Crypto Payments for Online Casinos
Cryptocurrency is the perfect way to pay for your online gambling. The reason why it’s so popular is that it’s impossible to track, meaning it’s secure and you can use it without transactions getting tracked to you. It’s an option a lot of people go for, even if gambling is perfectly legal in their country.
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Why? Crypto is also a great form of investing and a lot of people trade in stock markets using a few different types of cryptocurrency. Some of the most popular types of crypto are Litecoin, Bitcoin, or Ethereum. People often invest in these currencies as you would invest in any other type of currency. The most popular crypto coin for investors is definitely the Bitcoin.
While the top 10 most popular virtual currencies represent as much as 85% of the traded value, there actually thousands of different types of cryptocurrencies in the world right now. They represent real money and real investments, and a whole lot of secrecy.
How to Open an Account Using Cryptocurrency
Opening a cryptocurrency account can be easier than you think. Most online casinos accept cryptocurrency, and they make it very easy for you to use it whenever you want to make a deposit. There is quite a few competing e-wallets that take cryptocurrencies like Bitcoin.
What is a cryptocurrency wallet? The wallet stores your digital code that represents a certain amount of cryptocurrency. Did you know that you can come into the “real world” and have a physical wallet for your Bitcoins? These are called hardware wallets. With the help of a hardware wallet, you can have your money even if you’re offline. Of course, this means that you can’t use it, because you need online access to trade with crypto. A wallet like this might look like a simple memory stick.
You can choose from a long list of the best crypto wallets of the moment – some of the most popular ones are:
- Atomic (Desktop/mobile)
- Ledger (Hardware)
- Guarda (Multi Wallet)
- Coin Payments (Web-only wallet)
Each of these has different options and purposes, and support different coins. When you choose what form of cryptocurrency is best for you, simply sign up for your preferred form of e-wallet/crypto wallet, and simply use any money account to purchase bitcoins. You can use your credit card, bank account or PayPal – and other forms of e-wallets that you have money on, including pre-paid cards.
How to Make Deposits and Withdrawals Using Cryptocurrency
Depositing money into a casino account once you have an e-wallet is easy. A typical crypto gambling list in most casinos can look something like this:
- Bitcoin
- Bitcoin Cash
- Ethereum
- Litecoin
- Dogecoin
- Dash
- Ripple
- Zcash
Although bitcoin is considered “high risk” according to the Saudi Arabian Monetary Authority, this is because they don’t protect official protection rights to people who use bitcoin in Saudi Arabia. This is simply because it’s not an official form of currency here. And taking this to mind, most online merchants still accept bitcoin. It’s no wonder because crypto has been a thorn in the side all governments in the world. They know that they can’t fight it though – it’s best to accept it and move on.
Cryptocurrency Features
If you’re still wondering why so many people opt for cryptocurrencies instead of the good old pre-paid cards or normal currencies and e-wallets, here are a few simple reminders:
- Cryptocurrency is decentralized. This means that there are no central banks or authorities to set the rules. If you like pure capitalism, it doesn’t get any better than this. Cryptocurrency has no master. And people like it that way.
- Final – transactions cannot be undone. Once they are recorded, the can’t be changed by anyone but the owner of the private keys.
- Limited Supply – all currencies have an unlimited supply and are subject to manipulation by central banks and politics. If you look at countries like China, you’ll understand what this means. When a cryptocurrency is created, there is a limit coded directly into the algorithm by the creator. Once this limit has been reached – that’s it. This scarcity helps to keep the value of cryptocurrencies steady over time.
- Anonymity – This is the fourth but one of the most important features of dealing with cryptocurrency. You don’t need to give your name, phone, address or ID number to deal with cryptocurrencies. Your transactions are also anonymous – you’ll create an online identity that won’t be traced back to your real self.
Arab Countries Where Cryptocurrency is Available
You can get cryptocurrencies in any Arab country. They are more and more accepted across formal trade channels like online stores and even brick-and-mortar establishments. It’s a great way to keep your transactions private, secure, and who knows – if you win at an online casino, you might even be able to invest those winnings so that they’ll multiply later down the line. In theory, the value of cryptocurrency will continue growing because of its limited supply.
Of course, across the region, some countries allow it and some restrict it. Tunisia, for example, is using access to crypto in order to facilitate an open economy where more people have access to safe transactions. Other countries give out mixed messages – for example the UAE proclaimed the practice banned, and in the same year they became one of the virtual currency leaders in both innovation and friendliness. Similarly, while the official stance of Saudi Arabia is to warn about uncertainty, they are making gigantic steps in getting more businesses and investments in line with the newest crypto trends.
