Cryptocurrencies such as Bitcoin and Ethereum have gone mainstream and into the hearts and minds of average consumers. Gone are the days when these digital currencies were only discussed in private groups and online communities and appreciated by a small group of investors and developers. Today, it’s a regular stable of newspapers and cable newscasts, and its adoption is increasing across industries. One industry that’s riding its wave of popularity is the online casino industry. Operators are slowly but surely embracing the potential of cryptocurrencies, and it’s changing the way players enjoy their favorite casino games.
Basics of cryptocurrencies and how it works
Bitcoin was the first digital currency adopted for online gambling. It was in May 2012 when the first casinos recognized the potential of BTC. It paved the way for other cryptocurrencies such as Ethereum and XRP Ripple. In recent years, the industry witnessed the introduction of new digital currencies specifically designed for online gambling. With cryptocurrencies, players can fund their accounts and play real money games. All transactions are on blockchain technology which means that details such as date, time, and amount are recorded. Each block features a ‘hash’ or unique cryptographic code using special algorithms. Each block is unique and it’s linked with other blocks, hence a blockchain technology. It paves the way for a transparent system where everyone is accountable.
Cryptocurrency and online casino
Cryptocurrency is now a recognized payment option for many casinos. Aside from Bitcoin, players can now complete payments using Ethereum, Litecoin, Bitcoin Cash, and Dogecoin. In a cryptocurrency online casino, you select your preferred digital currency, provide your crypto wallet address, and indicate the amount you want to transfer. Payments are completed instantly, thus allowing you to play your favorite games instantly.
As a banking option, cryptocurrency doesn’t just complete your payments instantly. It’s reshaping the payment experience of casino players in several ways. Here’s a look at the different ways that the use of digital currencies is changing the casino player’s experience.
Cryptocurrency is pseudonymous, promotes privacy
In traditional banking, players need to share their personal and banking information. It’s not the case with cryptocurrency since it’s considered pseudonymous. Crypto transactions are not exactly anonymous, but their data components such as the addresses, private and public keys, and transactions are treated in text strings and are not directly associated with the player’s identity. It provides players with a private way of funding their casino accounts.
Fast payouts and withdrawals
Casino players often complain about the slow process in completing payments. These are covered by cryptocurrencies, thanks to their fast and convenient transactions. If you deposit or withdraw funds using digital currencies, you get the money instantly! There’s no need to worry about SWIFT codes, international business days, or pending times. Since you’ll get your money fast, you can instantly play your favorite casino games.
Cost-efficient
Cryptocurrencies are cost-efficient banking options that are changing how gambling payments are processed. These digital currencies are decentralized, and they don’t have a governing body that oversees the traction. Online casino players don’t need to worry about the standard banking fees. For example, if you top-up using your credit card, you may need to cover a cash advance fee. This fee ranges between 3% and 5% and it often comes with a high advance APR. It’s on top of the standard transaction fees that are often imposed by casinos. But playing using cryptocurrencies takes out these traditional fees or at least the transaction fees are significantly less. Also, players can easily convert these digital currencies into fiat currencies without visiting a bank. And for the business savvy, the same cryptocurrency winnings can be invested and traded in the market!
Rise of provably fair casino games
Thanks to the popularity of cryptography, casinos now offer Bitcoin-ready and provably fair casino games. Casinos offer fair gaming outcomes in popular games such as online slots, roulette, and baccarat. However, provably fair crypto games ensure that game results are transparent. It’s possible thanks to cryptography, the same technology that runs Bitcoin. Crypto online casino operators use a simple yet verifiable input that’s shared before and after the game for transparency. This technology is used in popular casino games such as roulette, online slots, and dice games.
Cryptocurrency use is here to stay, and its influence will only get stronger. In online gambling, it’s expected that more casinos will follow suit in accepting this payment option. It promises to simplify players’ transactions and provide a safe and more private way of completing payments. However, like other payment platforms, it’s always best to read how it works, the summary of its white paper, and only use these in reputable online casinos.
Disclaimer
Please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. CryptoMode is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
