Payment methods in online casino
Payment methods include traditional credit and debit cards, prepaid cards, eVouchers, e-wallets, mobile payments and, since a few years, cryptocurrencies.
While the rest of the payment solutions seem fairly simple and straightforward to start and use, cryptocurrencies have always been considered more complicated to understand and use, but as is usually the case with new things this is not entirely true.
The truth is that cryptocurrencies have evolved a lot and have become more accessible to players and more widely accepted by online casinos, allowing any forward-thinking and modern online casino player to use them whenever they want.
On this occasion, we will try to guide you through the process of how to use cryptocurrencies for deposits and withdrawals at online casinos. We will also give you all the pros and cons so you can decide for yourself whether you want to use them or stay with traditional payment solutions.
Cryptocurrency in online casinos
You may or may not be well acquainted with the history of cryptocurrencies, but let’s try to present it briefly – in a few sentences.
The first cryptocurrency created was Bitcoin, launched on January 3, 2009. When it first appeared as a concept, a digital currency, Bitcoin caused a lot of controversy. Because of its decentralised nature, people thought it was a thing invented for illegal black market trading, for online crime and fraud.
But years passed and people became convinced that Bitcoin could actually be quite a useful and innovative solution for transferring money online.
Bitcoin paved the way for the emergence of many other cryptocurrencies such as Litecoin, Ethereum, Ripple, Dogecoin, Bitcoin Cash and many others.
Huge technology companies began creating their own tokens, all of which operate on the basic blockchain technology, with smaller or larger modifications. The rise in popularity of digital currencies has only confirmed one thing: that cryptocurrencies are the currency of the future.
What is most controversial about cryptocurrencies is that they are not physically present; you cannot have them in your hand, pocket or wallet. They are entirely digital, stored in an electronic wallet, the eWallet. And whereas in the past you could only get coins by mining them or sending them through a friend, today they can be traded, bought with normal fiat currency.
The road has been long and bumpy for Bitcoin, but today, things have changed a lot and cryptocurrencies are increasingly accepted by many countries and governments around the world, regions that have seen their potential and know that digital currencies, in this modern, digital age, are the future.
Needless to say, the moment Bitcoin and other cryptocurrencies were launched, they immediately found their place in the online gambling industry. While in the past only a few casinos accepted cryptocurrencies, today you will see that most, if not all, premiere online casinos accept at least Bitcoin, if not other tokens. This is why our guide to the pros and cons of cryptocurrencies will be more than useful for you to understand how beneficial they can be to your own adventure in the online gambling world.