gambling g8471d45f2 1280Written by Tom Bakersfield
Cryptocurrencies and blockchain have become a fixture of modern life. Some argue that crypto has the power to change society, while others dismiss them as a gimmick.
There is no denying that their popularity in many industries is growing — online gambling being a prime example. In fact, if you’ve visited an online casino recently, chances are that you saw a cryptocurrency among the casino’s payment methods. But why has crypto found the use case in this industry that it has struggled to find in others?
- Cryptocurrencies are secure and keep user data private
The biggest attraction for gamblers is referenced in the name: cryptography. Crypto transactions are encrypted and only the involved parties can decipher them. On top of this, the cryptography allows for the veracity of each transaction to be checked. Take Bitcoin transactions, for instance, where third-parties use computers to solve math problems to verify that each transaction belongs on the blockchain.
Given these measures, gamblers can play with peace of mind without having to worry about some of the issues that afflict fiat currencies; such as identity theft, fraud, or third-party interference. For gamblers and crypto fans alike, it’s great to see one of the principal benefits of crypto realized.
- Crypto is quick and cheap
One huge advantage that crypto has over fiat alternatives is its speed. Some traditional methods, such as wire transfers and money orders, can take up to three weeks to process and hit your account. Crypto, on the other hand, can reach your wallet within minutes or hours. It’s all well and good winning money at the casinos, but what good is it if it’s difficult to get a hold of?
Another big factor working in crypto’s favor is the cost. At the best online casinos, crypto transactions are free. At these same casinos, it’s common to see large fees for fiat methods, which can be as high as $50 per transaction. Not only that, these traditional methods can have minimum and maximum transaction amounts — such as minimums of $150 — whereas crypto options tend to have fewer restrictions. All this makes crypto the simpler, quicker, and cheaper option. Is it any wonder that it’s becoming more popular?
- Crypto players get better bonuses and promotions
As there are lowers fees involved, online casinos have reason to incentivize players to use crypto rather than more expensive methods. Because of this, the bonuses and promotions at online casinos are better for cryptocurrencies than for traditional payment methods. In fact, many bonuses will offer one level of bonus for fiat payments and a better one for crypto. You might get a 100% match bonus if you deposit with a credit card, but 150% if you make the same transaction in Ethereum. That’s yet another reason to go crypto.
- There’s freedom and flexibility for crypto users
When you make a transaction with a traditional payment method, a host of institutions take an interest. At a minimum, there are two banks — the sender and receiver — as well as the company that facilitates the payment, which is usually a third party like Visa or Mastercard. These institutions are subject to another set of rule makers, normally government bodies that create and enforce regulations.
These regulations place restrictions on the payments, which slow them down, make them pricier, and limit what the purchaser can do. As cryptocurrencies don’t have to comply with any third-party regulations, they can offer users more flexibility and products better suited to their needs.
Crypto also works across borders in a way that national currencies do not. Most online casinos only accept certain currencies, mainly the US dollar or Euro. For many people easier to get cryptocurrencies, such as Bitcoin, than it is to get American currency. This means that crypto offers a level of global accessibility that most national currencies simply cannot. It also fosters inclusivity, making it easier for people to play who hail from places that do not have a recognized and widely traded coinage. Crypto opens the casino doors wider, letting in more potential players.
Bodes well for the future?
All in all, the rise and success of crypto casinos is an example of where cryptocurrencies have been able to demonstrate their many strengths and apply them to a real life use case. For those who want to see them grow in popularity, this is the sort of thing they have been waiting for.
At the same time, as crypto casinos have grown in popularity, many states have started to legalize online gambling. If online gambling was legalized in population-dense states like California, it would help demonstrate crypto as an equal if not superior alternative to fiat currencies (see more at https://www.bestuscasinos.org/legal/california/). Fans of crypto and online casinos alike should welcome these developments and consider using crypto the next time they visit an online casino.
