Published on 29/11/2022 07:02:48
Cryptocurrency has seen quite a meteoric rise in popularity in just the last few years, Going from a relatively unknown method of payment to having entire countries allow it as legal tender. One of the industries that have been making prominent use of Cryptocurrencies is the online casino industry.
That’s right, casino goers are using these digital currencies to enjoy their favorite slot machine games and other casino software - but why are these cryptocurrencies taking off at online casinos? Let’s take a look at some of the benefits people get from using them as a payment method:
Whether depositing funds or withdrawing winnings, using cryptocurrencies such as Bitcoin gives players an almost unparalleled level of safety. None of the player's financial information is ever at risk - you simply enter your wallet information.
All transactions are also recorded on the Blockchain, enabling every transaction to be traced. This transparency enables a level of honesty from online casinos that's never been seen before.
When you pay with more traditional forms of payment such as debit cards or credit cards, there's some documentation of the transaction on both the players' side and the online casinos' side. You don't have this with crypto transactions - both parties will have their identities shielded.
These bitcoin and crypto casinos all work on exactly the same principles as any normal casino, except faster. Players will have to deposit money to start playing and then earn a certain amount before they can withdraw the money they’ve won.
Using cryptocurrencies will give players some of the fastest deposits and withdrawals possible. Another great thing is that these speedy transactions also come with a high withdrawal limit.
When a withdrawal gets approved, with some of the other forms of payment players can be waiting days to get their hands on their winnings. This is incredibly frustrating - imagine you have your eyes on a treat for yourself but you’re sitting around, twiddling your thumbs and waiting for the money to land in your bank account!
The speed of crypto payments is down to the lightning-fast transactions that happen on the blockchain - the technology is built around being fast, secure and transparent.
Many of the cryptocurrencies available to use at a crypto casino will come without charges. Other methods of payment have built-in charges, such as a flat dollar amount per transaction or even a percentage of the money that's moved in the transaction. Whilst it may only be a small amount, if you’re making regular deposits or withdrawals then these fees can quickly mount up.
These fees are scrapped when playing with crypto, which means more money in your pocket at the end of the day.
Another huge benefit for cryptocurrencies is the fact the entire system is decentralized, meaning they aren’t governed by any central kind of authority. All transactions are purely based on the user to user payments.
This development allows for not only anonymity with transactions, but for users to be able to set up accounts and payments whilst being able to bypass the tedious measures and procedures that traditional forms of payment have.
One of the most common uses of cryptocurrencies is as a form of investment. The prices of each coin fluctuate, much like the stock market. Managing to buy the right coin at the right time and then sell it again at the right time could see users make a substantial profit.
This fluctuation in prices means that when using something like Bitcoin or Ethereum at a casino, users can actually make more profit by depositing their currency when the coin is going through a slump and waiting to withdraw their funds whilst the currency is trading higher, adding another level of profit to their winnings.
As you can see, there are plenty of good reasons why cryptocurrencies have become an incredibly popular method of payment at online casinos - So much so that there are even casino games built specifically around the transparency that the blockchain allows!