Cryptocurrency is no longer a fantasy story. Coins are becoming more and more common every day. In 2022, cryptocurrency casino games have reached an all-time high. According to the reports of the leading gambling sites, in 2021, the share of iGaming brands supporting cryptocurrency settlements reached 80%. Primarily for payments, bitcoin is used. In second place is Ethereum. Its share of the gambling environment is about 10%.
Almost a quarter of casino bets support cryptocurrency. For comparison, a year ago, this figure was only 5%. New platforms are opening daily. They offer customers the possibility of transactions in cryptocurrency.
This alignment is due to the growing popularity of the coin. Bitcoin prices have fluctuated quite widely this year. It made a lot of noise in the cryptocurrency market. Coins are increasingly used for settlements in various areas. Gaming is no exception.
The Advantages of Cryptocurrency Payments in iGaming
Why do players use bitcoin for betting in online casino:
- The coin is decentralized. Now there is no regulatory body that would monitor the turnover of cryptocurrency. As a result, your money always remains with you. No one can freeze an account and limit transactions.
- Safety. Complete confidentiality of payment information. You don’t have to worry about someone accessing your banking data. During cryptocurrency transactions, no information about you is disclosed. There are no reverse charges – if the bitcoin has already been sent, the transaction cannot be canceled or changed.
- Private purchases. No one will know what you spend bitcoins on at the Unibet online casino or on any other site. No personal data is attached to a bitcoin wallet.
- Fast transactions. You can make any payments – pay bets at the casino, buy pizza at a local institution, or transfer money abroad. The type of transaction will not affect the speed. All transfers are made instantly.
- Low fees. The advantage of decentralization in the cryptocurrency environment is the absence of intermediaries. When making payments, they do not charge a commission. In this case, the user will have to pay extra when converting bitcoin to fiat currency. There is also a fee for fast payments. But the user always has the opportunity to choose the optimal commission settings for himself.
- Excluded inflation. There is a clear limit on the number of bitcoins – 21 million coins. No one will be able to issue more money and pour it into the economy randomly. The rise and fall of bitcoin are predictable processes. Whereas with fiat currencies, inflation can be expected literally at any moment.
- Payments are often tax-free. Now, bitcoins and altcoins are officially recognized only in some countries. Only in this case, payments in cryptocurrency are taxed. Please check your local laws before placing bets in bitcoin casinos. The clause on the tax on winnings should be of particular interest to you.
Bitcoin and other cryptocurrencies are the perfect gaming coins. Transactions involving its use are carried out quickly and anonymously. Even if you do not trust the site, scammers will not be able to access your data. You can withdraw and deposit funds in the casino using cryptocurrency. Transactions do not go through a centralized banking system. It means that intermediaries do not charge you an additional commission.
There are advantages to using cryptocurrency not only for players but also for iGaming operators. Here are some of the benefits:
- full transparency of all payment transactions;
- control of funds via an integrated payment processor;
- fast account replenishment;
- balance control using the CoinsPaid panel.
Introducing cryptocurrency transactions into the operation of the casino will be beneficial for sites that are just opening. Coins will significantly speed up the launch time due to the lack of bureaucracy. At the same time, online casino owners should study the question of the appropriateness of using bitcoin and altcoin. Sometimes the target audience does not have the opportunity to use coins. Then transactions will be irrelevant. New players will not be attracted.
The Cons of Using Cryptocurrencies at Online Casinos
There are several disadvantages among the apparent advantages of using cryptocurrencies in online casinos.
Most of the shortcomings are related to temporary factors:
- Unstable course. Bitcoin and altcoin prices fluctuate on a daily basis. It is due to the limited number of coins and the increased demand for the currency. The peak value of the price of bitcoin was in April 2022. The figure reached $64,000 per coin. Ultimately, the bitcoin rate will stabilize, but it is not recommended to store significant savings.
- Work on the coin continues. Bitcoin was introduced into circulation many years ago. At the same time, it is constantly updated and changed. As cryptocurrency is introduced into a person’s daily life, it becomes more accessible and perfect. Problems in use are not ruled out. For example, owners recently faced a scalability issue. The Bitcoin network with the initial settings could not process all transactions.
- Cryptocurrency payments are not available everywhere. At the moment, cryptocurrency has penetrated the iGaming sphere by almost 80%. At the same time, not all sites can replenish the account with bitcoin. The disadvantage is likely to be eliminated in the coming years. The prevalence of cryptocurrency is constantly growing. There will be no exceptions and casinos with bookmakers.
The anonymity of bitcoin also has a negative meaning. Fraudsters often use the impossibility of tracking payments in criminal activities.
If you decide to use cryptocurrency for betting in an online casino, ensure that the method is supported on a particular site. Studying the best options for the safe use and storage of coins is also desirable.