- Why is it so difficult to transfer money in Sweden?
- How does cryptocurrency work as payment?
- How to get started with cryptocurrency?
- Cryptocurrency exchange
- Find cryptocurrency
- И Use cryptocurrency as payment
While new ways to use cryptocurrency are constantly emerging, there is one area that has quickly gained popularity. By decentralizing cryptocurrency, money can easily be transferred across national borders. This has become especially attractive for iGaming, where Swedish players are constantly looking for new and reliable ways to pay.
It became much more difficult to transfer money to a gaming account after Swedish authorities imposed a ban on Swedish banks in 2010. As a result, several players decided to use digital currencies such as Ethereum, Bitcoin, Ripple and LiteCoin. This has also led to bitcoin casinos https://bitcoincasinoz.net/tether-casino/ for Swedish players and beyond.
So in this article, we take a closer look at the opportunities that cryptocurrency offers and what it means for Swedish players' freedom of choice.
Why is it so difficult to transfer money in Sweden?
In 2010, the Swedish authorities imposed a ban on transferring money to international gambling companies. This was part of a strategy to strengthen the position of the monopoly Svenska Tipping, but it went beyond Swedish players in the first place. By forbidding Swedish banks to transfer money from their Swedish accounts, they created a need for alternative solutions.
Prepaid cards and e-wallets first appeared here as good alternatives, but even they ran into problems from the Swedish electronic authorities. This meant that players had to look for new solutions that were not part of the Swedish e-banking system. This is where decentralized payment facilities came into focus.
How does cryptocurrency work as payment?
The reason many people choose cryptocurrency when making deposits and withdrawals at Swedish online casinos is because they are decentralized. This means that transactions take place outside of the traditional SWIFT banking system. Bitcoin and other cryptocurrencies use their own registries in blockchain to verify ownership and transactions. Will Cardano (ADA) see growth in the near future? Read at this resource.
They cannot be tampered with, creating mutual trust on the transaction network or blockchain. It also allows you to transfer cryptocurrency from one wallet to another. Swedish players have the advantage that decentralized systems operate outside the prohibition imposed by the Swedish authorities. In short, this means that you can exchange krona for cryptocurrency and then transfer it to your preferred online casino.
How do I get started with cryptocurrency?
Cryptocurrency used to be reserved for those who were particularly interested, but now it has become widely known. This has also led to new, better solutions for using cryptocurrency. A detailed look at investing in cryptocurrency is beyond the scope of this article, but we'll give you a brief idea of how to get started.
Cryptocurrency Exchange.
The first thing you need is access to a cryptocurrency exchange. These are digital trading platforms that trade cryptocurrencies in the same way that the Oslo Stock Exchange trades stocks. Here, many newcomers choose the Swedish electronic exchange Firi, but larger international alternatives such as CoinBase and Binance can also be used for this purpose.
Find a cryptocurrency
Once you've found a market, it's time to buy a cryptocurrency. You do this the same way you do traditional stocks, by transferring money into your account. On most platforms, you can do this with a bank transfer or a bank card. Transfer Swedish kronas and then exchange them by buying your desired cryptocurrency. The most popular ones here are Bitcoin and Etherium.
Use cryptocurrency as payment
When you have cryptocurrency in your wallet, you can send it to the appropriate recipient. In practice, it works like a bank transfer when you enter the address (account number) of the person you are transferring money to. In our case, it would be the corresponding casino you want to transfer the money to.