For the past several years, cryptocurrencies have been all the rage. While they were used only by tech-savvy enthusiasts at the very beginning, coins like bitcoin have quickly become a lot more widespread and started being used by numerous people who wished to test the newest form of digital currencies like bitcoin for themselves. The best bitcoin casino operators didn’t take long to realize the multiple benefits of cryptocurrencies and have quickly integrated them into their online casino platforms, allowing players to use them as deposit and withdrawal methods to play Bitcoin blackjack and other popular games.
If you have a few bitcoin laying around, well, you’re laying on a small fortune. Jokes aside, if you have dabbled in crypto and you also happen to be a fan of casino games, we’ve prepared a list of the best 5 reasons to use bitcoin or other altcoins next time you’re visiting your favorite online casino.
A lot of players make the common misconception of thinking that using cryptocurrencies to make transactions makes them completely anonymous, which couldn’t be further from the truth.
Every transaction made by using cryptocurrencies and validated by miners is permanently imprinted on the blockchain. Moreover, due to the design of blockchain, it is virtually impossible to tamper with that information. To our knowledge, the government doesn’t track cryptocurrency transactions but, technically, it would be possible to do so if needed.
So, what does this mean, and how does this benefit players?
Cryptocurrencies are decentralized, which means that they are not regulated by a country or jurisdiction, so you won’t have to go through numerous identity verifications when making an account, and you will be able to register using only your email and your wallet address. In return, this protects your identity online, as you won’t have to provide as much information as you normally would.
2. Transaction Speeds
As we’ve just mentioned, cryptocurrencies aren’t regulated, and you won’t have to go through identity verification processes when playing in an online casino. The reason this bit of information is relevant again is that crypto exchanges don’t really conform to the regular laws and regulations and you can circumvent all the tedious bank procedures. Therefore, the time required to withdraw your money is significantly cut.
The speed of your transaction will depend on the coin that you’re using and its algorithm — how many miners are out there mining the coin and how long it takes to mine a coin in general. Long story short, each transaction will take around 15 to 30 minutes on average to process, which sure beats waiting for several days before you can start spending your freshly earned money, right?
3. Transaction Fees
This one is quite straightforward, so we’ll keep it short. While the majority of online casinos won’t charge a fee for processing transactions, there are few of those that still do. Moreover, it will sometimes be the banking method that you use to withdraw funds that will include fees.
When it comes to paying or withdrawing funds by using bitcoin, for example, you will be expected to pay minimal fees to the miners that validate the transactions.
4. Promotions, Bonuses, and Games
For a lot of players, the welcome bonuses are the deciding factor on whether the said player will join the casino in the first place. When it comes to casinos that offer cryptocurrency, the sign-up bonuses are often a lot more generous and sometimes you may even expect to see a bonus going as far as one BTC — if you’re curious about the current value of bitcoin, 1 bitcoin is worth $10,296 at the time of writing, which is significantly larger than any other bonus that regular online casinos have to offer.
Furthermore, it is a lot easier for casino software operators to integrate their games into crypto-driven casinos, so you will often have a lot more games at your disposal. In addition to regular casino games, the games that you will get to play are provably fair, which means that you can verify the fairness of every game.
5. Playing Anywhere
Cryptocurrencies are an excellent way to circumvent a lot of the strict regulations imposed by various governments. In a lot of countries, online gambling is illegal, so a lot of players will have issues when trying to play online, which can all be avoided when using digital currencies like bitcoin.
Keep in mind that, regardless of the fact you can play it anywhere, online gambling still might be illegal in your country, and you would be doing it at your own risk. However, most of those laws were put in place to regulate companies and gambling establishments and, to our knowledge, we haven’t heard of an authority punishing individuals for gambling online, which makes online gambling via cryptocurrencies more attractive.