Last Updated on 2020/05/26
Table of Contents
Sports betting and casino are two major things in gambling and with the development in the technology, they are gaining huge success.
Online casinos have become popular among the players since the last decade as this gambling industry is very quick to adopt new technology changes. A variety of casino games and the latest casino bonuses are not the only thing that is enticing for new players but new and secure payment options are also a big driver.
The adaptation of the cryptocurrencies has already been successfully completed. Some of the pioneers in the online casino business have incorporated the cryptocurrency in recent years. They are convinced that this type of digital money is far more advantageous in this application than cash or bank transfers. This payment option is also beneficial for players who want fast withdrawal and payment options as well as a transparent transaction by keeping their identity private. Here, are some of the reasons why we think cryptocurrency could dominate the online casinos:
The concept of anonymity is deeply anchored in the lines of code at most of the cryptocurrencies. Privacy is a big problem for many players, as they have had to be given up to deposit and withdraw funds on gambling platforms. In the past, being forced to disclose personal and account-related data has caused many players to not implement their sports betting skills at all. But this payment method really protects users’ privacy and it keeps the identity of players anonymous.
High transaction speed
Compared to the classic bank transfer model, cryptocurrency enables transactions almost at the speed of light. So far, it usually took more than 24 hours to have your winnings paid out in a successful bet, with cryptocurrencies it takes a few minutes to an hour to complete, depending on network usage. So, now you don’t have to wait for a few days till you get your winning in your account, and then you can start playing again.
Most of the online casino payment options charge a particular fee at the time of the transaction or the conversion of money. Each payment method has a different fee. But most of the cryptocurrency service providers charge very low charges compares to others. Pioneer in the business, bitcoin charges 1%, and others may charge up to a 2-4% fee on the total amount of the transaction. This is very low than other payment methods.
Many players may be aware of the following situation. You try to deposit money into your account at an online casino platform and the bank goes against it because it has an antipathy towards the service provider. Since crypto transactions are carried out peer-2-peer, this problem cannot be met when playing with cryptocurrencies. There is simply no intermediate instance that can block deposits and withdrawals due to an aversion to sports betting and gambling so that the player can do what he wants with his money.
As cryptocurrencies are still a very volatile financial instrument, prices are known to change every second. They can rise or fall by several 10% in one day. So, it could happen that if you payout your winnings from online casinos with cryptocurrencies to your wallet and hold them there for a certain period of time, you will once again make a profit. Their value fluctuates from time to time and most of the time it shows positive changes so, there are chances of you making a profit.
Image source: pixabay