Tag Archive: Fiat currency

Today you'll find many true believers espousing the wonders of cryptocurrencies. And though many businesses, including the iGaming industry, have been quick to feature many of these new coins and tokens, we're not so convinced of their future. The main selling point of crypto users is that they are anonymous. ut in the real world, no one really wants total anonymity. Though the casino sites are perfectly happy to accept crypto from anyone, you will have to follow a strick KYC process.

The idea behind cryptocurrencies sounds great on paper. After all, who doesn't want a decentralised monetary system? Online casinos were quick to jump on the crypto bandwagon. And though many reputable online casinos offer this as a payment option, there are many more offshore casinos using crypto as a means to hide less than honest activities. The very nature of anonymity that makes crypto so enticing can also be used as a means of scamming gamblers without consequence because no one knows you.

Over the last few years, we've seen a massive rise in the use of cryptocurrencies for gambling. Today many reputable online casinos are happy to accept these tokens as a payment option for your online casino account. But if you're utilising an offshore crypto casino without a proper gaming license, then that could be a huge problem for you. As they don't have to abide by any laws, rules or regulations, they're not technically obliged to honour any payout for wins or even provide fair games.

Though cryptocurrencies appear to be popular with a tiny subset of society, we're not convinced it's ready for mainstream use. So when it comes to crypto gambling, we're more than a little nerveous. Utilising crypto is not as straightforwards as using fiat money. Not only that but there are many pitfalls awaiting the novice user. Not only can the money be lost by choosing crypto as your source of casino funding, but the volatility of the coins can see its value fall by more than 50% in a single

In spite of some big booms and smaller busts, Bitcoin just keeps marching upwards. Today the price is hovering at around $39,000 per coin. Its core strength to be able to survive all sorts of serious flack and FOMO have meant that big businesses are beginning to take notice. Always on the prowl for new customers, it didn't take online casinos very long to get with the program and start offering deposits and withdrawals in BTC. Today, all reputable casinos will offer cryptocurrency options.