Is It Possible To Play Online Casino Games Using Cryptocurrency?
Many people in New Zealand enjoy the fun and entertainment of online casino games. Yet perhaps not so many know all that much about cryptocurrency. But the world of NZ online casino gaming has always been quick to adopt any new concepts and technologies which may increasingly affect our everyday lifestyles. That’s why it is now possible to play online casino games in so-called cryptocurrency casinos which are equipped to cater for the needs of players who now wish to conduct their gaming transactions using digital currencies. So let’s look at what this new concept is likely to involve.
Playing games in a NZ online casino
If you take just a quick glance, it’s very hard to tell any difference between gameplay in an ordinary online casino and an establishment where the online players are financing their fun via cryptocurrency. Both seem to offer a full range of casino games to their playing customers. And in each instance the selection appears to include a choice of traditional card games or table games, as well as a collection of slot games and video poker games. And likewise, each seems to have a number of live dealer casino games, and a few other games besides.
So just from the player’s point of view, it’s really difficult to make any meaningful choice between the two options. And usually, online casino operators can deliver players an expertly crafted platform with hundreds, or maybe even thousands of top-entertainment online casino game titles. And most contemporary casinos are likely to have access to very similar software providers. This ensures that wherever you choose to play you will still come across games by leading game developers. In all New Zealand online casinos you’ll find games created by the likes of Microgaming, NetEnt, Playtech, Dragonfish, eZugi, IGT, Play’N GO, Yggdrasil Gaming, Evolution and perhaps more. All such leading software game creators are licensed and regulated by the principal gaming authorities all around the globe, from UK and Ireland regulators to the Malta Gaming Authority, Canada’s Kahnawake Gaming Commission and many more.
So what is cryptocurrency?
A cryptocurrency is simply a type of digital or virtual currency. Its principal distinguishing feature is that it uses a complex system of cryptography (computer coding) to create an ironclad security blanket. And this unprecedented level of security protection is what makes all forms of cryptocurrency so difficult to counterfeit. Most kinds of cryptocurrency are designed as decentralised systems and created via blockchain technology. This creates a distributed ledger containing contributions from a disparate network of computers and programmers. It’s important to understand that cryptocurrency is formatted organically, which means it lacks any central issuing authority. This in turn makes all digital currency far less likely to be restricted or manipulated by any form of government interference. Thus the relative independence of cryptocurrency is a major part of its appeal.
Bitcoin was the first type of blockchain-based cryptocurrency to be created. Even today, Bitcoin is still the best known digital currency, and also the one which has performed best and thus largely retained its relative value. Nevertheless, there are now a host of new cryptocurrencies available, each with their own functions and defined specifications. Bitcoin Cash, Litecoin, Ethereum and Ripple are just a handful of the more common newer digital formats. Some newcomers are simply Bitcoin clones while others are forks, or new cryptocurrencies inspired by an existing form and then developed in a slightly different direction to the existing model.
Advantages and disadvantages of paying with cryptocurrencies
For those who wish to use cryptocurrency for their financial transactions in online casinos, there are a number of advantages. The principal gain for the player is surely the enhanced level of security offered. Although a cryptocurrency casino may use similar security protocols to a standard online casino, the payment processing is of a different order entirely. Paying via Bitcoin, Litecoin, Ethereum or others, blockchain procedures ensure it is practically impossible for criminals to intercept your transaction and take money from your Bitcoin wallet.
Another advantage is the degree of anonymity which digital currencies provide. Unlike personal bank accounts, credit cards, e-wallets and other payment methods, payments in digital coin require no telephone numbers or postcodes to be disclosed, and definitely no e-mail addresses. This is due to the fact that digital currency was originally developed as a non-bank payment method in order to prevent governments or other organisations tracking the telltale trail of transaction details.
Digital currency transaction processing of deposits and withdrawals is also very fast with clearance almost immediate in some instances. But though traditional banks can now match these same speeds for deposits, withdrawals can still take a lot longer to appear in your account. So for those who like to keep a careful eye on their spending and receipts, digital processing has a clear edge.
The processing of cryptocurrencies also costs very little. So with digital currency you can enjoy virtually fee-free transfers from your crypto wallets to your crypto casino, and back again.
On the downside, players must ensure that any crypto casino they plan to use is properly licensed and registered. And it’s also wise to be aware that with any cyber currency there may be the potential for some future government regulatory interference. Another consideration is the possibility that hackers may become interested in the possibility of gaining control of larger sums of digital currency. This is because although it’s very hard to crack the security protecting digital coinage, it’s almost equally hard to trace anyone who manages it.
In addition, there are occasional instances where cryptocurrency casino protocols have proved not to be completely compatible with every kind of hardware platform. Therefore, whether your device uses a Mac, Windows, Android or iOS operating system, it would be sensible to check if games will play properly on your device before you load your chosen online crypto casino account with any amounts of digital currency. This checking can usually be done by playing a demo version of the game on the casino site.