There's no doubt cryptocurrency is becoming popular on the online gambling scene. Many players are opting for this alternative currency, while operators are also availing it to meet the demands of casino gambling enthusiasts. Cryptocurrency is popular at both new casinos and the household names that have been around for years.
For starters, cryptocurrencies, popularly known as cryptos, are virtual or digital currencies whose transactions are secured by cryptography. Unlike fiat currencies, crypto doesn't have any central regulatory authority. Instead, transactions are facilitated by a peer-to-peer network. Examples of cryptos include bitcoin, litecoin, bitcoin cash, and ethereum, just to mention a few.
From all indications, cryptocurrency will be a catalyst in the online casino industry. More and more players will opt for crypto over fiat currencies in 2022. But why is this happening?
Well, there are several reasons gamblers are switching to cryptocurrency.
The biggest advantage of cryptocurrencies such as bitcoin and ethereum is anonymity. Many players want to keep their gambling activity private. More so, in some countries, gambling is illegal, and using fiat currencies can land players in trouble. In such cases, cryptocurrencies suffice as gamblers can deposit and withdraw without disclosing any personal data or identity. Besides, there is no interference from financial institutions or governments as all transactions are over a P2P network.
Players always want to get in the game as soon as they deposit funds. But in many cases, especially with fiat currency, this is not possible as banks and financial institutions will have to conduct KYC and verification processes before authorizing the transaction. It is these bureaucracies that make fiat currency deposits and withdrawals longer. However, there are no such bureaucracies with cryptocurrency, so gamblers can expect the funds to reach their accounts faster. In most cases, crypto deposits and withdrawals are instant.
Another reason gamblers are moving to crypto gambling is the affordable transaction costs. Bitcoin transactions and other crypto transactions are generally lower than the 2% to 3% charged by credit cards and eWallets. As mentioned earlier, there are no financial institutions or other intermediaries in crypto transactions. These institutions are out there to make money, and that's why they impose heavy fees to deposit and withdraw money. However, crypto transactions are on peer-to-peer networks making the transaction rates lower.
Gamblers are also flocking to crypto casinos because of the security of crypto transactions. The creation and transfer of cryptos, including bitcoin, are controlled by cryptography. Bitcoin also uses blockchain as its distributed ledger technology. In an online gambling scene synonymous with fraud, crypto is indeed a solution.
The above are reasons cryptocurrencies are becoming popular among gamblers. Besides, there are specific crypto casino games that attract higher RTPs. For those who want to gamble anonymously and transact blazingly fast and securely, crypto gambling is the way to go. Besides, bitcoin casinos and other casino sites accepting crypto have exclusive promotions tailored for gamblers.