Cryptocurrency has been the trend for major businesses in major monetary transactions. Cryptocurrency is considered the safest to use because it is encrypted data and is organized and heavily monitored by Blockchain making its data, currency, and/or important documents impossible to be penetrated by malicious sites. Blockchain is also responsible for securing the ledger of different transactions like transferring, buying, and selling.
Online Casinos in the US
Online wagering in the US is all the rage because of its basic factors which are convenience, efficiency, and accessibility though not all states are qualified in this industry. The US gambling law depends upon their federal state rules which mean that if a certain place doesn’t allow gambling or their application for physical or online gambling has not been approved, therefore you cannot wager in this area.
The following are the states which allow online wagering:
- New York
- New Jersey
- Louisiana
- Pennsylvania
- Colorado
- Michigan
- Illinois
- West Virginia
- Indiana
- Virginia
- Arizona
- Maryland
- Connecticut
- Iowa
- Tennessee
These are the following states which consider online betting to be legalized:
- Ohio
- California
- Massachusetts
To date, sports betting and online poker are allowed in Nevada but not online casinos. As a general rule, the player should be 18 years of age to be allowed to gamble online though some states might have different rules.
The Significance of Cryptocurrency in the US Online Casino
Cryptocurrency is decentralized and therefore is not supported by any banks in the world and the government as well which means that it can be used in other forms of shady businesses. On the lighter side, it can be beneficial in the online casino because of the following reasons.
More Efficient payment
Cryptocurrency particularly Bitcoin offers a faster payment process compared to the fiat banking method. You can learn how to deposit with Bitcoin here.
Minimal Fees
Cryptocurrency is not considered a third-party payment scheme therefore it has no fee. At times a nominal fee from the Blockchain or some gambling site asks for transfer fees but it is very low compared to payment methods.
It offers Lower House Edge
Most casino sites that offer cryptocurrency don’t have overhead costs compared to the traditional online casinos.
Cryptocurrencies for Online Casinos in the US
The rules and regulations of the crypto are decided by Malta including the Blockchain laws, ITAS, VFA, and the MDIA. At the forefront of cryptocurrency is the European Union and the first to legalize it.
There are no laws that prohibit any cryptocurrency from wagering online which is a big edge in the casino online industry in the country.
Tllowinghe fo are the crypto that is available on the betting sites in the US.
1. Bitcoin
Bitcoin has no borders and is highly valuable. This crypto protects the identity of the players which makes them automatically anonymous. Like other Crypto, the user is provided with numeric codes that only the user can open.
2. Ethereum
This crypto is the second best and is designed as payment rather than a currency. Ethereum is considered the most liquid and efficient among all cryptocurrencies because it can be easily cashed out or converted into something like gold at a low cost.
3. Litecoin
Litecoin is quite similar to Bitcoin and holds the top ten positions in market capitalization. This crypto is created by a former Google employee and MIT graduate Charlie Lee in 2011 and compared to Bitcoin, it takes only 2.5 minutes to verify a transaction in Litecoin but Bitcoin takes nine minutes.
4. Binance Coin
It is also known as BNB and is based on the Ethereum blockchain and follows the ERC20 standard (stands for Ethereum Request for Comment. It is used for creating and issuing smart contracts on the Ethereum blockchain).
BNB tokens are considered the best utility token and the Binance offer low transaction fees.
5. Dogecoin
This is considered one of the most popular among cryptocurrencies because of the influence of Elon Musk, CEO of TESLA. Elon Musk endorsed Dogecoin which is also known for its security and efficiency.
The Downside of Cryptocurrencies
- Not all casino sites accept cryptocurrency so it is imperative to ask the customer service of the site first before making a transaction.
- Cryptocurrency depends on the movement of the supply and demand and the government regulations thus it can be not that stable.
Conclusion
Cryptocurrency also has setbacks in the online casino industry but it does not hinder the player from enjoying it in wagering online. Crypto is still considered the most secure and offers the fastest monetary transaction.