It is undeniable that most online casinos are now switching to cryptocurrency. Love it or hate it, crypto is now considered as a new form of payment. Some countries even consider crypto as a new commodity.
Here are some of the reasons why crypto gaming is the new trend in online casinos:
Cheaper and Faster Transactions
One of the reasons why most players prefer using crypto is because it offers cheaper transaction fees. As a matter of fact, some do not even require you to pay any service fee.
It is also the most ideal payment method because there is no third-party involved. It is also because most crypto transactions only last from seconds to minutes.
Because of how the blockchain was made, crypto is more anonymous compared to other banking methods.
Enhanced Security and Anonymous Gaming
The best thing about using crypto is that it guarantees safe and anonymous gaming. It might not be obvious but online casino sites actually have tight security like other banking institutions. You also do not have to worry about your personal information floating around the internet because you just need to provide your e-wallet or Bitcoin address.
When creating a gaming account, all you need to provide is your email address, preferred username, password, and mobile number. With this, the risk of exposing yourself is lessened.
Crypto transactions are decentralized. This simply means that the government or any banking institution has no control over your transactions.
The main purpose of decentralized transactions is to send or receive anonymously with little to no transactions fees. Although it is recorded in a public ledger, your information is hidden.
Attracts More Players
Crypto as a new form of payment method attracts a wider market. This is because using Bitcoin and altcoins is an added option aside from using fiat currencies. The use of crypto is actually regarded as the future of online casinos.
Have you ever wondered why bitcasinoio, mBit, 1xBit, and CloudBet are among the most popular online casinos? This is because these sites use crypto as their main payment method.
Crypto as Investment Tool
Aside from using crypto to place your bets, it also serves as an investment tool. You are not only having a fun time playing your favourite slot game but you are also adding funds to your piggy bank!
Special Bonus Offers
The best thing about using crypto in placing your bets is that you can also receive special bonuses and rewards. For instance, if you deposit funds using Bitcoin, some casinos grant bigger deposit bonuses compared to using fiat currency.
When using crypto, online casino operators also get benefits from it. This is because there are lesser barriers compared to using fiat currencies. Here are some of the cryptos mostly used in playing casino games:
As we all know, Bitcoin is the largest crypto in the market. Aside from being the most expensive coin, it also dominated over 40% of the online market. With its high trading volume, you can easily convert any fiat currency to Bitcoin.
Litecoin is somehow familiar with Bitcoin, the only difference is that it has a huge supply. Each transaction lasts up to 2 minutes while Bitcoin transactions can last up to 10 minutes. It also has a simpler algorithm which makes it easier for miners to produce more Litecoin.
What’s amazing about Ripple is one of the fastest cryptos. In fact, Ripple only takes four seconds to complete a transaction. Aside from its outstanding speed, there are also a lot of notable investors like Google Ventures and Accenture.
Compared to other cryptos, Ethereum’s transactions are verified by a local node before it is sent to the main network. It can also immediately eliminate third parties in any transaction.
What makes Tether different from other coins is that it is backed by an equivalent amount of fiat currency. It is also one of the most stable coins in the market. 1 USDT is equivalent to 1 USD.
Since Tether is based on a blockchain network, it has one of the most secure systems in the world. It is because it strictly follows the Anti-Money Laundering (AML) and Know Your Customer (KYC) guidelines.
Previously known as Darkcoin, it offers more anonymity compared to other cryptos. It also has a PrivateSend and InstantSend feature. The PrivateSend feature uses three ways to make your transactions untraceable and anonymous. On the other hand, the InstantSend feature instantly secures your transaction using masternodes. Masternodes can complete transactions that the ordinary nodes can’t do.
When it comes to using crypto of any kind, you also need a trusted e-wallet. This is to make sure that your funds are safe. Crypto and online casinos are the two industries that have been on the constant rise in recent years. It’s become undeniable that the future of the latter involves crypto and the benefits it brings.