The online casino industry is relatively new and developing alongside the other industries that technology has revolutionized. Several sectors are starting to now realize the benefits of cryptocurrency and are increasingly accepting them as a form of payment.
For instance, online casinos that allow bettors to play American roulette online collect bitcoin, ether, and other digital currencies as payment. The most apparent benefit of transacting with virtual currencies is the technology’s cybersecurity. Online casinos are constantly changing, and it is expected that digital currencies will impact the industry more than it is already doing.
Online casinos that accept crypto pushed the online gambling industry to another level. This is mainly because casino players now have the option of anonymity. Another critical reason is that crypto payments take online casinos playing global, allowing players to get past regional and national restrictions.
Here are the benefits of using crypto payments in online casinos:
Bitcoin and other cryptocurrencies widely receive support from online casinos because it provides a convenient and swift method for deposits and withdrawals. When you place in or take out funds from your online casino account, you either get charged a minimal amount or don’t get charged at all.
On the other hand, using conventional payment systems like banks attract heavier charges. Cryptocurrencies are also built using blockchain technology. This form of tech allows payments to get completed almost instantly.
No online casino player wants to withdraw or deposit to an account and experience the ‘loss of money’ during transfer. If you check out online reviews, you’ll see individuals complaining about their payments never reflecting in their bank balances or casino accounts.
The opacity of banking transactions doesn’t allow players to understand what’s happening to their funds. The result is calling the bank for hours frequently to resolve the payment issue, which could take days or weeks.
On the other hand, crypto payments don’t require an intermediary as the payment system is peer-to-peer. If your payment doesn’t reflect on your online casino account, you’d be able to head over to the blockchain to see what the issue is. This level of transparency is unparalleled in the financial industry, and that’s why crypto has seen a massive boom.
Due to various reasons, some casino players prefer their betting history to remain private and not visible to anyone else. With traditional payments, all you would need to do is look at the bank statement to see where all of the transactions are being made.
When you use crypto to make payments on your account, the only detail that would be collected is your own wallet ID. Wallet IDs do not contain any of your personally identifiable information, improving payment anonymity grately.
Another benefit of this anonymity is that you can bypass gambling limitations in your region or country. Also, when hackers can’t track your personal information on your crypto wallet, it’d be difficult for them to target you for hacks.
Utilizing digital currency payment methods dramatically reduces the issues between online casinos and players. It improves the relationship between the operators and the users since a symbiosis is created.
For example, adopting cryptocurrency payment methods benefits the online casino by reducing expenses and fees. In the same vein, using crypto as payments allows players to retain more of their winnings since deposit and withdrawal charges become less.
Here are some popular cryptocurrencies accepted by online casinos:
Bitcoin is the most dominant cryptocurrency in the market. It has the highest trade volume and market capitalization. Thus, most online casinos that accept cryptocurrency include bitcoin as a form of payment.
Notably, bitcoin was the first digital currency to implement blockchain tech. Payment is made peer-to-peer and doesn’t include intermediaries.
Ethereum has cemented second place after Bitcoin as the most influential crypto in the market. Ethereum use goes beyond payments since developers can create decentralized apps or dApps on its platform. Some online casinos have also been built using Ethereum’s tech.
Ethereum’s platform is open-source, and it allows for smart contracts. Several online casinos include this digital currency as a form of payment.
Solana is built on its blockchain, and the digital currency that powers the ecosystem is SOL. Applications can also be developed on Solana’s blockchain. Numerous casinos allow Solana to be used for deposits and withdrawals.
Cryptocurrency as a payment method has impacted several sectors, which doesn’t exclude the online casino industry. Some of the benefits of crypto payments include anonymity, improved transaction times, and reduced payment issues.
The security and ease of payments are also greatly enhanced, creating a symbiotic relationship between online casinos and players.