Even though it might seem like it to some, cryptocurrency is nothing new. The first crypto (Bitcoin) has been around since 2009 and, by March 2022, there were more than 9000 cryptocurrencies circulating the market. Sure enough, the rapid expansion of this digital currency has revolutionized the way we think of secure online payments, and the change has been evident in more areas than one. The rise of cryptocurrency in online gambling payments has brought about safer, faster, and more convenient transactions. Here’s everything you need to know about crypto gambling and crypto casinos.
The definition of crypto gambling
There’s every chance that you have come across a crypto enthusiast by now. And once you familiarize yourself with the basics of crypto gambling, we have a feeling that you might become one yourself. Cryptocurrencies are a digital form of payment that work in a similar fashion as fiat currency. That is, they can be used to pay for different goods and services, and the number of industries that accept them is on the rise. Speaking of the industries that rely on crypto payments, there’s one that’s been leading the way as of late – online gambling.
Crypto gambling refers to the process of playing online casino games by using cryptocurrency to complete transactions. It’s up to you whether you want that currency to be Bitcoin or some other crypto, as long as you manage to find a casino that accepts your preferred payment method. The rise of cryptocurrency in online gambling payments has been rapid, and it was brought upon by many different factors. From protecting yourself from being hacked to avoiding hefty fees, it sure seems as though you would be making a mistake by not giving crypto gambling a go.
What has initiated the rise of cryptocurrency in online gambling payments?
First of all, you must know that most payment options that are offered in different online casinos already have some, if not all of the qualities that we are about to mention. The difference is that the following three qualities are particularly noticeable in crypto casinos, which is why cryptocurrencies are taking over the online gambling industry by storm.
Fast
How do we know that people live for fast payments and transactions? It’s simple. Just take a look at an average casino goer’s search history. We are pretty sure that you will see them searching for the fastest payout online casino around. Thus, it makes sense that they would also search for s way to make the fastest transactions, which can be done by using crypto. The one thing that cryptocurrency payments have that other payment methods lack is the verification process – or lack thereof. You can usually just enter your e-mail address and skip the lengthy identity verification process. Besides, by using crypto payments, the payout requests are usually completed within a 2-hour period, which works great for those who are impatient.
Secure
It might not seem like it to some, but crypto payments are extremely secure and private. Crypto transactions rely on decentralized technology, and your safety is further ensured by using encryption during transactions. Your private information will remain confidential, leaving hackers and cybercriminals unable to track your steps and take advantage of your personal data. It’s due to the extreme safety of this digital currency that crypto gambling has become as popular as it is.
Anonymous
Because of the previously mentioned encryption and decentralization, gambling with crypto allows you to stay anonymous. Since you won’t have to provide any banking details, the entire payment process will remain anonymous. With such a safe gambling environment that crypto payments create, it’s only logical that they would be among the top choices of online gamblers nowadays.
Some of the main reasons why people choose crypto casinos
Aside from the three big perks that we have just mentioned, there are two other big reasons why people choose crypto casinos. And unlike those other perks that can usually be found with other payment methods, these two are exclusive to crypto gambling.
Low fees
How does paying a 0.5% charge on all of your deposits and withdrawals sound? With crypto gambling, you’ll get to keep most of your money, as you will be faced with negligible fees. Whether you end up paying a low charge or face no fees at all, you’ll be able to save a considerable sum of money on this aspect alone.
Crypto bonuses
All casinos offer bonuses, with welcome packages being a staple of almost every online establishment. However, those online casinos that accept crypto payments usually have bonuses that are applicable to crypto players only. Keep in mind that these bonuses can be versatile, and they can include a crypto deposit match or a crypto-exclusive welcome bonus. We encourage you to first research your options before creating an account and committing to an online casino.
Final thoughts
With the rapid expansion of cryptocurrency in many spheres of life, it was to be expected that they would catch up with the online gambling industry at some point. If you think about it, these two together present the perfect mix. Both casino operators and players get to experience a plethora of benefits, such as security, flexibility, availability, and privacy. That’s why crypto payments are a perfect addition to the ever-changing online gambling industry.
We know the backstory that has led to the rise of cryptocurrency in online gambling payments, but what we don’t know is its future. All we can do is make a prediction regarding what’s to come. We predict that, with the further development of technology, digital currencies will take on a bigger role and become more widespread than they are at the moment. This shift is expected to be noticed in most industries, but special focus is likely to be put in the area of iGaming. The rise of crypto goes so far that, nowadays, there are even dedicated crypto casinos around, and they focus solely on crypto gamblers. Finally, it’s very likely that you will be able to gamble with a more significant number of cryptocurrencies in the future, which is something to look forward to.
