Cryptocurrency has been on a wild ride since the first coin was launched. Since then, coins such as Bitcoin and Ethereum have made a real splash in various industries around the world. While they are popular when it comes to investing or the financial sector, crypto is also becoming more popular as a payment option at online casinos. As more casinos embrace digital cash as the perfect payment solution for customers, we can expect to see it at more iGaming sites moving ahead.
To get a real handle on why digital cash is so well-suited to online casino play, tracking down more information about crypto gambling is worthwhile. If you need a brief summary of why this payment method is ideal for iGaming though, our guide below should make it a bit clearer.
1. Crypto delivers true anonymity
While some players may not think too much about this aspect of iGaming, others have a real need for anonymity. This may be for any number of genuine reasons — from wanting to gamble in complete privacy to not wanting their bank details stored by the gaming platform they use.
For gamers who value total anonymity when playing classics such as roulette or blackjack, crypto is by far the best option. This is because you do not have to enter any bank details when making deposits or withdrawals with digital cash. As a result, no transactions involving casino gaming online will show on your bank account, which gives players the anonymity they often need.
2. Outstanding levels of security
In addition to cryptocurrencies delivering excellent privacy and anonymity, they are also very secure. This high level of safety is essential for iGamers who will be making payments online when playing games. The blockchain technology which top coins such as Bitcoin are based on offers cutting-edge data encryption and makes them almost impossible to hack.
By the same token, crypto wallets which you will store coins in for making payments at online casinos are also very secure. The wallets themselves include built-in security features that make them very tough to breach. Digital payments rest on being secure and crypto is perfect for online casino play as a result. If more proof of this were needed, crypto’s status as a safe haven for investors is also a good read.
3. Fast transaction speeds
The simple truth is that withdrawals and deposits at online casinos are completed much quicker when crypto is the payment method. This is a massive bonus for iGamers and means they do not have to wait around to start playing or hang around to get their winnings back. Due to this, the fast transactions that crypto offers makes playing casino games more enjoyable and removes any frustrations around slow payments.
But why do digital currencies offer faster transaction speeds than more traditional payment options? It all comes down to the decentralized nature of crypto and how it uses the latest digital networks to process requests. By cutting out the need for payments to go through middlemen such as banks, crypto payments can be processed a lot quicker.
4. Lower transaction fees
In addition to faster transaction speeds, crypto is ideal for online casino play due to the lower transaction fees that top coins offer. This is a lot different from more traditional payment options which can often have higher transaction fees due to the involvement of banks and the nature of how these payments are dealt with.
Crypto payments are able to use their decentralized nature and the latest digital networks to reduce transaction fees. This means that players who choose cryptocurrency as their payment method get to keep more of their winnings and have fewer fees eating into their bankroll.
5. Games which are provably fair
Online casino gaming relies on providing games to players which are fair. This is something the industry naturally puts great focus on and requires all iGaming sites to prove their games are fair to customers. While the use of random number generation technology and certification from independent bodies such as eCogra helps here, cryptocurrencies are also handy.
This is especially true for dedicated crypto casinos online which allow players to verify the fairness of each bet they make and the fairness of the games the platform offers. Crypto casinos also carry games which are transparent and cannot be manipulated by the operator to their own advantage. By doing this, casinos which are based on cryptocurrencies are able to reassure customers that their games are 100% fair.
6. Easy to use
Any payment method players use at an online casino must be easy to understand. Cryptocurrency hits the mark in this regard and is a very straightforward way to deposit or withdraw money.
The best crypto wallets are quick to sign-up with and easy to start using. Making payments with crypto on online casino sites is also a breeze and makes it a lot simpler to start playing your favorite casino game.
7. Global access for players
The size of the global online gambling market in 2022 hit around $79bn and is expected to grow more before 2023 comes to an end. This illustrates that playing casino games online has really taken off around the world and is now a global phenomenon.
The resulting effect of this is that the best payment options for iGaming platforms are accessible on a global scale. Cryptocurrencies are the perfect solution because they are available to players worldwide — even those who do not have a bank account! As crypto payments are wireless and borderless, they allow people to play at online casinos wherever they are in the world.
Cryptocurrencies and online casinos are the perfect match
Cryptocurrencies have come a long way since Bitcoin was launched in the late 2000s. While they have made their mark in many sectors since then, iGaming is one example which stands out. As the above shows, there are lots of reasons why crypto is the ideal payment option for online casino play.