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Online Gaming without Borders: Cryptocurrency

Eplore how widely accepted international online casinos are around the world, and whether cryptocurrency is the perfect deposit and withdrawal method.

Cryptocurrency and International Online Casinos

International online casinos have never been more popular, with a long term upward trend accelerated by the 2020 anti-pandemic lockdowns. Additionally, for those who have been playing quite frequently, it’s been discovered that cryptocurrency is an increasingly popular casino funding option and for many reasons.

USA and Bitcoin

The United States is something of an odd duck when it comes to online casinos. Most Western nations, such as Canada and numerous European states, are either somewhat or very pro-betting. The UK, for example, has more than one in 10 people gambling in any given four week period. But, historically, the US has been altogether frostier, and sometimes downright hostile to online betting. Research indicates that younger adults are likelier to play in the US (two-fifths being 34 or under), but perhaps more surprising is the finding that 57% of American players are female (including social casinos).

There are some indications that in parts of the US this chill is starting to thaw a little, but it’s still far from the open and progressive policies of countries such as the United Kingdom, or even the greyer approach taken by Canada. And that’s where cryptocurrency comes in.

Because online betting is less readily accessible than elsewhere, the funding methods available in the US can often be fewer in number. Cryptocurrency, with bitcoin being the clear market leader, has become increasingly popular as a means for US players to bet over the internet. As a general method of personal finance cryptocurrency has soared, and it now has a market capitalization equal to that of Costco.

Bitcoin’s popularity as an online casino banking method is due to its unique combination of security and anonymity. People wary of sharing details online need have no fear of losing them with bitcoin. The anonymity also means that players all over the world can use the method, making it especially popular in countries with stricter regulatory regimes (although it’s also increasingly widespread as a banking option in pro-betting nations, as discussed below).

Bitcoin also offers rapid deposit and withdrawal times, usually without fees attached. In short, there are many pros and relatively few cons, making it a top choice for many players from the US and elsewhere when playing online.

The Best Online Casinos In The World

Every player has to pick not only their top online casinos and preferred games, but also their favored funding method. As we’ve explored, cryptocurrency, particularly bitcoin, is increasingly becoming the international banking method of choice because its anonymity makes it useable from just about every country. When it comes to finding the best online casinos in the world to play at, these are the top choice in 2020 at which players in most countries can find a stunning selection of slots, great range of table games, and a bevy of bonuses with which to play. Bonuses are useful because they can provide either a substantial increase to your online casino funds through match deposits or allow you to play certain games for free, but still with the chance of winning real money. Many top casino promos are linked to specific depositing methods, with bitcoin increasingly associated with specific bonuses, providing one more plus point for cryptocurrency in the world of online betting.

Cryptocurrency in Canada and Europe

On average, players in Canada and Europe have more banking options available than more restrictive regimes such as the United States. This is to be expected given that about half the population of Canada (18.6 million people) actively participate in betting. Here too, cryptocurrency which includes not only Bitcoin, but Litecoin, Ethereum, Dogecoin and more, are becoming more and more frequently accepted. However, there is something of a difference as cryptocurrency is just one of many options, from e-wallets to pre-paid cards and vouchers, as well as the universally present giants of Visa and Mastecard. That said, the same benefits are available to Canadians and Europeans, primarily a high degree of security coupled with anonymity, fast transfer times, and minimal fees.

Bitcoin Availability and Volatility

Bitcoin is mostly great for betting online but nothing’s perfect and there are a couple of potential drawbacks. The main one is that, whilst rising in availability, it still cannot match the ubiquitous nature of card companies like Visa, Mastercard, or American Express.

Another mixed factor is the volatility. Bitcoin, and cryptocurrency as a whole, is inherently more volatile than traditional currencies. This does come with an upside as well as a downside: sometimes the value of a cryptocurrency rises quite significantly. But it can move negatively too, and that’s worth being aware of.

The Next Step – Digitizing Currencies

Taking its cue from cryptocurrency, traditional forms of money may be about to undergo their own digital revolution. Countries including the US and Japan have plans in the pipeline for digital versions of their national currencies, allowing for cashless transactions without requiring third-party intermediaries (whether card companies or e-wallets).

This might sound like cryptocurrency but there are two big differences. The first is that it’s still traditional money (dollars, euros, pounds, etc) governed by national central banks or a trading bloc central bank in the case of the eurozone. Secondly, this approach would be the exact opposite of cryptocurrency so far as government monitoring goes. Therefore this could be an extra option for pro-betting countries, but when it comes to betting from the US this is unlikely to be available unless the law is relaxed to a significant degree. Nevertheless, it’s something to keep an eye on.

Betting is popular all over the world, and one of the few truly global options is cryptocurrency. It works for countries both pro-betting and with more lukewarm attitudes, and is particularly good for players from the US.