Cryptocurrency has become a widely acceptable tender across the world largely due to benefits ranging from the ease of accessibility to funds to speedy transactions at low costs. It is, therefore, no surprise that online slot sites are now accommodating deposits and withdrawals through cryptocurrency. The benefits of this innovation to online slot gambling is the purpore of this read.
What is Cryptocurrency?
In simple terms, cryptocurrency is a virtual currency or money existing in the form of tokens or virtual coins on a decentralised and distributed ledger. You may also refer to it as a digital currency that is secured by cryptography which makes it almost impossible to double-spend or counterfeit. Here are 5 key points to note about cryptocurrency:
– There are over 4000 cryptocurrencies – but Bitcoin reigns supreme.
– Cryptocurrency is very volatile – not as stable as the Pound Sterling.
– Cryptocurrency is not acceptable in all countries of the world – the UK is, however, crypto tolerant.
– It is not illegal to hold cryptocurrency – especially not in the UK.
– Profits generated from cryptocurrency are chargeable to tax.
How to use cryptocurrency for online slots gambling?
Using cryptocurrency for pay by mobile slots, gambling typically means that funding, winnings, losses and withdrawals on the online slots site are made in any cryptocurrency of the gambler’s choice. Common alternative payment options are bank transfers, credit/debit cards and e-payment platforms such as PayPal, Neteller, Skrill, etc. Nonetheless, the steps on how to use cryptocurrency to play online slots are as follows:
– Open a cryptocurrency virtual wallet, e.g., Luno, Coinbase, etc.
Deposit your Pounds (£) in the wallet through bank transfer, credit/debit card or other e-payment platforms.
– Purchase some coins with your fiat deposit, e.g., Bitcoin, Ethereum, etc.
– Pick an online slots site that allows cryptocurrency as a payment option.
– Log on to the deposit page of the slots site, which allows you to select Bitcoin or any other available cryptocurrencies to make your payment.
– Enter the amount of money you wish to deposit and confirm your transaction to complete the trade.
– Choose a game and play.
What are the benefits of using cryptocurrency for online slots gambling?
The benefits of using cryptocurrency to play online slots games are highlighted as follows:
– Anonymity: You can gamble on online slots games without revealing your true identity.
– Security: Cryptocurrency offers you a very secure means of depositing and receiving funds. Unless you disclose your wallet pin, your funds are safe.
– Little or No Fees: Deposits and withdrawals through cryptocurrency come at little or no costs, especially with Bitcoin. The transaction fees, if any, are voluntary and substantially minimal than other payment systems.
– Speedy Transactions: Deposits and withdrawals are made in no time, given the few transaction processes to complete as opposed to the common online transaction channels.
– Lower Gambling Taxes: since betting transactions are done at little or no costs, taxes chargeable are virtually none.
While it is hugely appreciated as a veritable means of gambling transactions, its volatility and especially the fact that it is permitted by relatively few online slots gambling sites cast a worrisome impression on the use of cryptocurrency for online slots gambling.
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