Bitcoin and other digital currencies are not tied to governed institutions such as banks. They are financial transactions that take place between two interested parties. Personal information is not exchanged or recorded. The only verification of that exchange is a unique transaction number stored on a blockchain technology. Cryptos For Online Gambling Activities Can Keep Betting Anonymous?
This is one of the biggest reasons why the online gambling industry has embraced the use of cryptocurrency. From real money sports betting to online casino play, Bitcoin and other cryptos are big business. There are online casino sites that only use cryptos or digital currency for banking transactions.
How Can Cryptocurrency Keep Online Gambling Anonymous?
This entire issue was covered at length in a recent post on the Augusta Free Press earlier this month. The debate rages on in various countries on the validity of cryptos for widespread commerce. Savvy investors have jumped on board in what continues to be a wild ride. The online gaming market is also onboard. Many sites will actually increase the amount of a bonus tied to crypto deposits. Bitcoin or BTC remains the most popular options but others are in the mix.
The short list of commonly accepted cryptos at online casinos include:
- Bitcoin Cash
These are also the largest digital currencies in the marketplace. They trade on the biggest and most secure platforms. The biggest selling point is the lack of added fees for all transactions. This is not the case with many fiat currency options.
The one main downside is the volatility of each cryptos actual market value. Wild swings in the market during uncertain times do impact BTC value. This does need to be taken into consideration at the time of exchange.
The three main selling points for the use of cryptos for online gambling activities are:
- Global Access
Since many heavy gamblers do not always want their activities tracked, cryptos fulfill that request. The only piece of information available is a digital wallet I.D. number. Government officials are often wary of this due to illegal activities. Crypto casinos operate on the up-and-up for the most part.
Crypto transactions offer a higher level of security. The lack of personal information eliminates cyber attacks on individual accounts. Even if the casino site itself was hacked, crypto bettors have nothing to worry about. Remaining anonymous with online crypto play eliminates any tracking attempts. No outside entity can track or track down how an online player gambles.
Easy access to online crypto casino sites spans the globe. Funds and transactions are packed in a blockchain. This basically eliminates any outside interference in locations that may have stringent online gambling restrictions. This global access also opens up an entire array of casino gambling options from slots to table games.
The main risk in using cryptos for online gambling activities is market volatility. Double-digit movement in value up or down is part of the crypto game. The other risk is the online gambling site itself. Fortunately, there are more than enough legitimate sites to choose from.
• Source: Rise of cryptocurrency casinos creates opportunities for anonymous gambling From Augustafreepress.com On March 12, 2020.