Since the advent of Bitcoin and other altcoins, it has become clear that cryptocurrencies are here to stay. They are fast becoming the way-to-go in everyday online dealings, even in the world of online gambling!
If you go through the Bitcoin casinos list by SA CasinoHEX, you will find out many online casinos already transact with Bitcoin and the other popular cryptocurrencies.
Another factor that has helped propel the use of crypto in online gambling is the popularity of smartphones. With a smartphone in hand, you can relax in the comfort of your home, fund your account using crypto, and gamble online.
Many cryptocurrency enthusiasts and financial analysts also believe that it is only a matter of time before altcoin catches up with popular online payment gateways such as PayPal, Visa, Skrill, and MasterCard as the preferred payment method for e-commerce.
Seeing the way things are going, it is very likely to happen. And it would be best if you prepared for this new development too. If you’d like to know why crypto is becoming very popular in online gambling, then keep reading!
What Are the Benefits of Cryptocurrency to Online Gamblers and Casinos?
It is no accident that cryptos have become one of the most popular trends in online gambling. This should not appear to you as an accident because the crypto revolution has come a long way. Read on to discover why crypto is a better payment alternative.
1. It Uses Blockchain Technology
One of the major reasons cryptocurrency has become so popular is because it is powered by blockchain technology. For those who don’t know, blockchain technology is a centralized system that makes it almost impossible to hack payment systems. Gamblers and online casino operators both wish for safe and secure transactions. So going for a hack-proof payment system is a no-brainer.
Another reason cryptocurrency is becoming a preferred payment method is the anonymity it provides the gamblers. When transacting with crypto, your information remains private. You’re the only one that pretty much knows what you are up to, as far as your transactions are concerned. As you would expect, most gamblers prefer to keep their dealings private.
3. Cheaper Transaction Fees
Gambling is a massive business, and just like all businesses, cutting cost is the best way to maximize profit. One of the most cost-intensive aspects of online gambling is the fees players are charged when making transactions. These fees are prevalent when transacting with fiat currencies. As for crypto, your transactions will cost you almost nothing when compared to fiat currency transactions.
You need to research how Bitcoin casinos work, their authenticity, and get a better idea of the cost incurred when making payments with crypto.
Different Types of Cryptocurrency Gambling Sites
If you are impressed with the advantages of crypto gambling and you’d like to join in the trend, then there are a few things you need to know. First, not every online gambling platform uses crypto. This means you’ll have to do some research and find the ones that do.
There are two main types of crypto gambling sites.
- Cryptocurrency only sites
- Established sites with crypto options
You should select the type of platform you want depending on your needs, and of course, a thorough understanding of each of these types of sites.
Let’s take a more in-depth look into the two main types of crypto enabled gambling sites.
1. Cryptocurrency-Only Sites
Going by the name, you would have already guessed that gambling sites like these only transact in cryptocurrency.
This means you cannot fund your account using traditional fiat currency. It also means all winnings are paid out only in cryptocurrency.
While this is cool for a crypto fanatic, you have to keep in mind that sites of this nature are relatively new. They have no long-standing history; therefore, they may fold up with your money stuck in their accounts.
Another thing to note is the high volatility of cryptocurrency. For example, Bitcoin witnessed its highest volatility and price fluctuation in the coin’s history, just in the wake of the new year. This tells the unknowing gambler that an altcoin’s value may reduce or increase drastically overnight. So, you can only hope the movement always shifts in your favor.
2. Established Gambling Sites with Cryptocurrency Options
These are gambling sites you already know. Since they’ve been around for a long time, they are deemed more trustworthy than the new websites. Sites like these only just recently added cryptocurrency as a payment or transaction option so that they won’t be left out of the wave.
One thing you must know is that sites like these do not have that many crypto options. They focus mainly on Bitcoin and very few major altcoins. We always advise first-timers to better go with already established sites that just added cryptocurrency as a transaction option for security reasons.
This is because they are already established and will not break if there is a decline in crypto value. The same cannot be said for new crypto-only sites. On the other hand, a crypto-only site will be able to transact in as many types of cryptos as possible. This means if you have a not-so-popular type of crypto, you may not be able to transact in an established online casino with few crypto options.
Before registering on any platform, be sure to research several online casinos to see that they accept cryptocurrency, have trendy games, and operate a mobile-friendly website. Here are the main things you should check once the other conditions mentioned above have been satisfied.
1. How Many Types of Crypto Do They Accept?
For established sites that have begun to accept cryptocurrency, check the types of crypto they accept and see if you own any.
2. How Many Years Has the Site Been Operational?
If the site has not been in business for long, you would be taking a big risk of trusting them with your crypto. The older, more established sites are safer to deal with.
The cryptocurrency wave has struck the world hard, and almost every digital sector now accepts it as a means of transaction. The world of online gambling isn’t left out, as more casinos are beginning to accept and pay in crypto.
Low transaction fees, anonymity, and transaction safety are among the many reasons crypto is becoming accepted widely in the gaming world. My five cents to you is to study and understand how a crypto-compatible site conducts its business before you register or stake a bet.