Cryptocurrencies, or digital currencies, are here to stay. They work by using blockchain technology, which forms a set of digital numbers with a value. Blockchain transactions are a distributed ledger of transparency. They remain anonymous, secure, and permanent. They cannot be altered. Cryptocurrency transactions are not reliant on regulated payment providers. The online gaming casino revolution has embraced them.
Advantages of Cryptocurrencies in Online Gaming
- Transparency: cryptocurrency is stored globally on thousands of servers for everyone to see.
- Decentralization: no information is stored in a central location.
- Anonymity: only a unique key or public code is recorded in a blockchain.
- Reduced casino costs: crypto gambling sites have low overhead costs.
- Faster payout process: self-executing smart contracts pay out with conditions.
- Transaction fees are notably cheaper.
- Swift, worldwide payments: transactions take anything from seconds to a few minutes.
Blockchain Gambling in Hungary
Boross Ors is our expert here for the Hungarian gambling revolution, casino players, and bitcoin casino resources. You’ll also find informative guides on the topic on sites like https://kaszinok.online/.
There are very few licensed casinos in Hungary, but no law prevents you from accessing online casinos offshore. Many international casinos now accept players from Hungary. However, very few offer games in the Hungarian language, preferring English as the norm. The use of cryptocurrencies negates the need for play in Hungarian forint, the US dollar, or any other currency.
How to Create a Bitcoin Wallet
There are three types of Bitcoin wallet. There is a mobile wallet on your cell phone, a software wallet for your desktop computer or laptop, and a hardware wallet, which is like a digital bank account. The latter is the safest option and is stored on a ledger like a USB stick.
The most popular Bitcoin exchanges in Hungary are Coinbase, Coinmama, CEX.io, and eToro. There are many others to choose from, so do your research.
To set up your account:
- Download the App Store application for iOS or Google Playstore for Android devices.
- Follow the onscreen instructions.
- Set a strong password, and verify your identity.
- Deposit funds from your debit or credit card, and buy cryptocurrency.
Note that cryptocurrencies are volatile like a high-risk asset. Their price can fluctuate over a short time period. At this stage, it is not a good idea to keep savings or store money in your cryptocurrency account. Remember that you’re buying cryptocurrency at one price and selling at another.
- The three leading cryptocurrencies are Bitcoin, Ethereum, and Ripple. There are many more known as Altcoins. Online casino players are allowed to use almost any cryptocurrency for payments. Keep an eye on prices and the movement of markets.
- Bitcoin is an electronic coin and was the first cryptocurrency ever created.
- Satoshi Nakamoto created Bitcoin in January 2009 and remains anonymous to this day. No one is sure whether he is a real person or a pseudonym for a group that created the software.
- Only 21 million Bitcoin will ever be mined. Once this amount is unlocked, the supply will be exhausted. This increases their net worth exponentially.
- In Hungary, profits from cryptocurrencies are classified as “other income.” Any profits made from selling or exchanging virtual currency are considered taxable. Casino winnings, however, are tax-free no matter the size.
- Cryptocurrencies are regarded as an asset or property and not a currency. Every transaction is recorded in a public ledger called a blockchain. Creating a new block of transactions is known as mining. Computer processors create the block by solving complex algorithms.
- The intricate blockchain technology that records cryptocurrency transactions makes it extremely difficult to hack.
Cryptocurrencies are the digital currency of the future. Even some banks provide Bitcoin services, and many international shops accept them. In Hungary, there are a few hundred enterprises that use them over a wide range of services. There are a growing number of Bitcoin ATMs available in the country. Cryptocurrencies are a real gamechanger with the online casino revolution. They are worth looking into.