Cybercurrencies have only been available since 2012 but already, vendors around the world are accepting these blockchain currencies as legal tender. One of the latest industries to acknowledge the advantages of using cybercurrencies is the casino industry. Many casinos, both land-based and online casinos now accept banking transactions in cybercurrency. At the Sloto Cash casino, players can make their deposits and withdraw their winnings in either Bitcoin or Litecoin, two of the most popular cryptocurrencies.
Cybercurrency Casinos
Cryptocurrencies such as Bitcoin and Litecoin are digital currencies. They aren’t backed by tangible securities or real assets. No broker is needed to trade them – two consenting parties that have a wallet associated with a specific cryptocurrency can facilitate the trade with the transactions tracked on digital ledgers.
The transactions are secured by cryptography which also controls the creation of additional units, and verifies the transfer of assets.
Why Play with a Cryptocurrency
There are a number of reasons that players choose to play at the casino using a cryptocurrency. Some of the most commonly cited reasons include
- Transaction fees are lower than fees for credit card/ewallet/traditional banking fees. And there’s no fees for converting from one currency to the next
- Transactions are instantaneous, meaning that, for the casino, they can’t be disputed or reversed
- There’s a high level of privacy for cryptocurrency transactions. People who want to gamble anonymously or without linking their personal bank account to their gambling activities can do so
Financial advisors say that cryptocurrency compares very well to other ebanking schemes. In addition to the benefit of instant transactions and anonymity of personal bank details, there’s no eed to link your cybercurrency wallet to your bank account or to your casino account. For this reason, cybercurrency is considered a more secure payment method than other types of ebanking.
Popularity for Casino Players
Cryptocurrencies have enableda new economy to flourish which parallels the existing traditional currency based economy. Cryptocurrency transactions are becoming increasingly preferred among casino players. Some online casinos transact only in bitcoins – the first and still the most popular cybercurrency -- but most still offer transactions in traditional currencies (Euros, USD, etc) and add a cybercurrency as one of several options.
At a casino such as Sloto Cash casino that provides cybercurrency options, players can make deposits and withdraw winnings on any of the casino games including:
- Table games
- Slots
- Sports based betting
- Specialty games
How to Use Cybercurrency
Casinos that offer cryptocurrency transactions facilitate such transactions through the same software that is used for other methods of online payments – wire transfers, ewallets, credit and debit cards, etc.
To make a transaction from your cybercurrency wallet to the casino you need to share your cryptocurrency address with the casino. This address keeps a record of all of your transactions. You sign your transaction request with your private key, a string of 64 numbers and letters that only you know.
Fill in the transaction details (the number of coins that you want to send and to whom) into the cybercurrency software that’s embedded in your computer or mobile device.
Once the network validates the transaction -- meaning that it checks that you have that number of coins in your wallet – it is included in the “block”. The block is a record of all transactions and is public on the currency ledger.
Safety
Is it safe to transfer money using a cybercurrency? Financial advisors, even those who don’t like or approve of cybercurrency usage for casino gambling, say that it’s the safest method of making casino deposits and withdrawing winnings. The fact that blockchain is such a secure method of effecting money transfers is one of the reasons that it’s become so popular.
A scammer or thief would have to have both the login information and the physical device in which your device is located (your computer and/or your mobile phone) to access your funds.
Criticism
Not everyone is a fan of using cybercurrency in casino transactions. The banks, obviously, don’t like cryptocurrency because they lose out on transaction fees. But governments and regulators are also wary of these types of transactions since traditional currency enable tracking and identifying the individuals and casinos involved while cybercurrency transactions avoid this type of monitoring.
Cybercurrency transactions are purely digital so it’s a challenge to verify and audit such payments. Whereas online banks require user details, the same is not true for cybercurrency transactions. That means that it’s easier for underage players and to play as well as others that the casino might want to exclude.
Critics also point to the fact that cryptocurrency values fluctuate, sometimes widely. Within days, your wins could be devalued by double-digit percentage points.
Cybercurrencies are proving to be a challenge for authorities but many of the casinos and their customers are pleased with the new opportunity.
