Why Cryptocurrencies are Awesome for Online Casino Players
Probably you have already heard many complementary claims about cryptocurrencies in general. The cool thing that they are also true regarding the online gambling industry, especially when it comes to online casino players. What makes me believe so? I will list the reasons and elaborate on them further in the article:
Can’t be confiscated by any government
More generous bonuses
Higher withdrawal limits
If you are already convinced but don’t know where to start from, I have some articles on it:
Deposit with Bitcoin without any wallets involved (how to buy Bitcoin on Binance, how to transfer Bitcoin securely using a Binance account)
Deposit with Ethereum without any wallets involved (how to buy Ethereum on Bitstamp, how to transfer Ethereum securely using a Bitstamp account)
Deposit with Dogecoin with a “true” crypto wallet (how to set up a wallet, how to transfer Dogecoin securely using a “true” wallet)
Going back to the point, let’s dive deeper into each advantage of cryptocurrencies.
Cryptocurrencies allow proceeding online casino payments really fast
I guess all online casino players highly appreciate fast casino payouts. Unfortunately, the inherent limitations of some payment methods do not allow it to happen. For example, bank transfer and bank cards could take a few days to be processed.
Cryptocurrencies, being a rather new technology, let to transfer money to an Internet account within 10-60 mins at maximum (Bitcoin, Ethereum) and within a fraction of a second at minimum (all modern cryptocurrencies). It becomes possible because there are no payment services (like VISA, Mastercard), banks, e-wallets or any other centralized third-parties.
Speaking about traditional online payment methods, such third-parties provide online casino players with some value for sure (prevent unauthorized usage of your bank account, bank card, e-wallet), but it happens at the cost of a decent chunk of time.
Cryptocurrencies, in its turn, make the process far more simple. You just need to present your credentials (private key) and that’s basically it. Since it is done, your money will be transferred within minutes.
Deposit at an online casino with crypto and enjoy low or rather non-existent fees
From the very beginning, I would like to say that in the crypto world people are getting charged per transaction, and not on the percentage of transaction basis. For instance, does not matter whether you decide to transfer crypto worth of millions of euro or just 0,01 euro, the fee stays the same.
The most expensive cryptocurrency in terms of fees will charge you only around 1-2 euro per transaction (depends on the business of the network at a particular moment). As you may have guessed, here I am talking about Bitcoin.
The second-largest crypto is Ethereum, and it charges online casino players around 0.1-0.5 euro per transaction.
When it comes to the newer cryptocurrencies with the more advanced underlying technology, the fees are close to being nil (tiny fractions of euro).
The info about your crypto payment details is private
It could be really crucial for some online casino players (especially in countries where gambling is prohibited or taboo) to pay on the internet without leaving any traces (all banks, payment services, e-wallets keep track of all your transactions), and cryptocurrencies allow to accomplish this goal.
In order to make an account with any cryptocurrency, you don’t have to identify yourself. Nobody will ask your ID or proof of residence. Hence, all your online casino deposits/withdrawals stay hidden from uninvited attention.
It is true that the history of all transactions on the blockchain is available for literally anybody on the internet. But the public can only see that wallet 1 received some amount of crypto from wallet 2. People can’t tell who possess a particular crypto wallet, because, as I have said before, there are no identification procedures in place.
There is no way how any authority can confiscate your crypto
The only person who knows private key (password) of particular crypto address (account) can transfer crypto. This is an immutable principle of any cryptocurrency because they were designed as free, from any authorities, internet money.
Hence, we can’t imagine a situation when some government order some crypto network to confiscate money from a particular address (account). Crypto network (miners or stackers) simply cannot do it since they do not know the private key (password) of any accounts.
You could argue how it is possible, because each time you deposit at an online casino with crypto, you are supposed to enter your private key. It is true, but they get the only encrypted version of your private key, which is enough to verify your credentials, but the network never knows what your private key actually is.
Banks accounts or e-wallets cannot boast with such level of autonomy, and they must comply with government’ decisions in some cases. It could be very harmful to online casino players, especially from countries with harsh penalties for gambling.
Bonuses for crypto depositors are bigger than on average
Each time you deposit/withdraw at an online casino some fees must be paid. And in some cases (e-wallets) this fees could reach ridiculous levels (5-10% of transaction sum).
The majority of online casinos prefer to pay these fees by themselves, instead of imposing such burden on casino players. But the truth is that in the end fees and commissions are a big part of online casinos’ expenses.
When a casino player deposit/withdraw with crypto, online casino becomes exempt from unnecessary spendings and can provide its players with far more generous bonuses and promotions.
Online casinos usually set higher withdrawal limits for cryptocurrencies
Probably you have already known that not only online casinos have withdrawal limits, but the payment systems as well. So to say, even if an online casino has set high withdrawal limits, it does not make player’s life easier because of it.
Each time you see something like “1,000 EUR a day for VISA”, it was not an initiative of an online casino you are playing at, but of this particular payment system.
Cryptocurrencies do not have any limits at all. Thus, you can withdraw as much as an online casino allow you. And you don’t need to divide your big transaction into smaller chunks in order to fit limits anymore.
I have written this article to encourage you to make yourself familiar with cryptocurrencies sooner rather than later, and I hope the article has done this job. However, it is fair to say that cryptocurrencies are not beginner-friendly, and it takes some time and efforts to use them properly. But the gains will be huge, and they are definitely worth the time spent.
Depending on your technical background, learning how to use cryptocurrencies for online payments could take as little as one hour or a few hours at maximum. So to say, don’t be scared to start.
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