What are the Advantages of Using Cryptocurrency in Online Casinos

The staggering growth and continuous evolution of digital technology have transformed the modern world in many ways. Since the advent of Bitcoin and its incredible success, cryptocurrency has become a major disruptor of the financial world and ushered in a new era of global commodities trading.

At the same time, other heavily tech-reliant sectors, such as the iGaming industry, have also benefited from the rapid advancement of technology. Online gambling has experienced tremendous worldwide growth itself.

Given the swathe of benefits that cryptocurrencies offer as an alternate payment method, it’s unsurprising that the two industries have intersected in a big way. Here’s a look at the main advantages of using cryptocurrencies for online gambling.  

Enhanced Privacy

Major cryptocurrencies are becoming more widely accepted as payment methods, making them ideal for online casinos. The most popular cryptocurrencies, like Bitcoin, are now leading a new iGaming revolution with features like specialized Bitcoin slots and other kinds of casino games that accept Bitcoin and other cryptocurrencies for payment and payout methods. So-called crypto casinos are becoming the new normal, since they offer a wide range of advantages, one of which is enhanced privacy.

Since cryptocurrencies are run on blockchain technology, many can offer higher degrees of anonymity and privacy when transacting with them. While it’s difficult to provide total anonymity, transactions recorded on the blockchain can have greater obscurity than traditional banking transactions.

This feature also allows online casinos to offer players who sign up with cryptocurrency the ability to register and play without providing their details. Where Know Your Customer (KYC) laws will ordinarily be applicable, using a crypto casino means players can bypass such regulations and gamble more privately.

More Widely Accepted

The massive boom in cryptocurrencies means they can now be utilized as accepted tender across various transactions. This has led to parallel industries like crypto wallets and specialized crypto exchanges offering ever-evolving convenience for people to use cryptocurrencies.

More and more online stores, famous brands, and even physical stores now accept cryptocurrency as a medium of exchange. In today’s world, if you find the right store or retailer, dealership, or agency, it’s possible to purchase a vehicle or house using cryptocurrency.

In the context of online casinos, it now means a wider array of cryptocurrencies can now be used by players beyond just the famous ones like bitcoin. Also, given the number and capabilities of crypto wallets, it’s now easier than ever for cryptocurrency holders to use their holdings as payment or payout methods for their online gambling accounts.

It’s Cheaper and Faster

Online casinos were once dominated by major financial and banking institutions, who all clamored to provide greater convenience as payment methods. eWallet services like PayPal also grew in prominence, and there seemed to be a growing monopoly over the most popular payment services to use for online gambling.

However, cryptocurrency’s rapid growth and popularity is quickly making it one of the new preferred forms of tender for online gamblers. As a result of this, and the growing number of crypto exchanges, crypto wallets, and payment systems dedicated to its use, transacting with crypto is actually cheaper and faster than traditional payments. Blockchain technology’s ability to authenticate transactions means crypto transactions can often be verified almost instantaneously, with the payment services that facilitate their use generally also charging lower fees and commissions than banks do for EFTs and online card transactions.  

Security and Virtual Immutability

Another major advantage that heightens the allure of cryptocurrency in online gambling is the fact that blockchain technology is, by nature, generally more secure. Hacking is still possible but is very difficult. Since the blockchain works like a kind of public ledger that records, verifies, and authenticates transactions within the network, it means transactions close to being immutable, which has helped it lead a financial revolution.  

Such features make transacting in cryptocurrency highly attractive, especially in the context of online gambling. Since the best part of online casinos comes from players’ ability to play for real money and win real money, digital security is often among players’ chief concerns. A payment method that intrinsically offers a more secure payment method gives cryptocurrency a massive advantage.

It’s Decentralized

Lastly, the advantage of using cryptocurrency, not just for online gambling but any kind of transaction, is that it’s decentralized. That means that no central authority controls it, and, for now, it’s still fairly beyond the realm of widespread regulatory encroachment.

It’s this exact feature of cryptocurrency that has led to all forms of cryptocurrency transactions being banned outright in countries like China that prefer greater control over financial instruments. However, for things like online gambling, far from being a problem, the decentralized nature of cryptocurrency is usually the reason for its wide appeal.