Online casino with cryptocurrency and its main features
In the modern world, casinos are becoming very popular among online players. There are really a lot of gambling clubs and competition with each other is growing every day. Cryptocurrency and blockchain technologies are developing at an incredible speed, and every day we see more and more options for using them in practice. One of the most important industries that this innovative technology has penetrated is iGaming, also known as gambling. DuelBits bonus code is a great opportunity to get rich.
What is the secret to the success of cryptocurrency games?
First, cryptocurrencies such as Ether and Bitcoin make it much easier for people in jurisdictions where gambling is prohibited to access the market. For example, in most Asian countries, any transactions involving gambling sites may arouse suspicion from banks and, subsequently, from controlling government agencies.
But if we talk about Asian countries, then in general there are difficulties in working with cryptocurrencies: recently, the Chinese authorities have introduced severe restrictions on crypto-currency operations, so many miners move to other countries, for example, the United States, where there is a more loyal attitude towards digital assets.
The South Korean government has also become suspicious of cryptocurrencies, with the authorities seizing digital assets from wealthy citizens who are suspected of illegal transactions and tax evasion using cryptocurrencies.
Secondly, there are many online players who simply don’t want their gaming transactions to show up on their bank statements, and cryptocurrencies provide anonymity and make it easy to deposit and withdraw funds. Last but not least, the use of cryptocurrencies and blockchain technology allows users to see that games are safe and fair.
Due to the fact that all crypto-currency transactions are recorded within the blockchain technology, as well as through the use of smart contracts, the levels of trust in operators can be significantly increased, and there is less room for cheating.
Bitcoin games – to license or not?
It is important to understand that a gambling license is absolutely necessary to open a corporate account with a bank or other financial institution and officially work with electronic payment systems.
However, when a casino website, for example, works with bitcoin, all payment processing can be done using cryptocurrency without the involvement of third-party services. Deposits and withdrawals are almost instantaneous, and bitcoins move directly between players’ bitcoin wallets and the casino. Thus, there is no need to provide a gaming license to any financial institution. Therefore, it can be argued that when it comes to working with bitcoins, a gambling license is optional, or at least not a prerequisite for accepting payments. On the other hand, many players perceive bitcoin casinos in the same way as any traditional online casino. They want to be sure that they are investing their free funds in a safe and secure online environment and that their rights are protected by an independent body. In this case, a valid gambling license from one of the licensing jurisdictions becomes an important marketing tool that promotes player loyalty and significantly increases the reputation of the casino!