Online Casinos and How Cryptocurrencies Impact Them
It is no secret that payment methods at the best Dutch e-casino have long been a challenge for Dutch e-players. This is due to a ban on Dutch banks that was introduced by the Dutch authorities in 2010. The ban addresses the fact that Dutch e-banks cannot carry out transactions directly to Dutch e-online casinos.
Fortunately, several options have emerged in recent years, and cryptocurrency is one of them. We will therefore take a closer look at the positive effects that cryptocurrency has brought to Dutch users of online casino games.
Why choose cryptocurrency at online casinos in the Netherlands?
In order to be able to play at online casinos such as suhubet, it is important to have reliable methods for depositing and withdrawing money. There was a long question here about what methods the dutch could use, but cryptocurrency has quickly given the answer to this. As a decentralized system, cryptocurrency is beyond the reach of Dutch e-authorities, which means that Dutch e-players can transfer money to and from their player account smoothly.
This has also led to many of the best online casinos accepting cryptocurrency as payment, which you can read more about on this page. Here you will find more information about online casino games and which online casinos in the Netherlands offer cryptocurrency as a payment option for their players.
Why do Dutch e-players prefer cryptocurrency?
Previously, Dutch e-players used e-wallets and VISA/Mastercard for deposits at online casinos, but that came to an abrupt end in 2010. This is, as we mentioned earlier, due to a ban imposed by dutch banks by regulatory authorities in the Netherlands. Experienced players have participated in this game before, as they had to quickly find reliable alternatives.
This has led to the use of prepaid cards, VISA, Mastercard, PaySafe, Neteller, Skrill, and a number of different payment methods. However, these are all subject to regulatory approval as centralized payment methods. In short, this means that they use crowns, euros, or dollars to move values from A to B.
However, the use of such funds means that companies are vulnerable to losing their license as an approved payment method. Most solutions have therefore lived on borrowed time, something we have unfortunately confirmed time and time again. Fortunately, the use of cryptocurrency has turned this image on its head in favor of the players. We will therefore take a closer look at some of the reasons why Dutch players are now using more and more cryptocurrency for online games.
Easy switching
An undisputed advantage of cryptocurrency is that it can be exchanged for virtually all centralized values in the world. You can easily create a crypto wallet and exchange Dutch crowns for Bitcoin, Litecoin, Ripple, Ethereum, and other currencies.
Fast transfer
Since cryptocurrency is a decentralized system, you can complete year-round transactions around the clock. This is also one of the biggest advantages of cryptocurrency. This advantage has also ensured that cryptocurrency has become one of the most efficient means of payment for those who carry out international transactions.
Protection of personal data
Last but not least, cryptocurrency is an effective way to secure your personal information online. Cryptocurrency is traded through encrypted networks that only make the transaction itself visible to the rest of the blockchain. This has allowed you to transfer money to another wallet without having to provide sensitive information about credit cards, names, and the like online. We, therefore, have the feeling that this is a technology that will largely become commonplace for online payments in the future.
ALSO READ: How to Invest in Cryptocurrency Today
How do you get started with cryptocurrencies?
One reason many people haven’t researched cryptocurrency is that they think it’s complicated. Fortunately, it’s much easier than many people think, and we want to show you that. We are therefore going to take a closer look at how you can get started with cryptocurrency for online payments, or deposits at your favorite online casino.
Create a crypto wallet
The first thing you need is to create a crypto wallet for storing your digital assets. There are a number of different players in the Dutch e-market, but eToro and Firi are the most popular. Both are free to use and with both, you get started quickly. However, we recommend that you familiarize yourself well with the different options before making a decision.
Find cryptocurrency
There are over 3,000 different cryptocurrencies on the market, but there is a small selection that is often preferred as a means of payment. This is because many of the small currencies are very volatile, making them unsuitable as a means of payment. Therefore, check out the most popular ones that are currently Ripple, Ethereum, Bitcoin, and Litecoin. These are also the ones that are largely used in online casinos.
Before we go any further, it is good to note the following; it is up to every online casino what currency they accept as a deposit. You must therefore ensure that the cryptocurrency in which you invest – can actually be used for deposits to which you want to transfer your money.
Transferring Cryptocurrency to Online Casino
Once you’ve figured out which cryptocurrencies you want to use, it’s time to buy them. The transaction itself is relatively simple, so we won’t spend too much time on this. You can choose to transfer NOK via bank transfer or bank card, before then purchasing the relevant cryptocurrency for your account.
Then it’s time to send your cryptocurrencies to the online casino. This is done by entering an address for their crypto wallet. In practice, this address works as an account number as you enter it into your online bank.
Summary
Cryptocurrency has quickly become a preferred payment method for Dutch e-players at online casinos, and that is not without reason. This decentralized system has opened up the ability to transfer values to and from a player account securely, quickly, and easily.
An opportunity that many Dutch players have missed for years. In this article, we have therefore taken a closer look at some of the positive effects of cryptocurrency for the iGaming industry, but also how you can quickly get started with using cryptocurrency as a means of payment.
