Cryptocurrency’s Role in Simplifying Online Gambling for Players
Bitcoin has become extremely popular in the past few years. The explanation is simple. Cryptocurrencies can empower businesses, financial traders, gamers, families, and online gambling players.
In the online gambling sector, crypto benefits both casinos and players. In this article, we’ll focus on its benefits to gambling fans. More precisely, we’ll look at how crypto simplifies the iGaming experience for players. Let’s dive right in.
Crypto operates through a decentralized ledger of records known as the Blockchain. This means, that unlike banks, crypto has no intermediaries that approve or reject transactions.
Decentralization also means cryptocurrencies can operate in any country. This is a huge benefit for gambling fans. Crypto can help you play slots and poker online regardless of where you live.
Let’s say you live in a country with no iGaming laws. You have no access to online casinos in your country. If you own a couple of Bitcoin or Ethereum coins, you could easily gamble through a foreign crypto casino.
The best Bitcoin casinos match your first deposit 100%. If you deposit 1ETH at a gambling site, you can receive an extra Ethereum coin as a bonus. Some sites match your first deposit of 200%.
Or they can give you a small bonus with no wager requirements. A no-wager bonus is the best bonus you can get as a casino player. Zero wager means you can cash out your bonus winnings instantly.
Many casino players love payment companies that process transactions fast. In the casino space, speed equals convenience, trust, and reliability. Crypto is one of the fastest payment methods out there.
The fastest cryptocurrencies process payments in seconds. They rival the fastest digital wallets and credit card companies. That said, not every cryptocurrency processes transactions instantly.
Bitcoin takes an average of 10 minutes to complete a payment. Ethereum processes transactions within five minutes. Although these digital currencies are not instantaneous, they’re considerably fast.
Imagine you want to withdraw $10,000 from an offshore casino. You wouldn’t mind waiting 10 or 20 minutes to receive the money. In any case, it’s much faster than direct wire transfers. It is also faster than card payments and eChecks.
More and more casino players are using their smartphones for online gambling. It is easy to see why. Smartphones have become necessary devices for people who want to stay in tune with modern trends.
In many developed countries, nearly every adult owns a smartphone. In some developing nations, 80% of people access the Internet through a mobile device. People use their iPhones and Android phones for work, communication, social media, and gaming.
Mobile devices are portable and convenient. This makes them the ideal choice for online gambling. With an iPhone in your pocket, you can gamble online from any part of the world.
For mobile gaming to work, however, payments have to work smoothly. This is where crypto comes in. It supports mobile transactions for casino players who want to gamble through their mobile devices.
All you need is a mobile crypto wallet. Then you can use it to transfer funds to your favorite online casino real money crypto website and play your preferred slots or table games.
Contrary to popular opinion, cryptocurrencies are incredibly cost-friendly. Think about this. Someone once sent $1.3 billion worth of Bitcoin for $10. Were this person sending the money through a traditional bank transfer, it would have cost him or her hundreds of thousands of dollars.
Crypto has low fees because of a simple reason: no intermediary. Bitcoin allows you to send crypto to anyone directly without asking for approval from an intermediary like a bank.
Because crypto has no intermediary, it shouldn’t even charge you fees. However, fees serve an important reason in the industry. They encourage people to stake their crypto or invest in the resources required to verify transactions.
Crypto fees vary from one Blockchain to another. For example, Bitcoin and Ethereum’s fees are much higher than the fees you need to pay if you use Ripple, Solana, or USDT.
Security and Privacy
When it comes to security, few payment companies secure your funds as much as crypto. For starters, crypto stores your money in a hack-proof Blockchain. Secondly, it encrypts the addresses that prove ownership.
Now, it is possible to lose crypto due to security issues. For example, you could lose your coins after revealing your Bitcoin address on social media. You can also lose your funds if you store your crypto in a wallet with little or no security.
When crypto is secured in a safe wallet, no one can take away your funds. This explains the reason people who want to store their coins safely tend to choose Bitcoin over fiat currencies.
Another benefit of Bitcoin is that it provides excellent privacy to crypto owners. Let’s say you love to play slots online. But you don’t want your family to know about it.
If you use crypto for casino deposits, no one has to know what you do with your money. Crypto doesn’t provide receipts saying you transacted with a gambling site. In fact, you don’t need to provide your name or address when making a payment.
Perhaps the biggest way crypto simplifies gaming is through Blockchain technology. This decentralized ledger provides countless capabilities, some of which can benefit casino players.
For example, the blockchain allows developers to create provably fair casino games. These games won’t just come with a message saying they’re fair. They let you check fairness.
To expound more, provably fair casino games give you access to the seed algorithm used to produce winning symbols. They also allow you to check a game’s RNG algorithm and how it triggers winning symbols.
By providing proof of fairness, blockchain casino games do something the casino industry has always failed to do. They help players eliminate doubts about a game’s fairness. When you’re certain a casino game is 100% fair, you’ll feel more comfortable to play it. If the game also comes with a high payout rate, you might play it repeatedly.