Although we’re well into the digital era, technology continues to surprise us. The iGaming sector has grown into the multi-billion-dollar industry, with millions of casino aficionados playing online casino games all over the world.
The newest trend that caught our attention was definitely the entrance of cryptocurrency casinos into the market. Based on the performance of cryptocurrencies so far in 2020, we wanted to dive into further detail, and see how this impacts online casinos.
But what are the cryptocurrency casinos? How do they work, and what are their advantages?
Essentially, cryptocurrency casinos are online casinos that accept payments via diverse cryptocurrencies — Bitcoin, Litecoin, Ripple, Ethereum, and more. They don’t look any different from other online casino platforms in terms of game selection and other features. The main difference is in the payment methods they accept.
Now, you can come across some online casinos that accept payments made in cryptocurrencies along with other “regular” banking options — credit and debit cards, e-wallets, and similar. Additionally, there are others that only allow payments made in cryptocurrency. The latter ones are still outnumbered, but we can’t deny the fact that more people are starting to use cryptocurrency as their primary payment option.
So, let’s see what the advantages of using cryptocurrency as your primary payment option while playing in online casinos are. The first one is that the transactions are instant and hassle-free. Unlike other more “traditional” banking options that can take up to a couple of days to process a payment, cryptocurrency will be transferred without any delay.
Another advantage that’s crucial is that you can make all your payments anonymously. For example, when you want to take a loan from a bank, they will check your previous transactions. In case they see numerous payments made to online gambling sites, it’s highly unlikely they will grant your request.
On the other hand, when you make transactions via blockchain technology (the tech behind cryptocurrencies), there are no third-party organizations involved — it’s done anonymously. Naturally, there are some cryptocurrencies that are more private than others, so you should do some research before you choose the one you’ll use for gaming purposes.
Furthermore, there are no additional fees when paying via cryptocurrencies. As you’ve probably noticed, some banking options include fees for transactions to and from your gaming account.
Another reason people prefer to use blockchain technology and cryptocurrencies is the fact that they are a globally accepted payment method. This means that there is no need to convert currencies with digital money. We consider this a major advantage simply because you won’t be exposed to various fees that occur during these conversions.
As you can see, there are numerous reasons you should opt for cryptocurrency casinos. However, their development is still in the early stages, and we have yet to see how the rest of the world will react to these types of casinos — will they be skeptical, or accept them with arms wide open? Only time will tell.