Crypto Casinos Getting More Popular in Norway
This is not financial advice. Cryptocurrency is unregulated in the UK; profits may be subject to tax; and the value of any investment could fall.
Many players have probably experienced problems with deposits and withdrawals at online casinos. The problem doesn’t lay in Norwegian online casinos, but in the Norwegian authorities and Norsk Tipping running a fierce battle to keep their gambling monopoly.
This has included shutting down the use of various e-wallets which has made many players distraught by the fact that their payment methods have disappeared or have become more difficult to use.
Fortunately, there are options that work well such as some cryptocurrencies. Online gambling platforms that use crypto as their main method of payment are called crypto casinos. For those seeking alternatives, it’s also possible to learn how to get off GamStop to regain access to more flexible gaming options.
The rise of crypto and the government’s war on offshore casinos has made crypto casinos’ popularity rise in Norway. Thankfully there’s a payment method made specifically for Norwegians who’d like to gamble with crypto without their government’s interference. MiFinity is a payment method that can be used at some offshore casinos for the ultimate gaming comfort.
Here are some ways you can get the most out of your crypto gaming experience.
In what ways is cryptocurrency different from traditional money?
There are a few advantages to using cryptocurrency instead of fiat, the traditional currency such as the Crowns or Euro. Cryptocurrency deposits and withdrawals are quick compared with traditional payment methods, which might take several days. They’re slower because it takes much longer to ensure that every transaction is legitimate.
Furthermore, if you wish to connect your bank account to an online casino account, you’ll have to go through a lengthy and time-consuming verification procedure which may be tiring for many Norwegian players who are always on the go. When you play crypto casino games, this step is unnecessary since crypto transactions are totally anonymous.
Coins are more secure than traditional bank deposits because they use blockchain technology. All transactions are recorded on a chain of information called the blockchain, which is open to the public. Furthermore, since banks and other financial institutions are not engaged, decentralized transactions are feasible.
Why are Norwegians turning to Crypto?
Norsk Tipping, a monopolistic company in Norway, conducts online casino games. Mobile-friendly, it’s a place where legal-age Norwegians may gamble on a variety of card games including slots and blackjack.
The issue is that Norsk Tipping isn’t Europe’s most intriguing online casino. There are only a few dozen games to choose from. Therefore, many Norwegians choose to gamble in Jokabet sister sites. Even though Norway’s law doesn’t ban gambling overseas, in order to increase the revenues from Norsk Tipping, the government started a war on offshore businesses.
Their first step was to order the banks to halt all transactions with and from offshore gambling establishments. E-wallets and credit card companies were next on the list. As a further step, the Norwegian government mandated that all local media outlets halt any promotion of international casinos.
Crypto as a solution
Because of their government’s heavy hand involvement in gambling operations, Norwegians are turning to Crypto as a solution. With MiFinity, you can use crypto too! As with any other e-wallet, getting started with MiFinity is very easy. The process is pretty straightforward. The very first thing you do is create a user account which is a pretty straightforward process.
Before you can start using your account, you need to verify it. This is a confirmation that you are you and will, among other things, prevent abuse and fraud. Then transfer money from your regular bank account to your new e-wallet. Once that is done, you can use your e-wallet to, among other things, make deposits and withdrawals at online casinos of your choice. What’s great about MiFinity is that it works with both fiat and BitCoin!
Once you make an account at your chosen online casino, you’ll be ready to connect your MiFinity wallet and play any game you choose. Withdrawing money and making deposits is as easy as with any other e-wallet, so don’t worry about the specifics.
Benefits of crypto
Other benefits of crypto are that it’s completely anonymous so no one will know how much money you’re betting on your favorite games. Plus, BitCoin casinos offer larger bonuses than regular ones which is a great perk if you’re looking to maximize your wins! With no intermediaries such as banks, you can access your withdrawals faster and with smaller fees.