Cryptocurrency has become increasingly popular in the gambling industry. The simplicity to use, and the fast speed of transactions, of this payment method has powered its growth at online casinos.
Gamblers are usually reluctant to share their banking details. However, with cryptocurrency, you only need a crypto address to deposit and withdraw your winnings.Moreover, this mode of payment is extremely secure due to the blockchain technology used.
Secure transactions
Security is a priority in the gambling industry. Casinos deal with a significant amount of money, which makes them a major target for cyber-crimes. Through the use of cryptocurrencies and crypto wallets this problem is partly solved.
Moreover, by using crypto, players do not need to give out their banking details, plus there is no need to use their real names when creating a crypto account.
Fast transactions
Fast deposits and withdrawals appeal to players, and this is one of the most attractive factors when it comes to crypto casinos. Transactions made with cryptocurrencies are quite faster when compared to other traditional payment methods. By using crypto, these transactions between the casino and your wallet, only take a few minutes, while traditional payment methods, such as Visa, and bank transfers can take 3 to 5 days to send your earnings into your account, or your money to the casino in order for you to gamble.
Anonymity
More and more, players value their freedom and privacy in the online world. The anonymity cryptocurrencies brought to online casinos has helped players to play without revealing their identity. Even in countries where gambling is considered as illegal, players can now enjoy their favourite games at any time through the anonymity provided by cryptocurrencies. With a crypto wallet, it is possible for players to withdraw their winnings within minutes, without official entities being able to oversee players’ transactions.
Low transaction costs
The utilization of cryptocurrencies eliminates the substantial transaction taxes present when using traditional payment methods. Players using crypto have payouts of around 1%, or less, when withdrawing their winnings, a much lower amount than when fiat currency is used.
Earnings can increase
Cryptocurrencies constantly change their value, there are times when their value increases, and in others, it decreases. When players place their online gambling winnings into crypto wallets, it can happen that the coin’s value goes up, resulting in an increase in their gambling winnings.
Crypto, as a payment method, has removed issues that bothered players for a long time. It is likely that we will continue to see more and more online casinos going for this payment method.