Most casino companies are moving with the times and have now embraced cryptocurrency for deposits. Players now have a range of choice on how and what to deposit to their playing account besides the traditional currency. But what are the advantages of crypto as a means of payment in casino games? For answers to this question, read the article below.
Cryptocurrency is powered by blockchain technology where data is stored in multiple computers across multiple locations. What this means is that there is a high degree of security of a player’s personal information. With the increase of data breaches cutting across all sectors of the economy, data security is paramount, especially where the customer is involved.
The evolving information and technology landscape have put authorities on high alert. Private businesses such as casino companies hold an immense amount of personal citizen information, forcing governments across the world to tighten data security laws. Cryptocurrency allows private companies to meet the data governance and compliance standards set out nationally and internationally.
Winning the confidence of a customer is key to attracting and retaining a sizeable customer base. The fierce competition that exists between casino companies is essentially a war to win the confidence of players. Accepting highly secure cryptocurrencies is a clear indication of the level of seriousness that a company attaches to a player’s data security. As such, a company is likely to get a mark of approval from its most important stakeholders, the players.
To capitalize on the betting craze worldwide, governments in most jurisdictions have introduced taxes on players winnings. This has had the effect of turning away players numbed by the level of taxes, some as high as 35 per cent. As cryptocurrency is still a new fad, taxation is still a grey area, and players’ winnings remain untouched for the most part.