News:
  • Women Directors 2021
  • Ma Rainey Sings the Blues with Passion and Rage
  • Kareem Tayyar and the Complexities of Joy
  • LIFE AFTER BIRTH APPLAUDS IMPEACHMENT NUMBER 2
  • Poets on Craft: Stephen Kampa and Chelsea Woodward
  • Signs and the City
  • Contact us
  • About
    • What is Cultural Weekly?
    • Advertise
    • Contributors
    • Masthead
    • Subscribe
    • Submissions: Write for us
    • Cultural Weekly Style & Formatting Guide
  • Contact us
  • About
    • What is Cultural Weekly?
    • Advertise
    • Contributors
    • Masthead
    • Subscribe
    • Submissions: Write for us
    • Cultural Weekly Style & Formatting Guide
Cultural Weekly logo
  • Film
  • TV + Web
  • Poetry
  • Art
  • Architecture
  • Literature
  • Theatre
  • Music
  • Dance
  • Tech
  • Lifestyle
  • Food
  • Film
  • TV + Web
  • Poetry
  • Art
  • Architecture
  • Literature
  • Theatre
  • Music
  • Dance
  • Tech
  • Lifestyle
  • Food

Advantages and Disadvantages of Using Cryptocurrency as A Payment Method in The Casino World

By Our Friends on August 28, 2020 inGamblingGameLifestyle

Bitcoin Photo by Dmitry Demidko on Unsplash
Click Here To View Comments

Cryptocurrencies are the payment method of choice for many people around the world and online casinos are joining in to adopt this modern system. Although there are many advantages to this payment method, here is a detailed breakdown of how it works to help you make an informed decision.

What is cryptocurrency? What types of cryptocurrency are accepted at online casinos?

Cryptocurrency is a blockchain payment method that has strong security measures and global reach. Online casinos use a variety of global currency that is decentralized and leaves no trace of transactions. There are various cryptocurrencies accepted at online casinos, some of the very popular ones include:

  • Bitcoin– It is the founding fathers of cryptocurrency payments and has huge reliability because of the wide userbase.
  • Ethereum – many casinos are starting to use this crypto coin to accept payments or make withdrawals.
  • Litecoin – large amounts of gamblers use Litecoin to withdraw and deposit real money into their accounts and is available at large currency exchanges around the world.

Some of the highest paying Australian online casino sites use all these crypto coins as a payment method.

Advantages of using cryptocurrency at an online casino

Apart from powering same day withdrawal online casinos and helping these gambling sites keep their promise of instantaneous transactions, there are other benefits, here are they:

  1. Online gamblers generally want to be anonymous and be discreet of their vice. Cryptocurrencies do not store data on their transactions or where it originated from or its destination.
  2. Cryptocurrencies are very secure as they use blockchain technology and secure the funds of gamblers while depositing or withdrawing.

There are many other benefits such as being tax-free and breaking down jurisdictions and borders.

Disadvantages of using cryptocurrency

Although the security that blockchain-powered cryptocurrencies offer is state of the art, there might be vulnerabilities. For example, if you store your money in an easy-to-access hot wallet, hackers might find a way to get it. To work around this, try to use other wallets that are not connected to the internet all around the clock.

Also, cryptocurrencies are volatile and their value depends on what investors and traders visualize it as. You can work around this by using you use a widely used and reliable coin. This should set the problem right.

How can you buy a cryptocurrency?

You can buy cryptocurrency using a trusted and reliable foreign exchange platform. You can buy any coin with your local currency on this platform and then use it for the transactions.

To be able to use these funds, ensure that they are in a wallet that can transfer money to online casinos and other sites. Owing to the security concerns, try to get an offline wallet. Only transfer money to an online one when you are about to spend it or deposit it at a digital casino.

Conclusion

Cryptocurrencies are the future of digital transactions. The casinos are keeping up with this demand. But still, these systems are imperfect and might have a security flaw or be subject to volatility. In this case, try to implement the tips outlined above to work around these problems. This will definitely mean more business while being in a secure environment.

 

Photo by Dmitry Demidko on Unsplash

Click Here To View Comments

Tagsbitcoincasinocryptocurrency

Previous Story

Fargo Fanaticism? Yah, you bet’cha

Next Story

5 Ways to Work on Stopping Your Cigarette Addiction

About the author

Our Friends

Our Friends

Our Friends is the by-line for Sponsored Content on Cultural Weekly. The content is provided by a sponsoring party to provide information to our readers. (Shaking hands photo by Flazingo under Creative Commons 2.0 License.)

Related Posts

  • The casual casino pastimes revitalized by the smartphone

    By Our Friends
    Casino and gambling culture has been a part...
  • How cryptocurrency triggered a digital cultural revolution

    By Our Friends
    Cryptocurrency is changing the way we do...
  • Crypto Currencies Re-Shaping the Online Gambling Industry

    By Our Friends
    As there are over 3000 cryptocurrencies in...
  • A Brief Investment Guide For Cryptocurrencies

    By Our Friends
    The investment world saw tremendous changes...

Support Our Friends

Follow Us

Join Our Mailing List

Latest Tweets

Tweets by @CulturalWeekly

Comments

  • maurice amiel maurice amiel
    A Case Against New Year’s Resolutions
    Here is an interesting new voice: candid,...
    1/14/2021
  • Matthew R. Matthew R.
    A Taste of Gypsy Boots
    Thank you Gypsy, for being brave in your new...
    1/8/2021
  • maurice amiel maurice amiel
    Bye Bye 2020 … a mute testimony
    given the events at the US Capitol of January 6th...
    1/7/2021

New

  • Never Been Suspicious Of Buying Instagram Likes? Think Again
  • One a Kind Gift Ideas For Couples
  • Women Directors 2021
  • FIVE PLUS ANDY & JERRY & MORE
  • Support the Jack Grapes Poetry Prize

Tags

art dance film Los Angeles music photography poem poems poetry tomorrow's voices today

Like us

Please Help

Donate

Who are we?

Cultural Weekly is a place to talk about our creative culture with passion, perspective and analysis – and more words than “thumbs up” or “thumbs down.” Our mission is to draw attention to our cultural environment, illuminate it, and make it ... read more

Site map

  • About
  • Advertise
  • Contact us
  • Contributors
  • Cultural Weekly Style & Formatting Guide
  • Food
  • Home
  • Masthead
  • Privacy Policy/Do Not Sell My Personal Information
  • Submission Form
  • Submissions: Write for us
  • Subscribe
  • Terms and Conditions
  • Thank You

Links

Adam Leipzig
Entertainment Media Partners
This Is Crowd
CreativeFuture
Plastic Oceans Foundation
Arts & Letters Daily
Alltop
Alexis Rhone Fancher
Jack Grapes
Ethan Bearman
Writ Large Press

Mailing List

* indicates required


  • Terms and Conditions
  • Privacy Policy/Do Not Sell My Personal Information
  • Contact us
Cultural Weekly is the digital magazine and public platform of Next Echo Foundation. DONATE HERE.
Copyright © 2010-2020 by Adam Leipzig. All Rights Reserved.