Payment service providers have, over the years, continued to look for innovative ways to make transactions more convenient for their clients. And with the age of online gaming, the search for these solutions continues to grow as players globally seek ways to transact with their chosen casino sites quickly, both day and night. One of the methods that currently stands out is the use of cryptocurrencies. Thanks to their various features, these are among the top solutions for players worldwide.
Although cryptocurrencies have been around for years, only recently have bitcoin casinos especially in the USA, started to come up. Players have noticed that cryptos allow cross-border transfers of any amounts at minimal costs, unlike most fiat currency solutions. So you don’t need to worry about elements like currency conversion rates whenever you play.
Reasons for Its Popularity
People are still getting to know more about this transaction option. And that’s part of the reason its adoption has been slow. But that’s slowly changing since each passing year makes it more apparent why using bitcoins is the way to go. These are among the most popular reasons players choose bitcoin for their gaming.
Playing online with real money puts players at risk of fraud. Hackers target such sites to try and get client information, which may result in you losing your money. That’s why it’s always important to play on regulated sites since they’ll have high-security measures in place to secure the platform.
Using bitcoin on such a site means you get added security features since the crypto comes with its own safety measures. Blockchain technology helps keep your details confidential even when you’ve made transactions. The details regarding the transaction are only accessible to you and the casino. This makes it also safe to use with online merchants since your information can’t get traced back to your account.
Transactions through this payment option are available publicly for all to view. You can see all payments made through this system, making it easy for regulators and players to track what casinos receive and payout on their sites. You might think this transparency makes using this option insecure. After all, it’s open to anyone who’d like to view it.
But the catch comes in the information displayed. Although you can see the transaction history, you cannot view an individual transaction’s details. That’s because an owner’s personal information isn’t linked to their account. So seeing it doesn’t expose anyone to any risks from hackers and such.
One thing online players value is their privacy while making online transactions. Bitcoin is one of the few methods that lets you enjoy anonymous payments whenever you need them.
Most of the methods available on gaming sites require you to give details like your credit or debit card number, email, or even bank account. But with cryptos, you only need your crypto exchange’s or wallet’s generated address to transfer funds. The best part is you can get a new address for all your transactions, enhancing your anonymity even further.
Benefits of Using Cryptocurrencies for Online Gaming
Once you choose bitcoins as your preferred gaming currency, you’ll get to enjoy several advantages depending on how fast you can adapt to using cryptos.
It’s a Decentralized Currency
Bitcoin has no links to any government. So you don’t have to worry about price fluctuations due to any politically motivated issues. As a plus, your funds can’t be seized or frozen as with fiat currencies. So if you’re playing from a region that doesn’t accept online gaming, you don’t have to worry about the confiscation of your earned winnings.
Low Transaction Costs
The use of Blockchain technology means all transactions get handled digitally. So, with fewer parties involved in the process, users don’t have to deal with inflated transaction costs to compensate everyone involved. As a result, even large payments don’t attract hefty fees. You’ll find that even when you get charged, the costs remain very minimal.
Widely Accepted Globally
Since this is a decentralized currency, several countries worldwide allow its use. That makes it possible for players to access casino sites anywhere, so long as they allow crypto transactions.
Thanks to Blockchain technology, no third parties get involved in the payment processing stages. As such, transactions tend to happen almost instantly in most cases. So regardless of whether you’re depositing to your casino account or making a withdrawal, you’ll quickly have access to your funds.
Easy To Use
To start using bitcoins only requires you to find a reputable crypto exchange or wallet to help with your conversions to and from fiat options. That will also serve as the storage for your money, enabling you to buy bitcoins from funds in your bank account, eWallets, or even credit and debit cards 24/7. Crypto exchanges and wallets also offer the option to change your funds to other cryptocurrencies. So you can match them to the ones accepted at the online casino you’d like to visit.
It’s an Investment Option
Another perk you get from owning some bitcoins is that it makes a good investment when done wisely. The rates sometimes rise significantly within a short period, earning you profits that you can quickly cash in on by converting to your preferred fiat currency.
Cons to Be Aware Of
But with all good things, a few downsides also exist. Though not many, they’re worth remembering if you’d like to make the most of your gaming with this currency option.
- Irreversible payments – If you send your money to the wrong person or casino, you cannot reverse the transaction. So you have to be very careful when initiating transfers.
- Not available at most casino sites – This option is still not widely available at most online casinos.
- Price fluctuations – Unlike fiat currencies, bitcoin values can change at any time. So if you have some, you need to constantly monitor the market for any changes that would lead to losses.
- Learning curve – You’ll need to know how crypto wallets and exchanges work so you can buy and sell your bitcoins with ease whenever you need to.