Early 2009 saw the public release of a brand new type of currency: Bitcoin, the world’s first cryptocurrency. This entirely digital currency soon took off and paved the way for many other cryptocurrencies to launch, with thousands currently in use. Many online gamblers use Bitcoin and other cryptocurrencies because of the advantages they offer. In this article, we’ll look at whether these new currencies will soon be the only type of currency we’ll be using for online gambling or not.

What Exactly Are Cryptocurrencies?

In case you’re unfamiliar with cryptocurrencies, they’re currencies that are completely digital and aren’t tied to any sort of government authority or financial institution. They do not use paper or coins, are not officially issued and are not controlled by any one country or state. They’re designed to be used over the internet only. Some of the most common ones around today are summarised in the table below:

Cryptocurrencies are so-called because they involve the use of cryptography. There are several key uses cryptography has:

• Guarantees the security of transactions;
• Prevents double-spending, i.e. using the same unit of currency twice;
• Ensures operations are independent of regulated institutions.

Basically, cryptography uses very complex mathematical codes to protect data and prevent access to it by those who can’t get it. Cryptocurrencies are therefore very safe to use, even though some people think they’re not safe.

Why People Use Cryptocurrencies for Online Gambling

Bitcoin and other cryptocurrencies are used by lots of online gamblers because these currencies have many advantages. Some of these are listed below:

• Anonymity. Cryptocurrency transactions are completely private, so you can spend money gambling online without the need to let anyone or any sort of organization know what you’re spending your money on; in other words, you have complete financial freedom.
• Security. Cryptocurrency networks are incredibly secure. You don’t need to provide any personal information for transactions to go ahead and once a transaction has been confirmed, it can’t be undone.
• Low Fees. You don’t have to pay fees for transactions to go ahead. However, sometimes you can pay to have transactions processed more quickly; you may also have small charges if you wish to convert cryptocurrencies into fiat currencies (traditional, regulated currencies such as the euro, the dollar and the pound sterling).
• Fast Transactions. Deposits are instant or near-instant, and withdrawals can be very quick too, with your money reaching you in a matter of hours.
• Decentralization. Because cryptocurrencies are decentralized (and not tied to any regulatory authority), your units of cryptocurrency are yours to keep and can’t ever be taken away from you.

To sum up, cryptocurrencies offer a private way of practising real-money online gambling. With these currencies, you can carry out transactions safely and quickly, without having to go through regulatory authorities and without anyone having to know what you’re doing.

Crypto Casinos

At the minute, there are loads of online casinos where you can use cryptocurrencies. The number of casinos that accept these currencies is steadily growing. Why? Because casinos are businesses and operators know that if they want to attract players, they need to offer as many different payment options as possible. Many people prefer to use cryptocurrencies, so it makes sense for casinos to let people use them at their sites. If a casino doesn’t accept cryptocurrencies, it could end up missing out on a lot of revenue.

Some online casinos accept cryptocurrencies and fiat currencies. A smaller number of casinos only accept cryptocurrencies – these are known as crypto casinos. Then there are some that only accept fiat currencies; these don’t let you use any cryptocurrencies at all.

Sign up to any online casino that accepts cryptocurrencies and you should be able to claim bonuses you can use with your deposited crypto coins. Lots of casinos offer a crypto casino no deposit bonus, for example. This type of bonus is available for new players only and doesn’t require a deposit, hence the name. All you have to do in order to qualify for the bonus is set up an account; the bonus will then be made available to you straight away. 

The Future of Cryptocurrencies for Online Gambling

So will we all be gambling with Bitcoin or another cryptocurrency one day? Probably not. Though cryptocurrencies are very suitable for online gambling, they probably won’t become the only currency used at casinos. This is because people are still accustomed to using proper currencies. Due to the nature of fiat currencies, i.e. the fact that they’re regulated, they’re always going to be preferred by governments over cryptocurrencies – this is simply because cryptocurrencies are decentralized and aren’t regulated in any way.

There’s no doubt that the number of online casinos accepting Bitcoin and other cryptocurrencies will continue to grow. So long as cryptocurrencies remain popular, there will be casinos where you can use them. What’s almost certain is that fiat currencies will continue to be the main type of currency people use for gambling online.

If you want to gamble online with Bitcoin, you have lots of options available to choose from. Bitcoin is the most widely used cryptocurrency, so it’s accepted at more casinos than any other cryptocurrency. If you use another type, such as Litecoin or Ethereum, you should still find plenty of casinos where you can use it. Using cryptocurrencies gives you access to many top-rated casinos and loads of brilliant casino games.

If you’re new to cryptocurrencies, they can seem confusing at first because they don’t work in a straightforward way like fiat currencies. However, it shouldn’t take long to get used to them and there are plenty of useful guides you’ll find online. Gambling online with Bitcoin and other cryptocurrencies does have its advantages, as we’ve mentioned earlier, so it’s worth looking into.

Summary

Cryptocurrencies are very suitable for online gambling because of the privacy and security they offer, and the fact you can gamble online in complete anonymity with them. Moreover, the casinos who provide the ability to play with cryptocurrency also supply their visitors with many attractive bonuses, the variety of which you may find here https://www.slotozilla.com/casino-bonuses.  

Even though they’re the preferred currency for many gamblers, there will always be those who prefer using traditional currencies. The percentage of online casino visitors who use Bitcoin and other crypto options will no doubt increase over the coming years – there may come a time when most of the gamblers will use it. However, it’s unlikely that it will one day be the only type of currency you can gamble with online.