Online gambling is one of the fastest-growing sectors of the entertainment industry, and as such it has a strong demand for crypto transactions. From simple casinos to online sports betting sites, every major player in this industry has gone above and beyond to accommodate cryptocurrencies. If you make a deposit in cryptocurrency you can even claim to get bonuses without wagering requirements and play at no wagering casinos in Australia safely. Here we will focus on the companies that are involved in one way or another in these digital currency transactions.
Cryptocurrency Company That Cooperate With Online Casino
Let’s assume that you want to play in Betchain casino and to use cryptocurrency to fund the account. You would have to own or buy a certain amount of crypto-currency, store it somewhere, and transact with it. Since Litecoin in the online casino industry is one of the more popular digital currencies you would have to buy it first. In case you are playing in one of the 10 Dollar Deposit Casinos, you would also have to exchange it while funding the account.
This means that companies who profit from online casinos that allow the use of cryptocurrencies are the following:
- The company behind a specific cryptocurrency – These are the companies that created a currency in the first place, made it reliable and convinced buyers to invest in their product. The examples of cryptocurrencies used for gambling are Bitcoin, Ethereum, Litecoin, BitCash, Monero etc.
- Crypto exchange platform – This is where players can actually buy cryptocurrencies using fiat currency or other digital currencies. Examples of exchange companies are Coinbase, Cex, and Bitfinex.
- Crypto wallet app companies – This is the application or online platform that serves as an e-wallet for storing cryptocurrencies that you own. Examples of such apps are TREZOR, CasinoCoin, Ledger Nano S, and KeepKey. In the case of TREZOR and Ledger Nano S, these are cold storage hardware wallets, which makes them more secure and harder to hack.
Another party that is involved and that can profit from these transactions are miners. People who leverage their personal resources in order to maintain a network for a specific cryptocurrency are called minors, so crypto transfer fees are actually an incentive for them. They get a portion of the transfer for allowing certain cryptos to go from one account to another.
Problems That Players Can Face by Paying in Cryptocurrency in Casino
Typically players like to play in crypto casinos because the transactions are secure and it allows them to stay anonymous. That being said no platform is unhackable and since casinos tend to be high earners they might be considered an alluring target for hackers.
Another drawback is related to cryptocurrencies in general as their value can fluctuate, so even if you just lose an insignificant amount their value can spike which means you lost more money over a course of a few months. Finally, conversion fees can be high in some instances if you are converting your winnings into a fiat currency which is still more versatile.
So these were some examples of companies included in the process flow of crypto gambling. Generally, digital currency enthusiasts have a strong belief in blockchain technology and don’t convert crypto to fiat very often. For those who don’t mind holding onto their digital currencies and waiting on it to become more widely used, playing in cryptocurrency casinos is a preferred choice.