Cryptocurrency has shaped mainstream finance, influencing operational, investing, and transactional activities. Initially, many financial prognosticators labeled Bitcoin and other nascent currencies as a fad, especially since the local currency was working just fine. Today, you can use crypto to pay for groceries, gas, and even casino games. In this post, we review why using crypto in online casinos is advantageous. Let’s dig in.
While paying online casinos, you always risk sending money to the wrong account and credit card hacks. Decentralized crypto runs on blockchain technology secured by a hashing algorithm.
Bitcoin has the highest hash rate meaning it is virtually impervious to attack. The transactions are also immutable. You are the only person who can authorize a cryptocurrency transaction from your wallet to the casino address. Unique seed phrases protect your e-wallet.
Crypto in casinos also has two-layer encryption that complements the casinos’ inherent security features. Advanced cybersecurity is imperative to guarantee you a secure gambling environment online.
Cryptocurrency transactions do not require third-party approval. Furthermore, they run on super-fast nodes meaning you can deposit money in your casino, which will reflect instantly. You could deposit money and play in a Bitcoin casino in minutes.
Banks usually take longer to process transactions. With cryptocurrency, you can deposit and withdraw funds within minutes or several hours, depending on the transaction amount. Generally, more enormous sums take more time to reflect, unlike more miniature figures.
Minimum Transaction Fees
Some cryptocurrencies have negligible fees. Litecoin, Dogecoin, and Cardano are some crypto coins with near-zero fees. The low transaction fees mean your net winning is not far off from the gross winnings, which is what you want as a gambler.
The primary reason is the transactions are almost autonomous with no third party to monitor. Once the smart contract, proof of stake, or proof of work is approved, you transact with near-zero fees and at lightning speed compared to traditional finance. The transaction cost is usually in pennies compared to dollars when using banks.
Cryptocurrency transactions do not carry your identity and other personal information. The pseudonymous transactions can be anonymous if you run a full node. But even with the pseudonymous nature of the transactions, no one can identify your personal information without incurring expensive fees.
Since there’s no credit card information you will leave on your casino site, you can enjoy your winnings with no one the wiser. Casinos employ KYC verifications to safeguard your account and may link the Bitcoin address to your casino account.
No Geographical Limitation
Sadly, the best casinos are usually out of our geographical jurisdictions. However, it doesn’t mean you can’t gamble on them. You can use wire transfers to send and withdraw funds, but they take up to five business days to process.
Cryptocurrency knows no bounds. You can send the funds anywhere across the globe. The transactions have no centralized oversight and run on the blockchain network. The additional merit is there are currently no explicit tax laws, meaning your fund will be tax-free. However, you should not use crypto as a ploy to escape paying your taxes.
Bitcoin and Gold continue their rivalry as to which is the actual store of value. The 2013-launched coin led to the springing up of multiple other coins that have generated jaw-dropping returns for many investors. Gamblers prefer payment in crypto, especially for withdrawals. The primary reason is volatility.
Crypto prices fluctuate all the time, which means you may end up with more or less bankroll depending on the market. The heightened volatility generates a new revenue stream regarding futures trading using crypto in casino wallets.
No Confined Funds
Some governments don’t outrightly ban gambling but heavily tax it and occasionally freeze funds to deter gamblers from the practice. If you use crypto, you will never experience a case of frozen funds. Cryptocurrency wallets do not require government authorization to create.
The payment also runs on a distributed ledger network without central authority interference. The only waiting time you will get is several minutes for the total amount to reflect in your crypto wallet.
No Double Conversions
Say you are depositing to a casino that uses euros and are depositing with dollars. The site will automatically convert it to euros. Also, when withdrawing, you will have to convert to dollars. The double conversion means you lose money, and the conversion rates aren’t always favorable.
You can bypass the double conversion by paying with crypto. Crypto has only one-time conversion. If you work with a reputable casino, they will probably pay you back in crypto, meaning you don’t veer off far from the actual winning amount. Crypto is a gambler’s haven for paying and receiving funds in an online casino.
Cryptocurrency’s role in mainstream finance is inevitable. Gamblers prefer to gamble and pay with crypto due to the multiple benefits crypto has over fiat currencies. There are even dedicated bitcoin casinos that exclusively use bitcoin. Consider gambling with crypto to enjoy the perks.