If you are an occasional online gamer, you may have come across cryptocurrencies at one point or another. If you have been wondering what this cryptocurrency is all about, then you’ll have all the information you need in the next couple of minutes. In today’s post, we are going to look out how this digital monetary invention has changed the world of online gaming.
What Are Cryptocurrencies And How Do They Work?
Essentially, these are digital currencies that use a very efficient technology called cryptography in order to ensure that the transactions that you carry out are secure. Cryptocurrencies have led to the emergence of online bookies that specifically deal with these digital currencies for transactional purposes. As we speak, the most common cryptocurrencies used at gambling sites include;
- Bitcoin
- Litecoin
- Ripple
- Etherum
- Dogecoin
- Coinye
Among all the above, Bitcoin is the most popular. Wondering why cryptocurrencies have gained so much popularity in the world of online gambling? Keep reading below to find out some of the ways cryptocurrencies have changed online gambling
Deposit and Withdrawal Periods
Many online gambling sites used to subject you to long withdrawal periods that could go up to 5 days depending on the methods that were used and are still in use to date. These methods include credit cards, debit cards, wire transfer services among others. Payment using cryptocurrencies like bitcoin takes a matter of minutes and thus is a more convenient method for gamers. This is what most gamers like and is a welcome addition to the world of online gambling.
Security
A particular concern to most gamers has always been the security of their financial and personal details. Well most may be vulnerable to cyber-attacks, but thankfully use of cryptocurrencies has served to change all of that. The blockchain system used by cryptocurrencies uses private keys which are in turn secured using passwords which makes it virtually impossible for your financial transaction details to be interfered with.
Reliability
Talking about reliability, transactions via cryptocurrencies can be done 24/7 as opposed to what has been the case with some methods like bank transfer which requires for you to wait for the bank to open. The transfer fees for this method are also remarkably lower and thus it has in a way improved the efficiency of online bookies.
Privacy
While with other currencies you may be required to disclose your details, cryptocurrencies guarantee your anonymity. Thus, you are free to exchange currency without necessarily attaching any personal information to your transactions. This has served to build trust to many people especially gamers as they carry out their transactions with the online betting companies.
Final Thoughts
In the near future, there’s a good chance that cryptocurrencies will be the primary means of funds transfer at online gaming site. If you were having any doubts about using digital currency, you shouldn’t as long as you play at a legally licensed gaming site. A word of advice from us however is that you should be cautious of how you use them due to their volatile nature.