Crypto online casinos are growing rapidly. But you might be wondering what the hype is all about. Why use Bitcoin for casino payments when it’s quicker to use Visa or MasterCard?
Cryptocurrencies offer many benefits to online casino players. Below are some of them.
Digital currencies process payments faster than most alternative payment methods. Bitcoin is considered a slow payment method in the crypto community. Yet, it processes transactions within 10 minutes.
The fastest cryptocurrencies process casino deposits in a fraction of a second. We’re talking about coins like Solana, Ripple, and Polkadot. These payment methods are particularly convenient for withdrawals.
Let’s say you just won $10,000 at an online slot and want to withdraw the money. Few banking options are faster than Bitcoin and Ethereum. In all fairness, most digital wallets process transactions instantly.
You can deposit up to $10,000 through GPay, EcoPayz, Skrill, or PayPal to an online casino within seconds. Most of these companies don’t charge you for deposits either. That’s great. However, crypto offers a lot more benefits, as you’ll learn below.
Decentralized and Borderless
Bitcoin is built on a decentralized ledger of payments called the blockchain. No one has enough control to take down the blockchain. This makes it one of the safest banking methods online.
Because it’s not owned by a single entity, it’s also borderless. You can pay with crypto in any part of the world. If you have no access to cards and digital wallets, Bitcoin can be lifesaving.
You can deposit crypto at an online casino based in Malta while you reside in Canada. You could play slots at your favorite American online casino while on vacation in Japan.
Crypto doesn’t care where you’re located or where you want to send your funds. It was designed to be a democratic payment method owned by the people. Indeed, it serves this purpose.
Crypto’s charges vary from one crypto coin to another. It also depends on the blockchain’s demand. Let’s say 10,000 people are making requests to send money through the Bitcoin blockchain at the same time.
Bitcoin’s blockchain can only handle seven transactions per second. Crypto miners—the people who verify transactions on the blockchain—prioritize payments with the highest fees.
This drives Bitcoin’s fees in the process. The charges reduce once demand on the blockchain lowers. That said, some blockchains are designed to handle tens of thousands of transactions per second. These coins have incredibly low fees. Ripple and Solana are excellent examples.
How does crypto compare to credit cards and digital wallets in terms of fees? Digital wallets offer free deposits, meaning they’re better for deposits. However, they tend to charge higher fees for withdrawals compared to crypto.
If you love casinos with huge bonuses, few gambling sites will give you bigger bonuses than crypto casinos. Bitcoin betting sites spoil you with rewards.
Some of them welcome you with no-deposit-free spins. To claim these bonuses, all you need is to sign up for a free account. Usually, you receive 10 to 100 free spins you can use to play popular slots.
The biggest bonuses come after you complete your first deposit. A generous casino can match your money 100% for a maximum of 1BTC or 2BTC. Some sites also add more free spins to your account.
After you use up your first deposit bonus, next comes reload bonuses. You receive these bonuses for adding funds to your account. Depending on a casino’s generosity, it might also add you to its loyalty program.
Casino loyalty programs allow you to accumulate points you can later redeem for free games. Some of them also give you cashback deals or cash prizes.
Security and Privacy
Yes, you can lose your Bitcoin. But this mostly happens because of human error. If you reveal your private keys, someone else can transfer funds from your account. Another reason you could lose your crypto is if you store them at an unsafe online casino.
If you treat your crypto securely, no one can take it away from you. No one can hack blockchain technology, meaning your funds will always be secure. That said, most digital currencies offer a decent degree of privacy.
You don’t need to provide your email address, name, or contact number to complete a crypto transaction. With some cryptocurrencies, you can anonymize your payments to stay anonymous.
Now, it’s hard to gamble anonymously when most casinos ask for your personal information. Nevertheless, you can use Bitcoin to transact privately in other non-casino transactions.
Crypto’s Growing Value
Most people buy cryptocurrencies to benefit from their fluctuating prices. Unfortunately, Bitcoin hasn’t been performing well in the last one and a half years.
Bitcoin’s performance fluctuates in cycles. It might be crashing now. But there are expectations it will gain value in the next one or two years. When that happens, everyone who owns Bitcoin or a valuable altcoin will make profits.
Sometimes Bitcoin grows incredibly fast. You could buy some coins to make a casino deposit today. But your money could appreciate by 10% overnight. Truth be told, the vice versa is also true.
If you dislike crypto’s fluctuating nature, you can always pay with USDT or USDC. These coins are tethered to the value of the US dollar. Your funds don’t change in value while using either currency.
The crypto industry is innovative. People are constantly innovating ideas that could change the world. Developers focused on the casino sector have been working on 100% fair games, blockchain casinos, and crash gambling games.
Slots built on the blockchain allow you to confirm a game’s algorithm for fairness. This eliminates any doubts you might have about a game’s trustworthiness. Speaking of which, blockchain casinos work in a trust-free way.
They use smart contracts to trigger your winnings. The smart contracts transfer money to the house if you lose. That way, gaming is fair to everyone. Crash gambling games promise you huge profits. The only catch is that you determine when to take profits.
If you take too long before cashing out, the game ends. If you take your profits too early, it’s not fun and you don’t win much.