As we are all aware, the world of online casinos has exploded in popularity in recent years. As technology has advanced, new software has been developed, and a growing number of players have found themselves moving to the online space. As the number of online sites has increased, so has competition – and casinos need to find a way to keep their offerings fresh, current, and relevant. Cryptocurrency is another area that has taken off, with some businesses even offering wages and salaries in cryptocurrency. In many cases, these two concepts are finding themselves coming together – the so-called ‘crypto boom’ has dramatically hit online casinos.
Cryptocurrency: What You Need to Know
A cryptocurrency is a form of currency, which can be exchanged for goods and services online. It is quite similar to traditional currencies and payment methods in several aspects, such as credit cards. In many cases, companies have generated their specialist currencies – or tokens – which customers can exchange for their specific good or service once they have exchanged real money for the cryptocurrency alternative.
All cryptocurrencies work using ‘blockchain’ – a specific technology that is decentralized and spread across a vast network of computers. The Blockchain manages and records transactions and is viral thanks to its security and privacy.
But just why has cryptocurrency become so popular in the world of online real money casinos? A combination of security, anonymity, and access to a host of benefits such as low fees and exclusive promotions has helped boost the popularity of the payment method in the online casino industry.
Security and Anonymity
One of the primary motivations for the rise in bitcoin is the extra security and anonymity it provides when playing an online casino. Unlike traditional credit card transactions, a bitcoin payment can be made anonymously, and this is ensured at every stage of the transaction. If you are keen to prioritize your privacy and discretion online, Bitcoin and cryptocurrency are a great way to achieve this. Many classic banking options allow a transaction to be traced back to the individual. Still, crypto offers an additional layer of protection and security – its position on the peer-to-peer network means no personal information is exchanged. This also means that the online casino does not have access to your personal information, which is a significant bonus to many players.
Speed and Ease
Speed and ease are other major motivations for using Bitcoin, especially when it comes to online casinos. Bitcoin and other cryptocurrencies allow fast, slick withdrawals, allowing you to get your hands on your winnings as soon as possible. This speed is due to the solely online nature of Bitcoin; there are no intermediaries such as banks, and this means that your winnings can be released almost instantly. With cryptocurrency, each blockchain transaction will occur as soon as the current block being processed is complete, and the current block reading speed means this is usually just a few minutes.
Reduced Fees
One aspect of online casinos that can cause players issues is encountering fees when trying to withdraw their winnings. Many sites will charge high rates of commission and fees to players, and you can also lose money if you use a currency not favored by the site – this can put a severe dent in your winnings. This is a factor that does not apply to Bitcoin and cryptocurrency. Most Bitcoin casinos do not charge fees and any that do have these much lower, with more generous exchange rates for foreign currencies. Once again, this is due to crypto and Blockchain’s nature – a public ledger that acts as a vast central database used by cryptocurrencies to track users’ transactions. You should note that you may face a small withdrawal fee for using cryptocurrencies, but this will be significantly lower than using other currencies and forms of payment.
Tempting Promotions and Bonuses
Many customers are drawn to using cryptocurrency such as Bitcoin in online casinos thanks to a vast array of highly lucrative promos and bonuses, which are often used as an incentive for players to use cryptocurrency instead of other sources of payment. For example, many online casinos will offer new players a welcome bonus, ranging from 50% to 100% with your first deposit. On the other hand, Bitcoin casinos may offer bonuses and perks such as reload bonuses and cashback deals, free spins, VIP rewards, and points. You may also find yourself receiving invitations to exclusive, members-only casino events. All of these are designed to entice players to select cryptocurrencies over alternative methods of payment.
The Future
The fact that cryptocurrencies are here to stay is unavoidable, and the market only looks set to grow and expand. As the technology becomes more comfortable and visible, it seems likely that an increased number of businesses will begin to invest and use Bitcoin and other cryptocurrencies. This is highly likely to include online casinos; the high-security levels, reduced feed, and speedy transaction times are very appealing to customers and players. We can expect to see plenty of incentives to encourage the continued, widespread use of this.