The latest trend among online casinos involves the use of cryptocurrency. Besides the standard BTC and Ethereum gambling sites that accept only crypto, other casinos also started leveraging the benefits of blockchain and crypto technology.
It’s expected that more online gambling sites will accept deposits in Bitcoin, as it’s on its way to becoming a legit payment method. What’s more, with crypto and blockchain, both players and online casinos can reap great benefits.
1. Instant Transactions
Even though the Bitcoin blockchain is not the fastest when it comes to transactions, it’s still faster compared to wire transfer. For example, international wire transfers take about 24 hours to complete, but sometimes they may take five days.
On the other hand, Bitcoin takes 40 minutes, often less. Other cryptocurrencies like Ethereum, Litecoin, or the casino’s native coins are instant. Additionally, you won’t have to leave your room to transfer funds to the online casino, similarly to a debit or credit card.
The same goes for withdrawals, as getting the crypto out of the platform is equally easy as getting it in. The only thing you need is another wallet, and the transfer is almost instant compared to bank transfers.
2. Increased Safety and Fair Game Assurance
Due to the power of blockchain technology, users can enjoy safer and anonymous online betting. There’s no need to give away sensitive data like the credit card number paired with a full name. Additionally, blockchain-based casinos guarantee that the players’ data will always be anonymous.
When it comes to fair game assurance, blockchain makes it easy. The system records all the actions and game results at all times. Since blockchain is immutable, nobody can change the recorded information and turn a loss into a win.
Moreover, players can always check whether the cards are provably fair with just one click of a button. Fair game assurance or provably fair technology relies on blockchain tech, and it acts as the guardian of fairness for the casino and the players.
3. Low Fees and Deposits
Since blockchain is paired with cryptocurrency, the players can enjoy low fees for every transaction they make. Moreover, these fees are often significantly lower compared to the traditional payment methods.
Since no financial organizations dictate how the transactions will happen, some platforms also don’t charge fees for crypto deposits. The same happens when players want to withdraw funds—they pay very low fees or none at all.
What’s more, online casinos backed by blockchain often allow low deposits for cryptocurrencies than fiat assets.
5. Global Availability
Online casinos are, in most cases, available globally, and so are cryptocurrencies. Almost anyone can register at any online casino and deposit crypto—unless the casino and digital assets are specifically banned by their state.
This is especially useful to the unbanked players, as they don’t have a bank account. Therefore, they wouldn’t be able to use the casino’s services without the existence of crypto.
Additionally, there are many cryptocurrency casinos to choose from, so players won’t feel limited with all the options around the world.
Benefits for the Platforms
The best thing about crypto and blockchain in the gambling industry is that the platforms also benefit. With clients’ staying anonymous, the platforms don’t have to worry about third-party services. Additionally, since crypto betting is not regulated yet, platforms aren’t restricted to digital assets.
Online casinos can offer a variety of blockchain-based games from the top industry providers. Plus, with crypto, online casinos can offer special deals tailored for Bitcoin users.
Online casinos didn’t miss out on accepting cryptocurrency and blockchain. These platforms know their players have many benefits, such as instant transactions, low fees, and increased safety and anonymity.
These are just some reasons why online casinos have expanded their offers and included cryptocurrency as payment methods.