It is no surprise in today’s era that cryptocurrency is becoming increasingly popular each year, and many online and even physical stores and services are now accepting cryptocurrency as a valid mode of payment. One of the industries that are fully embracing the popularity and use of cryptocurrency in online gambling, as you would see plenty of online casinos and sports betting websites incorporating Bitcoin and other types of cryptocurrency within their system.
If you are familiar with what cryptocurrency is but don’t know yet what its advantages are, we are here to help you know more about the uses of cryptocurrency in different kinds of transactions. In this online article, we will specifically talk about the positive aspects of cryptocurrency and why it is becoming popular today. So, without further ado, here are the benefits of using cryptocurrency. Meanwhile, if you want to know more about the new cryptocurrency Terra (LUNA), click the link.
Allows Quicker Transactions
Because cryptocurrency at its core is basically digital money, you will be able to use it for online and digital transactions much quicker compared to using money from your chosen bank, which would often take a few hours or even a few days to grant approval for the transaction. So, if you are going to use it for buying chips or tokens at online casinos, you would find cryptocurrency faster and easier to utilize for the said payment.
Although credit cards are also great to use for online and digital transactions as well, they don’t offer direct payment for the store, service, or casino you are going to use it on, as the transaction would need to pass through the credit card network, the issuer of the card (your chosen bank), the merchant (store or service online), the acquirer (the service that allows the merchant to accept different card payments), and the cardholder (you).
So, because it passes through those entities or parties, credit cards are not as fast as cryptocurrency, which is created for peer-to-peer transactions, meaning that the transaction only goes from your digital wallet to the merchant. All in all, you can use cryptocurrencies in online casinos, but be sure to check out the official page of Cryptocurrency Casino to find out which casino websites accept Ethereum and other types of cryptocurrency.
Keeps Your Payments Recorded
If you’re a person that likes to record his or her payment so that you can easily track down what you paid for and how much you’ve spent throughout the year, the systems within cryptocurrency do a good of doing that, as they would record transactions in a public list called a blockchain where you can easily spot and trace your payment and transaction history in using cryptocurrency online or in physical stores and establishments.
The blockchain is also beneficial if you want to track suspicious actions within your digital wallet so that you can present proof that someone used your cryptocurrency illegally, which can then enable you to undo the suspicious transaction. The blockchain is also beneficial for merchants that allow cryptocurrency for payments since they can check if customers are paying cryptocurrency appropriately.
Very Safe to Use
One of the major reasons why millions of people are now using cryptocurrency in stores and online casinos is that it is relatively safer to use compared to other modes of payment. Because cryptocurrency involves a peer-to-peer transaction, there wouldn’t be a middleman that can often make errors or inconsistencies with the transaction, as the cryptocurrency that you already have in your digital wallet will go directly to the online casino or store. In addition, cryptocurrency also protects your personal information, as you don’t need to provide details about yourself when selling or buying cryptocurrency.
On the other hand, whenever you use your credit card online, it would sometimes be prone to hacking, especially if you are using it on a sketchy website or online platform. So, instead of giving your credit card information, you can just use cryptocurrency to keep yourself safe and protected against hacking and data compromises.
In cryptocurrency, you will be able to use pseudonyms to hide your identity and to also keep your digital wallet hidden from others. In the blockchain, the transaction between you and the merchant can only be identified by a blockchain address that doesn’t contain your personal information. Moreover, an individual that uses cryptocurrency can use multiple addresses to make it harder to track down his or her digital wallet.
Lower Transaction Fees
Another good thing about using cryptocurrency is that it has lower or cheaper transaction fees compared to when you use your credit card, debit card, and other ePay platforms like PayPal and Skrill. The major downside to using credit cards in online casinos or online stores is that they would often charge high transaction fees, which can take away a little bit of your money for each transaction. While transactions wouldn’t really get outrageously high, every ounce of money counts for most people. So, as much as possible, they would usually find ways to lower the transaction fees.
Luckily, you don’t have to deal with high transaction fees anymore by simply using cryptocurrency for payments, as there are often no fees involved in using Bitcoin, Ethereum, and other types of cryptocurrency available in the market. So, with transaction fees, you will be able to use more of your money to buy different kinds of things online without worrying about paying for anything else besides the shipping fee.
The Value of Cryptocurrency Changes
Many people would invest in cryptocurrency due to one of its biggest advantages (or disadvantages depending on the situation), which is its constant change in value. Cryptocurrency can usually go high and low depending on the happenings within the market, so there is a chance that the Bitcoins and other cryptocurrencies you own will jump up in value, thus making them a great investment.
If you have recently won in an online casino, you can withdraw your winnings through your digital wallet and make them bigger if the value of cryptocurrency goes up. However, as previously stated, the value of cryptocurrency goes up and down, so it is important to know the latest updates and news about the blockchain and cryptocurrencies before transferring your casino winnings to a digital wallet.
These are the main benefits of using cryptocurrency for transactions and payments online or in physical establishments. Before using cryptocurrency, make sure that you have a crypto wallet or digital wallet ready so that you will have the best and safest location to store your cryptocurrencies.