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Is the use of cryptocurrencies a dream come true to online gambling establishments?
By Slapp | Updated May 25, 2020 at 08:38 EAT
is-the-use-of-cryptocurrencies-a-dream-come-true-to-online-gambling-establishments
A digital currency with poker cards (Courtesy)
SUMMARY

For starters, the use of crypto has heightened the security and privacy of online gamblers and the online platforms on which they gamble.

There is no need for the hassle and tussle of long and tedious transactions and bank-linking processes.

Most of you have heard about or came across crypto, blockchain, and such jargons. Just to get down to the nitty-gritty; cryptocurrencies, or crypto, is an internet-based medium of financial transactions powered by a technology known as the blockchain technology. Examples of these currencies are the famous Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin. The online gambling segment has gradually begun to adopt the use of crypto and ditch the use of fiat currency, thus creating vast pros than cons in gambling establishments.

For starters, the use of crypto has heightened the security and privacy of online gamblers and the online platforms on which they gamble. There is no need for the hassle and tussle of long and tedious transactions and bank-linking processes; the payments and transactions are quickly handled on the blockchain technology. This has conveniently led the adoption of crypto as a medium of payments and transactions by these platforms. There’s also no sharing of one’s personal banking credentials in order to carry out payments and transactions. In addition, these platforms are also offering zero transaction fees, therefore, solving the woe of gamblers complaining over massive transaction fees.

The number of withdrawals that can be done by users has also reduced from twice a week to a few hours (24-48 hours) or minutes depending on the gambling site. Deposits or stakes can also be made instantly, and one can begin playing as soon as the deposit is made; this saves time and would increase one’s chances of winning. In gambling, time is money.

In a number of countries, betting has been limited and considered as an illegal activity. For instance, recently, in Kenya, it was done away with since the government demanded huge taxes on one’s winnings, thus leaving the gambler with peanuts as winnings. The use of crypto in gambling has no limits, nevertheless. One can access betting activities regardless of which geographical location one hails from. Crypto-gambling has no geographical restrictions.

Despite the merits, crypto-gambling can also be a nightmare for online gambling addicts since not most of these gamblers have online crypto wallets; some think it is too costly to acquire crypto considering the fact that a bitcoin now stands at approximately Sh900. Some platforms are also not legitimate and are scam sites. Therefore, one needs to do a proper evaluation before making up their mind on which platform to use.

Instances of online Crypto-gambling platforms include mBitCasino and BitStarz. They offer attractive discounts in the form of deposit bonuses and funds. BitStarz offers an exclusive welcome bonus of 5 BTC, and one can cash out in under 10 minutes.

 

JARGON CORNER.

Cryptocurrency (Crypto)- An internet-based medium of financial transactions and typically does not exist in physical form like paper money.

Fiat currency – This is currency established as money, like paper money.

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Blockchain - The technology that powers cryptocurrencies.

BTC – Bitcoin.

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