Cryptocurrency was introduced as an alternative mode of payment to fiat’s traditional banking system when Bitcoin (BTC) was introduced. It had a humble start as the virtual assets started as relatively worthless with its only users being hobbyists who trade in recreational merchandise. Eventually, it became the preferred mode of payment on various platforms, including casinos.
What happened over the years that made crypto the preferred payment method for gamblers worldwide? The reasons for this change revolve around the advantages that blockchain transactions have over traditional banking. Here are the key reasons why crypto is now favoured by online casino players:
Better privacy for the customers
Privacy is a major concern for anyone using online payment methods. The best way to protect your finances is to prevent anyone from knowing about your cash transfers. Online crypto casinos are better at doing this than fiat-centric services because your deposits and withdrawals are kept anonymous by a blockchain encryption system.
With crypto, you don’t need to give your personal details to have a wallet and interact with the blockchain. All you need is a private key to manage your funds and a wallet address to receive crypto. This means that you can stay reassured that nobody knows your activities every time you build your bankroll and claim your gambling winnings.
Faster and more reliable system for deposits and withdrawals
Fiat currency systems have a powerful infrastructure that makes payment complete almost instantly, especially if you’re using credit cards or debit cards. The same is true for bank transfers and electronic wallets alike thanks to modern technology. However, they all have multiple points of failure that can lead to delays ranging from days to weeks which can eat up your time before you start gambling on your preferred site.
Sometimes, it’s the network requiring maintenance but other times, it’s the bank experiencing an error in a branch that is handling your transaction. Blockchain is a decentralised network where transactions adapt to changes. If the validator assigned to handle it becomes inactive, the algorithm assigns another validator in a different node to handle it. As a result, your payment is always sure to arrive at its recipient with only minutes to hours of minimal delays.
Cross-border accessibility
The main drawback of fiat payment is offshore payments. If you’re playing at a casino that does not accept your country’s local currency, then you’ll have to convert it to what is being supported. Crypto doesn’t have the same problem. You can deposit directly from your wallet and your crypto casino account using the peer-to-peer (P2P) payment method.
As long as your wallet is supporting the same crypto as the casino, you may make a deposit and withdrawal while only paying for the standard gas fee. There is no need for conversions or remittance services when it comes to this kind of payment. This means you can play crypto casino games and claim prizes without worrying too much about additional fees.
Trustless validation system
The main concern people have over banking that blockchain-based payments aim to change is the trust-based system. All users of any centralised payment solutions providers like remittance centres, banks, and electronic wallets can control your accounts without your permission. That includes cancelling a transaction and freezing your funds which can be a result of human error.
Decentralised ledger technology (DLT) eliminates these concerns as the blockchain because the network is run autonomously through an algorithm. It follows a specific validation protocol that handles all payments without the need for a central authority. There is no possibility of a human error and the algorithm references all data, leaving no room for mistakes. Thus, ensuring that your requests always continue for as long as the network is online.
Immutable transactions
The best crypto casino sites adopt blockchain payment for the benefit of the customers. This method gives both parties the benefits of an immutable transaction. It means no deposit or withdrawal can ever be reversed which is a common practice among fraudulent operators.
With immutability, all crypto transactions are recorded permanently. That means that every time virtual assets transfer ownership, blocks still record the history of every previous owner that it came through.
It cannot be tampered with by hackers for the sake of reversing crypto ownership, meaning that no one can take ownership of your casino winnings as soon as it goes to your wallet. This counts both your casino wallet and the third party wallet where you store withdrawn funds.
Better betting flexibility
One of the key features gambling platforms should offer their customers like you is flexibility in payment methods. You are free to choose whichever type of digital asset you wish to use in betting as long as it is supported on the website. That’s why the best crypto casino sites support as many kinds of virtual assets as possible.
However, this doesn’t mean that they should accept all cryptocurrencies circulating the market. A good gambling website is selective of the type of payment methods they accept. Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) are popular choices because they’re considered safe.
To ensure flexibility, there should also be support for assets like Polkadot (DOT) and Dogecoin (DOGE). There will be more crypto supported by gambling websites if their market capitalisation and liquidity rise high enough to make them noticeable. Thus, crypto gamblers’ options grow with the state of the market.
Play using crypto to benefit from blockchain innovations
These are all the benefits you can expect from online crypto casinos. Innovation in finance is always a welcome change for everyone involved. It ultimately ensures a much more enjoyable experience both for playing games and winning prizes.
The blockchain ecosystem is constantly evolving with millions of investors and technicians finding more ways to use DLT. Any innovation made in this space is going to also improve gamblers’ experience at crypto casinos. Keep an eye out to all the exciting developments in the blockchain industry that affect deposits, withdrawals, and betting in crypto casinos.
