From luminaries like Bitcoin (BTC) and Ethereum (ETH) to lesser-known players like Cardano (ADA) and TRON (TRX), cryptocurrency has revolutionised the concept of money. Casinos have been quick to embrace cryptocurrencies, which offer players a slew of benefits compared to traditional cash. Want to know more about why crypto is the future for online casinos? Read on as we spotlight some of the biggest advantages of crypto for online gaming platforms.
Lightning-fast withdrawals
Unlike traditional cash casino withdrawals that can take five or more business days to process, crypto transactions are completed in a matter of seconds. This means you can get your hands on your funds almost instantly. No more waiting around for banks to process withdrawal requests. Just easy access to your winnings in a flash.
Watertight security
When it comes to security, cryptocurrency is leagues ahead of cash. Transactions are founded in blockchain technology, an ultra-secure transaction method that’s virtually impossible for hackers to access. Data is duplicated, distributed and processed across a network of different computers, AKA the blockchain. This sophisticated network stops hackers in their tracks and makes it extremely difficult to steal cryptocurrency and personal data.
Blockchain technology is also decentralised. This eliminates the need for third parties like banks and financial institutions, which can be a major security risk. Instead, transactions are made directly between the player and the crypto casino.
Complete privacy
Cash transactions are generally tied up with all kinds of red tape. In contrast, cryptocurrency transactions allow players to remain anonymous. While transactions are meticulously recorded and protected, the identity of spenders is completely private.
Rock bottom transaction fees
Banks are notorious for hitting customers with sky-high transaction fees. Even if the casino claims to charge no transaction fees, players often find themselves losing out due to exchange rate discrepancies, hidden charges and other cash-related levies. Playing with crypto keeps transaction fees low and in many cases, non-existent. This is thanks to the use of decentralised blockchain technology, which vetoes intermediaries like banks.
For high rollers, the use of decentralised blockchain technology is a huge bonus. Fees are often calculated based on a percentage of winnings. This means whales playing at traditional cash casinos can be hit with huge fees. Gambling with crypto cuts out third parties and dissolves these eye-watering fees. For members of bitcoin gambling websites, currencies like Bitcoin ensure winnings stay exclusively in the pockets of players.
Accessible to all
Cryptocurrency doesn’t discriminate when it comes to player location. Instead of mucking around with different currencies, crypto makes it easy to flirt with Lady Luck, regardless of your locale. All you need is an internet connection.
Decentralised technology
Unlike traditional currencies like the British Pound and American Dollar, cryptocurrency is decentralised. This means it doesn’t fall under the jurisdiction of governments, banks or central authorities. For countries where online gambling is banned or restricted, crypto casinos are a clever alternative.
Fast withdrawals, watertight security and low transaction fees are just some of the reasons why crypto is the future for online casinos. The use of decentralised blockchain technology is rapidly gaining momentum and will continue to grow as both gaming platforms and players continue to reap the benefits.