Will there be more gambling with cryptocurrency in Great Britain in the future?
28.04.2022
173 Views
The gambling industry has reached new heights in recent years. Thanks to the pandemic that…
Cryptocurrency and casino gaming
In recent years, cryptocurrency has become popular both in Great Britain and abroad. Today, cryptocurrency is used as a payment method by many online players, which also includes online casinos.
Cryptocurrency can be used for online poker games, among other things. If you want to enjoy an evening at the green table with your friends, cryptocurrency can often be used as a payment method. This guide gives you an overview of what cryptocurrency is and how to get started.
What is cryptocurrency?
Cryptocurrency is characterized by the fact that the currency is virtual and decentralized. This means that it is not connected to public authorities or banks. Cryptography is used to verify transfers of various assets, which is why it is called crypto currency. The cryptography is also used to secure transfers , and when creating new currency units. Decentralized currency control takes place via distributed blockchains, ie databases. These can be considered as publicly available databases with an overview of transactions.
Why use cryptocurrency for online gaming?
Cryptocurrency is a popular means of payment among Norwegian casino players. This is partly because many traditional payment methods do not work for online gaming.
Traditional Norwegian banks are required not to approve transfers to foreign online casinos by the authorities. This is because the english e authorities want everyone to play via English Tipping, and not with foreign gaming companies. Many Norwegians still want to play at foreign online casinos. This may, for example, be due to a larger selection of games and a higher payback percentage (RTP) among foreign players. It is perfectly legal to play at foreign online casinos, although many traditional payment methods do not work for deposits. Therefore, cryptocurrency is a good alternative to deposits at online casinos, since the payment does not go through any bank or authority.
[etoro]How to use cryptocurrency for online gaming
If you want to use cryptocurrency for online gaming, you must first buy cryptocurrency. There are separate websites for buying and selling cryptocurrencies. There you can create your own crypto wallet for storing your money. There is a great information architecture behind these. There are several different forms of cryptocurrency. Among the best known we find Bitcoin, Litecoin, Ethereum and Dogecoin. Once you have purchased cryptocurrencies, you are ready to use them for online gaming. Find an online casino that accepts cryptocurrency. Casinos and gaming sites licensed by the Malta Gaming Authority generally do not accept cryptocurrencies. If, on the other hand, you choose a casino with a license from Curaçao or similar, the chances are high that cryptocurrency will be accepted as a means of payment. As soon as you have created a user account at an online casino with cryptocurrency as a payment method, you can make a deposit. You will then be able to update your balance with the desired amount, and this money can then be used as a bet in gambling.
Is cryptocurrency safe?
Many people are skeptical about using cryptocurrency as a means of payment. The currency form is relatively young and unknown to many, which can lead to skepticism. The truth is that cryptocurrencies are in many ways more secure than traditional payment solutions. The advantage of cryptocurrency is that you are your own bank, and that public authorities can therefore not monitor your transactions. Another advantage is that your funds will not be affected by banks’ inflation or interest rates. The transactions go via a blockchain, and are anonymous at the same time as they are visible to everyone in the network. As long as you play at a secure online casino, cryptocurrency can be safely chosen as the payment method. However, make sure that you do not share login information for your crypto wallet with others. This is a bit like making sure that no one gets access to the code of a traditional bank card.
Play with cryptocurrency at online casino
If you want to play at an online casino, there is usually a small selection of payment methods to choose from. Many solutions are not available to Norwegian players, which includes both e-wallets such as Skrill and Neteller, as well as Paysafecard. If you choose cryptocurrency as the deposit and withdrawal method at an online casino, the authorities or others cannot stop your transactions. With cryptocurrency, you get better control over your funds, which can be a great advantage when you play online!
