Cryptocurrencies are special forms of digital assets that are becoming more popular and mainstream by the day, penetrating more industries and activities. Online gambling is one of them. The industry has started to adopt cryptocurrency as an alternative banking method dedicated to players interested in enjoying more security and anonymity online while playing.
Below we are going to reveal a few of the main advantages of using cryptocurrency for online gambling.
Cryptocurrencies are unregulated digital money that can be used in exchange for services and goods online and they rely on online ledgers with powerful cryptography in order to secure all transactions. Cryptocurrencies are used as methods of payment and they rely on a unique type of technology called blockchain, which is a decentralized technology spreading across a large number of computers and it is responsible for managing and recording online transactions. The enhanced degree of security that this technology guarantee is one of the greatest appeals for it and for cryptocurrency in general.
The majority of currency transactions completed now are done via digital services or cryptocurrency. Cryptocurrency casinos allow players to rely on the security of the fore-mentioned blockchain technology, ensuring players’ confidential data and activity online does not get tracked down and used by hackers and scammers. More and more casinos have chosen to add Bitcoin, Litecoin, Dogecoin Ethereum, Monero, and other similar cryptocurrencies to their list of available payment methods.
Benefits Of Using Cryptocurrency When Gambling Online
Here are a few of the main advantages of using cryptocurrency when gambling online today:
The Withdrawals Are Fast and Simple
Using cryptocurrencies to play online casino games means there will be no centralized source that will be involved in the process, which is the case for payment options like bank transfers or credit cards. In other words, there is no third-party authority that will get involved prior to the funds reaching the casino. The waiting time is considerably cut and the regular risks and inconveniences connected to conventional payment solutions are gone.
Withdrawing casino funds using cryptocurrencies feature short waiting times. This means players will benefit from their money being moves faster and hassle-free, which is always a desiderate for any gambler.
The Transfers Are Almost Instant
Several cryptocurrencies like XRP can be successfully transferred in just a few short seconds. Even Bitcoin, which is labeled as one of the is slowest-moving cryptocurrencies on the planet, will actually only take a few minutes to complete a transaction.
While there are many standard payment options that enable players to complete instant deposits, withdrawals are not usually as fast, with the average withdrawal for a credit card taking anywhere between 3 and 5 business days. Cryptocurrencies offer the same fast transfer speeds on both deposits and cashouts. This means your funds should reach your crypto-wallets in just a few seconds or minutes.
You Will Enjoy Enhanced Security
Players who like switching from one new casino online to the next will usually feel more vulnerable to constantly sharing their banking information with venues that may or may not be fully trustworthy and secured with the latest SSL encryption solutions. Classic transactions completed using digital payment services and credit or debit cards have been tied to cases of fraud. Online casinos that use cryptocurrencies remove the threat of centralized databases being attacked by cyber-criminals, which means your most sensitive and confidential financial data will be well protected.
Cryptocurrency users keep their assets in special online or offline crypto-wallets, used together with a private key that can control the wallet. When having to make a deposit, a player will only need to use their wallet address connected to their player account at the respective crypto-friendly casino and have the funds be instantly transferred from one wallet to another.
The Transaction Fees Are Incredibly Small
Most cryptocurrencies come with extremely small transaction fees, usually a fraction of a penny for sending these cryptocurrencies. There are also no currency conversion fees to worry about, no matter where on the planet you might be while accessing a casino online overseas.
Crypto Casinos Enable Players To Enjoy Wagering Anonymity
There are many crypto-friendly online casinos that enable players to set up an account with them with just a username and a password, which is helpful for players who are looking for more anonymity online.
Higher Deposit & Withdrawal Limits
Some crypto-friendly casinos have completely eliminated transaction limits for both deposits and withdrawals. Choose your favorite crypto-friendly casinos online and take advantage of this amazing plethora of benefits.