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Crypto and the Online Gambling Industry

We take a look at cryptocurrencies and how they are used in online casinos. So read on to find out more about this exciting technology.

Cryptocurrency and online gambling

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Having a range of payment options is important to online casino players. Over the past decade, cryptocurrency has become an increasingly favored payment method.

However, it's not the only thing that players look for in an online casino. It's also vital to have a good range of games, including slots, table games, and live dealer games. You can check out fruity slots to get some ideas of the kinds of slots that are available.

In this article, we're going to take a look at cryptocurrencies and how they are used in online casinos. So read on to find out more about this exciting technology.

What is Crypto?

Cryptocurrencies are digital currencies that use cryptography to make them almost completely secure. Cryptography adds such a level of security that it makes crypto very difficult to counterfeit. Businesses and consumers alike see this as a major plus point. Multiple computers store the cryptocurrency data, therefore it is decentralized. This means that it's operational outside of government control. It is very unlikely that crypto can be stolen as easily as fiat currencies since there is no single point of failure available.

Most people likely heard of Bitcoin and/or cryptocurrency for the first time when the value of Bitcoin boomed around a decade ago. Today, there are a multitude of different cryptocurrencies available. The most well-known cryptocurrencies include Ethereum, XRP, BNB, Dogecoin, and Cardano among others. The value of each of these fluctuates, just like regular currency. Known as quite a volatile market, investing in crypto is both a long-term investment and a short-term one.

Do All Online Casinos Accept Cryptocurrency?

Quite simply, no. There are still online casinos that do not accept cryptocurrency at all. Instead, they favor the traditional methods of payment, such as bank transfers, debit, and credit cards. However, an ever-increasing number of online casino operators are indeed accepting cryptocurrency. So it's worth looking around for an online casino that accepts this method of payment if that's the currency you want to use to deposit and withdraw funds to your account.

Many online casinos are moving towards using crypto because of its advantages over fiat currencies. Cryptocurrency payments can usually be completed instantly, making them faster than many traditional payment methods. And, using cryptocurrency is considered to be more secure than fiat currencies. Blockchain technology is becoming increasingly prominent in the IT world, and this is the same technology that cryptocurrency is based on.

What Other Payment Options are Available if you Don't Have Access to Cryptocurrency?

If you don't have any cryptocurrency to hand, it doesn't mean that you can't play at online casinos by any manner of means. Most online casinos still offer a wealth of other payment options, such as credit and debit cards, and bank transfers. You may also be able to pay using Skrill, PayPal, ApplePay, and other e-wallet payment methods. It's really up to the individual casino as to which payment methods they want to accept. So there's no 'one size fits all' here.

Some operators do opt to add additional fees when players use certain payment methods. So again, check the payment details pages with whichever casino you choose. Any additional fees should be highlighted so players know exactly what costs are involved. Also, depending on the payment method used, the deposit and withdrawal times can vary. Again, the timeframes should be visible to you when you check out the payments page for information.

If you don't opt for using cryptocurrency to pay, it is important you still safeguard yourself as much as possible when making online payments. The minimum level of security should be end-to-end encryption if possible. Many online casinos work with well-known payment partners, like Visa and Mastercard, who use this exact type of security, so it's not hard to find.