Benefits of Using Cryptos for Online Crypto Gambling
With the advent of cryptocurrencies in various industries, there has been a rage among online gamblers as well because of its various advantages over traditional online gambling. The cryptocurrency was first used by tech-savvy people only but as it became more and more popular among common people and they started to understand how crypto blockchains work and the potential of using it as a payment method, crypto coins such as Bitcoin, Ethereum, Litecoin, etc., became more widespread.
They are being used by several industries, including the online gambling industry. The best crypto casino operators realised the potential and multiple advantages of introducing cryptocurrencies in their casinos and they have gradually integrated crypto into their online gambling platforms. This has allowed gamblers to use cryptocurrency as a mode of payment to play crypto BlackJack, slots and other popular casino games.
About Crypto Gambling
Crypto gambling involves playing casino games with cryptocurrencies. The objective of crypto gambling is to offer gambling enthusiasts a frictionless way of playing casino games. In traditional online casinos, gamblers use Fiat currency which has many pain points and offer a rather slower gambling experience. Using crypto coins such as BTC and ETH to play different games has created a path where crypto deposits and withdrawals are much faster with the added advantage of enjoying provably fair games. Cryptocurrencies have changed the way casinos operate while the mutually beneficial relationship between the gamblers and the casino operators have strengthened their views on cryptocurrency being a legitimate form of value.
How does Crypto Gambling work?
To use an online crypto casino, gamblers need to make a purchase of any cryptocurrency of their choice including Bitcoin and Ethereum using their regular Fiat currency and create a crypto-supported wallet. Any gambler with a valid ID can create a gambling account in any of the online casino sites that offer cryptocurrency payments. Gamblers can make deposits at the casino from their crypto wallet and start playing the game instantly. Although anonymity remains the greatest advantage for many crypto gamblers, they get access to an additional chance of winning extra crypto coins due to market fluctuations. Moreover, crypto casinos offer generous bonuses and promotions including deposit bonuses and welcome bonus offers to gamblers and increase their chance of winning big at these crypto casino sites.
Benefits of gambling with crypto
Gambling with crypto has many advantages which is why gamblers love playing at crypto casinos. Some of the benefits of gambling with crypto are –
One of the greatest advantages of gambling with crypto is the level of anonymity and privacy it offers. Gamblers who do not wish to reveal their identity and gamble anonymously, can do so if they gamble with crypto. Crypto casinos let online gamblers keep their financial as well as personal information private.
Cryptocurrencies are not regulated by any government in any country and players are not required to go through mandatory ID verification processes while gambling at a crypto casino. The absence of any third-party eliminates tedious bank procedures which cuts down the time needed to withdraw payouts from the casino. However, the speed of transactions depends on the crypto coin being used and the algorithm it follows. Regardless of the crypto, generally, each crypto transaction takes about 15 to 30 minutes to process which is super fast compared to the online casinos that normally takes 5 – 7 working days to reflect in your bank account.
Casinos that offer crypto gambling usually do not charge any fee to process transactions but it mostly depends on the chosen withdrawal method. If a gambler chooses a banking method to withdraw funds, a certain fee may be applicable, charged by the bank and not the casino. In addition to this, when it comes to depositing or withdrawing money using cryptocurrency, gamblers may have to pay a small fee to the miners in order to validate the transaction.
Promotions, Bonuses, and Games
For many gamblers, one of the deciding factors while choosing the best crypto casino is the bonus and promotions offered by the platform. Crypto casinos offer the most generous bonuses, promotions and games, in order to attract more players into the platform and also to keep them engaged at the casino for a longer time. Different bonuses include sign up bonus, welcome bonus, deposit bonus, no deposit bonus, cashback and other rewards that regular online casinos do not normally offer.
Cryptocurrency is a great way of evading several strict laws and regulations imposed by governments. Players can gamble with cryptocurrency in any part of the world, even in those countries where gambling is illegal.
Pros and Cons of Crypto Gambling
The advantages of crypto gambling are –
- Cryptocurrency is a decentralised currency which means transactions made in crypto do not require government regulation.
- Crypto transactions are secure as no one can steal your personal or financial information.
- Crypto transactions are extremely private and anonymous which means the players are not required to provide any sensitive information to gamble with crypto.
- Crypto transactions are super fast and it is close to instantaneous.
- Extremely low transaction fees are charged for gambling with crypto since there are no third-party agents in the decentralised Blockchain network.
- Cryptocurrencies are not subject to inflation which means they cannot be churned out as in the case of fiat currencies.
The disadvantages of crypto gambling are –
- Cryptocurrency is extremely volatile. The value of any crypto can bounce up and down every minute. Although the price eventually settles, most players fear playing with crypto because of its volatile nature.
- Although cryptocurrency has been in the market for years, it is still under process. Even though the Blockchain network has received enormous appreciation, it has encountered various scalability issues.
- Crypto transactions are untraceable due to their anonymous and private nature. This means crypto transactions may get associated with fraud and criminal activities as it is much easier to get away with it.
Future of Crypto Gambling
Many sources believe that cryptocurrency has become a primary source of payments in the casino industry and it is shaping the future with its basket of advantages and bonus offers that can be quite helpful and handy in the gambling industry. It is believed that more casinos will start accepting cryptocurrencies in the future while more gamblers will choose to use cryptos as their preferred payment method.
Gamblers gambling with crypto benefit because of the security and anonymity it offers. Moreover, it is a cost-effective and superfast solution that works well for them. In addition to this, crypto casinos also welcome players from around the world, irrespective of their country’s gambling laws.
To conclude, online crypto gambling and blockchain technology will evolve more in the future as the technology evolves and more people start understanding how crypto gambling works. As the online casinos try to remove the boundaries between the operators and the players, cryptocurrencies are more likely to become a vital component, offering a world of advantages to the players as well as the casino operators.