More than a decade ago, the public barely knows about cryptocurrency. Only the developers and some early adopters know about the concept of virtual coins. In fact, back then, crypto doesn’t have a good reputation. Different media and analysts at that time focus on the risk of cryptocurrency.
Things have changed when giant companies and businessmen invest in cryptocurrency. The virtual currency gained support from tech giants like Microsoft. It didn’t take long for online casino operators to follow in their footsteps. Right now, hundreds of online casino sites around the world support bitcoin and other virtual coins as payment methods.
There are two types of bitcoin casinos in operation today. The first is the new-established casinos that only support cryptocurrency as a payment method. The other one is the established casino sites that added some cryptocurrencies in their payment solution. Here, you still have an option in using the traditional banking method. In both casinos, you can still place a bet on your favorite sports, casino games, and live casinos.
Excellent Alternative payment method
Bitcoin and other cryptocurrencies are considered the perfect alternative payment methods in an online casino. What makes this currency interesting is its decentralized network. No third party is involved in any crypto transaction – not even banks or government bodies. The said bodies cannot dictate its price as well. The result is that both players and online casino operators can enjoy a certain level of privacy.
This is very appealing to gamblers living in countries that are yet to legalize online casinos. The country of Thailand is the best example of this. Here, some banks will not proceed with transactions if they found out that it is coming from or to gambling websites. They also have strict regulations against all forms of gambling. If you are caught gambling illegally in Thailand, you are subject to a THB 1000 (approximately $ 33) fine and could face up to one-year imprisonment.
Players prefer playing in bitcoin casinos or in Thailand คาสิโน bitcoin. In these casinos, you are not required to reveal your identities in making a financial transaction. Crypto users also don’t need to link their credit card or debit card in making payments or creating an account. The anonymity the cryptocurrency is offering is clearly an advantage to players and online casino operators.
Aside from privacy, crypto payments are considered the fastest in online casinos. Deposits using virtual coins are almost instant. Withdrawal transactions, on the other hand, can be done within the day or less if the operator verifies your transaction faster. This is several times faster when compared to the traditional banking method. Withdrawals using online banking usually take some working days. You should also need to consider holidays in making transactions.
How safe are cryptocurrencies?
During the early years of cryptocurrency, it received several criticisms,s especially on the security part. While it’s true that the cryptocurrency became a target by many hackers and cybercriminals, developers in the crypto community made several updates to make the transaction safer.
Right now, cryptocurrency is considered to be one of the safest payment methods in online casinos. Cryptocurrency digital ledger is a complex technical process that is hard for hackers to tamper with. Transactions using cryptocurrency also require a two-factor authentication process before they can be finalized.
Though we mentioned earlier that crypto users enjoy a certain level of privacy when gambling online, financial transactions, on the other hand, are transparent. All the bitcoin transactions are recorded in the blockchain ledger. So, every transaction from winnings to losses and payouts are recorded permanently at the blockchain ledger. Furthermore, this is publicly available and can be verified by anyone even. This promotes provably fair online gambling.