It was in 2017 when cryptocurrencies caught the attention of many. It was that same year when Bitcoin, the father of all cryptos out there, reached the value of 20,000 US dollars. This was when people started to see its potential. Businesses in different industries also found ways to get cryptos involved in what they do.
One of the said industries is online casinos. Plenty of online casinos started to use cryptocurrencies as an option for their players as a mode of payment. Many find this convenient as transactions were made easier because of this.
Casinos that accept Bitcoin started to multiply and many players are quick to adapt. Choosing this as a payment option simply means less waiting time for their transactions to go through. Real-time processing of transactions simply became the norm.
Almost gone are the days when people would have to wait a few or several banking days to complete withdrawals and deposits. Having cryptos as an option to wager on their favorite games or teams when it comes to sports betting also became the safer way to do so.
Using cryptocurrencies somehow avoided fraudulent activities as bank account information is no longer necessary through this. A lot of banks are also strict about online casino transactions and this is why a lot of online casino players would switch to paying with cryptos.
This simply is beneficial for players who would like to protect their identities and remain anonymous. No information is required for them to make a deposit and withdrawal aside from their Bitcoin or other cryptocurrency IDs.
The use of cryptos is also a good way for people who travel and still play their favorite casino games online to avoid any problems. There are countries where online gambling isn’t legal and problems and complications can quickly arise when they place bets online with their regular bank accounts.
One of the best effects of having cryptos available for online casino players is how cost effective it is. Transaction fees are much smaller for depositing and withdrawing cryptos. Because of this, BTC casinos became more capable of lowering their house edges.
Online casinos can also reduce their own fees because of how much they are also saving with banking transaction services. There is no need for them to pay for licensing fees, compliance costs, taxes, and transaction costs if they use cryptos. This enables them to maximize their profits and have the best house edge for their players.
This is why many online casinos that accept cryptos have special promotions and bonuses for its users. It’s more likely that players who use BTC, Ethereum, or other cryptos receive good deals when they sign up or make deposits.
When it comes to casinos that only accept cryptos, any or most gambling legislation from different countries simply does not apply to them. This is because their players are mainly gambling with digital money and currency instead of real money.
There are also a good number of countries that don’t really see cryptos as real currencies, and so this could be really seen as something beneficial for online casinos when it comes to the number of countries they can service.
The good news is that many online casinos including the big names in the industry already accept cryptocurrencies from their players. It’s also now easy to convert your cash to Bitcoin. Online wallets like PayPal now lets you make BTC payments.
There are also many platforms that let you use your credit or debit card to make BTC payments. You may have to pay small fees to convert your cash to BTC, but this can already enable you to purchase other cryptos too
It just really seems like the use of digital currencies or cryptos is the perfect solution for online gambling. It’s basically analogical and it perfectly makes sense. The truth is that using cryptos alone can be seen as gambling.
After all, the value of cryptos fluctuates every day or even every few hours. This can be seen as both good and bad. It could be good because you can get the best value of the coins that you have, but it could be bad because you may have to wait for a long time before you think that it is the best value.
Indeed, the fluctuation of the value of cryptos can be very unpredictable and drastic at time. However, the bottom line is that this enables its users to maximize and have total control of the money that they have.