More and more players are discovering the myriad advantages of using cryptocurrency as their payment method. And in response, more and more providers are stepping up their crypto offerings and services, as well as entering into partnership agreements that diversify their crypto portfolios.
What’s driving this trend?
As many players have already learned, there are major advantages to using cryptocurrencies. Here are some of the many reasons why, these days, gamblers prefer crypto.
One of the main advantages of using Bitcoin (or any cryptocurrency) for online gambling – as well as for other kinds of online transactions – is safety and security.
This goes not just for the financial side, but for the data side as well!
Because of the way blockchain technology works, all transactions are completely transparent. That is to say, players can track their money every step of the way.
Not only that, but transactions cannot be reversed! For example, if a disreputable site confirms withdrawal of funds but then blocks the transaction from completing, or requests a refund, a player using fiat currency has very few options for redress. This cannot be done with crypto.
Most attractive at all to some gambling fans is anonymity. While transactions can be tracked, the data of payees and payers alike is fully lucked: from casinos, from third-parties, even from governments.
Quicker Transaction Speeds
If security is the reason that some online gamblers love Bitcoin, speed is beloved by all.
Gone are the multi-day waits associated with withdrawals after big wins. All transactions in BTC move at the speed of light, including casino withdrawals: the wait time will be a few hours at the maximum, or at a minimum, completely nonexistent.
And because BTC is not regulated by any corporation or government, transaction speed cannot be hindered by any party, for any reason… neither is a change to this speedy status possible. The technology simply does not allow it.
Lower Transaction Costs
Beyond the world of online gaming, one of the main appeals of cryptocurrency is its independence from larger institutions. Bitcoin is not issued by any government; is it not held by a bank, which is then obliged to comply by regulation and cooperate with governmental authorities. The middlemen are essentially cut out of the picture.
Yes, this yields freedom. But since middlemen must be paid, it also saves on costs!
What does this mean for gamblers?
It means there are very low transaction fees, no currency conversion fees, no bank fees, and a generally much lower set of hidden costs.
Privacy has always been important, but anonymity has taken on even more weight in today’s ultra-connected world. The threat of identity theft, stolen or breached data, or nefarious dealings from untrustworthy platforms without warnings are more troubling than ever before, and they become more so by the day.
When paying with crypto, though, there’s no need to submit any personal information – not even a name! All that’s needed is a crypto wallet address.
(To be clear, we do not advocate for illegal or extralegal gambling. Even though crypto transactions leave no trace, we still recommend that all players follow local laws as well as following tax regulations for their winnings. When it comes to legal action or jail time, the reward is simply not worth the risk.)
Traditional currencies, issued by a central government, have known liabilities. Inflation is one, changes in regulation another. As much as the dollar or the euro seems like a stable unit, the truth is that history shows a great many examples of a single currency spinning out of control and losing value rapidly.
With a single, centralized currency, anything can happen.
Things are different with crypto.
Decentralized and distributed systems may be newer and less proven financial instruments, but they are more reliable in this respect. Blockchain structures prevent malfeasance, and the lack of a centralized authority means a greatly reduced risk of systematic failure.
Explosive Growth Potential
When gambling with crypto, the potential exists for big wins to become even bigger still.
Finally, just about everyone has heard of BitCoin’s dramatic increase in value over recent years. No one knows for sure if that particular currency will continue to rise in price, but gamblers would have to live with their heads under a very large rock to neglect the possibility of further growth for their payouts.
The Bottom Line
There’s no looking back: Bitcoin and its fellow cryptocurrencies are here to stay.
We predict that it won’t be long before the use of BTC is truly ubiquitous, in online gambling but also throughout the world of online finance.
No matter what the future holds, though, it’s very clear at present that the advantages for players who use BTC for their online casino transactions are tremendous. If you haven’t tried it yet, now may be the time to start!
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