The first cryptocurrency was bitcoin, which was created in 2009 by an unknown person or group of people using the alias Satoshi Nakamoto. Bitcoin uses blockchain technology to create a decentralized digital currency with no central authority and has received widespread acceptance as a form of payment for goods and services online.
Online casino players have started to appreciate the benefits of cryptocurrencies as well using them more and more often to make deposits/withdrawals at online casinos. In this article, we are going to discuss why you should use crypto as well.
Privacy Is Definitely the Main Advantage of Crypto
As we have mentioned briefly, cryptocurrencies are not controlled by any central bank or government. They are fully decentralized meaning that there is no central authority in charge.
Cryptocurrencies are also permissionless. It means that in order to open an account in any crypto, you don’t have to show up, let’s say, at a bank and show your ID to the manager. The only thing you need to do is to generate a crypto wallet. You can do it online in a matter of seconds and you don’t have to get anybody’s permission (such as a bank).
Your crypto wallet is just a sequence of letters and numbers. There is no way to tell to whom a particular wallet belongs.
Privacy that cryptocurrencies provide may be beneficial for casino players for different reasons:
- Online gambling is a tabu in your country, or you simply don’t want anybody to find out about how you entertain yourself,
- You change online casinos relatively often, and you are not comfortable sharing your credit card details with each casino,
- Online gambling may be even illegal in your country which is ridiculous to tell people what they can or can not do with their hard-earned money.
Moreover, with the help of cryptocurrencies, a whole new variety of online casinos have become possible. We are talking about no verification casinos, at which you don’t have to pass KYC, and, given that you are depositing in crypto, it makes you 100% anonymous (in-depth article about such casinos).
Fast Payouts Is Another Huge Advantage
Most cryptocurrency transactions are processed in a few seconds. In the past, most transactions were processed by banks and other financial institutions. With cryptocurrency, anyone can be a bank and process transactions. The time it takes to process a transaction is one of the main reasons why cryptocurrencies have been so successful.
Even the slowest cryptocurrency, which is Bitcoin, won’t take longer than an hour to get your money to the final destination.
How it becomes possible? As we already know, blockchain is a decentralized system of information storage and distribution that it is not controlled by any central authority. It means that you don’t need to wait for approval from a bank or an e-wallet. It reduces processing time in a big way, basically, there is no processing time at all anymore.
Once a crypto casino has verified your withdrawal and sent it, you can expect to get it in a matter of minutes, or even seconds in most cases!
Your Crypto Assets Can’t Be Seized by Any Authority or Payment System
You are in full control of your crypto assets, and, consequently, your casino winnings. This is another cool aspect of the fact that there is no central authority in charge.
As some of you probably know, some banks and e-wallets (Skrill is notorious in that sense) give players hard time when it comes to gambling transactions. They can suspend accounts, ask many questions, in other words, make your life miserable.
You won’t face anything similar if you use cryptocurrencies for casino payments. All crypto transactions are permissionless meaning that, as the name suggests, you don’t need to get anybody’s permission to send or receive your crypto assets.
More Generous Bonuses at Crypto Casinos
Not all online casino players are aware of the fact that traditional payment systems (such as banks or e-wallets) are a huge pain in the neck for online casinos. How so? To begin with, payment systems charge gambling transactions with ridiculous commissions (around 10% for each transaction, not only deposits). Moreover, online casinos spend a lot of resources (e.g. money) on compliance.
I guess it is needless to be explained that you as a customer are the one who pays for all of it at the end of the day.
Even old and expensive Bitcoin and Ethereum are much cheaper in terms of transaction fees. Not to mention that newer cryptocurrencies, such as Litecoin, Ripple, Tron, etc. are super cheap.
As a result, if you use cryptocurrencies at online casinos, you can expect to get better bonuses and promotions since online casinos save a lot of money on payment systems’ fees.
Summing up, you’d better start using cryptocurrencies for gambling payments sooner than later. We get those blockchain payments are not necessarily beginner-friendly, but it is not rocket science at all! You will figure it out in an hour or two even if you are a complete newbie. It definitely will be a great investment of your time. Hopefully, we have managed to convince you in this article.