Crypto initially garnered nearly no attention. One of its well-known legends relays an account of the world’s very first crypto transaction. In 2010, a programmer with a hankering for pizza posted an offer on the bitcoin.com forum to pay 10,000 Bitcoin to anyone willing to order & collect two large pizzas and deliver the pies to him. It eventually took four days before a 19-year-old took him up on his offer, at the time 10,000 bitcoin was worth $41, today 10,000 BTC amounts to well over $250 billion.
Once greeted with skepticism, both online casinos and players now reap the benefits of embracing cryptocurrencies, such as the fastest casino withdrawal options leading to fast payouts. The more familiar players got with transferring funds without the involvement of a third party, the quicker crypto gained popularity as the advantages started to out rule the disadvantages.
Many of the largest global retailers now accept cryptocurrencies such as Bitcoin, which includes businesses in the North Island and South Island of New Zealand. Kiwis also have access to Bitcoin ATMs that enable both the purchase and sale of Bitcoin. In this article, we explore the 7 benefits of cryptocurrency that make it a more convenient and workable alternative to traditional payment options.
1.Fast Payout Times
Numerous factors contribute to and affect casino withdrawal and fast payout times. The list of existing payment methods normally includes deposit and withdrawal options, and those used for both, such as cryptocurrencies ensure faster transaction.
In some instances, the pending period and processing time for different payment methods varies, while both are critical to fast payout times.
Cryptocurrencies’ fast payouts recently create hype due to the ease of use due to the reduction in waiting periods, which reduced to the instant at most online casinos.
2. Confidentiality and Privacy
Using cryptocurrency as a deposit or casino withdrawal method isn’t completely anonymous but it is pseudonymous, meaning your identity is masked. The only identifier is your wallet address, which includes no information about you.
A big plus is that players’ spending and winnings at online casinos are not revealed on their credit card or monthly bank account statements. Even those with the most relaxed attitude toward personal privacy and data security could become a victim of identity theft. They could unknowingly fall foul of a serious breach of the law if their stolen identity is used for money laundering purposes.
3. Instant Accessibility
One of the many advantages of using cryptocurrencies to fund your account or withdraw from online casinos is that no central authority is involved. This eliminates both accepting or rejecting users, for instance, credit card declining.
In terms of accessibility, cryptocurrencies remove barriers and provide everyone with better access to unbanked services. One of crypto’s overriding principles is that you no longer need to rely on the honesty of service providers, your money always remains yours until the service is provided in full.
4. Safety and Security
Unless access is gained to a player’s private crypto wallet key, it is simply not possible for anyone to authorize transactions or gain access to funds.
Transactions to and from online casinos are completely safe due to the highly secure nature of the blockchain system and the distributed network transaction verification. Once a transaction is authorized it can’t be changed or reversed, which prevents fraud and any form of tampering.
5. Short Settlement Periods
Cryptocurrency transitions are instant or take mere seconds to complete. In comparison, Bank transfers can take up to several days and at some casinos, e-wallet payments take a day or two. Even with cross-border payments, cryptocurrencies lead to lightning-fast processing and settlement times.
A much better payment flow and an increase in trust lead to instant access to the best bonuses such as a welcome bonus or welcome package and to winnings within a few up to 60 minutes.
6. Low Transaction Fees
Even with the list of benefits offered by cryptocurrency, the most obvious is that it eliminates banking fee charges. As such cryptocurrency transactions are way cheaper than transfers to traditional banks.
Cheaper transactions mean players have more to play with and keep more of the winnings in their pockets. Not only are crypto transactions cheaper or free, but their decentralized nature also makes them tax-free.
7. Cross-Border Payments
Decentralization is one of the greatest benefits offered by cryptocurrencies. It’s decentralized structure excluding cryptocurrencies from any forms of oversight from local and international financial regulatory bodies, which means they are free from taxes as well as all other forms of cross-border restriction.
This together with its inherent high levels of anonymity leaves players free to use crypto to deposit and withdraw funds to and from local and international online casino entertainment accounts as often and as much as they want to. Moreover, no outside third party can in any way interfere with transactions, like freezing your crypto player account or refusing to pay out your valid winnings.
Crypto is the safest, cheapest, and above all most convenient form of funding any online casino account. Moreover, it provides the highest levels of freedom and anonymity from “Big brother’s” all-seeing eyes. So, what’s not to like, all this anonymity and freedom must come with some serious downsides, right?
Wrong! One of the pseudonymous Satoshi Nakamoto’s original inspirational ideas was to create a decentralized, trustless system specifically aimed at online use. At its core, it needed to address all the shortcomings of the current trust-based, rigorously over-regulated fiat money system.
With crypto, you no longer must trust an unknown online third party to deliver a service or product after they received your money or trust them to pay your winnings. With crypto, you always remain in control of your money!