The online casino industry is slowly moving towards digitalization by including some cutting-edge technologies. The new and uprising trend of cryptocurrencies and blockchain has opened up many new opportunities for the casino industry, and since this sector grew to be a billion-dollar market, online casinos want to get a piece of the cake.
The introduction of cryptocurrencies into the gambling market has made the entire process much easier, safer, and more secure. This is why many people are choosing to gamble with bitcoin instead of using fiat money.
Nowadays, there are plenty of online casinos that allow you to deposit cryptocurrencies into your account and play some of your favorite casino games. This brings us to the most important question.
Why you should use Bitcoin or any other cryptocurrencies in gambling and what are all the benefits that come from it?
Let’s take a closer look at the top five reasons why people are choosing Bitcoin over the traditional way of gambling.
Crypto-gambling Offers Privacy
One of the biggest problems that we have currently is the safety of our private information. When it comes to online gambling or any kind of online activity it is really hard to stay anonymous or keep your information safe.
On top of that, the online casino industry is a constant target of hacker accounts where your data can end up stolen.
Therefore, using a crypto casino to gamble is a great way to keep your information safe. Additionally, most traditional online casinos require you to submit a lot of personal information, including your name, and address, and even submit photos from your ID. On the other hand, crypto-related casinos allow you to stay more anonymous and the only thing you should link is your digital wallet, which is safely stored on the blockchain.
Another problem that Bitcoin gambling is trying to solve is the transaction wait times, which in traditional casinos can go up to 5 days on withdrawals, and sometimes more if there is a bank holiday.
On the other hand, casinos that offer you to gamble with Bitcoin come with much faster withdrawals. Since all the transactions are confirmed on the blockchain network, which runs 24/7, you can expect to get your crypto in 15 minutes.
Crypto payments are heavily impacted by the network’s busyness. If there are many transactions to process, the time for processing will increase. However, many cryptocurrencies are transitioning from proof-of-work to proof-of-stake systems where the transaction processing system will be almost instant.
In addition to the faster payments, crypto casinos also come with a much lower fee. Bitcoin transaction fees are a fraction of the fees associated with our credit card or bank transfers, which can eat away your profits.
The cost-effectiveness benefits both the player and the casino website, where casinos save money on credit card fees, and gamblers keep more of their winnings when they are withdrawing from the website.
The best thing about Bitcoin casinos is that they have a lower cost of operations. This means that it is much cheaper to run a crypto casino than a standard online casino due to the fees associated with each transaction. Since crypto casinos save money by allowing people to gamble with Bitcoin, they usually pump back their profits saved into the system in form of better odds and a very appealing Bitcoin casino bonus.
So, this is another reason why people are preferring to play with Bitcoin instead of the traditional forms of payments.
Bitcoin is Optimized for Online Gambling
Since we are talking about the online casino industry, using cryptocurrencies is like a match made in heaven. Both are born on the Internet, and therefore digital currencies make a perfect solution for online gambling platforms.
If we look at traditional payment systems like credit cards and bank transfers, that were never meant to be used online, we can see many advantages that go towards Bitcoin.
Due to Bitcoin’s online optimization, it eliminates all the things cumbersome institutions like credit cards, banks, and payment processors offer.
On top of that, since Bitcoin is usually stored online, it is much easier to deposit some money into a casino as your wallet is instantly accessible over the internet.
Cryptocurrencies like Bitcoin are more than just digital money. Most of them usually offer some kind of utility outside of the traditional payment system. This means that they can be used for payments, but they are not limited only to that.
Cryptocurrencies are now used for staking, investing, gaming, and much more. This means that as the casino industry is transitioning to the digital world, we will find more usefulness in cryptocurrencies like Bitcoin than traditional fiat money.
Online casinos can offer their own cryptocurrencies, in-game items like NFTs, and other blockchain-related items that work on the same principle as Bitcoin. This means that transitioning to such online technology offers many more possibilities for the gambling industry. Therefore, using Bitcoin or other cryptocurrencies will provide more usefulness for the players.