Cryptocurrencies are on the rise – Bitcoin is now a trillion-dollar asset, and the technology is being adopted for a wide range of use cases, including payments, decentralized finance, non-fungible tokens, gaming, and more. Crypto has also been making an impact on the online gambling sector, opening up exciting new options for businesses and players alike.
Given the large increase in the amount of casinos accepting crypto as a payment method, it’s natural to wonder why so many online casinos are now supporting crypto payments. Let’s check out three of the biggest advantages that this new technology has to offer.
Transaction costs and speed
Cryptocurrencies operate on a 24/7 basis all around the globe, and are accessible to everyone. You don’t have to ask anyone for permission to send Bitcoin or any other cryptocurrency to anyone in the world. Depending on which cryptocurrency you use, your transaction could be completed within seconds.
Compared to traditional payment methods, cryptocurrencies can offer much cheaper transactions, because there are no intermediaries – when making a transaction, you only have to compensate the miners or validators, depending on the cryptocurrency you are using. Depending on where you live and which payment options are available to you, playing on crypto casinos could save you a significant amount in fees.
Privacy and security
One of the reasons why many people prefer to transact with crypto is financial privacy. When transacting with cryptocurrencies, you don’t need to provide any of your personal information, and you can create as many different cryptocurrency wallets as you want. All the network cares about is that you have the private keys necessary to send the transaction. However, the casino you’re using could require some personal information from you before you can create in account.
If you’re using a cryptocurrency with a very robust network like Bitcoin, your transactions will also be highly secure. There’s thousands of nodes verifying transactions and the network is also backed by a huge network of miners.
Diversity of options
Many casinos that accept crypto will support many different types of cryptocurrency. This is great for customers, as they can choose which cryptocurrency to use depending on their priorities. Customers who value security above all will likely stick with Bitcoin, while those who prefer faster and cheaper transactions can choose coins like Litecoin or Dogecoin. Some crypto casinos also support stablecoins like USDT, which are suitable for users who are put off by the volatility of cryptocurrencies.
Things to keep in mind
Transaction costs can vary greatly depending on which cryptocurrency you choose and its current network conditions. For example, Bitcoin transaction costs can skyrocket when the price of BTC is rising and the network is handling a lot of demand from investors and speculators. However, if you choose the right cryptocurrency for the job, you can save a lot of money on transaction costs compared to traditional payment systems.
Price volatility is another aspect to consider. If you plan to keep large amounts in crypto, the price fluctuations can become a big risk. As we mentioned before, the price volatility risk of cryptocurrencies can be avoided by using stablecoins.
When it comes to privacy, users should understand that most cryptocurrencies are not actually anonymous, but are instead pseudonymous. Even though there are no real-world identities attached to cryptocurrency transactions, most cryptocurrencies have transparent blockchains where everyone can see the entire transaction history of any given address. If you put a lot of emphasis on privacy, you can consider private cryptocurrencies like Monero and Zcash.
David is a crypto enthusiast and an expert in personal finance. He has created numerous publications for different platforms. He loves to explore new things, and that’s how he discovered blockchain in the first place.