What is a Cryptocurrency?

A digital currency that performs the same functions as a regular physical currency. However, it has been optimized for its online use. You may have heard of the most popular one, Bitcoin. But there are also others available such as Ethereum, Litecoin and Dash. There purpose is to complete any type of transaction, from buying holiday trips with Expedia to online gambling. They started out small and unrecognised in 2010 with the creation of BitCoin, the first cryptocurrency. But they have began to gain momentum and popularity. Largely due to the unquestionable benefits such as instant transactions and no transaction fees.

The only real negatives of them is the variance in their prices. BitCoin being the most volatile which can be a big risk as one coin can be worth up to $15,000. Fortuna Gaming brands are yet to accept cryptocurrencies, but we have a huge range of payment types.

The beneficial impacts it provides:

There are many factors to consider when assessing the effectiveness of this new form of currency. Below we have listed some of the most significant ones associated with online gambling:

  • Formed purely for digital use, meaning companies can optimize their performance for the sector in ways banks can’t.
  • Instant payments and withdrawals! Regular bank payments take anywhere up to 5 business days, longer for international. Fortuna Gaming recognise this as a huge benefit of using cryptocurrencies. Additionally, transaction fees are removed meaning both player and operator can retain more money.
  • Privacy is a huge factor of cryptocurrencies, it allows players to make anonymous transactions. This is huge for gambling as people generally associate a negative stigma with choosing this activity. However, here at Fortuna Gaming we encourage people to try squash this negative stigma, as gambling can be an exciting and fun way to use your spare time.
  • Increased Security offered by Cryptocurrencies. The likes of BitCoin have private keys, these can be protected with use of strong passwords. This meaning that it is almost impossible to have your money stolen, in comparison to credit card information that can be easily taken.

The Limitations of Cryptocurrencies:

Although a much higher degree of advantages Fortuna has managed to pick out some significant disadvantages. These are the reasons our brands have yet to use this as a payment type, below is a list of them:

  • BitCoin is not legal a recognised form of currency in major countries such as the UK and US. This means it is largely unregulated and there isn’t a need for licenses. As operators aren’t licensed this means players can’t be assured of their safety on such sites.
  • Prices fluctuate by huge levels frequently, again down to the fact its not a recognised currency. Cryptocurrencies such as BitCoin have been used by many as a form of investment in hopes of their price rising rather than an actual usable currency.

The Verdict:

All in all, Cryptocurrencies have an abundance of fantastic benefits to offer users. However, there singular yet most significant limitation is that it is not globally recognised as a real form of currency. So, we at Fortuna Gaming would not recommend people using it. The huge fluctuation in prices associated with currencies such as BitCoin could leave you way worse off than a small transaction fee with banks.