Cryptocurrency has resoundingly infiltrated the world of online casino gaming. Crypto casinos offer the same games as traditional online casinos, but they can provide faster deposits and withdrawals while offering unrivaled anonymity and privacy to players. Because transactions are recorded on the blockchain, which stores records that cannot be edited or deleted, it also offers provably fair gaming: fairness is an important factor to a lot of online gamblers.
Crypto-First Slots
Slot machines are the most popular online casino games, as well as the most popular retail games. They are quick to learn, easy to understand, and can offer access to some sizeable jackpots. Their popularity means they are widely available at all of the best crypto casinos online.
According to cryptocurrency expert Hira Ahmed, players can help ensure a better experience by choosing a site with good user reviews, technology designed to improve and show fairness, and solid customer service.
Crypto players should also consider the coins the sites accept, as well as the variety of games, deposit and withdrawal policies, and how generous the site’s bonuses and jackpots are. It is also important to ensure you’re happy with the site’s software because if you become a regular gamer on the site, you are going to spend a lot of time interacting with it.
Faster Deposits
For a lot of players, the main draw of using cryptocurrency is its speed. Credit card payments can take several days to complete. Players are left waiting while the money clears, which means it could be as long as a week before they can start playing their favorite online slots using this method. Some bank transfers, especially to overseas accounts, can also take days.
In contrast, cryptocurrency deposits are much quicker. A deposit can be completed within a matter of minutes of initiating the payment, regardless of whether the player is using a local or offshore casino.
As well as allowing players to get online and play sooner, this can also alleviate the worry of whether a deposit is going to clear.
Faster Withdrawals
Casino transactions go both ways, and if deposit delays can cause some anxiety, withdrawal delays are nightmarish in comparison. When players hit withdraw, they want to see the money move from their casino account to their bank account or other financial account as quickly as possible. Many players consider withdrawal time to be the most important factor.
While casino policies do have some impact on withdrawal time, cryptocurrency offers the best chance of getting access to your funds quickly. Check the casino policies. Some use smart contracts and automated processes to process withdrawals almost instantly, while others might batch-process requests every day or at least every few hours.
And, if withdrawal time is that important to you, choose a coin like Ripple – transactions take around 5 seconds to complete, compared to the 10-minute average time of Bitcoin transactions.
Lower Fees
Another major draw of cryptocurrencies is the cost of transactions compared to the costs of traditional payments. Credit card payments are especially expensive, potentially attracting fees of up to 3% of a transaction value.
Generally, it is the merchant that pays the fees, but many will pass the costs on to players directly in the form of deposit and withdrawal fees, or indirectly through lower jackpots and bonuses. Cryptocurrency fees are paid by the sender, which means the player pays when depositing.
But, fees can be less than one cent for some transactions and when using some cryptocurrencies. Because crypto casinos are not liable for the payment of credit cards and other fees, players can also indirectly benefit from the use of these payment methods.
Better Bonuses And Jackpots
One way that casinos pass on the financial benefits of cryptocurrency’s lower fees is through the offering of improved bonuses. Most online casinos offer bonuses to attract new players and encourage existing players to keep playing on the site.
These bonuses can include deposit matches, free spins, and more. New casinos are especially likely to offer high bonuses, but so too are crypto casinos, thanks to their lower overheads.
Players may also enjoy access to some bigger jackpots. Casinos with lower overheads can offer games with higher return-to-player ratios, or they can increase the size of the games’ main jackpots.
Greater Privacy And Anonymity
Cryptocurrency is considered a disruptive technology, and the main industry it has disrupted has been the financial industry. Cryptocurrency is decentralized, which means it isn’t beholden to banks, and it is the reason that payments are virtually anonymous and private.
If a site is hacked or transaction details are leaked, those details can include information like bank account details and personal details, when using bank or card payment details.
With cryptocurrency transactions, wallet addresses are leaked, but not private information. A lot of crypto casinos do not gather sensitive, personal information from their members.
Improved Accessibility
Some players also use this privacy and anonymity to help them play when they are in countries or jurisdictions where online gambling is prohibited. They use technology like VPNs to get around geo-restrictions, and crypto casinos do not typically require the submission of Know Your Customer (KYC) details.
Because players do not have to submit personal details, crypto casinos are quicker and easier to access. There is no need to send photos of ID documentation like passports.
This accessibility is also beneficial to the 1.5 billion unbanked citizens in the world. Unbanked individuals are those without access to basic banking facilities, making it impossible to play at traditional online casinos. Cryptocurrency has been vaunted as a possible solution to the unbanked problem, which, while predominantly an issue in underdeveloped economies, is also a problem for some residents of countries like the US and the UK.
Greater Acceptance
The use of cryptocurrencies not only benefits players. Casinos enjoy improved cash flow thanks to quicker deposits and withdrawals, and they have lower transaction fees.
As such, many traditional online casinos now accept crypto payments as well as bank and card payments, and the number of casinos making the transition is increasing.
Furthermore, other companies and businesses are also introducing crypto payments, and this widespread acceptance of digital currencies is fuelling uptake among individuals. Because it is more widely accepted, it is becoming more appealing to players as well.
Improved Infrastructure
One of the biggest obstacles to cryptocurrency use has always been its technical requirements and the perceived difficulty of sending, receiving, and storing it. While users still need to get to grips with crypto wallets, use crypto exchanges, and double-check transactions and other details to ensure smooth transactions, all of these services have gotten more intuitive and safer to use.
QR and linked payments help eradicate user error and prevent payments from going missing. Centralized exchanges make the acquisition of cryptocurrency easier. And crypto wallets are more advanced than ever, offering advanced and additional features that can facilitate a smoother user experience.
Even crypto casinos themselves are more user-friendly than the likes of Bitcoin Dice, which was the first crypto gambling initiative.
