Many of us have heard of cryptocurrencies but are not sure how exactly they work and what the buzz is all about.
There are many uses for crypto, but its main function was and always will be a means of payment. There are also many crypto projects with many different design intentions, and many of them do not try to be digital money.
USDC, on the other hand, was developed by a large cryptocurrency exchange called Coinbase for exactly that purpose, to act as a digital means of payment.
Let’s take a closer look at the USDC Crypto Token, what lies underneath the hood, how you can take advantage of it in your everyday life, and what benefits you can gain from it.
In the early days of crypto, it became quite clear that Bitcoin and other cryptocurrencies did not work very well as a means of payment since their value fluctuated wildly and without warning.
It was clear that something else was needed, and so came the age of the stablecoin. Essentially, US Dollars are held in reserve, and tokens are minted against the reserve assets. These tokens can at anytime be redeemed for real US Dollars, essentially creating a digital Dollar.
USDC tokens run on the Ethereum blockchain and are quite widely accepted these days as a legitimate means of payment by a wide variety of businesses.
Online casinos opt for using USDC tokens as a means of payment due to their ease of use and the fact that it acts as a digital dollar instead of being a crypto token connected to projects.
When customers use USDC tokens as a means of payment instead of debit or credit cards, there are several key benefits that act as an attraction to clients. Not only do the clients benefit from using crypto instead of traditional banking systems, but the online casinos themselves greatly benefit from interacting with their clients via the blockchain.
One of the main benefits for customers to use USDC tokens instead of credit or debit cards is the simple fact that they do not have to give up any of their personal or banking details when making deposits to the online casino.
People are often very reluctant to enter their credit card details on websites that they visit for the first time or do not fully trust. By allowing them to pay with crypto tokens, they are way more willing to quickly deposit a few dollars and play a couple of games for a few hours.
The casinos also benefit from the customers using USDC as a means of payment since the transaction fees are much lower than that of banks. This, in turn, allows the casinos to offer increased bonuses to their clients, which creates a win-win scenario for both parties.
Security is also another great benefit that users can enjoy when making use of USDC tokens as a means of payment. As mentioned before, no credit card details are exchanged across the internet, giving the clients peace of mind knowing their bank accounts are safe.
The withdrawals from the online casino are also processed much faster than with traditional banking systems, often within minutes instead of days.
USDC Token is considered a very secure and robust stablecoin, as it is issued by the largest exchange in the US. The token is also safe for US customers to use as it complies with all of the strict cryptocurrency laws in the United States.
Since both the client and the online casino benefit from using stablecoins as a means of payment, it makes sense for the customer to use it as they gain additional bonuses on top of the benefits they enjoy from simply just using it as a payment method.
All the extra steps are needed to convert the USDC token back into cash. The added benefits of using it instead of traditional banking systems far outweigh the drawbacks of not doing so.
Using credit cards and debit cards on the internet will always be risky, no matter what type of security is used on the websites. Hackers will always be hard at work in developing new ways to get their hands on credit card details, especially on online casino sites.
But when your cryptocurrency tokens are stored in a hardware wallet, it is virtually impossible for hackers to get their hands on it.
It is for these reasons that using USDC tokens as a means of payment is a far superior method to using traditional banking systems.
It is not to say that all online casinos accept USDC tokens as a means of payment. Always check with your preferred casino whether they accept USDC tokens as a deposit method.
Although you can enter your exchange wallet address as a deposit address at the casino, it is highly recommended not to do so. Always use a separate wallet as a transaction wallet between your main holdings wallet and any websites or exchanges.
It will depend on the blockchain being used, but it typically takes around 10 minutes. Also, check with the casino how long they take to process withdrawal requests.
The USDC token runs natively on the following blockchains: Ethereum, Solana, Avalanche, TRON, Algorand, Stellar, Flow, and Hedera. It is possible to bridge it over to other blockchains as well. Always make sure you are using the correct wallets and addresses when sending and receiving USDC tokens.
Coinbase, the largest US crypto exchange, and a FinTech company called Circle are the joint owners of the USDC stablecoin token.
Using USDC tokens is just as safe as using any other cryptocurrency. However, with USDC, you have extra peace of mind knowing its value is linked to that of the US dollar.
US-based customers can use the Coinbase wallet for USDC tokens, whereas non-US customers can opt to use any crypto wallet that supports USDC on their preferred blockchain.