Although new uses for cryptocurrency are constantly emerging, it is one area in particular that has quickly become popular. Thanks to the fact that cryptocurrency is decentralized, funds can be easily transferred across national borders. This has become particularly attractive in iGaming, where british players are constantly looking for new, reliable payment methods.
It became far more difficult to transfer money to their player account after the british authorities in 2010 introduced a ban imposed on british banks. As a result, several players chose to use digital currencies such as Ethereum, Bitcoin, Ripple and LiteCoin. This has also led to the emergence of new bitcoin casinos for british players.
In this article, we will therefore take a closer look at the opportunities that cryptocurrency offers, as well as what this means for british players’ freedom to choose.
In 2010, the British authorities introduced a ban on transferring money to international gaming companies. This was part of the strategy to strengthen the position of the monopolist British Tipping, but it has primarily gone beyond british players. By banning british banks from transferring money from their british accounts, they have created the need for alternative solutions.
Prepaid cards and e-wallets first came in here as good alternatives, but these too have experienced sticks in the wheels from the british e-authorities. This meant that players had to look at new solutions that were outside the british e banking system. Here, decentralized means of payment came into the spotlight.
The reason why many people choose cryptocurrency when they make deposits and withdrawals at british online casinos is the fact that these are decentralized. This means that the transactions take place outside the traditional banking system SWIFT. Bitcoin and other cryptocurrencies use their own ledgers on the blockchain to verify ownership and transactions.
These can not be manipulated, which creates a mutual trust in the transaction network or the blockchain. This also allows you to transfer cryptocurrency from one wallet to another. The advantage for british players is that decentralized systems operate outside the ban implemented by the british authorities. In short, this means that you can exchange kroner for cryptocurrency, and then transfer these to your preferred online casino.
Previously, cryptocurrency was reserved for those who were particularly interested, but now this has been widely recognized. This has also led to the emergence of new, better solutions on how to use cryptocurrency. It falls outside this article to go in depth on cryptocurrency investing, but we will give you a quick introduction on how to get started.
The first thing you need is access to a crypto exchange. These are digital marketplaces that trade cryptocurrencies just as the Oslo Stock Exchange trades shares. Here, many beginners choose the british e-exchange Firi, but larger international alternatives such as CoinBase and Binance can also be used for this purpose.
Once you have found a marketplace, it is time to buy cryptocurrency. You do this just like traditional stocks, by transferring money to your account. With most platforms, you can do this using a bank transfer or your bank card. Transfer british kroner and then exchange them by buying the cryptocurrencies you want. The most popular here are Bitcoin and Ethereum.
Once you have cryptocurrency in your wallet, you can send these to the relevant recipient. This works in practice as a bank transfer where you enter the address (account number) of the person you are to transfer to. In our case, this will be the relevant casino you want to transfer the funds to.