Will PayPal Make Cryptocurrency Deposits at Online Casinos Possible

About PayPal

PayPal is widely considered to be one of the most reliable eWallets in the world. Users can make fast and secure payments on a wide range of online platforms. The company supports payments to online vendors, auction sites and commercial users.

PayPal was founded in 2000 and has established itself as a trusted and reliable online payment processor. The United States multinational financial technology company is available at many online casinos. The reason for PayPal’s popularity is that the transactions are fast, easy and incredibly secure. In order to process transactions, PayPal users will need to go through authenticator steps to ensure that they know exactly where and how their money is being transferred. This can be done using the PayPal website or through the mobile application.

For online casinos, PayPal gives players the option of making swift deposits and withdrawals into their accounts. The online payments can be done without the need to add card details to the casino account. There are many cryptocurrency casinos that already exist, but the real question is whether PayPal itself will allow cryptocurrency deposits and withdrawals at these casino sites.

PayPal and Cryptocurrency

In the past, PayPal and cryptocurrencies such as Bitcoin have clashed. The online payment processor has not taken major steps into the world of cryptocurrency, although that could be set to change.

Many gamblers use PayPal to deposit and withdraw funds from their online casino accounts. Should PayPal start supporting Bitcoin transactions, then cryptocurrency casinos will become far more attractive to a huge number of players.

Bitcoin is increasing in popularity and has received interest from mainstream companies and investors. If PayPal does delve into the cryptocurrency market and allow deposits at online casinos, the hype around Bitcoin can grow even further.

One of the reasons why Bitcoin is an incredibly popular online payment method among casino players is that the transactions are fast, have very low fees, and are anonymous. As things are with PayPal today, there are often several fees charged to players, both by casinos and PayPal.

Bitcoin users will welcome the news of PayPal accepting crypto transactions, as it will make it a lot easier and cheaper to deposit and withdraw funds from gambling sites. Furthermore, players that prefer to use Bitcoin as a currency for online gaming will be able to do so without any problems. Should PayPal accept cryptocurrency, all players will need to do is provide a working email address and a credit or debit card.

PayPal announced its intention to start processing Bitcoin transactions. In doing so, the company is looking to collaborate with BitPay, Coinbase and GoCoin.

Over the past few years, PayPal has warmed to cryptocurrencies. As of 2016, PayPal users have been able to store balances in Bitcoin, Ethereum and Litecoin. This was achieved using the partnership of Coinbase.

How Cryptocurrency Would Benefit PayPal

If PayPal start accepting Bitcoin transactions, they will have more reasons for players to use crypto. The reasons why PayPal may want to expand into the cryptocurrency market for online casino gambling are the following:

Fast Transactions – both cryptocurrency and PayPal transactions are incredibly fast at online casino sites. To deposit funds into your account takes only a matter of seconds. For withdrawing, the timeframe for PayPal is longer than that of cryptocurrency. Thus, players may prefer to use cryptocurrency withdrawal methods when retrieving funds from their casino account.

Storing Data – PayPal allows players to keep track of all of their transactions. The same cannot be said of many existing cryptocurrency wallets. Thus, if PayPal adopt cryptocurrency transactions, players can keep track of how their spendings and how much they have deposited and withdrawn from their casino account.

Availability – PayPal is accepted at traditional online casinos and crypto casinos. If the online transactions processor accepts various cryptocurrencies, it will allow crypto users to play at a wider range of online gambling sites.

Ease of Use – PayPal works similar to a crypto wallet. If crypto players can add their funds from their PayPal account, they do not need to input any banking details to the online casino. This makes the process faster and safer as well.

Price – PayPal tends to have deposit and withdrawal fees at various online casinos. Cryptocurrency typically does not. If PayPal begins to accept cryptocurrency deposits at online casinos, it could remove the transaction fees that players have on their funds.

About Crypto Gambling

In today’s online gaming industry, cryptocurrency is gaining in popularity amongst many different players. That is because transactions are incredibly fast for both withdrawing and depositing. Furthermore, players can make anonymous transactions, as the cryptocurrency method does not require the player’s identity. As such, it is no surprise that a growing number of casinos are welcoming cryptocurrency transactions.

The best crypto casinos offer slots and table games from the industry’s leading software providers. That way, players can rest assured that they are playing safe and secure games that are completely fair. Cryptocurrency casinos offer the same benefits as traditional online casinos. The main appeal for crypto users is the anonymity and instant payouts from their casino accounts into their wallets.

How to Choose a Cryptocurrency Casino

If you are a cryptocurrency user, there are several things that you have to take into consideration before joining an online casino. The best cryptocurrency casinos are ones that can ensure your safety and are transparent. We have listed a few things to look out for before joining a crypto casino.

Safety and Security

It is known to online casino players that there are casinos that are safer and more trustworthy than others are. This same rule of thumb applies for cryptocurrency casinos. One of the best ways to check a casino’s legitimacy is by searching for the licenses that the casino holds. The most prestigious online gaming licenses in the world are the United Kingdom Gambling Commission and Malta Gaming Authority licenses. To obtain these licenses, casinos have to maintain rigorous standards of security and fair play.

It is also recommended to look for any third-party independent audits. The most transparent casinos will have been tested by third parties to ensure that their games are random and fair. There are several respected laboratories that carry out tests on casino games and the reports should always be made public.

Players also need to have a look at a casino’s security measures. The best casinos tend to have 128-bit SSL encryption technology in place, to ensure that all personal details and banking information is kept safe from prying eyes. They also tend to have a two-step verification to ensure the transactions are safe before they are processed.

Availability of Cryptocurrencies

As a cryptocurrency user, one thing to look for when deciding to join an online casino is whether they offer the cryptocurrency of your choice. There are many different cryptocurrencies available. That is why it is important to look at the crypto options before signing up. The most popular cryptocurrencies for online casinos are Bitcoin, Litecoin and Ethereum.

Why Cryptocurrency Gambling is Popular

There are many different reasons why cryptocurrency players prefer to use virtual coins for gambling instead of traditional currency. One of the reasons behind this is because they do not have the same limitations as you will find with traditional currency. Furthermore, cryptocurrency players can also benefit from other benefits that we will look at below.

Decentralization

Crypto users benefit from using the anonymity of the virtual currency. When depositing and withdrawing from online casinos using crypto, players have full control over their funds. The government or banks cannot stop any transactions, nor can they freeze them. Cryptocurrencies can be transferred from your casino account into your crypto wallet without anyone knowing or saying otherwise.

Reduced Transaction Fees

Another benefit for cryptocurrency users is the joy of reduced transaction fees. Whether they are looking to deposit money into their account or withdraw funds from their account, players do not suffer the same transaction fees as traditional payment methods. The transaction fees on blockchains are substantially lower, meaning players can enjoy slightly more funds from their account whether depositing or withdrawing.

Public Transactions

A key advantage of using cryptocurrencies at online casinos is the public ledger. Because of the public ledger, all transactions are made public and are therefore transparent. This gives players the chance to receive proof of deposits and withdrawals into and from their casino accounts.

Global Acceptance

Cryptocurrencies do not belong to a specific country, government or bank. Instead, they are used all around the world. Due to their worldwide reach, cryptocurrencies are available at a number of casino sites, regardless of where the player is or the market that the casino caters to. Players can enjoy cryptocurrency casinos from all around the world.

Secretive Nature

Finally, the most popular feature that cryptocurrency users can enjoy is the complete anonymity when playing at an online casino. All cryptocurrency transactions are anonymous. That way, cryptocurrency players do not need to reveal their personal information, nor will any crypto casino require players to provide their credit card or bank account details either.

To Conclude

Should PayPal indeed start accepting cryptocurrency payments, they will revolutionize the online gaming industry. Cryptocurrency players will find a greater variety of online casinos as many sites accept PayPal as a banking method.