Bitcoin has the spanking new veneer of something new – such is the cutting-edge technology involved that popular consciousness has not caught up, and for many, cryptos remain something from the future, even though they are very much visible in the present.
In reality, Bitcoin, for instance, is over a decade old – and in these years, it has revolutionised the way we work. And the way we play. Because like in most fintech sectors, bitcoin – and cryptos – are now snowballing their way through online gambling and casinos. And although crypto casinos are a relatively new trend in gambling, in a short period of time they have earned trust and popularity.
IGaming operators are increasingly looking for ways to incorporate cryptos into their offering – and one way of doing that is by offering cryptos and bitcoin as a form of payment at bitcoin casinos, side by side with other payment methods and traditional fiat currencies.
Of course, given that it’s the cryptocurrency that has been around for longest, most casinos offer Bitcoin for gambling – but other cryptos are gaining in popularity, including Ethereum. What is pushing the popularity of cryptos for casinos is the hype surrounding the crypto market. But it’s not just hype – because there are other benefits that come with crypto gaming.
One of the main benefits is that crypto is decentralised – and that gives users full control of their transactions, within a secure framework: payment information cannot be stolen, crypto payments do not need any personal information to be submitted, and no chargebacks apply. That means that Bitcoin – and crypto – transactions are anonymous and immutable. That allows for fewer risks.
Moreover, unlike more traditional online casinos, crypto casinos do not store customer data or private keys on the site itself – instead, most crypto casinos use a private key generator that generates private keys, which in turn are stored on devices such as a mobile phone. This private key – which can only be used once – gives users access to their account. This key is not stored on the casino site’s database – and therefore can never be leaked, thus putting users at risk.
Efficiency is also a plus which is also carried over to online casinos. Whether it is an international transfer, a purchase or a deposit at an online casino, crypto deposits are so quick that they are close to instantaneous. And since there is no middleman involved, users will not be charged for deposits, or any other fees.
All these benefits do not take away anything from the gaming experience – so players using crypto to fund their bit of fun will not lose out on anything. The user experience remains, the variety of games on offer is as exciting as ever, and bonuses – such as welcome, deposit, cashback, referral and event bonuses – are available to all players, irrespective of their preferred payment method.
Disclaimer: Play responsibly. Players must be over 18. For help visit https://www.gamcare.org.uk.