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Online gambling has always been in a separate category when it comes to financial transactions. For this reason, there are still regions and countries like Portugal that have numerous rules and laws that help them regulate the online gambling market.
However, with the evolution of casinos that accept cryptocurrencies, Portuguese players are getting the financial freedom to use their funds at casinos portugal online in whichever way they want, just like they once had in land-based casinos.
What Is Crypto?
In essence, cryptocurrency is a digital or virtual currency that is used to make transactions on the internet. It is encrypted, which makes it impossible to duplicate, and decentralised, which means there is no central authority that regulates it.
Cryptocurrencies are stored in specially designed crypto wallets in almost the same way money is stored in e-wallets. Most cryptocurrencies are based on blockchain – a massive network of computers and are immune to third party interference.
Online gamblers appreciate the anonymity of gambling online, and cryptocurrencies take this one step further. Most crypto wallets don’t require their customers to provide personal information or verify their identity, and this allows people to manage their funds freely.
On the other hand, the large majority of crypto casinos don’t request players documentation for withdrawals, and some don’t even require players to sign up.
The nature of cryptocurrencies denies data from being shared when players make a transaction to an online casino. There is only a small amount of data that is available and these are not enough for the transaction to be tracked by third parties.
To make a transaction using traditional methods like credit cards, players are required to share certain personal information and their card details. If these data are not stored properly, they can be jeopardized.
The only thing that a crypto casino will ask players to provide is an address that will be used as an identification for future crypto transactions.
This is why crypto transactions are one of the safest ways you can move money online, there is no data to be stolen because players are not required to submit personal information.
When it comes to speed, crypto transactions are by far the best option for players from Portugal. Crypto is decentralized and transactions are not approved by the central authority but rather by specific crypto networks.
Deposits are usually extremely fast, almost instantaneous, even with traditional methods, but the area that the crypto shines is the withdrawals. With other methods, it usually takes 2 to 5 working days for your funds to appear on your accounts.
However, withdrawals with crypto are done in real-time, and the funds are immediately available on your crypto wallet.
Online casino platforms that use blockchain and cryptocurrency technology are authorized by open-source algorithms.
This makes gaming crypto very transparent as the data is stored in the blockchain making it transparent and with a layer of anonymity. This means that online gambling transactions are kept in a public ledger.
This way players from Portugal are provided with legitimacy and they stay safe from the risk of potential fraud. This information is inalterable, and players can check all of their transactions wherever they are.
Crypto availability has become one of the main criteria when choosing an online casino for many players. Crypto casinos are taking the online gambling world by storm and for the right reasons. With this payment method players are getting more benefits like anonymity, security, speed and transparency.