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Learn how to take advantage of the benefits of using USDC stablecoins as a deposit method at online casinos. Earn bonuses and free spins at online casinos.

Cryptocurrencies have recently risen in popularity, but for many of us, it doesn’t really mean anything since it plays no part in our day-to-day lives. We don’t make use of cryptocurrencies in our daily operations, and some might not see the value in them.

But when taking a closer look at how this new technology is disrupting the traditional banking system, the benefits are clear to see. Most people might think that cryptocurrencies are only used as a speculative tool for investors, but in actual fact, it holds great practical applications.

In this article, we’ll take a closer look at some of the practical applications that cryptocurrencies are used in the gambling industry and how you can take advantage of this new technology today.

Why Play with USDC at Online Casinos

USDC is a type of cryptocurrency called a “stablecoin” since the value of the token is directly correlated to the value of the US dollar. The issuer of the token is one of the world’s largest cryptocurrency exchanges, namely Coinbase. They have locked up a certain amount of US dollars in reserve and minted USDC tokens against the money held in reserve.

Coinbase created a digital dollar that can be transferred and acts as a popular means of transacting on the blockchain since the price of the token is fairly stable and widely accepted at many crypto exchanges.

The USDC Token was created originally to operate on the Ethereum blockchain, but by performing a technical task called “bridging,” it is possible to wrap these tokens so that they can be used on multiple blockchains. This makes USDC a very versatile cryptocurrency which is why it is so widely used and accepted by many merchants and crypto exchanges.

Benefits of using USDC at Online Casinos

To fully understand the benefits that cryptocurrencies bring to the financial world and to merchants, it’s best to look at some of the shortfalls that the current banking system has.

In traditional banking, both parties need to be fully registered with a bang, a bank and divulge loads of personal information, including the requirement of being a citizen with an identity document before being able to be granted access to banking services. In some countries, many people don’t have access to banking systems, and they cannot make online transactions.

By using cryptocurrencies, these issues fall away, and both the operator and client can do business with one another without the need for an intermediary.

Online casinos often need to do international wire transfers via the banking system, and these transfers can be very expensive when dealing with large amounts as well as take a lot of time. In the case of the amount being very small, it won’t be feasible to do the transfer at all. Cryptocurrencies make it possible to transfer any amount of money for a fraction of the cost of normal banking fees and at any time of the day or year.

Cryptocurrencies such as USDC enable anyone to transfer money over the internet to each other in a timely and unencumbered way. The only requirement is an active internet connection. Now that sounds much better than waiting around to get clearance from the bank when it’s on holiday and you are on vacation trying to get your big winnings paid out to you from the casino.

Since USDC is a stablecoin, there is also no need for worries about its price fluctuation widely overnight, and you know that the token is redeemable at any big crypto exchange.

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Compared to other stablecoins USDC, it’s a very versatile token as it can function on a wide variety of blockchains.

For anyone concerned that Tether could extinguish their blocksizes & stop being accessible, remember that this Stablecoin is capped at $68.5 Billion in USD. You’ll have superior confidence behind the blockchain features enabled with Tether by reading onwards. We’ll identify prominent cryptocurrency wallets like Ledger and Trezor. Moreover, information on the promotional incentives & security provisions applied to USDT Coins are explained below.

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Final Thoughts

Since its value is pegged to the US dollar, it offers greater security and stability than using other cryptocurrencies. The value of USDC  will not fluctuate wildly overnight as so many other cryptocurrencies do, which makes it a perfect payment vehicle for online transactions.

When taking all of the pros and cons into consideration, cryptocurrencies are vastly superior to traditional banking systems. Not only in terms of speed, cost, and security, but they offer clients greater levels of anonymity than traditional banking systems.

Pros

  • One of the most popular stablecoins;
  • Backed by real-world assets;
  • Can work on multiple blockchains;
  • Payments are cheap and secure;
  • It does not require registration to use;
  • Provides transparency on the blockchain.

Cons

  • Transactions cannot be reversed.
  • Not all Casinos online accept it as payment.

The short answer is no; since the USDC token is backed by real US Dollars at a ratio of 1:1, you know you can always redeem your tokens for real USDC tokens at any of the large crypto exchanges on the internet.

USDC was originally designed to work on the Ethereum blockchain. However, a technical procedure called “Bridging” can be performed to enable the USDC token to run on a wide variety of blockchains.

It is always best practice to consult your country’s gambling laws and make sure you fall within regulations. Not only that but also be mindful of the cryptocurrency laws where you reside since the country’s laws vary greatly when it comes to crypto.

In terms of redeemability, yes. However, It will always be up to you to keep your crypto tokens safe from malicious actors. This can be done by using hardware wallets wherever possible, and also always make sure you only connect your crypto wallet to trusted sites.

USDC tokens can be bought and sold at any major cryptocurrency exchange. Always make sure that your choice of crypto exchange accepts the tokens. Once sold, you will need to request a withdrawal from the exchange to your bank account.

In almost all cases, the answer will be no. There are only a very few banks in the world that accepts cryptocurrencies. But the number is on the rise, so it’s worth asking your bank about it.

In terms of the values, yes. There are some subtle differences, including the blockchains they operate on and by whom they are issued, and the way the issuers are audited.

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Chris Grand - avatar
Chris Grand - avatar

Chris GrandPublisher

I've been a webmaster for the past 12 years. I am a huge fan of slots and everything gaming. I specialise in writing blog and casino reviews and I hope you will appreciate my honest and transparent approach. Hope you enjoy reading them as I am.