Something relatively new in the gambling industry that is attracting more and more attention, especially to online casino users, is precisely cryptocurrencies in online casinos, or so-called Bitcoin casinos and Crypto casinos. Today, Bitcoin has been around for about a decade, and from the time when telling someone you’re looking to buy crypto earned you a side glance or a laugh in the face, it has proven its worth and become the most popular cryptocurrency, but also a universally accepted means of payment in a rising number of online and land-based institutions. Want to play bitcoin dice, make sure to play on the most trusted platform.
Naturally, a question arises “Why would you bet using cryptocurrencies?”. Well if you are not familiar with the intriguing world of crypto or you do have some money in cryptocurrencies and are wondering if you should use it for online gambling we are gonna break down some advantages of this form of payment in online casinos.
Bitcoin’s popularity in all fields is rapidly growing and the online gambling industry is no exception. As a result, there is an ever-increasing selection of Bitcoin casinos available to online gamblers. In 2022, Bitcoin gambling reached its all-time high with over 80% of crypto casino revenue coming from Bitcoin alone. A close second is Ethereum with around 10% revenue.
It is important to note that Bitcoin and cryptocurrencies in general are quite different from traditional currencies. It is decentralized, completely unregulated digital money, and therefore no financial or banking institution has power over it. Being completely digital, invisible, and untouchable, bitcoin relies solely on algorithms. All transactions as well as information related to cryptocurrencies are stored on the blockchain, which is almost impossible to crack, making it extremely safe.
Main advantages of crypto casinos
The advantages of cryptocurrencies and some of the best bitcoin casinos in modern-day society are great in almost all branches of the industry but they’ve had one of the most drastic influences on the online gaming industry. The benefits of crypto are great not only for gambling operators but for the players as well.
The most prominent advantages include:
When gambling with traditional money, the funds are redirected through a third party, i.e. the bank and the government, however, with the use of crypto-currencies, the presence of a third party is eliminated, given that crypto-currencies are not under the supervision of any central bank, which gives users complete control over their funds. . They cannot be frozen or stopped. They are simply transferred from one person to another or in this case from a player to an online casino. Similarly, players can easily transfer the money they have won in an online casino to their crypto wallet without anyone’s supervision or knowledge.
To make things even better, since the transactions are decentralized and the middleman between the players and the casino is removed, financial transactions with crypto casinos are much cheaper.
I think we can all agree that the main source of annoyance among players is a long wait for your winnings to be transferred from your casino account to your bank account. With this way of withdrawing funds, the wait can take up to 2 weeks sometimes which can be a real hassle for casino users.
On the other hand, bitcoin deposits and withdrawals are instant and effective with money coming and going from your crypto wallet whenever you please.
One of the features that crypto users especially like is the anonymity that they offer. No third party can have your personal and financial information, including the online casino itself since you don’t need to give them any personal information since all that is needed for a successful transaction are the keys to your crypto wallet.
Another significant benefit that needs to be mentioned is the exceptional security of cryptocurrencies. While in any traditional casino your funds may be stolen or lost, crypto is held in a blockchain making it almost impossible to hack or modify in any way.
Since a big chunk of the cost that would otherwise be spent on traditional transactions is avoided when using cryptocurrencies there is more room left for casinos to show their generosity to their players both old and new with different bonuses and promotions. They usually offer much better deals than traditional online casinos.
World wide accessibility
The main objective of cryptocurrencies is to create a worldwide payment system outside of the reach of banks and the government. This, again, comes as a great advantage for players, especially the ones from countries with a lot of restrictions on gambling, making it easier for them to work around the system. There is also no exchange rate, cryptocurrencies have the same value regardless of where you are in the world and are not subject to inflation.
Once you get the hang of it, gambling with cryptocurrencies can be quite profitable. However, keep in mind that gambling in a crypto casino is not quite the typical online casino experience that you’re used to. It can take some time to figure out, as well as to establish some basic strategies, but once you do, the payoff will be a lot higher than with a normal casino.
So as you can see there are quite a few reasons why more and more players are taking their business to crypto casinos. Since they provide a faster, safer, cheaper way to gamble anonymously from anywhere in the world it is no wonder why they are expanding their reach in the gambling industry and we are excited to see where the future of these establishments leads.