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A crypto casino is a casino that accepts crypto as a payment method. That would be the short answer to that question, but we need to go deeper to understand the implications of a crypto casino.
To understand why the idea of having a casino that transacts in crypto is great, we must first know exactly what crypto is.
A cryptocurrency is a form of digital money. But unlike the balance you have got on PayPal, which is still either dollars or euros. Thus, your money in PayPal is subjected to the regulations of the banks. However, a cryptocurrency stands on its own.
Thus, trading with it means a bank will not be meddling on your transaction. It will be a completely private transaction between only the two people involved and no third parties. This has its own set of advantages we’ll discuss further down.
Another aspect exclusive to cryptocurrencies is just how well they can preserve your anonymity. The ‘crypto’ in cryptocurrency comes from cryptography, a method of bringing serious protection to communications and information that run in channels.
Cryptography shields things such as sensitive information in the communications from the emitters’ end to the receiver’s end. It also does come very much in handy when protecting your personal information.
When registering the information of a regular payment method in a casino, you are putting both bank and credit card information in the hands of that particular casino.
This is necessary, yet, it also means that in the case of, say, theft of data from it, your precious bank information would be in the wrong hands.
It also means that your bank knows your expenditures, winnings and losses, information that they use when deciding on granting you loans, for example.
That is something of a problem for some people. It is your money and what you do with it is your business. What does the bank care about? This invasion of your privacy does not happen with crypto.
Now that we know what crypto is and does, let's count the exact advantages using it over traditional banking methods.
When you do a transaction with the bank, the bank takes a cut to process it. When you do a transaction with crypto, there is no bank to pay anything to since banks are not involved here.
Thus, you get to enjoy more of your money.
How fast is a cryptocurrency transaction? Instantaneous-fast. The time it takes for a bank to process a transaction of withdrawal from the casino can take up to a week, depending on the bank.
Cryptocurrency has no bureaucracy you got to wait to enjoy your own money.
To do a crypto transaction, all you need to provide is your crypto wallet address to the person or entity you are transacting with.
That’s it. And that very address is heavily encrypted, no one will be able to connect an address to you unless you tell them it’s yours.
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