Crypto adoption is one of the ongoing trends in the online gambling industry. A growing number of casinos and sportsbooks now accept Bitcoin as a form of payment. Some of them also feature crypto slots and roulette applications
When did crypto become so appealing to the iGaming industry? Historically, both crypto and online casinos shared the same problem of mistrust. People didn’t trust gambling sites and Bitcoin until these two industries proved they were truly genuine.
Online casinos came before Bitcoin. And for a long time, they struggled to find reliable payment partners. When bitcoin came along, casinos accepted it because it offered banking much more conveniently than existing banking providers. Find out more below:
Playing at Offshore Casinos
Online casinos are fun and convenient. But they are not available everywhere. Because iGaming is a regulated industry, you can’t enjoy slots and poker in countries that prohibit games of chance.
Well, maybe you can. Thanks to Bitcoin, finding a gambling site is easier than ever before. Crypto accepts investors from all parts of the world. If you can find a way to buy BTC or Ethereum, you can play all your favorite casino games online.
Of course, everyone wants to bet at a safe casino site. So, before you send BTC to a gambling site, find out if it’s genuine. The folks at CryptoGamblers have an extensive list of the best crypto casinos in 2022.
Compare the sites for game variety, payment options, bonuses and mobile support. Choose a top-rated operator. This way, you won’t just enjoy its games and bonuses. But you can also trust it to process your winnings.
When you think about it, we all value privacy. The problem: we don’t always get it. You may want to shop online without revealing your identity, and location. But you can’t do it.
By law, most online businesses have to ask for identity verification. The only exception is when you decide to gamble at a blockchain casino. All you need is to fund your account and get access to your favorite games.
Now, there are several types of crypto casinos. Some of them are unregulated and unlicensed. These sites allow you to bet on different casino games anonymously.
Some operators require that you create an account using an email address. This makes it easier to provide customer service. These casinos also allow you to bet without providing a lot of personal information.
Should you gamble anonymously online? There are risks involved. If you bump into a scam gambling site, you risk losing your money. Due to this, a lot of people find it better to lose some bit of privacy in exchange for safety.
Fast Deposits and Withdrawals
Banking is an area of contention for many online gamblers. Deposits are rarely a problem. But withdrawals constantly cause chaos, mainly due to delayed withdrawals.
You see, many payment companies support instant deposits to gambling sites. Many of these deposits are free. When it comes to withdrawals, however, the time it takes to receive your money can vary widely.
Crypto solves this problem by offering quick deposits and withdrawals. What’s more, you get to use your ideal limits. If you’re on a low budget, you can deposit $10 or less. And if you’re a high roller, you could fund your account with up to $100,000 worth of crypto.
Now, the smoothness of banking through crypto depends on the coin you choose. Bitcoin is fast and supports low limits. But there are better options out there. Some coins allow you to send as little as $1 for almost zero fees. Banking with these coins at casinos ensure you receive your winnings fast and at low fees.
Earlier on, we said online gambling wasn’t always trustworthy. One of the reasons was that people didn’t trust casinos to keep their data secure. Then crypto came and more people became casino players.
How does Bitcoin promote security? It does not ask for your personal information. Also, no need to provide card information. Crypto payments work through addresses.
If you want to deposit money to a casino, you get an address to send your funds to. When it comes to withdrawals, you provide an address where the casino sends your winnings. This form of payment reduces the amount of personal data you need to reveal to gambling companies.
Truth be told, there are many reasons online casinos are safer and trustworthy today. For example, they are regulated and have to follow strict guidelines about keeping your data safe.
Crypto Grows in Value
Another reason you might want to play slots using crypto is because of the value you can get. With a $10 bet made using fiat cash, you could win $1000. That’s decent money.
But picture this. A win of $1000 withdrawn as Bitcoin could grow to $1500 in less than a month. In other words, what you win through crypto could become worth a lot more after a few months of holding your profits.
Now, crypto can also depreciate in value. If you’re afraid of this, you can always convert your crypto to cash at your convenience. But considering the long-term trajectory of crypto has been positive, most investors prefer to hold for the long-term.
A Medium of Exchange
At its core, Bitcoin is a medium of exchange. You can exchange your crypto for coffee, a pair of sneakers, a laptop, car or house. In other words, it’s a genuine form of payment—just like cash.
Owing to this backdrop, more people feel confident using crypto for all manner of online payments, including gambling. No one would be using Bitcoin to play poker if it was worthless.
Instead, Bitcoin has become so valuable that you sometimes need only a fraction of it to accomplish your shopping needs. As mentioned, there are many reasons that make crypto a unique medium of exchange.
From advanced security and speed to decentralization and growth, crypto has proved to be a reliable banking provider. And as such, more and more gambling sites will continue to accept it for deposits and withdrawals.