Should Online Casinos Include Cryptos in their Modes of Payment?

Handy Tips / 24.02.2020

Cryptocurrency has been around for a decade long. In those years, it has not only become a universal way to acquire services and goods both online and offline, but also a very profitable business. Cryptocurrencies have cut across various sectors, and many economic giants across the world are continually looking for new ways to incorporate them. 

Currently, almost every casino accepts several different payment methods, including; Visa and Mastercard, while some other options widely accepted include e-wallets Paypal, Neteller, and Skrill. Some online casinos have started accepting cryptocurrency as a form of payment. 

Unlike fiat currencies that are regulated by the government, crypto is unregulated by any bank or government. It uses unique cryptographic technology to ensure that transactions are fully protected at all times. 

How Crypto Casinos Operate

Online gambling or gaming business use software, and the same holds for Bitcoin casinos. The most used and popular crypto casinos usually run their gaming software while some use purchased or rented versions, which may be customized by adding a few unique features to the game.

This gaming software ensures that the least human supervision runs online casinos. The software plays the role of the table dealer (actually conducting the game) for games needing all social players. 

Crypto casinos are programmed to deliver results on random, which makes it a fair and transparent way of earning extra money. It is best to stick to platforms that are provably fair because most crypto casinos are not open with this method of gambling. Provably decent platforms have displayed their algorithm to be checked for players to see that results are genuinely chosen randomly.

Benefits of Integrating Crypto into Online Casinos

These two industries, developed with the growth of the internet, come with some benefits and essential advantages. Cryptocurrency has also impacted the online casino world in several ways:

  • Operating Globally

Cryptocurrencies have no boundaries in that they can work anywhere in the world. It doesn’t limit how many customers or what nationalities can be welcomed hence generating much larger profits for online casinos.

  • Licensing Burden

Gone are the days when a casino had to get a license to partner with reliable banks for deposits and withdrawals. In the traditional gambling world, banks couldn’t work with an unlicensed casino. Now, with cryptocurrency, many online casinos exist without a license. It has brought significant money savings on licensing.

  • Operating Online

Cryptocurrencies operate online, and this ensures continuous visitor flow while significantly expanding the market.

  • Reduces Expenses

Using cryptocurrency eliminates any additional expenses associated with multiple conversions.

How Online Casinos Can Benefit By Using Crypto

  • Enhanced Safety for Players. 

Blockchain is safe and secure on its own; thus, players using them are kept safe from the government as winnings are not recorded or filed with the IRS. Cryptocurrency offers anonymity, and players can remain completely secure as they engage in real money play at leading casino sites.

  • Diversifies Online Casino Sites

It provides a more extensive selection of casino sites. As cryptocurrency is decentralized, local gambling laws are no longer an issue to restrict players from conducting real money transactions at international online casinos. It gives players more choices when selecting an online casino.

  • Faster Crypto Transactions

Withdrawing through a regular bank transfer can take up to 3-5 business days, but with your online wallet, it takes roughly a few hours.

  • Limitless Transactions

Unlike regular casinos with transaction limits, with cryptocurrency, you can withdraw any amount of money you want. However, with large transactions, it can take a bit more time for safety reasons as the transactions must be processed manually.

  • Diversified Payments

It has given gamblers access to diversified types of payments. Imagine a situation where you live in a country where online gambling is strictly forbidden, and players can’t transact using their credit cards or Paypal. However, they can quickly pay using crypto.

  • Reduced Costs

Anybody can open an online crypto casino since it is cheaper.

  • Eased Gambling

It has made gambling more comfortable because you can gamble from anywhere.

Cons of Using Cryptocurrencies in Online Casinos

As we’ve highlighted some positive attributes of using cryptocurrency at online casinos, there is a need to give some of its drawbacks. Below are some of the disadvantages of using crypto when gambling.

  • Crypto’s Volatility Nature 

Players using standard banking options and currencies won’t encounter much change in values. However, values in cryptocurrency are continually fluctuating. Players get an advantage once it moves positively against the dollar, but there is always the chance it will move the other way, reducing the overall value of your cryptocurrency.

  • Few Crypto-only Sites 

With the massive growth in crypto and the rate at which players are turning to cryptocurrencies to fund and manage casino accounts, there are still not many sites that are cryptocurrency-only. Most online casino sites will always offer traditional banking options, and you will be required to enter your information even when using crypto, which can place you at risk of cyber-attack.

But, even in light of these flaws, cryptocurrency technology still stands as the best existing method of payment with much faster transactions and a few safety concerns.

Why Cryptocurrency Casinos are Under the Microscope

Transacting in traditional online casinos comes with some defined regulations. These transactions in conventional currencies enable tracking and identifying individual players, dealers as well as casino operators. These cases don’t involve cryptocurrency casinos since bitcoin transactions are purely digital, audit and verification becomes a challenge. Most crypto casinos require minimal user details – often limited to only email and login-name, no age verification, or other information.

Gambling is prohibited in lots of countries across the world, and bitcoin casinos make it further challenging to regulate and control it at the global level.

Final Thoughts

Many people prefer using cryptocurrency as the best alternative of transacting online because of the safety and anonymity they offer. More online casinos should provide cryptocurrency as payment options if they want to stay afloat and keep up with the competitive world of online gambling. Crypto casinos offer fast transactions, no or low fees, great paying bonuses, and can provide great experience and hours of entertainment with outstanding opportunities to collect cash payouts. With the best choice of crypto casino, you are all set to win in the gambling industry, be it with or against all the odds.

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Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, he covers trendy issues on digital currencies.