The Reliability of Cryptocurrency Usage in Online Casinos

Updated by Giuseppe Faraone verified symbol on July 12, 2022

The online casino industry is growing by the day and with it the many possible ways to fund your casino account. No matter what online casino you choose to visit you’ll find a number of payment methods available to fund your casino account.

Nowadays there are even some foreign methods available which might scare you if you don’t have all the information. One of these is cryptocurrencies such as Bitcoin which has taken the world by storm over the past few years. Cryptocurrencies have managed to grow and expand and have now made their way into the top online casino sites.

And many players especially those new to the currency are wondering about the reliability of these cryptocurrencies in online casinos. More and more casinos are opting to use cryptocurrencies as a form of payment method. Some online casinos still provide other ways of payment where others have become cryptocurrency only online casinos. While it might seem daunting to use cryptocurrencies for making payments it’s the same as any other payment method, if not more effective and cost-effective.

Legitimate Cryptocurrency Casinos  

The first thing you need to know is that there are some online casinos that provide cryptocurrencies as part of their regular payment options while others are solely cryptocurrency-based casinos. You will find many cryptocurrency-based casinos which exclusively take payments via for example Bitcoin.  

The main thing to take into account is that not all these cryptocurrency casinos can be trusted or are legitimate. Some of these are fraudulent and should be avoided at all costs. The safest way to ensure you are playing at a legitimate cryptocurrency online casino is by doing all the necessary checks. Do proper research on the casino and take the time to read player reviews on the casino.  

Why You Should Consider Playing at a Cryptocurrency Casino 

While there are still some kinks to sort out regarding Cryptocurrency Casinos they are considered to be the safest online casinos available thanks to blockchain technology. Blockchain technology protects and secures your information via encryptions and eliminates all the necessities of involving your financial institutions in the process. In essence, blockchain technology helps cut out the middleman and speeds up the process.  

Playing at a quality online casino has a number of benefits not only for the operators but also for you as a player. We can list countless benefits but the main perks include the use of alternative payment forms which do not require you to provide your sensitive information such as your ID number, bank details, address and more. All that is needed is your name, username and the details of your e-wallet.  

Another great perk of cryptocurrency casinos is that there are very rarely any fees attached to your transactions. Most regular payment methods come with fees attached to your deposits and withdrawals. With most cryptocurrency options you will have very low fees or in most cases no fees at all. And the best part of all is that you will always get your deposits and withdrawals processed much faster. Once the casinos regular processing period is over you should have your funds instantly.  

With cryptocurrencies, you will also have the benefit of using small amounts at a time. It’s generally hard to spend cryptocurrencies in small amounts as they won’t generate any profit. And your player purse will also be protected from any national authorities prohibiting actions.

By law, for example, a Bitcoin Purse cannot be legally frozen or blocked by the authorities. The main reason being that these aren’t used to store any kind of approved/permitted currency. Because of this, it becomes easier for players across the globe to access online gambling sites even if the activity is banned within their regions.  

Cryptocurrency casinos are also more honest thanks to the use of cryptographic algorithms which allows you to check the legitimacy of each spin’s outcome. You’ll also have access to a very large gaming selection so no need to fear fewer gaming options. And on top of that you can also look forward to exclusive bonuses and promotions other online payment methods won’t have access to.

Conclusion 

The cryptocurrency online casinos are still finding their feet within this growing industry. With great benefits such as full confidentiality, high levels of protection against any fraud, minimal or no fees on transactions, instant payouts and complete transparency from online casinos they are quickly gaining speed. More and more players are choosing cryptocurrency-based online casinos for the many benefits they offer. And with so many additional safety features it can be said that the use of cryptocurrency is completely reliable in online casinos.  

Keep in mind that this only goes for recommended and trusted online casinos as there are some fraudulent cryptocurrency casinos out there. If you want to try out a cryptocurrency online casino make sure you do your research before signing up.  

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Giuseppe Faraone
Giuseppe Faraone verified symbol Author
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Based in Valencia, Spain, Giuseppe gave up Milan for sunny shores. New licenses, new casinos, new bonuses, new games - there's always something to write about. Being so close to the action in the gambling industry, he's on top of any new developments the minute they come through the door. Aiming to deliver updates and comprehensive information to you, he does his best to test out and rate what he reviews thoroughly. Giuseppe is also a book writer. In October 2022, he published his first book called The Untold Story of Online Gambling, available on Amazon.
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Reviewed by Julia Attard, Senior Author