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Are We Going to See Online Casinos Accept Crypto as a Viable Payment Method?

The very simple answer to this question is yes, crypto is fast becoming a viable payment method for online casinos.

We are a long way off it becoming the only payment method, but it has been introduced in many casinos and is proving to be a popular choice among players who are aware of the benefits it brings, so let’s take a closer look.

Benefits of Crypto Payment

There are lots of games available that can be funded with Bitcoin or other cryptocurrencies, and this includes BetFury Limbo. One of the reasons it has become popular is the fact that it offers enhanced security when compared to other payment methods.

Not only is there two-factor authentication, but the way blockchain works and stores transactional data means that users have total anonymity, and there is no danger of their personal or financial information being hacked and stolen.

There is no need to give any site your banking details as all you need is your Bitcoin wallet.

Players carry out transactions in the same way as they always have, and when winnings are withdrawn, they can be downloaded to the player’s bank account without any information going back to the site.

Casinos Offering Crypto Promotions and Bonus

The popularity of cryptocurrencies with casinos can be seen by the number of promotions and bonuses they attach to their use.

Of course, they always offer welcome bonuses for new players, but many extras are available if the players use Bitcoins or other coins that are accepted at that casino.

For example, a reload bonus, a loyalty bonus, free spins, and deposit bonuses are all there for the taking if you sign up to crypto. Some sites also have trading and payouts available to coin holders on their platform.

No Legal Issues

Because cryptocurrency is decentralized, it does not fall under legal jurisdiction. So, no matter what crypto gambling platform you are using, there is no criminalization of transactions.

There is no danger of anyone being able to take your funds or hack your account, thanks to the encryption of the blockchain.

With gambling being illegal in some countries and bitcoin allowing anonymity, there is undoubtedly an attraction to players who might otherwise not be able to access casinos online.

Are There Any Downsides?

Currency values fluctuate and always have done; think about the currency exchange and the price of a $ versus € or £. The issue with crypto is that the volatility level is much higher.

This means the value can change without warning, and this can either benefit you or cause you a loss.

The best way to get around this is never to store significant amounts of crypto in your wallet and move any significant wins back to your regular bank when the market is in your favor.

Transactions made using Bitcoin or other cryptocurrencies are also much more complicated to reverse than standard currencies if there is an issue.

There is nothing like ‘buyer protection’ offered by some cards and banks, so you need to be very sure you are doing the right thing before you press send.

That means checking and double-checking all the details and being sure that the casino you are using is reputable.

Although you are unlikely to lose your coins to hackers, it is perfectly feasible to fall foul of a clever con and send your money to a dubious account and never see it again.

Because transactions are anonymous, the chances of tracing your money are zero if you happen to send it to the wrong place or get conned.