Cryptocurrencies are digital currencies secured by cryptography, making them almost impossible to counterfeit or double-spend. Cryptocurrency transactions reached 76 billion pesos in the Philippines alone from January to September 2020. A 410% increase from the figure the previous year.
Some transactions where cryptocurrency fits perfectly are those made in online casinos which you can find here ecasinos.ph. Because of this, crypto online casinos offering various slot games, online video poker, etc., are on the rise.
Reasons Why Cryptocurrency Is the Future of Online Casino Gaming
Cryptocurrency is no longer a new term because most gamblers and investors are already acquainted with them. Demetris Jast, a game developer, will discuss why cryptocurrency perfectly fits online casino gaming. Read more of his articles by viewing his page.
1. Security and Anonymity
Cybercrime poses a continuous threat to anyone surfing the web. As a result, about 1 in 10 people are victims of identity fraud yearly.
Making casino deposits and signing up to online casino sites require players to give their personal and bank details. With the increasing number of cybercrimes, entrusting personal and bank information to online platforms is one of the biggest concerns of online gamblers, making casino security a priority.
With crypto, the player’s identity and transactions are secured through blockchain technology, making transactions untraceable. Blockchain technology also allows quick transactions without giving personal and bank information, avoiding cybercrime.
Bitcoin is one of the most popular cryptocurrencies, giving rise to Bitcoin casinos. Bitcoin online casinos are gaining popularity because of this digital currency’s accessibility. Meanwhile, some eWallet payment options such as PayPal are not accessible in some regions and countries worldwide.
Many crypto casinos and betting platforms accept all players globally. Some players crave the Bitcoin casino experience because of its safety and convenience.
3. Fast Transactions
Cryptos make casino deposits fast and easy. Players will no longer wait hours for the transaction to be approved by a financial institution. Some payment options like eWalltes may take from two to five working days before disbursement.
Most cryptocurrency transactions may take up to 10 minutes until the disbursement is confirmed. So, when players need to fund their accounts, the fund will be quickly available.
4. Lower Transaction Fees
Cryptocurrencies are not regulated by a centralized financial institution. It means there are no intermediaries since it is a decentralized network. There will be no additional fees for transactions. Usually, fees from bank transfers and credit card payments take a significant percentage of the service fee.
The cost-effective transactions from cryptocurrencies benefit both the gambler and the casino operators. Gamblers can keep more of their winnings when cashing out, while the casino operators save money from bank fees.
Although there are no third parties involved in withdrawing winnings, some online casinos may have other standing fees. Players should read the terms and conditions to find out what their transaction costs will be.
5. Great Rewards and Bonuses
Some casino sites have additional rewards for players using cryptocurrencies as payment options. Most online casinos thrive in offering rewards and bonuses because it attracts gamblers to their site. Some providers of slots and other online casino games give players an option to choose how to reach a specific reward. They also have random tournaments with special payouts.
Aside from free spins, bonus games, cash, cryptocurrency rewards, and prize drops also excite players. It is a great promotional strategy for online casino operators and fun for gamers who want to have valuable crypto winnings.
6. More Room for Innovation
While cryptocurrency is still developing, innovations in technology keep improving the player experience. The best casinos are already adopting new technologies such as blockchain technology, providing the latest games, and embracing new features. With the advancement of technology, more online casinos can adopt this new technology in the future.
Blockchain technology is one of the safest ways to enjoy online gambling. It is the safest way to conduct payments and withdrawals because it does not require players to provide their banking and personal details. However, cryptocurrency is a double-edged sword where its lack of traceability and anonymity can be used by cybercriminals to get away with crime.