The crypto revolution is here to stay! Digital currencies have taken over the daily finances of many people across the world. You can use these coins to buy groceries, pay for services, and even play casino games.
GemBet is one of a growing number of online casinos that accepts cryptocurrency transactions for both deposits and withdrawals. These transfers are processed through Onramper, CoinsPaid, or Utorg, secure payment services that act as a go-between for crypto exchanges and betting sites.
If you want to get familiar with the new generation of online gaming, read on!
Diverse Payment Methods
Payment methods have become much more diverse over the last few years. In the early days of online gaming, players relied on bank transfers and debit cards. Then there was the e-wallet revolution (PayPal, Skrill, Neteller), followed by mobile payments, instant bank payments, voucher-based systems, and more.
Cryptocurrencies are another step in this journey, but they are arguably the biggest ones so far.
With cryptocurrencies like Bitcoin and Ethereum, there is no central authority. Banks or governments don’t oversee payments. It also means no multiple systems and providers are charging a commission.
On top of this, cryptos provide a level of anonymity not offered by other methods. It’s not entirely anonymous, but it doesn’t connect an individual’s name/address to their transactions. Unfortunately, the same cannot be said for debit cards, e-wallets, and bank transfers.
Pros and Cons of Using Crypto
There are several benefits to using cryptos. They might not be a perfect solution for everyone, but as evidenced by the following pros and cons, they will surely appeal to most players.
One of the top advantages of crypto is transaction anonymity. You can send and receive crypto without your bank’s interference. Anyone wishing to avoid the scrutiny of their bank will benefit from such an option.
You can also send money quicker through crypto. If you are tired of waiting days or weeks for your payment to be processed, crypto is the ideal solution.
On top of this, crypto payments have very high levels of security. If you enter your details correctly, your payment cannot be hijacked.
One of the few downsides of using cryptocurrencies is that they aren’t available everywhere. You can use them at regulated casinos like GemBet, as it operates under a Curacao eGaming license, but this is one of a few regulators that provides coverage for cryptos.
The anonymity guaranteed by these currencies is a huge plus for players, but regulators aren’t as keen. After all, they often want players to conduct lengthy Know Your Customer checks and aren’t happy with any level of anonymity, even if staying anonymous benefits the player.
What Coins Can be Used?
There are numerous different cryptocurrency options to choose from. The types of coins supported usually depend on the merchant. At GemBet, players can use Onramper, CoinsPaid, and Utorg, which facilitate transactions in Bitcoin, Litecoin, and Ethereum, along with other popular altcoins.
Another bonus of these payment services is that they constantly improve to accommodate their growing number of customers. So, we expect them to expand their range in the future.
The Rise of Crypto as the Main Web Currency
Cryptocurrencies are quickly becoming one of the most popular payment methods at online casinos and sportsbooks worldwide.
More players are requesting these payment services, more casinos are hosting them, and we’re also seeing an influx of crypto payment providers like CoinsPaid, Utorg, and Onramper, which make life easier for everyone involved.
It’s just a matter of time before cryptos are accepted in every casino, poker room, bingo site, and sportsbook, and that’s a future to look forward to.
If you have yet to join the crypto revolution, don’t worry. Not only is it easy to buy and use coins like Bitcoin and Litecoin, but you can combine their use with fiat currencies. Even when cryptos take over the majority of sites, payment methods like e-wallets and debit cards will still co-exist with crypto, so you can take your time and make the switch when you’re ready.