Cryptocurrenies are becoming one of the hottest payment methods on the Internet today. While they have a long way to go before they trump the popular options like credit cards and PayPal, their skyrocketing popularity means a lot of businesses and merchants are starting to take notice. This is especially true of casinos, where Bitcoins and other forms of digital currencies are becoming the norm when it comes to choosing how to wager bets. So, what are the key differences when it comes to playing cards on sites that accept digital currencies and cryptocurrencies? Let’s review them.
The Cards Are The Same
One of the most important things to note is that there’s no inherent difference between “regular” casinos that bet in fiat currencies and the best bitcoin casino. The games are the same and are played similarly across the board with perhaps a few cosmetic differences to the software clients. However, players who are familiar with, say, Texas Hold’em won’t be at a loss when playing between the two platforms. The games are the same and adhere to the same gameplay rules.
Depositing Methods for Digital Currency Casinos
This is perhaps the biggest stumbling block when it comes to playing cards on cryptocurrency services. It’s extremely rare for digital currency casinos to accept credit cards, PayPal, and other popular means of completing transactions on the Internet. This is because there are privacy and anonymity issues with both of these methods: they leave a verifiable paper trail that can be tracked by government officials, which is something that digital currencies seek to avoid. Instead, these payment methods are based on anonymous protocols that provide layers of protection for gamblers, purchasers, and other users of them.
So, how do players go about depositing coins on a digital currency casino? Well, first players must acquire them. There are two popular means for this: an over the counter transaction or using an exchange. Over the counter transactions are those that are arranged in person. The transactors, normally the purchaser and the seller, meet in a public location to facilitate the swap. Over the counter transactions are usually completed using cash and the coins are sent immediately within the buyer’s presence. However, this requires users to know of other merchants within their area, which isn’t always guaranteed. Digital currency deposit methods may soon be offered within binäre optionen as well, which would really allow for a liftoff within the entire forex industry.
Users in this sort of a situation may wish to look into exchanges. These are larger, more organized sellers who buy and sell coins in bulk. Like depositing on Bitcoin casinos, it’s usually impossible to purchase from an exchange using a credit card or PayPal. Instead, purchasers will likely have to make wire transfers to the exchange, which need to be manually verified before the coins are released. This can take some time: up to two weeks in most cases.
Anonymity on Digital Currency Card Sites
Like the general principle of anonymity when using digital currencies, card sites are similarly dedicated to protecting the identities of their users. They will provide similar protections afforded to “miners” of coins on an official network, which prevents spying and unauthorized information tapping from federal governments. Normally, they’ll be hosted in foreign countries, where Know Your Customer policies don’t exist. This is the very policy that prevents many gambling establishments from operating virtually in the United States. Those that do choose to honour Know Your Customer must abide by its requirements: namely, card sites must harvest sensitive information from their players and keep officials informed as to the activity of its users. This is the very concept that digital currency casinos want to avoid!