New crypto online casinos keep cropping up. But you might be wondering what the hype is all about. Why pay with a volatile cryptocurrency like Bitcoin when Visa works just fine?
The short answer is that cryptocurrencies are a revolutionary payment method. In this article, we’ll outline ways digital currencies are disrupting the online gambling industry. Let’s get started.
Borderless Payments
Before Bitcoin, casino players had to choose a local payment method. Otherwise, they couldn’t play their favorite slots and card games for real money.
Now, you can use Bitcoin to deposit money at virtually any gambling site in the world. Bitcoin works through a decentralized ledger called the Blockchain. This system does not depend on an intermediary to approve transactions.
The absence of an intermediary means the Blockchain can work in every corner of the world. All you need is a cryptocurrency wallet that can hold Bitcoin, Ethereum, or your favorite altcoin.
Hard crypto wallets like Ledger Nano X and Trezor offer the best way to store Bitcoin and altcoins. If you can’t afford a cold wallet, consider using an online wallet like Metamask.
Metamask primarily stores Ethereum and ERC-20 coins like Uniswap, Shiba, Chainlink, and Decentraland. It can also store Binance Coin, Polygon Matic, and USDT. Metamask is one of the most popular crypto wallets online.
As a result, finding casino Metamask sites should be easy. Choose a reputable operator—check feedbacks to determine its trustworthiness. Also, pay attention to the site’s games, bonuses, and payout speed.
Fast Transactions
If you want to deposit money at your favorite online casino, you will probably choose the fastest payment option. Bitcoin ranks among the fastest payment methods in the world.
As we mentioned earlier, crypto has no intermediary. When you initiate a payment, it goes to the recipient directly. Sure, the Blockchain must verify every transaction before it is completed. But this process tends to be fast.
Bitcoin verifies transactions within 10 minutes. Ethereum takes half the time. Solana payments take two minutes on average while some other coins take fractions of a second.
Speedy payments provide convenience. This is why wire payments are unpopular in the online gambling industry. They take too long to process transactions. Cryptocurrencies are particularly fast during casino withdrawals.
You see, withdrawing money from an online casino can take anywhere between 24 hours and 7 days. With Bitcoin, you can have your money in a day. Bank payments take up to one week.
Accessibility
Compared to banks and cards, cryptocurrencies are pretty accessible. Think about this. You don’t need a card to install Metamask or Phantom Wallet. You don’t even need to show your ID or driver’s license.
You just need your smartphone. Crypto wallets give you a special seed phrase to store privately. You’ll need it to restore your wallet in case you ever lose your iPhone or if you ever uninstall the crypto wallet app.
When it comes to owning digital currencies, you have several options. You can buy Bitcoin or Ethereum from a friend. But this isn’t always an option. Another option is to buy coins at a crypto exchange like Binance, Coinbase, or Bybit.
In the past, buying Bitcoin was a bit confusing. But in this age of blogs, YouTube, and social media, you can read or watch a crypto-buying guide. Most exchanges also offer tips to help you use their platforms successfully.
Security and Privacy
Unless you share your private key addresses, your crypto funds are safe in the Blockchain. The system stores your money in a decentralized ledger that cannot be hacked.
Your public addresses are also encrypted using cryptography. This ensures no one has a way to use your money without your authorization. To add to this security, cryptocurrencies don’t ask for names or addresses.
When you make a payment, your name isn’t included. This gives you better privacy than banks, e-wallets, and cards. That said, Bitcoin doesn’t offer total anonymity.
Bitcoin might not ask for your ID or address. But if someone is determined to find you, they can trace your address back to you. Besides, online casinos are required by law to ask for your identification information.
Low Transaction Costs
The cost of transacting is something many casino players keep in mind when choosing a payment method. Compared to other financial services, crypto ranks amongst the cheapest ways to move money online. Here’s why.
The cost of sending money depends on the blockchain. Bitcoin has one of the more expensive payment networks out there. Transactions average $5 or less but they can go higher when the network is congested.
Altcoins like Solana, USDT, Ripple, and Cardano are much cheaper. For example, you can send up to $1 million through Solana and pay less than $1 in fees. The secret is to transact when there’s a low demand for payment verifications.
Generous Casino Bonuses
Another benefit of using crypto for casino deposits is that you’re likely to benefit from large welcome bonuses. Many gambling sites welcome you with bonuses matching your deposit amount.
Let’s say you deposit $100 through PayPal. You can receive a bonus worth $100. Similarly, you receive up to 1BTC when you deposit a similar amount. Now, Bitcoin costs over $50,000 at the time of writing.
With a 1BTC bonus, you can play all your favorite slots in a month and still have money to spend. And wait. You can still qualify for loyalty freebies such as cashback deals, reload bonuses, and VIP cash prizes.
Transparency
Everything about crypto payments is transparent. The blockchain keeps all records of your payments. You can view addresses you’ve sent money to, costs, and the time it took to complete all your payments.
Transparency is one of the reasons crypto adoption is increasing. It helps increase security and trustworthiness. When a financial service is transparent, it tends to succeed.
This is the case for Bitcoin. It was less than $1 when it first came out. Now, it is worth over $50,000. Additionally, people are investing more in the blockchain by using it to create revolutionary digital products.
