Since its inception over 25 years ago, the online gaming industry has developed at a rapid speed. We can tie some of these down to the convenience it offers, thousands of games, and most importantly, endless payment methods. Today, players can fund their accounts and withdraw from a host of banks and e-wallets. The latest of that addition is cryptocurrencies.
This article covers how cryptocurrency is being introduced into the online casino world and the numerous benefits it offers.
Online Casinos and Cryptocurrency
Cryptocurrency is a virtual fund that has no physical form, unlike fiat money. Instead, it is hosted on a technology called the blockchain. The unit of a cryptocurrency is a “coin” and it is highly protected from counterfeiting and duplication due to the blockchain technology.
Transactions on the blockchain cannot be canceled, duplicated, hidden, blocked, or changed. As a result, it is impossible to cheat by applying simple tricks seen in digital space today. Crypto is also protected from human errors, making it infinitely more precise than electronic money in a bank. These several features have made adopting them as a form of payment in online casinos very reasonable. Running a crypto casino or bitcoin casino is a thing of the present and the future.
However, crypto money remains unpredictable because its value fluctuates depending on demand. There is also the problem of regulatory authorities fighting to regulate them to curb money laundering and other security concerns. In some countries, cryptocurrencies are outrightly illegal.
Cryptocurrency Payments in Online Casinos
Several casino sites now allow players to deposit and withdraw money in cryptocurrency, mostly bitcoin. This is most especially trendy among new and younger players for several reasons.
For one, it offers an honest and transparent way of withdrawing winnings because crypto cannot be manipulated. Also, crypto casinos make use of highly secure services that provide anonymity to players as well as excellent confidentiality on every transaction.
Cryptocurrency payments further enhance the advantages of online casinos over physical ones. It takes convenience and anonymity to a whole new level. Sides from crypto online casinos are also very convenient to use and could be accessed from anywhere in the world. They offer free cash bonuses, promotional offers, loyalty bonuses, and more. Sites like stake and Cloudbet even offer a 100% welcome bonus of up to 5BTC. Wild Coins also are not left out either as players can receive up to 3.5 BTC and 400+ spins in casino bonuses.
However, for every legit platform looking to create the best for players, there are also fake ones run by criminals. Be sure to only play on sites licensed by a standard gambling authority. Also, look out for the laws in your jurisdiction to be sure you aren’t breaking any. Some areas like the US require that you pay tax on winnings, while in others, gambling is not taxable (Canada).
What are the benefits of Cryptocurrency for Online Casino Payments?
Some benefits of crypto for online casino payments include:
When playing on crypto online casinos, you’d get access to a wide array of currencies. This includes Dogecoin, Litecoin, Peercoin, and more. However, note that Bitcoin is also included but it is usually separate from others. Therefore, it is important that you ask your casino about the specific cryptos they support.
2. Online Casino Bonuses and Promotions
Imagine receiving bonuses on deposits, wins, loyalty, and promotions all in crypto. Having such offers more value to the players, especially crypto enthusiasts, compared to receiving cash bonuses
3. Easy Casino Registration
With crypto casinos, you only need to have a valid email address and crypto wallet. Therefore, registration is smooth and easy, especially when you play with the best crypto casinos.
4. Secure and Convenient Withdrawal
Security and convenience of withdrawal are two of the major areas in which most online casinos fumble. However, with crypto, the problem can be solved in no time. Players are assured of the security of crypto, and having a digital wallet makes transactions seamless. Most platforms even allow players to fund their crypto gaming accounts with fiat currencies. This way, you do not need crypto to be able to play.
Also, every transaction is recorded on the decentralized ledger of distribution. This greatly decreases the possibility of fraudulent activities and transactions.
5. Excellent Online Casino Experience
This benefit would be very familiar if you’ve ever visited a crypto casino website. Most BTC casinos are very convenient to use and amazing to behold. From general aesthetics to the detailed elements on the site, crypto casinos are not overloaded with thousands of unnecessary elements like in regular online casinos. As a result, players can easily figure out the navigation, and where to find what.
6. Secrecy and Confidentiality
Privacy is a hot topic for discussion in online gambling because most sites require your private details before playing. This leaves room for data breaches and compromise. However, crypto grants anonymity and reduces the need for data as transactions are verified through the blockchain. Therefore, players’ data are safe.