How is Cryptocurrency Influencing The Online Casinos?

Cryptocurrencies have become nowadays a global phenomenon known to a large number of people. Although the concept is still somehow geeky and not fully understood by the majority of the people, banks, companies, and governments started to become aware of its importance.

One of the sectors that’s been pretty quick to learn and make investments has been UK casinos. A considerable amount of these gambling websites made changes for the better, embraced these currencies and created offers based on them. For more information on that and the best promotions of this type, see this page!

By doing this, they’ve seen successful results, making the customers, as well as those in other industries, reconsider how we use, transfer and win money online.

Online casinos in relation to digital currencies

For many of us, the online casinos and the cryptocurrencies are a match made in heaven. Gambling platforms have only been growing in popularity in recent years, especially through mobile devices, and cryptocurrencies have also had a very similar burst in a more general market. Since this type of virtual money transaction became an option in the casinos’ offers, many gambling portals used it to advertise their products. Moreover, they issued dedicated promotions, some of which, specially created for UK gamers, can be found on this page.

Cryptocurrency increased in popularity at online casinos not only because they are mainstream, but they also offer special benefits different than what the other common funding methods could provide.

We could say that the reasons that make cryptocurrency perfect for online gambling are:

  • It’s decentralized – Nothing such as governments or economies can influence cryptocurrency. The fact that it’s decentralized makes it the most “independent” finance in the world. Given the fact there are no geographical affiliations, any person can purchase this type of electronic money and use it to gamble online;
  • Instant transactions – One of the downsides of online casinos is represented by the slow processing time of the transactions which hold back the players from really enjoying the benefits of instant play. Virtual banking methods like E-wallets, which process transfers much faster, simplify this task. Given the blockchain technology behind cryptocurrency, the transfers are made nearly instantly. This applies for both payments and withdrawals and makes it even more attractive for the users, as well as for the operators;
  • Tax clemency – Since this type of digital currency has been created long after the tax laws of the world were written, this legislation doesn’t cover it. Which means that there aren’t yet any virtual taxes for it, although in some countries you have to pay a certain amount of taxes for any general income;
  • Security – Although there are a few fraud scandals mentioned in media, users shouldn’t be scared away. Nowadays, everyone is focused on the development of cryptocurrency and every incident, even the smallest issue, draws attention. Fraud is, in fact, an inherent part of any financial operation. Nevertheless, what we shouldn’t forget is that the security measures involved in digital currency operations make resolving the problems a lot easier. Any transaction can be traced through the blockchains since most of these are public. This should inspire trust and encourage the customers in using them.

The number of casinos that accept this kind of transactions, as well as the types of cryptocurrencies included in their offers, grows constantly. After all, everything evolves around us and gambling platforms make no exception.

Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.


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