Key Facts About Cryptocurrency, Fiat Currency, And Online Casinos

Key Facts About Cryptocurrency, Fiat Currency, And Online Casinos

By Adam Smith | Finance Contributor on August 20, 2019
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Modern online casinos offer many different forms of payment on a wide variety of different payment platforms. Many use traditional currency such as dollars, rubles, and euros. This is known as fiat currency. As cryptocurrency becomes more popular, some online casinos now offer that as a payment option. Here is what you need to know about the difference between the currencies and which option would be better – to play Bitcoin casino games, Litecoin slots or Ethereum Blackjack.

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Cryptocurrency

The most popular cryptocurrency is Bitcoin, but there are dozens of other crypto offerings out there today. This currency is completely anonymous, allowing you to acquire it and spend it without having to give up any personal information.

The value of cryptocurrency depends on the different exchanges where you can buy, sell, and trade the coins.

Cryptocurrency is a great option if you want strings-free transactions and value your privacy enough that you don’t want multiple people in different parts of the world to see your personal banking information.

Fiat Currency

Fiat currency is the term used for most traditional currencies, including the US and Canadian dollar, the Indian rupee, the Euro, and more. Fiat currency provides a certain level of convenience that people appreciate—there are no exchanges to deal with and the funds you receive usually match the currency with which you are most familiar.

However, many people have privacy concerns when it comes to fiat currency. Because you have to provide personal information, usually including bank account information, or online fiat transactions, there’s always a chance that a hacker could get your online information even on a secure server. It might be a good idea to add an extra layer of security when you get online.

You don’t have to choose just one form of currency for online transactions. Depending on who you are dealing with, you might opt to keep a mix of different currencies, using cryptocurrency when it suits you and fiat currency when you are sure of the site’s security.

Other people might opt to choose one or the other exclusively, ignoring online casinos that offer payment in different forms. Many online casinos now offer options to use both, allowing you to make a choice that is right for you. In that regard, the cryptocurrency-savvy CasinoChan online casino.

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