Do Cryptocurrencies Have Benefits in Online Casino? Opinion of RioBet Affiliates
The wave of cryptocurrency popularity has calmed down, although it’s still being discussed in gambling. Will such virtual currencies take root in online casino? Let’s find out.
Pros and cons of cryptocurrencies in gambling
The main advantages of cryptocurrencies are anonymity and payments safety. For that very reason, many online casinos have drawn their attention to such option.
Given the fact that cryptocurrency transactions are anonymous, wallets’ owners can register with a fake name without any identification details. Besides, cryptocurrencies have no double convertibility, which is a plus for foreign casino users who usually lose their money on money exchange.
Direct cash flow plays the crucial role as the advantage of cryptocurrencies compared to fiat money. All cryptocurrency payments follow the decentralized system – a blockchain. As a result, cash owner can transfer funds into the operator’s wallet directly without any mediators. Banks do not participate in the process as well: there is no transaction verifications, no fees, only the free cash flows.
Cryptocurrencies can also be useful in solving a dispute between gamblers and gambling operators: for instance, blockchain records all transactions. In the event of some doubtful cases, the parties of the conflict can always check data of the conducted transaction.
Finally, owner’s cryptocurrency wallet is highly protected. Hackers can not steal the information until they have the owner’s password. The complex identification procedure completely nullifies all their efforts. Even in the case of online casino database breach, fraudsters receive nothing but operator’s own funds.
On the other side, government pays close attention to cryptocurrency in online casino for a number of reasons, for example:
it is not regulated legally in the majority of countries, having no tax base, which concerns the authorities of many countries;
anonymity, the players’ advantage, makes the authorities worry: persons under the age of 18 and criminals can be the holders of cryptocurrencies. In addition, citizens of other countries where betting shops and any other gambling activities are prohibited can also become players in such online gambling establishments.
Top cryptocurrencies used in online casinos
In spite of many modern cryptocurrencies, bitcoin (BTC) remains the most popular in gambling. Bitcoin casinos offer the same games as ordinary online gambling facilities. Litecoin (LTC) and Ethereum (ETH) cryptocurrencies are often used there too.
Should online casinos operators switch to cryptocurrency? Opinion of RioBet Affiliates
Is there any future for cryptocurrencies in gambling? Riobet Affiliate, gambling arbitrage affiliate network, shares its opinion.
“Online casinos together with cryptocurrencies are the perfect symbiosis, having no limits and control over gamblers’ funds by a third party. Nowadays, a lot of wealthy people are ready to spend much more cryptocurrency funds in online casinos, nothing prevents them from spending big. There are no deposit/withdrawal limits, no taxation, and incoming payments are not controlled as well.
“The cryptocurrency players structure varies: the client is either small or big, the middle segment is almost absent. That is why, cryptocurrency advertising companies seem to be unprofitable because of the small clients appearing at first. Nevertheless, when the big one appears, such player pays more than the fiat player,” say the experts from RioBet Affiliates.
Discover more about online casino payments at Minsk iGaming Affiliate Conference that will take place on Aril 24 in the capital of Belarus.