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What is the Idea Behind Using Cryptocurrencies at Online Casinos?

15 May 2023 08:18, UTC

Cryptocurrencies have been on a rollercoaster ride over the last few years, with the sort of rises and falls that have terrified investors and delighted headline writers the world over. But throughout this chaotic journey, these digital currencies have been embraced by more platforms and more industries.

The online gambling sector is a prime example, as it has thrown its arms wide open to the likes of Bitcoin and Litecoin, and it continues to grow as a result. There has never been a better time to play casino games with cryptocurrencies and grab a piece of the action.

A Trustworthy Source For Crypto Casinos

The experts at Nyecasino2020, have witnessed the rise of crypto gambling first-hand. As they also like to think that they played a big part in it. Especially in Norway. After all, if you search for terms like “play crypto casino in Norway”, there’s a good chance you’ll be directed to there page.

We immediately understood the they are a leading authority on cryptocurrency casinos in Norway. By vetting and reviewing all of the latest Norwegian new casino sites, that site can provide you with an updated list of the best crypto casino sites out there right now.

You can find the casinos that have the best games, biggest bonuses, and most unique payment options. And because we are dealing with next-gen technology here, the site also likes to highlight the most exciting platforms, systems, and tech.

Is This the Beginning of the End for Traditional Payment Methods?

According to this casino future article from Forbes, casino floors are on the precipice of a major change, and they could drag the online casino industry with them.

The next generation of gamblers is one raised on the internet and social media. It’s one that has never walked into a physical sportsbook, rarely handles cash, and is familiar with cryptocurrencies and other digital payment methods. Modern gamblers are a different breed from the ones who helped to make online casinos what they are today.

It’s not the only major change that the industry has experienced though, as there have been some equally sizeable shifts in recent years:

Web Wallet Casinos

Web wallets like PayPal, Skrill, Neteller, and ecoPayz were game-changers for this industry. They provided players with an easier way to manage their bankroll and a faster way to play.

Initially, players were forced to use slow-moving bank transfers and debit cards. And then a method came along that promised instant transfers, fee-less transactions, and an ideal way to keep all gambling funds in one place.

It’s no wonder they became so popular and remain the number 1 choice for a large section of players across the online gambling sector.

PnP Casinos

PnP casinos take the convenience of web wallets to the next level. PnP stands for “Pay and Play” and refers to casinos that let people play without joining, often with a few simple clicks.

If we use a real-world example, most online casinos are like exclusive member clubs. You can play and enjoy yourself, but only after you sign up and complete a prescribed process that requests your personal details. With PnP casinos, it’s like walking straight through the doors, handing your money to the dealer, taking your seat, and then playing.

Why Norwegian Casinos are Perfect for Crypto Gamblers

The Norwegian gambling market, just like the crypto gaming sector in general, is on the rise. Cryptocurrency casinos are giving Norwegian players more options than ever, and they provide a few benefits not offered by other payment solutions:

Regulatory Reasons

Offshore online casinos are not regulated in the same way as Norwegian-based casinos. They are legal, though, and crypto players can benefit from a certain degree of freedom and convenience not accorded by other payment methods.

When you use cryptocurrency to deposit at an online casino, the casino is not privy to your personal or financial information. More importantly, there is nothing to link your name, address, or financial information to your gambling activities.

If you enjoy playing with freedom and security, cryptocurrencies are ideal.

No Blocked Payments

If your chosen payment method suddenly decides to suspend you, you could lose your funds. If you’re using a debit card or bank transfer and the provider takes issue with your activities, you could also have a problem.

With cryptocurrencies, however, there are no such issues. As noted above, the funds are moved anonymously and lack the sort of paper trail that you get with alternative payment options.

Summary: Using Cryptocurrencies to Play Online Casino Games

Let’s finish off with a quick recap of crypto gaming benefits, showing you just why this industry is on the rise right now:

  • A level of security and anonymity not provided by other payment options

  • A wide range of top casinos to choose from

  • A number of different cryptocurrencies (including Bitcoin, Litecoin, Ethereum, and Dogecoin)

  • No risk that your account will be closed, as there is no centralized/controlling authority

  • No fees for deposits or withdrawals (although these may be charged by the casino)

  • Rapid transfers

For all of these reasons and more, cryptocurrencies are often seen as the ultimate payment solution for the online gambling industry. So, if you haven’t tried them for yourself, now is the perfect time to change that and see what all the fuss is about.