If you are already familiar with what an online casino is, you have probably noticed that a few different payment possibilities emerged a few years ago: cryptocurrencies. Also called digital currencies, cryptocurrencies are increasingly present and common. People are already becoming familiar with the terms and processes of this revolutionary new form of financial transaction.
And why are digital currencies becoming a payment option? The reason is called Blockchain or chain of blocks, an ultramodern technology that allows transparency and, above all, a lot of security in financial transactions. If you want to know more about how Blockchain is used at Bodog online casino, check out our article!
What is Blockchain technology?
Blockchain is a system for recording transaction information of any nature, but above all it is used in the movements of cryptocurrencies. This method forms blocks of data (financial movements or other information), which are connected in the form of a chain, encrypted and decentralized. Each block of data is closely linked to the previous one; that is, the information in a block only makes sense if it is read with the previous block, and so on.
That is why the Blockchain system is so secure. It is practically impossible to disappoint him with so much information that must be processed. At the same time, due to this logical connection, it is possible to track the movements and guarantee the privacy of the data of each user of the Blockchain.
In summary: the Blockchain is a kind of record book where all the movements used by this system are found, such as those made with Bitcoins and other cryptocurrencies. However, unlike other traditional logbooks, this technology cannot be cheated or breached. Since all the blocks in this chain are connected, and the information only makes sense when it is related to the one before and the one after it, any change is easily detected and eliminated.
In addition, although it can be traced, the information is completely encrypted and anonymous, which further guarantees the security of this system. It is for this reason that casinos has been investing in adopting cryptocurrencies as a form of payment.
How is Blockchain technology used in the online casino?
Blockchain technology is not used directly, but through cryptocurrencies. In addition to being used as a form of financial transaction, the Blockchain can also be used as an additional method in the security of personal data. In the case of casinos, a pioneer in the use of digital currencies as a payment method, some digital currencies that use Blockchain are accepted (Bitcoin, Bitcoin Cash, Tether USDT, Litecoin and Ethereum). The great advantage of using this payment method is the security and privacy of the data.
Also, compared to other methods, transactions with digital currencies are much faster, since they do not require authorization from any institution. Also, for this reason, there are no tax rates (for now, since some countries have started to discuss this possibility due to the increase in the volume of cryptocurrencies mobilized). But don’t worry about that now. The important thing is to know that digital currencies are exempt from taxes.
How to play using cryptocurrencies?
So far, you have seen that the Blockchain guarantees that transactions with Bitcoins are fast, secure and anonymous. But is it easy to use cryptocurrency on casinos? In general, yes; it is easy to use cryptocurrency as a payment method in the online casino. You need to have some digital currency and for that, you need to buy it. And where is it bought? In some exchange, that is, a platform for buying and selling digital currencies.
At casinos, there is no additional cost for the cryptocurrency payment process. Also, transactions with Bitcoins, or with any other digital currency, are usually very fast, since the approval of any external institution is not required. If you’re still a bit confused about how to use cryptocurrency as a payment method, don’t worry, Casinos has a very informative tutorial to help you out.
There are dozens of exchanges, so we advise you to investigate a little more about it. After choosing the platform you are going to use, sign up and buy your first cryptocurrencies (some exchanges do not accept the Brazilian Real, for example, so be aware). Remember to buy any digital currency accepted at casinos. For example, you can find more information on cryptocurrencies in Argentina to understand more about the subject in that country.
Next, you will have to transfer two cryptocurrencies to a virtual wallet. Some exchanges offer this service. If that is not your case, then you will have to create an account in a virtual wallet for digital currencies. Because? Because only through this wallet you will be able to transfer and receive your cryptocurrencies in the online casino.
Conclusion
We know that using cryptocurrency may not be easy for some people. The fact of having to open an account on another platform and having to learn how to buy digital currencies may not be very attractive. However, remember: in terms of technology, privacy and security, nothing beats the Blockchain system. So, despite these extra steps, it is worth using cryptocurrency as a payment method in the online casino.