What is a cryptocurrency?
Speaking of cryptocurrencies, most often we have the pioneer of this industry in mind: Bitcoin. This unique system was presented in autumn 2008 in Japan. Bitcoin is digital money protected by special cryptographic technologies. The cryptocurrency exists only online having no tangible analogs. Nevertheless, it can be used to buy all kinds of goods and services, withdraw funds abroad, and invest money. The main principles of the system work include anonymity and decentralization. But one particular feature makes the cryptocurrency especially valuable: in contrast to fiat money, the Bitcoin issue process is finite (no more than 21 million coins can be created). There are two ways to get a bitcoin purse at the moment, either by downloading the application from the official site or by using a third-party resource (for example, Blockchain). Brokers can assist one in purchasing the cryptocurrency, similarly to the acquisition of shares.
How can players benefit from the cryptocurrency?
- Total anonymity for both users and transactions. You can only track the number of the purse, but do not need to verify your identity when using Bitcoin.
- Minimum commission or its complete absence.
- Instant processing of requests for account replenishment and withdrawal of funds.
- Many casinos that work with the cryptocurrency offer players much more advantageous bonuses.
- The principle of Provably Fair allows to be sure that the casino is honest with players. Every game and every bet can be checked.
- Playing in a casino is an advantageous way to use small amounts of bitcoins. It might be difficult to spend them profitably in a different way as at a usual withdraw they will not generate profit.
- Access to the entire transaction history.
- The purse is protected from prohibiting actions by national authorities who have no right to block or freeze the bitcoin purse since it is not used to store fiat money.
- You can play anywhere, even in the countries where gambling is banned at the legislative level.
Why should online casino operators switch to cryptocurrencies?
- The process of opening a casino operating with cryptocurrencies takes less time (two to three weeks instead of two months).
- The default principle of Bitcoin and other cryptocurrencies protects the casino from players’ fraud. Operators do not have to waste time on numerous disputes with users and will avoid claims to give money back.
- The use of the cryptocurrency will ensure the flow of visitors and significantly expand the market.
- Since the number of specialized casinos is less than traditional, competition among them is lower.
- Unlike casinos operating with fiat currencies, no licensing is required for cryptocurrencies. License can be obtained to increase the level of trust among users, but this is not obligatory.
- No extra expenses associated with multiple conversion.
- The number of players using cryptocurrencies will only grow.
- The cost of opening a Bitcoin-casino is less than that of a traditional one.
- Cryptocurrencies are a lucrative alternative for societies with an unstable or stagnant financial system.
