The world of online gambling is consistently growing and becoming more popular as time goes on. This growth brings about new technology and better ways to manage your money. For online casinos, virtual currencies are becoming one of the more frequently used forms of payment out there.
However, with this growth comes many “wanna-bees,” and some products are simply much better than others. So, if you are looking into virtual currency for your online casino experiences, look no further. We have the top products available today listed right here for you.
The Top FIve Virtual Currencies in Online Casinos
If you are looking for a great way to fund your online casino account quickly, you are probably going to find the best option is virtual currencies. This type of currency is offered through fast payout casinos everywhere because of how simple it is to use and the number of customers that are now giving it a try.
If you are considering virtual currencies while partaking in online casinos gambling, here are the top five options in the industry today.
Bitcoin was the first-ever form of virtual currency, created in 2008 by an anonymous online user, Satoshi Nakamoto. Not only was it the first, but it is still the most widely used today.
Bitcoin was designed as a decentralized form of currency in order to transfer money from one entity to the next without a go-between.
Ripple was released in 2012, although its original construction started well before in 2004. Its creator, Ryan Fugger, wanted to “reinvent” the cryptocurrency industry to help people create their own “money” system.
Ripple is easier to understand if you look at it more like a debt tracker. It keeps track of the money you owe out to casinos (or anyone for that matter) in order to help you “square up” at a later date.
Ethereum is remarkably similar to Bitcoin, with a few unique tweaks here and there. This concept allows you to send cryptocurrency anywhere around the world, known as the world’s “programmable blockchain.” This open-sourced blockchain was created in 2013 by Vitalik Buteri.
Dash was originally released in January of 2014 but was known as Xcoin at that time. The name then changed to Darkcoin before it ultimately settled on Dash, and that is what this highly successful digital currency is known as today.
Within 48-hours of dashes launching, it had already 1.9 million coins mined. Bitcoin was definitely given a run for its money.
LiteCoin like its many other counterparts, enables users to send money anywhere in the world without a middle man. Anyone with customer-grade software can use this cryptocurrency. This virtual currency was created by a man named Charlie Lee in 2011. Lee was a former Google employee at the time.
Why Use Virtual Currency in Casinos?
There are many beneficial reasons for using virtual currency while gambling in online casino forums, with the biggest and most obvious being simplicity. This form of payment is quick and simple, allowing you to instantly move your money from one account to the next.
You will notice that many of the best online casinos are currently offer one form of virtual currency or another on their websites; this is to bring more players to their page.
Whether you are a fan of the online pokies or in it to win it with virtual blackjack, the virtual currency will make every transaction easier.
What are the Pros and Cons of Using Virtual Currency in Online Casinos?
While there are plenty of good reasons to use virtual currency while gambling online, there are also a few reasons you may want to consider before jumping on board.
Pros of Virtual Currency
There are many advantages to using virtual currency in online casino sites, besides simplicity, as explained above.
Virtual currency is a great way to maintain anonymity and keep your identity and personal information from sharing with sites and other users.
There is also the benefit of favourable odds offered through online casinos. Casinos tend to offer lower levels of the house edge for those using this form of payment. Then there are those sites that have their own forms of virtual currency that will offer a 0% house edge to use that.
Cons of Virtual Currency
Nothing can be perfect and there is a downside to using virtual currency. One of the biggest disadvantages is currency conversions. Virtual currency isn’t used everywhere and there are many e-Wallets and other banking sources that will require you to convert your currency before you can cash out your winnings, or even fund your accounts. These cost fees, some higher than others.
Another big issue with crypto-currency is that you lose the security and safety of online transactions. If your money is lost due to bugs or system errors or crashes, there is no regulation or authority to get that back.
Finally, there is also the disadvantage of fluctuating values. Virtual currency is volatile, meaning the value isn’t stable. This can be a big problem for bettors if the value moves away from the value of the real dollar.
There are many forms of virtual currency available today and many of them are beneficial when placing bets through online casinos. It is up to each individual to do their homework and choose the options that work best for them.