Cryptocurrency is revolutionizing the world of payments and remittances, thanks to its fast, low-cost transactions. Because it uses blockchain, it can also improve transparency, access, and other administrative and accounting procedures. One industry that has embraced cryptocurrency is the iGaming industry.
Bitcoin casinos are becoming increasingly common, offering players from around the world unbridled access to the most popular table games, slots, poker, and more. As cryptocurrency becomes increasingly commonplace, blockchain casino gaming is only likely to continue gaining popularity.
Security And Privacy
Cryptocurrency is becoming an increasingly common funding method at offshore casino sites. These casinos, according to sports editor Graziella Calleja, are used by players in countries where online gambling is restricted but are also popular alternatives to local online casinos because of their hassle-free logins and fast deposits and withdrawals.
Crypto improves online casino security in a variety of ways. Players do not need to submit their banking or other financial details to the casino website. This means that, even if the casino site itself gets hacked or attacked, financial details are safe. The most a player can lose is the money they have in their casino account at the time of the attack.
Many of these casinos do not even require personal details to be submitted. Players can register anonymously and then fund their accounts by directly depositing cryptocurrency. Governments have attempted to remove some of this anonymity but have so far failed. This prevents the theft or loss of personal data like name, address, and other information. In contrast, most other casinos require the registration of Know Your Customer (KYC) details. KYC details include personal information that thieves can use or sell on.
Cryptocurrency payments themselves are also secure. Crypto uses advanced encryption techniques to secure payments, which makes them virtually impossible to intercept. Using a secure crypto wallet, which keeps money off exchanges, also helps ensure that an individual’s cryptocurrency portfolio remains secure when it isn’t on the crypto casino itself.
Traditional payments are transferred using personal identifiers including name, address, and social security number or account number. These details can be directly attributed to individuals and, if a person or group gets hold of certain information, they can trace payments back to the individual. Crypto payments do not use these same personal details and instead use a cryptocurrency wallet address. They offer greater privacy thanks to pseudonymous payments.
Access And Accessibility
There are an estimated 1.4 billion unbanked adults in the world. Cryptocurrency has become a lifeline for many of these people as it enables financial services they wouldn’t otherwise be able to access. As well as facilitating remittances, which are common in countries with high unbanked populations, crypto can be used to make and receive payments, while some innovative fintech solutions offer more advanced transactions. It also means that unbanked players can still play online casinos and other iGaming sites.
Cryptocurrency payments can be sent to the other side of the world as easily as they can be sent down the road. Payments cost the same and take the same amount of time regardless of how far those payments travel. Coins like Bitcoin do not have geographical borders. This enables players from different countries to access offshore casinos from other countries.
For those who like to play some of the more unusual casino games, like Sic Bo, for example, or who want access to a larger pool of poker-playing opponents, cryptocurrency is very beneficial. It also opens the market up to greater competition which means improved bonuses, better features and facilities, and larger prize pools.
This accessibility has also proven useful to players who live in countries or jurisdictions where gambling is prohibited or restricted. They can access offshore casinos that hold legitimate licenses, rather than using illegal black market casinos and gambling sites.
Cryptocurrency transactions are recorded on the blockchain. Blockchain records are immutable. Once on the chain, they can’t be deleted, amended, or changed in any way. This can help casinos prove their prize payments and can even be used to show return-to-player ratios for third-party verification. For players, it enhances trust because the records of previous games and even deposits and withdrawals can be viewed using blockchain explorer software.
Immutable records can also be used in the case of any disputes that might arise, either directly between players or between the players and casinos themselves. Poker tournaments and online competitions can prove effective marketing tools to draw players in, and they give the players additional opportunities to win real money and show their skills. Making them provably fair also makes them more appealing to the players.
On a practical level, cryptocurrency payments are fast. Although the exact speed of a transfer depends on the coin used and how busy the network is, crypto payment times can typically be measured in seconds, even when those payments are sent overseas. For the player, this means quicker access to their gambling fund. Fast payments are also beneficial when it comes time to withdraw. Withdrawing to bank cards or overseas bank accounts can take days to complete but, with cryptocurrency withdrawals, the player will have access to their money in seconds.
Cryptocurrency payments aren’t just faster than fiat payments. They can also be less expensive. Some casinos charge players for credit card deposits and withdrawals, effectively passing on costs levied by the credit card companies. If the casino doesn’t pass these charges on directly, they will be soaked up in other ways.
Lower transaction fees and other costs mean casinos have more money to pay bonuses and offer bigger prizes and jackpots. Some casinos that accept crypto and traditional payments offer bigger bonuses to crypto users because of the speed and lower costs associated with them, and this may have swung some undecided players around to crypto payments and away from credit card and bank payments. As well as bonuses for new account holders and against first-time deposits, crypt casinos might offer reload bonuses that specifically target crypto account holders.
