Cryptocurrency and the online casino industry in Kenya

Cryptocurrencies have become the greatest innovation of the modern era, successfully revolutionizing the global financial industry. What started with one virtual currency, Bitcoin, providing people with an alternative way to make payments and shop online, is now a leading market with over 10,000 different types of cryptocurrency.

Cryptocurrencies, or “cryptos”, are already being considered as the future of money. A cryptocurrency is a type of digital money created from code. Still, they are the same as any other currency, with only one difference – there are no physical coins or bills. You keep them in a wallet, but not a physical wallet, but an online wallet. You can buy goods and services with them, but you can do all that online, not with “cash”. On top of all this, you can even trade with cryptocurrency.

Online casinos are always following trends to satisfy all of their customers’ needs, thus introducing cryptocurrency as a payment method available for deposit and withdrawal. If you like online gambling and you want to try using cryptocurrencies, you should learn more about cryptocurrency before jumping into it.

Why are cryptocurrencies so popular?
Cryptocurrencies offer a reliable means of exchange outside the direct control of national banks, such as the US Federal Reserve and the European Central Bank. This is probably the most important characteristic of cryptocurrency and the main reason why people who worry that quantitative easing (“printing money” of central banks buying government bonds) leads to long term economic instability are attracted to crypto.

Privacy and anonymity were major concerns for early opponents of cryptocurrency and remain so today. Many cryptocurrency users use pseudonyms unrelated to any information, accounts, or stored data that might identify them. Although it is possible to figure out the user identity of some sophisticated members of the community, newer cryptocurrencies (post-bitcoin) have additional protection that makes this much more difficult. This is an important point for players that do not want their payment information revealed to the online casino they have an account with.

The concept of blockchain, private keys and wallets effectively solve the problem of double-spending, ensuring that new cryptocurrencies are not abused by technologically clever fraudsters capable of duplicating digital assets. The security features of cryptocurrencies also eliminate the need for third-party payment processors – such as Visa or PayPal – to verify any electronic financial transaction.

On the other hand, it eliminates the need for mandatory transaction fees to support the operation of these payment processors – since miners, the cryptocurrency equivalent of payment processors, earn new currency units for their work in addition to optional transaction fees. Fees for cryptocurrency transactions are generally less than 1% of the transaction value, as opposed to 1.5% to 3% for credit card payment processors and PayPal.

The best cryptocurrency casino in Kenya

The use of cryptocurrencies in gambling and betting is increasing and becoming more prevalent. As casinos are always trying to attract new players by offering bonuses and promotions, another way to do that is to allow the players to deposit with any method they want. This is why an increasing number of bookmakers and casinos offer their customers cryptocurrency deposits and withdrawals. Using cryptocurrencies facilitates the whole process, keeps the payment information hidden and most importantly the fees are much lower.

One of the best online casinos for players in Kenya that want to use cryptocurrencies is Coinbet24 casino. This casino is a great combination of gambling and cryptocurrencies. Coinbet24 casino accepts deposits in more than 200 different cryptocurrencies and there is no other casino in Kenya accepting all these cryptocurrencies.

So, for all those casino lovers who want to be in trend or are already introduced to crypto, now is the time to combine these two things and start having fun while making more money – in crypto.

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