Even though cryptocurrencies undoubtedly had the greatest impact on the economy, finance, and electronic payment, we can’t help but look back at the way they shook up online gambling. With the widespread use of cryptocurrencies, they inevitably become an integral part of every business branch, and online gambling is no exception.
Although crypto is still not as prevalent as more traditional payment methods such as credit cards and bank transfers, with greater popularity in the last 10 years they are becoming a payment option on more and more online gaming sites, and for a good reason. We are going to discuss some ways in which the use of crypto has helped improve and revolutionize online gaming around the world.
Medium of Exchange
In addition to the fact that more and more online casinos accept bitcoin and similar cryptocurrencies as a means of payment, a significant number of online casinos are becoming specialized for players who opt for this type of payment and become so-called bitcoin casinos. It’s not only about accepting crypto as a form of payment, these casinos cater specially to crypto owners by offering special promotions, better bonuses, and even special games available only for crypto players as a form of incentive.
By doing so, these casinos are simultaneously changing the way people view online gambling and attracting a whole new group of players into the online gambling scene.
Crypto has opened a channel of transaction between casinos and their users that helps both parties avoid inflation and fluctuations of fiat currencies.
Most people prefer not to share private and banking information with online providers lightly, and a large number of potential players turn their heads away when it comes to online gambling out of mistrust for the gambling platforms themselves or fear of personal data being stolen by hackers. Although most serious online casinos are well protected against misuse of data by third parties, players are cautious and distrustful.
With cryptocurrencies, any fear of identity theft or credit card fraud goes away. Since crypto uses Blockchain technology which is difficult to alter and misuse and transactions are safe and easy to track. It is impossible to manipulate these transactions because all digital currencies are encrypted.
Anonymity and Privacy
Another perk of Blockchain technology is that it allows players to stay anonymous while they play. Since no identification is publicly linked to your crypto wallet you don’t have to worry about anyone having unauthorized access to your personal information which is exactly why you need to find Indian casino sites that accept bitcoin as soon as possible. In addition to security, this gives an important layer of anonymity and privacy for players.
With no way to track the transactions or their source, your gambling, as well as any money that you might spend or earn along the way, can stay as private as you want. This also protects your finances since these transactions won’t be visible in any bank statements.
Convenience and Speed
At this point, any online gamblers that have been in the game for a while have faced difficulties when depositing and withdrawing funds from their casino account to their bank account. Extensive paperwork and painstaking processing and approval of transactions cast a shadow over the best part of online gambling — withdrawing the winnings.
Luckily with the use of crypto, all of this can be avoided. Transactions with crypto are almost instant, making your funds available for use right away.
Lower or Non Existent Transaction Fees
The decentralized nature of cryptocurrencies means the lack of a regulatory body examining the validity of transactions. By removing third parties and creating a direct transaction channel between the casino and players, additional fees that are required by banks with traditional payment methods are removed. These transaction fees can run anywhere from 2% to even 10% of your earnings in some cases and can significantly damage your bankroll. The fees are especially high when it comes to international transactions, which is mostly the case with online casinos since most players refuse to stick strictly to their native casinos.
A Great Investment Opportunity
For those who have assets in crypto and no good idea what to do with them, try combining business and pleasure and invest through crypto casinos. With generous welcome bonuses, some casinos will give you generous deposit matches on your first deposit, matching, doubling, and sometimes even tripling the number of bitcoins that you deposited into your crypto account. This significantly strengthens your bankroll and gives you more room to play.
In addition to an opportunity to increase your crypto fortune, blockchain technology also protects your assets. Your crypto accounts can never be accessed by unauthorized parties or frozen and made impossible for you to use. With more opportunities and less risk, you are sure to increase your crypto fortune in no time.
Crypto is still a rather unstable market and a topic of debate among economists and theorists. The future of cryptocurrencies, even if it seems bright for now, is still quite uncertain, but one thing is clear, in combination with online gambling, the application of cryptocurrencies removes many of the initial problems of this industry and makes gambling easier for both players and providers themselves. We believe that cryptocurrencies are here to stay and their usage is about to become even more widespread in the future, which means it is the perfect time to invest and enlarge your crypto assets. It is up to you to take matters into your own hands and connect your crypto wallet to your chosen online casino account ASAP!