If you’ve been online for the past few years, you’ve probably seen or heard of cryptocurrencies. These digital currencies have become the latest big trend in online investment. Cryptocurrencies are so popular that some real money casinos even accept them as an approved banking method.
Is it a good idea to use cryptocurrency to play casinos online? All forms of casino involve risk, but crypto betting can offer players exclusive benefits and rewards. These unique advantages of betting with cryptocurrency are definitely worth the risk.
Betting online with cryptocurrency is a new way to play. Trying something new can be intimidating, but it can also be very rewarding. The sooner you get started, the sooner you can start reaping the rewards of crypto betting.
The online casino market has been expanding rapidly since the 90s, and Bitcoin has been an integral part of it, and nearly one in seven online casinos accept Bitcoin. Even with volatility an issue, bitcoin usage has been rising significantly, but the price of individual BTCs has been dropping gradually, every month since May. This may be a concern to investors but not to bettors.
The advantages of using a cryptocurrency like Bitcoin in online casinos that accept bitcoin are instantaneously apparent, and in the coming years, they will act as the catalyst for mass adaptation of the alternatives to real money; especially in the gambling sector.
Bettors betting with real money are wary of paying excessive processing fees for deposits and withdrawals on online gambling websites. It bites off portions of the bettor’s bankroll, which is not very desirable.
While real-money transactions are anything but cost-effective, Bitcoin transactions’ processing fees is almost negligible. Bitcoin transactions are also faster than conventional transaction processes.
With conventional transaction processes, online casinos are often plagued by issues like delays, credibility, security breaches, and wrong delivery times. Bitcoins and other cryptocurrencies can eliminate most of these issues without causing operational hazards.
Even with such undeniable advantages, the adaptation of bitcoins has had a rugged journey. Still, many regulatory authorities are skeptic about it, and the fact that its usage has not much increased since 2018 (implying stagnation), its future as a whole, and especially in the gambling sector, seems unpredictable. But, according to Statista, the online gambling market is expected to have a market capitalization of $94.4 billion by 2024, implying that it will virtually double the current market size by 2024. So, the actual future would be visible only in time and with close monitoring of upcoming trends in the gambling sector.
Read on to find out some of the benefits of cryptocurrency in online casinos that you can start enjoying today.
Here are 10 of the biggest cryptocurrency benefits in online casinos.
1. Faster transactions
Betting sites do their best to provide players with fast bankroll transactions. However, even the best casinos can have longer waiting times for deposits and withdrawals. This is because it takes time to process payments through various banking methods.
Encrypted users have no problem. As the currency is digital, deposits and withdrawals can be made much faster.
If players deposit using crypto currency, they can start playing games at the casino of their choice much faster. They can also withdraw their winnings more quickly after playing.
2.Increase your bank limit
Another great benefit of using cryptocurrency to place bets online is that players can often get a better bank limit. Most casinos have limits on how much players can deposit and withdraw at one time. Depending on the casino, it can take up to a week for these limits to reset.
If you are using cryptocurrency, then you will usually enjoy better limits. For example, the minimum amount you can deposit may be lower than other methods. This means that you can start playing for less money.
In addition, you may even have a higher withdrawal limit. In these cases, players can get more winnings faster if they withdraw using encrypted currency.
3. Casino Exclusive Bonuses
One of the best benefits of crypto online betting is the potential for exclusive casino bonuses. Modern casinos like to offer bonuses to new and existing players. Many online casinos have even started offering exclusive bonuses to crypto users.
These bonuses can come in all shapes and sizes. Some crypto bonuses can greatly increase your funds through deposit matching. Others can increase your chances of winning with free spins and free tournaments.
Bonuses are a great way to improve your gaming experience. However, crypto users should ensure that they read the terms and conditions of the offer before accepting it. Bonuses come with rollover requirements that can sometimes be difficult to meet.
4. casino no switching fees
Crypto currencies are not bound to any one country and do not require conversion fees. Therefore, they are easy to use for online transactions that cross international borders.
This is a huge benefit for those who prefer to place their bets online. Your favourite gaming site may be located on the other side of the world. By using encryption, you can avoid the hassle and expense of converting dollars into another currency.
5. Better Casino Security
One of the biggest concerns for online gamblers is the security of their transactions. The best betting sites are protected from hackers by using SSL encryption software. Players can add an extra layer of security by using encryption.
Even the best SSL security measures can be compromised by hackers. However, encrypted users do not need to rely on SSL software. Instead, their funds are stored in the blockchain, which is significantly more secure.
There are many smaller benefits to using cryptocurrency to place bets, making it easier for users. For example, you can avoid some of the hassle of verifying your account.
Betting sites have started to require players to verify their identity in order to withdraw funds. This is to prevent hackers from stealing your funds. While the extra security is great, it can also be time-consuming.
Crypto users can avoid this step altogether while remaining secure. All you need to withdraw money is a digital wallet and a stable internet connection.
7.Virtually no inflation
Cryptocurrencies are not bound by any one country. As a result, they are not subject to the same inflationary effects as other countries. This means that you are less likely to lose money due to the ups and downs of the economy.
Some cryptocurrencies, such as Bitcoin, are limited to a certain number of units. Limiting production also limits the risk of cryptocurrencies losing value. This is not the case with fiat currencies such as the US dollar.
8.Possible tax exemptions
Not every country considers cryptocurrency to be a valid currency. Therefore, this means that they may not be taxed. Players do not have to pay tax to enjoy the bonuses.
This may also depend on the type of cryptocurrency you are betting on. Some countries may recognise and tax popular cryptocurrencies such as Bitcoin. However, less popular cryptocurrencies may not be subject to these rules.
Bets and tax laws are always changing. Players should check their local laws regarding betting and taxation before playing the game. The last thing anyone wants to do is accidentally commit tax fraud.
9. Adding privacy
Privacy is a concern for anyone who completes transactions online. Using cryptocurrency to place bets can help players increase their privacy. This is because cryptocurrency is linked to your digital wallet.
Players do not need to provide a lot of information to create their digital wallet. Therefore, in the unlikely event of a leak, more of your information will remain private.
10. Cut out the middleman
Arguably the biggest benefit of using crypto for online betting is that it cuts out the middleman. Other currencies are tied to one country or another. The cryptocurrency at hand is decentralised and does not require the involvement of governments or banks.
This allows cryptocurrency to be transferred directly from one person to another. The elimination of middlemen brings many of the benefits discussed above, including lower transaction fees and better restrictions.
The reduced cost of crypto transactions benefits both the player and the casino. Both parties save money and the process is much more efficient.
Betting online using cryptocurrency is a great way to get exclusive benefits that other players can’t get. These extra advantages can be a huge win for cryptocurrency users. You can experience these benefits for yourself by betting with cryptocurrency at the best online casinos.