Online Payments | Cryptocurrency opportunities

The Emergence of Cryptocurrencies Worldwide

Cryptocurrency, in short, is an online payment instrument that functions as a medium of exchange or a means of payment. The best known, and the one that almost everyone has heard of today, is Bitcoin, which was issued in 2009 in a decentralized form, as most cryptocurrencies are, i.e. without centralized control. As a result, it can easily be used across multiple countries. 


Cryptocurrency Use Cases

While cryptocurrencies used to be used exclusively for trading, they can now be used for almost anything, from buying clothes, pizzas, or features for games. Recently, it has even been used to play in casinos, which, although only available for a few years, is an option that is increasingly being offered by a growing number of casino and sports betting websites that allow at least one or two forms of cryptocurrency as a payment option. 


Crypto Casinos and Gambling With Cryptocurrency

One of the most sought-after forms of recreation in Hungary is gambling and sports betting, which has grown enormously in popularity during the home boom of recent years, but has also grown tremendously. The list of the most popular online casinos is growing, with favorites like facing more competition. 


However, thanks to the growing popularity of cryptocurrency, many new features and options have also appeared in the world of gambling, including cryptocurrency payments on more and more websites. In most cases, Bitcoin, Litecoin and Ethereum are emerging as options, but as time goes by, it is becoming more and more reasonable to use this payment method in all casinos. 


Advantages of Cryptocurrencies

  • Secure

Unlike traditional payment methods, Bitcoin is impossible to counterfeit, but it is also anonymous, quick and easy to use, with low costs.


  • Always Available and Usable

While instant payments and transfers are only just coming into their own in the banking world, cryptocurrencies can be used for anything with instant deposit times.


  • Transparent

The user's identity remains invisible, but there is always a record of the transaction in the system so that anyone can easily track their own transactions.


Taxation of Cryptocurrencies in Hungary

The regulation of cryptocurrency has reached a new milestone on January 1st, 2022, and under the new laws it will now be taxable if traded, and from that date it will be considered as income in all cases of capital gains.