This year marked the tenth anniversary of cryptocurrencies, and there are so many things that happened in the past decade. Today, there are so many online casinos that accept cryptocurrency, at least in some form. Usually, websites will offer Bitcoin only as one of the deposit methods. However, there are casinos that incorporate cryptocurrency transactions almost completely.
Thirty years ago, no one could have imagined that online casinos will become a thing, and now we talk about digital currency and if it is possible (and smart) to replace traditional currencies. Today, we have cryptocurrency gambling that is based on blockchain technology and offers so much to both casino players and casinos.
You can easily find gambling sites where you can play blackjack games online for money, but instead of using regular money from your bank account, you will use something like Bitcoin. These crypto casinos usually offer several payment methods where you can pick your favorite cryptocurrency.
But what exactly is a cryptocurrency, and what does it offer? A cryptocurrency is basically a digital asset which you can use as a medium of exchange. They also use strong cryptography to make sure that every transaction is secure as well as for controlling the creation of additional new units. Unlike banks, cryptocurrency uses decentralized control.
Interestingly, you can buy almost anything online using this special currency. You can also invest, and withdraw if you are abroad, among other things. One of the main principles of the entire system is that it is anonymous and decentralized.
Why Players Want Cryptocurrency in Casinos
Since one of the main trademarks of crypto is anonymity, players can freely play games without wondering, well, about anything. Both transactions and users are anonymous, and using something like Bitcoin will allow them to play games without the need to verify their identity. The main reason why casinos require full identification when creating a new account is to avoid scams. Bitcoin steers clear of this problem by using blockchain technology which allows players and casinos to track the number of the purse without the need for government ID or phone number.
Secondly, both casinos and banks can have rather large fees, and once again, cryptocurrency will offer a better system. All of the transactions will offer either a minimum commission or none at all. We all know how frustrating fees and taxes can be, and avoiding it almost completely is something all players will be thrilled to hear.
Of course, along with all the fees, there is also a waiting period, and withdrawal can sometimes take several days. Cryptocurrency transfers are immediate, and there is instant processing of all requests both for withdrawal and account replenishment. Naturally, since there are so many advantages and minimum fees (or no fees at all), casinos are able to offer bonuses that are quite more advantageous.
Furthermore, players using Bitcoin will have a chance of spending or using small amounts of the currency, which would otherwise be unusable since the usual withdrawal will fail to generate profit. Besides, each player will have a full transaction history at their disposal.
Cryptocurrency proves to be simpler, safer, and faster. As a result, you can imagine why many players would prefer this as their payment method.
Why Casino Wants Cryptocurrency
We talked about players and benefits they can have from using cryptocurrency. However, we should also mention that they are not the only party benefiting from this. There are various ways of how a casino can benefit from allowing their players to use crypto as their preferred payment method.
One of the first things we should mention is that the entire process of opening a crypto casino is faster. Casinos that use regular fiat currency will spend months until they are able to start working. On the other hand, casinos that are operating with cryptocurrencies will be ready in a few weeks instead. Naturally, this is important for casinos that are just starting to work and won’t matter as much to already established casinos.
Similar to how players are safer using crypto, the same applies to casinos. The main principle of Bitcoin will protect the casino from any potential fraud from the players’ side. The casino operator won’t need to spend time on numerous disputes with players, and they will avoid any claim to return the money.
Using crypto will ensure a flow of visitors that will allow them to expand the market. Furthermore, the number of specialized casinos is even fewer compared to the traditional. As a result, the competition they can potentially have is also lower.
Naturally, there will be no need for licensing for crypto casinos. Besides, there will also be fewer expenses since there won’t be any need for multiple conversion of the currency. We can safely assume that the number of players using crypto will only increase due to their popularity.
Finally, the costs for opening this kind of specialized casino is a lot lower compared to the traditional one.
Are Crypto Casinos the Future of Online Gambling?
There are so many benefits for both casinos and players that it seems quite likely that they will become the future of casino games. It is no secret that everyone loves keeping their personal information private. However, if the player wants to play simple slot machines on a regular online gambling site, it would be highly recommended to do proper research — at least if they want to avoid being scammed. These casinos look like a win-win situation with minimal downsides. Crypto casino is something that anyone who is into online gaming should consider.
Naturally, you won’t have to find the casino that is completely focused on cryptocurrency. However, there are so many other hybrid casinos that will accept this payment method, among others.
Working with cryptocurrencies will eliminate several inconveniences that come with money, and because of that will reduce time costs. In the end, when it comes to online gambling, this might be the best option.