If one thing is in high demand these days in the world of online casinos, it’s more crypto. Everywhere you go, more people are talking about crypto, using crypto, and demanding more places to accept crypto. It seems to be working, as the past few years of the online casino industry have been witness to some major developments, and cryptocurrencies seem to be at the centre of many of them.
Though some people who only use traditional cash with their online casinos may be unaware, cryptocurrencies are beginning to take this industry by storm. Cryptocurrencies and crypto-related technologies have more presence in the online casino world than meets the eye.
More Payment Options
The number of payment options that an online casino offers is a major selling point, and thanks to crypto, there are even more ways for players to make their deposits and withdrawals. Payment options are important because they can be a make-or-break aspect for a lot of people. People are more loyal to their preferred payment option than to any given online casino.
Many players prefer to find their preferred payment options in sites that compile and review online casinos, like Casinomeister. There, you can see which casinos accept crypto and even get advice like which wallets are best for casino gamers.
And since crypto is in higher demand than ever, more online casinos are adding it to their list of supported payment methods. They know that accepting crypto will increase the number of new customers in the long run, so this is one of the main ways crypto has impacted their business. When it comes to the specific cryptocurrencies that are accepted by online casinos, the most common ones are Bitcoin, Bitcoin Lite, Dogecoin, Ethereum, and Tether.
Improved Security
One of the more obvious ways crypto has changed online casinos is by making them safer. Cryptocurrencies are widely considered to be harder to hack than standard payment methods, including debit cards, credit cards, bank transfers, and e-wallets.
And all thanks to the blockchain technology built into crypto wallets. They are much safer than standard e-wallets thanks to their dedication to decentralisation. This makes it nearly impossible to track payments, let alone replicate them for the sake of redirection, identity theft, or fraud.
Thanks to these security and safety innovations, online casinos have improved their reputation for becoming even more trustworthy, especially the ones that openly embrace crypto payments and blockchain technology.
These moves have also shown potential sponsors, investors, and customers that online casinos are dedicated to embracing cutting-edge technology, be it the blockchain, augmented reality, virtual reality, or live streaming.
Faster Payout Times
One of the most coveted aspects of combining cryptocurrencies with online casinos is that they are lightning-fast – no other payment option comes close to their speed, especially for withdrawals.
Most online casinos offer instant deposits. This is convenient for you, as it allows you to start making wagers immediately, but it is also beneficial for the online casino itself. Instant deposits help them start making profits quickly.
Unfortunately for the customer, they tend not to get their money via winnings as quickly. This is because the vast majority of payment methods have a pending period for withdrawals. These times vary depending on several factors, like the region of the online casino and your location, but for the most part, they are determined by the payment method itself.
Depending on the method you choose, most withdrawal times can take anywhere from one to seven business days. This does not include any hiccups in the process, such as verification times or glitches that cause delays. Long withdrawal times are widely looked down upon in the online casino world, and receiving your winnings hours or even days after a big jackpot never feels quite as satisfying.
When you win big in a land-based casino, you get to have your money immediately, whether it is quarters pouring out of a slot machine or turning in your chips moments after winning at a table. With most payment methods, you’re not allowed to wait for your transaction to process for too long.
Fortunately, this is not the case with using cryptocurrencies at online casinos. Payments are instant in both ways, so you will be able to have your money in your crypto wallet as soon as you confirm the withdrawal process. This process usually only takes seconds to go through – maybe minutes if you’re unlucky, but it’s much faster than waiting several business days. For this reason, many people prefer gambling with crypto over any other currency.
Total Online Anonymity
Back when crypto was first becoming a household name, one of its major selling points was its anonymity. Even today, the privacy that cryptocurrency gives people is still one of its biggest selling points, no matter what you are using i for.
With most payment methods, an obvious trail leads back to you – your name, address, email details, or anything you need to verify your identity and authenticate the account. But with crypto, the only information you need to give to the vendor is the address of your crypto wallet. You can engage in payments and transactions from all over the world without needing to provide any sensitive, personal info.
This level of anonymity can be handy for bypassing any online casino region locks that prevent you from accessing the games or sites you want to use the most. It’s also a convenient and accessible way to move around large sums of money with more peace of mind.
Less Fees, Hidden or Otherwise
One of the most annoying things to deal with when making any transaction is the associated fees. Many financial institutions, including banks, major credit card companies, and e-wallet services like PayPal, often charge fees for withdrawals.
This is not the case with any kind of cryptocurrency. There are absolutely zero fees involved for both deposits and withdrawals, so when you take out your cash from your online casino account, you know you will be getting every single part of it. The only thing you will need to worry about is any conversion rates when exchanging your crypto for your main currency.
Crypto also cuts down on efficiency costs for businesses of all kinds, including online casinos. This means that the more online casinos that accept crypto, the more money they will save in the long run. This also means more income can be spent on more games and technology, plus they will have less of a reason to rely on raising their minimum deposits or charging hidden fees of their own.
With all of this in mind, it is important to note that most cryptocurrencies are more volatile than the pound or the dollar. Though things look fine right now, it is always possible for an online casino to adapt its crypto-related terms in order to adjust for any unforeseen fluctuations and devaluations.
The Future is Crypto
From lightning-fast withdrawals that put money in your digital wallet within seconds to unparalleled security measures that safeguard every transaction, crypto has addressed many of the traditional pain points that players once accepted as part of online gaming. The added benefits of complete anonymity and zero fees have significantly sweetened the deal, making crypto payments increasingly attractive to both casino operators and players alike.
As blockchain technology continues to evolve and more cryptocurrencies emerge, we can expect to see even greater integration throughout the online casino landscape. For now, one thing is certain: the partnership between crypto and online casinos is game-changing and reshaping how we play, pay, and win in the digital age.
