As digital currencies grow in popularity, they are becoming more accepted at online casinos in New Zealand. It is now apparent that cryptocurrencies are quickly becoming an integral part of the online gambling scene. This article is a quick guide on using these decentralised currencies, alongside a quick insight into the best currencies to use.
The Best Cryptocurrencies for Online Gambling
Before getting into how to use crypto for your online gambling transactions, you need to have a quick idea of the best cryptocurrencies to use. Have a look below.
Bitcoin
Bitcoin is one of the earliest cryptocurrencies to have blown up, and its appearance in 2009 did not indicate just how much it would impact the financial world. This coin has grown in value and is now the most popular crypto to use at online casinos.
Ethereum
Although not as popular as Bitcoin, Ethereum boasts some popularity and is quite common at crypto casinos. It was launched in 2015 and is now one of the biggest currencies when it comes to market capitalisation. Essentially, the main goal of this company is to create a set of financial products that are open access globally.
Dogecoin
Although it started as a joke back in 2013, Dogecoin has grown to be one of the biggest cryptocurrencies in the world. It made its debut as a meme that was meant to poke fun at cryptocurrencies. However, the Shiba Inu dog soon became a viral payment service.
Tether
Tether is an asset-backed stablecoin. Its particularity is that is backed by real money currencies, so this means that its value hardly ever fluctuates. The main aim of this cryptocurrency is to facilitate the use of fiat currencies on digital platforms.
The Benefits of Using Cryptocurrencies at Online Casinos in New Zealand
Cryptocurrencies have blown up so much because they bring a fresh perspective to online gambling. Although there are some cons to using them at online casinos in New Zealand, they are beneficial for both the players and operators. Here’s how.
Lower Transaction Fees
The typical casino transaction with credit/debit cards or wire transfers costs between 1 to 3% of the total amount, and most times, casino operators cover these costs. Crypto transactions hardly incur fees. Even when they do, these fees are extremely minimal. This saves the casinos a substantial amount of money, thereby giving them more leeway to give players better exchange rates and generous promotions.
Quicker Transaction Times
Although online gambling is mainly for entertainment purposes, there is no denying that a nice win can make your day. Instead of the traditional 1 to 6 business days that traditional payment methods take to remit player winnings, crypto transactions are usually processed instantly. or at the very least, about 15 minutes later. In addition to satisfying the players, these fast transaction times also reduce the risk of failed transactions for online casinos and boosts their reputation.
Security
Cryptocurrencies make use of blockchain technology and it provides an enhanced level of security for players and casino operators. Data with this technology is not centralised and is therefore safer from hacking and unauthorised access. In addition to this, blockchain technology is very transparent. So, each transaction can be traced and becomes much more auditable.
Global Accessibility
Cryptocurrencies are digital currencies, and as such, are not subject to national boundaries and regulations. Using them at online casinos is still a grey legal area. This means that countries with restrictive banking regulations (like New Zealand) can access online gambling a lot more easily and without the limitations that come with traditional currencies.
Challenges of Integrating Cryptocurrencies in Online Casinos in New Zealand
Integrating cryptocurrencies into online casinos in New Zealand does not come without its challenges, and I have explored some of them below.
Volatility
Unless they are asset-backed stablecoins, cryptocurrencies are prone to a lot of volatility. The values are constantly fluctuating, creating risks for online casinos. It also creates some uncertainty for players who are not sure of the value of their coins when depositing or withdrawing.
Technological Challenges
Integrating cryptocurrencies into casinos requires wallet management, token bridging, smart contract auditing, and much more. These skills might have to be outsourced or even developed internally, which can be expensive and confusing.
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