Visiting an online casino UK is a great way to relax and enjoy a few hours of entertaining fun. Moderate gambling online is already quick, easy and convenient with payments and withdrawals made through secure bank transfers yet there are signs that online casinos are becoming increasingly interested in offering cryptocurrency as an additional form of payment. But why would players be tempted to switch to cryptocurrency gambling? Are the rumours of insufficient security unfounded? And most importantly, is it true that using casino cryptocurrency can actually increase your casino cash?
What is Cryptocurrency?
Cryptocurrency has been created specifically for digital transactions between two parties without the use of an intermediary. Lite and Ethereum are just two cryptocurrencies but it’s the most popular Bitcoin that you’ll probably come across in an online casino UK. When gambling online using casino cryptocurrency any transactions between you and the casino are made direct and not through a bank or online e-money system. Neither party has to wait for funds to be transferred and as cryptocurrency has no central bank to contend with, neither you nor the casino will incur any fees. The system uses powerful blockchain technology to transfer funds to an online money wallet in a process that is virtually instant. Within seconds and no more than forty minutes, funds become instantly available for use. No longer do you have to wait days for bank clearance.
Staying Anonymous with Cryptocurrency
Many people are drawn to gambling sites that include cryptocurrency gambling purely for the anonymity that the system offers. As a cryptocurrency only exists in cyberspace, it’s not tied to any country and is therefore not subject to any of the legal restrictions that are often placed on gambling online. In countries such as America where online gambling is prohibited, using a site with cryptocurrency is the only way to enjoy the excitement of playing poker and other casino games for real cash. Casino cryptocurrency has no physical presence which renders it unidentifiable, therefore when setting up an account with an online casino that uses cryptocurrency, you don’t have to provide any personal information. Consequently, you can play your favourite casino games in total privacy and your transactions won’t be included on your bank statements.
Is Cryptocurrency Gambling secure?
Gambling online using casino cryptocurrency offers the ultimate security regarding personal data as you are not required to provide any when creating an account. But how safe are your funds? There have been notorious cases of cryptocurrency being stolen en route but the threat is no more significant than with real world money. In fact, once your transaction is set on its blockchain pathway it’s irreversible. The transfer is almost instant leaving no opportunity for theft to occur. Fans of cryptocurrency gambling believe the system offers more security rather than less but with an absence of regulatory guidelines, how trustworthy is cryptocurrency gambling itself?
Is Cryptocurrency Gambling honest?
Every online casino UK is constantly regulated to ensure honest, reliability allowing customers to enjoy gambling online without being cheated. But can the same reassurance extend to online casinos with cryptocurrency? Every bet you place can be determined as ‘provably fair’. This involves creating a text sequence known as a seed from both parties that can only be matched between themselves. For instance, the first seed represents your bet while the second is the available outcome at the precise moment you play. The two matched seeds result in an alphanumerical code known as a hash and represents the outcome of what you have bet upon. It’s impossible to alter the outcome or hash due to the pre-set data of each seed. The coding of the seeds and the outcome are deemed fair because they are unalterable.
Can Cryptocurrency Gambling earn you extra Cash?
Parliamentary legislation in countries such as the Blockchain Island of Malta for the creation and regulation of cryptocurrencies is helping to provide the system with a respectable image. One important factor that persuades many punters to begin using casino cryptocurrency is the way it lowers the house edge. It becomes up to two per cent less each time you place a bet with cryptocurrency rather than any other payment method. The combination of instant transfer, no bank or e-money wallet transaction fees ensures greater value for money and adds to your casino cash.