The online casino gambling industry has heavily been impacted by crypto in the last couple of years. Due to the many advantages of using crypto over the mainstream banking system, several online casinos now accept cryptocurrencies like Bitcoin as one of the payment methods. Adding crypto as a payment method has many benefits for both the users and the online casino.
This trend might be new to some of you reading this article, but it has been happening for the last couple of years and people has been speculating that cryptocurrency is the future of online gambling. This post is for those who are interested in learning more about crypto casinos. I will share everything you need to know about crypto casinos and why they are becoming more popular amongst gamblers in recent years.
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1. Deposits and withdraws are much faster
While depositing funds to your wallet, sometimes it takes a couple of minutes or even hours for these funds to be reflected, depending on which payment method you are using. With crypto, these transactions are much faster thanks to limited bureaucracy in the verification process for transactions.
Withdrawing payouts using crypto is also very fast compared to the mainstream payment methods that we have all been used to for the last couple of years. Having to wait for your money to be processed for days is one of the most frustrating things about using the mainstream payment methods at online casinos. Cryptocurrencies have solved this problem thanks to the much faster peer to peer transfer of funds which takes only a few minutes (less than ten most of the time) check out here for more details regarding how do you deposit / withdraw cryptocurrency in online casino.
So, if you would like to have faster transactions, it is much safer to choose crypto as your default payment method. Now, you won’t be forced to put up with excessive delays in processing your transactions. It doesn’t matter which crypto you choose; whether it is Bitcoin or Ethereum, I can guarantee that withdrawing payouts will always be faster with crypto.
2. Transactions are anonymous
People don’t like their gambling activities to be tracked by anyone, whether their bank or government. One of the main reasons some gamblers choose online casinos is to ensure their gambling is done in private. However, you are not entirely private if you use the mainstream banking system to process your payments.
These banks will know the websites you are paying money to, how frequently you do it, and a lot more information related to your gambling life. As a result of the anonymity afforded by crypto, no one will know your identity or whereabouts when you deposit payments.
The only details registered on the blockchain are the public addresses of users, which are usually a set of random characters. No one can track you using this address since it doesn’t provide additional information about the user. If you highly value your privacy, you should always choose crypto as your default payment method.
3. No room for mistakes
While inputting your address before withdrawing money, you always need to double-check to make sure it is the right one. Once the money is deposited in any wallet, it can’t be reversed even after one second. With the mainstream payment methods, users are sometimes given the option of canceling a transaction a few minutes after they have initiated it.
The fact that data entered on the blockchain is immutable makes it almost impossible to reverse a transaction once it is made. So, if you are choosing crypto as the default payment method, make sure you double-check all the addresses you input to avoid losing money due to simple mistakes like interchanging one of the characters with a wrong one.
I would recommend copying and pasting these addresses because they are usually very long, making it less ideal to manually input them. Some casino websites also allow you to permanently save your address so that you don’t have to input it every time you want to withdraw funds from your wallet.
4. The transaction fees are lower
This is beneficial, especially for gamblers who play at online casinos located outside their countries. You all know the fees you will be charged when you try to place bets at an online casino using a currency that is different from your credit card currency. These fees and exchange rates are usually very high.
It is one of the reasons why online casinos do not get a lot of traffic from users in a market outside their geographical location. With crypto, these fees are reduced by a significant margin. For example, if you use bitcoin, the fees will usually be between 0.5 to 2%. Most credit cards levy a transaction fee of 1.5 to 3.5 percent. And remember, these fees usually don’t include exchange rate charges.
If you are depositing money to a casino using a different currency, you may end up paying over 8% in transaction fees. Paying $8 for every $100 you deposit or withdraw is way too high for the average gambler. Any gambler looking for an alternative to lower these fees should consider using crypto as their payment method for depositing and withdrawing.
5. Extra bonuses
Online casinos encourage their users to use crypto over the mainstream payment options due to the many benefits of using crypto. This is done by incentivizing users whenever they deposit funds with crypto. One of the benefits that online casinos get is the after-transaction processing speeds when users deposit funds into their wallets.
Online casinos now offer users special bonuses whenever they deposit using crypto. You can always check out the bonus list of your online casino to see the crypto-related bonuses they offer to their users.
You can check out here for more details on which online casinos in Malaysia allow cryptocurrency transaction
