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The general term “Fiat” in financial sector refers to commonly used state regulated currencies, such as:
Those are widely accepted in most, if not all, online casinos worldwide for playing online casino games. Today we investigate if any changes are to be expected in 2019 after cryptocurrency appearance. As the years go by, experts definitely can differ what is black and white in online casino space.
Modern Needs in Online Casinos
The notion of fiat excludes cryptocurrencies and other non-state regulated payment tools. Significantly, the first are getting popular by gamblers playing at online casinos as they have many attractive features. Modern means of payment have a great potential in the casino, online casinos for real money support various software providers too (Nexgen Gaming, Realistic Games, IGT, Evolution Gaming, Pragmatic Play, Microgaming, Cryptologic, Yggdrasil, Big Time Gaming, Netent Casinos). Importantly, there are also downsides of using fiat money, which are reflected in relevant benefits in favour of cryptocurrencies. Let's define the opponent first.
The Benefits of Using Cryptocurrencies
Among the advantages using cryptocurrencies, some bloggers also include an increased anonymity of the casino players. However, such feature also makes it less traceable and a great tool for criminals. Additionally to the casino bloggers' pieces of advice, the following best online casinos have already incorporated or are planning to allow friendly non-fiat money for everyone. Find the best:
- William Hill Casino (for UK players)
- Vegas Casino
- Royal Panda
- LeoVegas Casino
- Casino Casumo
- Casino Dunder
- Guts Casino
Being purely electronic mean of payment, from min to max amount of cryptocurrencies can complete a transaction within seconds. Such speed is supported as well by credit/debit cards and e-wallets. Nevertheless, wire and bank transfers or some prepaid cards may take even days to proceed.
Recommended online casinos, which accept non-fiat cash, are frequently bringing additional attention to them. Therefore, cryptocurrency transactions, deposits or wagers on favourite games often lead to increased amounts of casino bonuses (including slots, cash-back, loyalty scheme, High Roller gifts and welcome package bonuses and promotions), special treatment for players or other types of exclusive bonuses.
No Bank Charges and Low Taxes
Being a decentralized system without any state regulatory basis, cryptocurrencies are not subject to inflation. Moreover, the price of a transfer is very low or zero. Furthermore, a client can count on non-taxed payments and be exposed only to currency exchange charges.
Higher Security and Privacy
The Advantages of Using Fiat Money in Online Casinos
Standard and widely accepted currencies would hardly disappear in many decades though. They have been existed for centuries and form the basis of everyday transactions - deposits and withdrawals. Moreover, there are 4 good benefits of such cash in casino process which are hard to deny. Learn the advantages below.
They are driven by the largest economies and cover the majority of transfers in the world. Therefore, winnings in those currencies can be used for payments anywhere or changed into local equivalents without difficulties. All casinos accept at least one type of fiat money.
Importantly, fiat money is called this way as its value is suitable for big traders and financial institutions. They have a low level of volatility and keep the value at relatively similar and high level. It helps to estimate earnings knowing that they have a stable.
Obviously, fiat currencies are subject to various rules and regulations, especially from the banking systems which support them. Nevertheless, the framework of its usage is already made whereas all new payment equivalents are just building their legal basis and have unclear future, especially for such sensitive areas like gambling.
The most popular alternative to real money online casino in gambling online and overall is Bitcoin. This cryptocurrency has the most attention from the media and society. However, additionally to the above-mentioned, the talks regarding its future are on-going and many experts have no idea of what to expect.
The Future of Fiat Money
No one denies that the modern technologies are integrated in various segments of gambling industry. The quantity of cryptocurrency customers at casinos for real money will only increase which also raises the chances of playing in casinos using it. However, as indicated Chepicap.com in 2019, there always will be those who prefer traditional currencies. Therefore, fiat money will anyway remain to be accessible to payment options - Skrill, Neteller, Paysafecard, Visa, Mastercard and some else - for deposits and withdrawals in the web entertainments for the next little while.