Cryptocurrencies, particularly Bitcoin, have been around since 2009, but it wasn’t until 2017 when many have seen its potential. A Bitcoin during that time was valued at around 20,000 US Dollars and it was when many has finally decided to hop on the cryptocurrency community.
2017 was the year when many industries started to apply the use of cryptocurrencies in their trading system. One of the industries that cryptocurrencies changed is the online gambling industry. There are now many casinos out there that accept payments and deposits from crypto wallets.
Bitcoin is still considered and known as the father of all cryptocurrencies like Ethereum, Ripple, and Litecoin. However, when it comes to the use of cryptos in online gambling, there seem to be more Bitcoin casinos out there than ones supporting other kinds of cryptocurrency.
More and more online casino players are switching to cryptocurrencies when making deposits and withdrawing their winnings and here are their reasons why.
- To Save Up on Fees
It’s typical for online casinos to charge extra fees for depositing and withdrawing money. There are just so many online casinos out there that are greedy when it comes to this matter. Usually, such fees would be priced at a fixed amount, but there are some casinos that would take a percentage of your winnings.
Well, the truth is that casinos that make use of cryptocurrencies can still do the same thing. However, this happens rarely. Most casinos that process crypto transactions don’t really charge extra fees. This is also great to avoid your bank from charging other fees as well.
One of the main reasons why Bitcoin and other cryptos are becoming more popular is how it could help a person maintain anonymity and privacy when making transactions.
On a regular online casino, you’ll typically be asked for your personal and banking or credit/debit card info to make a deposit. However, casinos that allow the use of cryptos will most likely only ask for your Bitcoin wallet info.
It’s still possible, however, for these casinos to ask for further identification to make sure that you are already on the right age to gamble online. These casinos, after all, still have rules to follow.
- Instant Payouts
It is common for traditional casinos to withhold the funds of their players to encourage them to keep playing. This is just really their tactic to keep their players and better their chances of having to pay their players less.
Cryptocurrency casinos are known for paying out their players instantly. In fact, this is how Bitcoin gambling mainly started. Many people just really prefer this as it makes their transactions quick and hassle-free.
- Exclusive bonuses
It’s common for all casinos to come up with their own ways to lure more players or customers. Of course, even crypto casinos are not far behind when it comes to this. Many Bitcoin users are rewarded for just using Bitcoin alone.
Some casinos offer extra bonuses and even Bitcoin bonuses that can be added to your account for using cryptos. It is possible to get free Bitcoin for playing on crypto casinos. Aside from that, you can get better redeposit bonuses, matching deposit bonuses, more free spins, and many more for just using cryptos on some online casinos.
- No more location restrictions
One of the many concerns of online casino players is the restrictions they get from their banks whenever they’re trying to make a transaction outside the country. This is something that players no longer have to worry about when using cryptocurrencies.
Crypto casinos can avoid some of the regulatory constraints that a country or a state has against real money games or online casinos that accept money. Cryptos are usually the loophole in this and so anyone can now enjoy playing online casino games from anywhere in the world with cryptos.
Players also no longer have to wait for days for their transactions to be processed by their banks and the online casino. Transactions made with cryptos from anywhere in the world are still usually instantly processed and this is thanks to the decentralization of cryptocurrencies. Approvals from banks are no longer necessary.
The use of cryptocurrencies surely promises to be one of the best ways to transact online. Many other industries benefit from this too. When it comes to online gambling, experts still see cryptos to be the future of online casinos.
As of today, Bitcoin already has over 150 million active accounts and this is still expected to grow. The use of Bitcoin is not just convenient but many also see this as a great way to invest their money. It just makes sense if more people will choose to gamble with this because of its benefits.