Cryptocurrency has become the new global digital currency of the 21st century with interesting features like the privacy of the sender & receiver and without the interference of regulations of the third party i.e. Banks. The traditional banking system is governed by governments & bankers which makes it quite susceptible to manipulations. In the absence of the third party in managing the currency it, in turn, lowers down the processing fees or transaction fees.
Cryptocurrency is the virtual digital currency which uses cryptography to secure the transaction from theft or unauthorized access. This makes it very secure and transactions involved in Cryptocurrency have a decentralized control with no central authority controlling it.
It is managed through a distributed ledger system, showcasing the public financial transaction details between the two parties are added permanently, recording these transaction details is known as blocks which can be added after the other in the form of peer to peer network forming a blockchain secured by encryption technique Cryptography.
Although blockchain is public, it is the encryption using Cryptography which makes it a hard nut to crack. This global digital cash can be used easily without paying any additional huge processing fees, unlike the traditional banking system.
Advantages of Cryptocurrency which is making it so popular:
Cryptocurrency transaction, unlike the traditional banking system, does not entrust upon the third party (Bank) and the control is decentralized among the network of people authorized to regulate the software. The absence of any such authority makes it very safe and secure to use globally without revealing much of your own identity.
2)Secure Transactions from Identity theft & Fraud
Since each Cryptocurrency transaction is matched with an online ledger of all the transactions which makes it less susceptible to fraud. Unlike, the traditional banking when our credit or debit card are swiped it reveals all our personal information. In Cryptocurrency identity of both, the parties are secured and reduce the chances of identity theft.
3)Global Digital currency
Cryptocurrency transactions are very easy to carry out across any part of the world as it is the virtual cash without any control of any authority. Therefore even transaction across different continents can be extremely easy without any interference of exchange rates imposed, which tend to reduce value. It is a new age 21st-century digital currency.
4)Anonymous quick easy payments
Cryptocurrency can be used by anyone all over the world using the internet without revealing your debit or credit card details even, just need to know wallet address of the person you wish to send money. The ease of transactions globally makes it o popular among users. There are no middlemen involved in the Cryptocurrency transaction which makes it quickly without any hassles involved.
5) Relatively Safe
Usage of Cryptocurrency is relatively safe than another physical form of currency as it is a digital currency, the chance of losing out digital currency is relatively lower. However, with proper backup it becomes very secure to use digital virtual currency.
Along with advantages, there are some disadvantages of the Cryptocurrency as well. Few of them are as discussed below:
1)Difficult to trust the concept : Cryptocurrency
Cryptocurrency – the use of virtual cash payment system has trust issues as people couldn’t believe how to trust a currency when there is no central authority like Bank is involved. However, the popularity of Cryptocurrency is gaining momentum as the fog around the concept is getting cleared slowly and steadily.
2) Prone to Hackers
Cryptocurrency can be prone to hackers if you have invested without gaining proper knowledge about the terms and conditions. Cryptocurrency is the relatively new concept and gaining insights about the concept is important before digging in.
3)Not accepted Universally
Bitcoins and Cryptocurrency are still new and are gaining acceptance. However, it is still not accepted universally and before making Cryptocurrency transaction it is important to check whether it is accepted the place we intend to use it. It has its own limitation as there are only a few places where Cryptocurrency is used.
Cryptocurrency is a volatile currency as its value can escalate or plunge depending upon its demand and supply. It is one of the primary reasons for people being apprehensive about adopting this currency.
Cryptocurrency has its own advantages and disadvantages though it is gaining huge popularity in cyberspace all across the world. Making Transactions in Cryptocurrency is quick and anonymous without paying the price of conversion rates across the different currencies. Such unique features of Cryptocurrency have made it a hugely popular way of the transaction in online gambling as there are fewer restrictions comparative to the traditional banking transactions.
Using digital currency like Bitcoins while playing online casinos maintains the privacy of while the transaction with 24×7 availability paving way for ease of use. Adoptions of Cryptocurrency by online gambling platforms have been welcoming as it is the cost-effective way of evading huge transaction fees charged while transacting using the traditional banking system.
Introduction of Cryptocurrency has revolutionized the way online transaction occurs while being in the digital space. It has become the new –age way of virtual digital transaction medium online for mostly gaming. As it is a tech-savvy currency that can increase benefit saving on exchange rates across borders. It has become a global currency and has brought people across the globe on the same platform. Tech-savvy community online has been promoting the use of Cryptocurrency across the online gaming industry as it is secure, fast and privacy of the user is maintained.
Transacting in Cryptocurrency is fast at the lightning speed and can be instantly withdrawn within a few minutes as it involves sender and receiver only, reducing bottlenecks in transactions. Cryptocurrency has revolutionized the way of the transaction in online gambling platforms. It has become faster, smoother, reliable and trustworthy in these years. Cryptocurrency maintains the ledger of all the online transactions done and it is an open source encrypted though as well. It makes it secure in making transactions online. Any person across the world can use Cryptocurrency easily for gambling online.