Today, playing for cryptocurrency in online casinos is no longer exotic. Many gambling establishments provide the opportunity to replenish an account and withdraw winnings in digital currencies. It makes sense to discuss the pros and cons of playing for bitcoin, ethereum, etc.
Briefly about cryptocurrency
We are talking about fully digital monetary units, which became known in 2008-2009 after the appearance of the concept of "Bitcoin". It is believed that the inventor of virtual money (if you can say so) was Satoshi Nakomoto, whose identity remains unknown to this day. It is very possible that such a person does not exist at all, and the name is fictitious and belongs to a whole group of people.
In 2009, the first Bitcoin wallet appeared, which ensured complete anonymity in payments. No government in the world or financial institution can control the circulation of virtual money, except to try to prohibit its use on the territory of the country. The use of cryptocurrency is very beneficial for those who do not want to advertise their financial activities, payments, etc. Accordingly, it is very actively used not only by honest citizens, but also by criminal structures. This should be kept in mind. In recent years, cryptocurrency gambling has become very common among online casino users. This is especially true for players who are prohibited by the laws of their country of residence from participating in gambling.
Pros and Cons of Using Cryptocurrency in Casinos
We will not discuss the ways of storing and using cryptocurrency. Our goal is to briefly provide information about the pros and cons of using bitcoins and other digital currencies in casinos. Each gamer must decide for himself whether he is interested in using cryptocurrency in gambling or not. The only thing to note is that if you still decide to try playing with bitcoins or other virtual money, be sure to study the information about them as fully as possible.
So, uh, The benefits of using cryptocurrency in casinos include the following:
- Speed of transactions. Since such a cumbersome structure as a bank has been completely eliminated in the transfer of funds, transfers are carried out almost instantly. The operation is carried out directly: directly between two persons.
- There are no commissions for the transaction, since banks do not participate in the movement of funds. In case of controversial issues, citizens can resolve them themselves, since the history of transfers can always be viewed. Naturally, we are talking about honest citizens, and not scammers who will gladly deceive you.
- Anonymity. This is probably the most important argument in favor of using cryptocurrency in a casino. The transfer is made to a special registered wallet, which functions without identifying the owner.
- Safety. There is nothing to worry about from the player's side, since the cryptocurrency wallet is protected by a very complex system. Even if brilliant fraudsters-hackers manage to hack an online casino, they will only be able to access the administration's funds, but not the user's wallet. However, such cases have not yet been encountered in practice.
- Territory of use. Transactions using cryptocurrency are valuable because they are possible in any part of the world. Governments can prohibit the circulation of digital money on their territory, but citizens can make transactions with each other. A complete ban on use is possible, but this is still rare.
Disadvantages of Using Cryptocurrency in Casinos also exist. For example:
- Very high volatility. Sharp fluctuations in the exchange rate can negatively affect the user's capital. At the same time, fluctuations are possible in any direction, so you can easily become a millionaire within a month, and suffer major losses in a week. At the same time, fluctuations in the exchange rate are unpredictable. All existing forecasts of "experts" are pure invention of businessmen who make money on simpletons.
- Complex wallet password, of course, is an advantage. However, at the same time, it is a serious risk of losing your funds. If the password is lost, the user will never be able to restore access to his wallet.
- Legal issuesAs written above, serious troubles are possible in very rare cases.
In the Russian Federation, owning cryptocurrency is not prohibited. In Russia, it is not allowed to use digital money as a means of payment. However, the jurisdictions of casinos where you can play with cryptocurrency have nothing to do with Russia. A law on a complete ban in the Russian Federation is being considered, but it has not yet been adopted. In any case, even if the country decides to ban all settlements in bitcoins, etc. between individuals, it will be possible to exchange existing digital money for the usual dollars, euros or rubles. Such an opportunity is provided for in the bill.
