iGaming InterviewsShow More
Viabonus adds Cryptocurrency Casinos in its portfolio
Cryptocurrency is changing currency worldwide as people continue to purchase goods and services via these methods. Coins like Bitcoin, Ethereum, Litecoin, and Dogecoin continue to flood the market using blockchain technology to submit and receive transactions. While they are volatile, with ever-changing market value, they have proven valid and beneficial in the digital age.
Many casinos are accepting cryptocurrency as a means of payment for various reasons. One of the main benefits is how economical they are for online businesses. Online gamblers can focus on entertainment without delay with fewer transaction fees and quicker processing time. Because of their enormous popularity within the industry, the bonus and casino comparison brand, Viabonus, has recently added cryptocurrency casinos in its portfolio. Viabonus has always been an excellent free website for navigating the casino industry to understand the intricacies of online gambling. Adding information about cryptocurrencies and understanding how they work enhances Viabonus’s value to the online community.
How Do Cryptocurrencies Work?
Unlike dollars or pounds based on banks and government agencies, cryptocurrencies are managed via computers on blockchain technology. Transactions are handled via the internet, and no physical currency exists. Blockchain is a database that works trades and is secured by cryptography.
Cryptocurrencies are bought with a regular currency like pounds or dollars via cryptocurrency trading platforms or apps. Unlike traditional currencies throughout the world that holds different monetary values, cryptocurrencies like Bitcoin and Dogecoin have the same value no matter where you are. There is no need to worry about exchange rates when paying someone for a good or service in another country.
Cryptocurrency values are volatile in the market. For example, Bitcoin was worth a few dollars in 2013, but currently, it is worth about $29,000. However, back in February of 2022, it was worth $44,000. The highs and lows make it a risky investment for shareholders, but if you’re willing to gamble a bit, it could lead to some significant gains.
Benefits of Cryptocurrency Casinos
Since cryptocurrency started becoming a reliable means of exchanging funds, casinos have perked up at using it for deposits and withdrawals. There are many reasons that Bitcoin, Ethereum, Litecoin, and Dogecoin are easier to use than government-backed currency. Let’s examine some of those reasons.
Winnings Aren’t Restricted
If you’ve ever played the lottery, you know there is an enormous difference between the prize money advertised and the actual winnings. Depending on the country, winnings are taxed heavily or illegal to accept. Several countries like China, Turkey, and Iraq have banned the use of cryptocurrency. Countries that offer cryptocurrency casinos make it easier to withdraw unlimited amounts of winnings without geographical restrictions. While some of the winnings can be taxed due to specific regulations for online gambling, they are usually not as hefty as winnings from gold and silver-backed currencies.
Transactions Are Faster
While depositing money into your online casino account can be instantaneous, withdrawing winnings can take days when using regular currencies due to bank requirements to confirm the correct identity. It can be a frustrating and annoying process waiting several days for your money, especially when it’s a significant win. Since banks don’t back cryptocurrencies, withdrawing winnings happens almost immediately. Not only that, cryptocurrency is secured by cryptography. This security means your transactions are secure and anonymous. Without the need to confirm identity through a lengthy process, winnings are put into your account faster, making it easier to receive winnings and keep playing.
No Empty Promises
The house always wins. Casinos promise big wins, flashy prizes, and bonuses for loyalty, but do they come to fruition? A player gambles for hours, never winning at an online game with the best odds. Why? Online casinos conceal the secrets behind taking your money, and online players get frustrated and lose money.
Cryptocurrency casinos eliminate the secrets by creating a transparent online blockchain platform. This clarity helps a player fish out scams or unusual casino activity. It gives players a better advantage when gambling online and less fraudulent behavior by the casino. The casino odds listed are fair. In the case of cryptocurrency casinos, the house wins, and the player wins.
When it comes to online casinos, the variety of games is a big draw. Many players are searching for a casino similar to a live casino. They want to go to Vegas without having to leave the comfort of their home. Because of that, slots, live table games like poker and blackjack, and sports betting need to be a part of the casino.
For a while, cryptocurrency casinos didn’t have a wide range of games. If you wanted a live casino atmosphere, it meant playing at an online casino that required regular currency. However, the online casino industry is changing. As casinos learn about the ease of using cryptocurrencies, they offer more slots and live gaming with real-time dealers. These games increase overall player satisfaction with the casino and increase loyalty. Not only that, the return to player percentage for cryptocurrency casinos is higher than regular online casinos. That means more money in your pocket.
Cryptocurrency Is Changing Online Gambling
Fewer transaction fees, quicker payouts, and secure play give cryptocurrency casinos the edge in online gambling. Many predict that online casinos will eventually offer only cryptocurrency as a form of payment in the future. How long that will take is up for debate, but it’s not a far-fetched opinion. Eliminating geographical restrictions and allowing people fair play makes them significantly more competitive in the online casino industry.