It all started with the barter system as a mode of payment for any transactions. Cash transactions followed this in the form of money or currency, as we call it. Every nation has its currency – Dollar ($) in the US, Euro (€) in Europe, Rupee (₹) in India and so on. For a long time, cash was the mode of payment. In the past few decades became the second choice after Online Payments through Credit Cards, Debit Cards, PayTM, UPI and many other such options.
A new form of currency that was developing side by side to Online Payments was the Crypto Currency. The first form of Crypto Currency was Bitcoin. Crypto Currency is a digital asset that works as a medium of exchange. The ownership records of this currency are securely stored in a ledger using cryptography. Crypto Currency does not exist in physical forms like dollar, rupees, or euro. These days Bitcoin is extensively used in online casinos. Let’s look at which form of currency is better for online gaming – fiat money or cryptocurrency.
All kinds of casinos require the players to prove that they can support their bets. Once they are using cryptocurrency, they become anonymous. The value of cryptocurrency can fluctuate every second. This can create difficulties both for the player and the casino itself. Regulators have recognized cryptocurrency as a legal trend but not without strict controls to manage the risks.
Despite these regulations, certain casinos have already started to implement cryptocurrency as one of their payment modes. This is certainly a belief in the Blockchain technology that can protect its users from any fraudulent transactions. With these regulations in place and Blockchain implemented, we may see a secure future for cryptocurrency.
Fiat money and cryptocurrency are placed against each other when it comes to online gaming. While fiat money shows more stability and satisfaction, cryptocurrency is more secure and beneficial. Cryptocurrency owners can vouch because they do earn more while using cryptocurrency rather than fiat money. Cryptocurrency doesn’t involve the hassles of centralized authority when money is used for gaming in casinos.
It is instantly available as compared to fiat money. Though people might be preferring Fiat money today, tomorrow, the sun will rise on cryptocurrency. For those who have already pledged themselves to Crypto, the future awaits them.
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