed at three transactions per second, its payments are still relatively quick. If you perform a transaction on bitcoin’s blockchain, you’re certain to get it completed in a matter of minutes. Except for special occurrences where the bitcoin network gets clogged, your transaction might take 1-3 days.
Nevertheless, that’s miles ahead of some payment options like ACH bank transfers. An ACH bank transfer takes around five business days to get completed. Suppose you’re using an overseas online casino platform to engage in gaming. In that case, your withdrawals could take even longer, numbering into weeks.
When you use a crypto casino, you can make instant withdrawals and deposits to and from your account. The moment your funds get released, you’ll receive them within minutes. This is because cryptocurrency and distributed ledger technology do not allow intermediaries like banks. Without a third party needing to approve your transaction.
Another benefit of using cryptocurrency for transactions in online casinos is that the transactions cost a lot less. For instance, bitcoin’s transaction charges are considerably smaller than bank transfers. When you use a bank transfer or credit card as a payment option, your casino rewards become smaller, which ruins the fun.
Digital currency’s low fees benefit both the casino gamer and the operator. For one, casino players get to keep a higher percentage of their rewards. Casino operators also save more money when their users perform crypto transactions.
Fiat money was created for typical and boring everyday transactions. That’s why it can be held physically. However, bitcoin was created specifically for the internet and is more tailored for online use. That’s why digital currency is the best payment method for online casino platforms.
If you meet anyone who hasn’t heard about Bitcoin, it’s safe to assume that individual has been living under a rock. Bitcoin is the first cryptocurrency, and this gives it the virtue of being the most popular. When you use Bitcoin in online casinos, you get presented with several benefits like liquidity and anonymity.
Ethereum is considered possibly the best crypto for online casino usage since it can be used to develop apps. Ethereum’s platform hosts decentralized apps, and this includes casino games. If you’re considering exploring a different space than online gaming, ether offers you an opportunity.
Just like the name depicts, Litecoin allows you to perform transactions at the speed of light. The cryptocurrency was created as a response to bitcoin’s slow transaction speed. When you make withdrawals or deposits on Litecoin’s network, you will see the change reflected on your account balance in minutes.
Although Dogecoin started as crypto based on a meme, the digital currency has gained a massive following after Elon Musk took an interest in it. That’s why more crypto casinos have decided to integrate dogecoin as a payment method. Nevertheless, there isn’t an overwhelming number of casinos that allow dogecoin deposits. However, more online casinos will accept this cryptocurrency in the coming years.
Bitcoin has caused a rage in the online gambling sector, prompting the creation of cryptocurrency casinos. A cryptocurrency is a form of virtual currency that allows for decentralization and anonymity of the users on its network. Although skeptics have questioned why online casinos widely accept digital currency, numerous benefits come with using cryptocurrency.
Using crypto offers you privacy, faster transaction speed, lower transaction charges, compatibility with gaming, and a high level of cybersecurity. The most popular cryptocurrencies used for payments in online casinos include Bitcoin, Litecoin, and Ethereum.
Don’t forget to take cybersecurity measures to protect your coins and crypto wallet.
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