The Growth of Cryptocurrencies at Online Casinos
There deregulated and anonymous nature people have always sought at the online casino through a variety of e-wallets and other banking options may finally have arrived through the medium of cryptocurrencies. These deregulated digital currencies, which are built on a technology called blockchain, are slowly transforming a variety of industries. Can the online casino incorporate Bitcoin and other cryptocurrencies as successfully as it's managed to ride the waves of change in technology up to now?
The quick answer seems to be a resounding yes. Casino sites, including Thunderbolt Casino, have embraced Bitcoin and others as legitimate payment methods. And a growing number of people have chosen to use their digital cash at the online casino because of how easy to the process becomes in terms of adding money to their accounts or withdrawing it back. There are no delays and certifications when people use cyrptocurrencies. Everything happnens just about instantly.
People also appreciate the higher level of privacy they enjoy with Bitcoin. There is no regulation of the currency and therefore no way to trace a user to the currency her or she uses. That's as good as it gets for people who want the highest level of anonymity.
A Question of Security
While it makes sense for people who visit online casinos to want privacy about their activities, it is far less logical for that same level of privacy and anonymity to extend to the casino itself. But with casinos that are sprouting up based entirely on cryptocurrencies, that's what's happening. The same level of privacy goes in both directions in those cases, and that may not turn out well for everyone in every case.
When it comes to casino sites, people want to know that the place where they deposit money is under some level of oversight, that there is some authoritative body issuing a lisence to operate that has done some reasonable background checks and found the casino fair, honest, and reliable.
None of this is possible if the casino only accepts cyrptocurrencies. It may be lisenced, but there is a limit to how much can be known about how it handles the money people deposit. It may be honest, but what recourse will people have if it decided not to be honest once in a while? The answer to that question is still up in the air. Meanwhile, the number of all-crypto casinos appears to be on the rise.
The Best Bet at the Online Casino
As long as the world of cryptocurrencies remains the wild, wild west, it may be a smart bet to focus on casinos that accept Bitcoin as payment but also adhere to other industry standards that are verifiable and enforceable. The number of established casino sites that accept Bitcoin appear to be growing faster than the number of casinos devoted solely to cryptocurrencies.
While the outlaw image that the new casinos are able to cultivate through their decentralized nature helps them grow, it still remains to be seen how disputes will be settled and if they will be able to maintain the trust of their players.
Of course, it would be ideal for a novel solution to appear and create a mechanism through which all casinos adhere to a common set of standards. But until that happens, there is still risk involved in an all-crypto casino. There may be inner agreements that keep the balance but none of it has been tested yet.
Privacy belongs to the users. They are the ones who pay the money to play and need to know that the casino is fair. Cryotocurrencies allow the users better access to their funds and a good deal more privacy. There is a place for that at any casino. But for that privacy to extend equally to the casino may be going a step too far for some people.