With the entire world connected to the internet, any online industry has to move fast to stay ahead. New trends are adopted quickly, as global competition drives operators to be as innovative as possible. For players, that means interesting games, lucrative promotions and new ways of rewarding loyal punters. Compared to just a few years ago, the iGaming world is a much different place.
Part of that change comes in the form of cryptocurrency gambling. Given that the world of Online Casino, Online Gambling & Variations is constantly growing, this is no surprise. Playing with Bitcoin and other cryptocurrencies has numerous advantages for both operators and players. Join as we take a deep dive into the benefits of cryptocurrency gambling, as well as how you can benefit from it.
When it comes to attracting new punters, lower costs are usually a good way to handle it. Cryptocurrency casinos are uniquely equipped to handle this problem. It is not a fiat currency, meaning there are less restrictions on how it is handled. Another important thing to remember is that crypto funds are digital. As such, transferring them back and forth is both quick and cheap.
These lower costs for online casinos are then transferred to players. Operators that are not paying large fees to process transactions can give offer you more betting options. Less of your funds are taken away when making withdrawals, which many casino members will appreciate.
Security is an ever-growing concern for everyone on the internet. As more of our lives shift online, one breach could result in terrifying consequences. As such, the ability to ensure transactions are not fraudulent is more important now than ever. In our comparison of online and crypto casinos, we mentioned that cryptocurrencies use blockchain. It serves as a way to verify the funds being transferred are real.
Think of blockchain technology as a long list of transactions. As they are being processed, they are added to the chain. All users of that cryptocurrency store this chain of transactions on their machines, even if they have no idea who the participants are. This allows cryptocurrencies to keep all transactions honest. One side cannot unilaterally change things on their end, as it will not match with the rest.
Furthermore, all of these transactions are happening online. Thanks to how blockchain is structured, there is no need for banks to verify transactions. Cryptocurrencies do not have a central regulating body, which allows any deposits and withdrawals using them to be near-instant. This is a huge selling point for crypto casinos, and it gives them an undeniable edge.
As we already mentioned, all transactions using Bitcoin and other cryptocurrencies are carried out via the blockchain. It acts as a centralised ledger that confirms that said transaction occurred at that time, with those exact details. Once carried out, a crypto transaction cannot be reversed, edited or tampered with in any way. This brings the risks of identity theft, counterfeit payments and fraud to a minimum.
Casinos that use cryptocurrencies as their primary driver are well aware of this. Since they can guarantee funds coming in their way are safe, they do not require extensive player verification. This means less of your information is being sent to the internet, and you are less at risk in case of hacks. Some Bitcoin online casinos will not even ask you to send any documents to verify who you are.
We understand the appeal of completely anonymous gambling, but we have to warn about going all the way. Remember to only play with trusted operators and double-check with other punters before committing. Unregulated casinos have no protection for players, which can cause massive issues.
When they first appeared, cryptocurrency casinos were quite clunky. Not many software providers natively supported Bitcoin and its cousins at the time. Fortunately, things have drastically improved since then. You can play almost all of your favourite titles without any extra hassle.
That said, there are some software providers who have still not transitioned over to crypto. This limitation is an issue, but one we expect to be solved within a few years. As cryptocurrencies continue to grow, so will the number of interested software providers.