Cryptocurrency has found a plethora of use cases over the years, from a medium of exchange to an investment tool and more. But recently, cryptocurrency is starting to shine as a currency to be used on gambling sites.
In fact, many casinos are popping up that only accept cryptocurrency for playing games. With this push from both consumers and casinos, it is worth exploring what benefits crypto casinos offer over traditional ones that make them so popular.
-
Privacy and Anonymity
One of the biggest benefits that crypto casinos offer users is a greater sense of privacy. When you sign up for a traditional casino, you typically have to provide your name, identification, bank account details, and so on. Not every consumer will be comfortable doing this, but it seems there is no choice.
However, you’ll have more privacy when you sign up with a crypto casino. For starters, you are usually using your crypto wallet to deposit funds and not your bank account so there is no need to disclose bank details.
Crypto casinos are more likely to have more lenient know-your-customer requirements and so, sometimes only need an email address to get you started. So-called anonymous casinos like those on a list from cryptonews.com don’t require personal details to join are growing in popularity and for any privacy-conscious consumer, they are a great option especially when coupled with crypto payments (which is what these casinos generally accept).
In fact, some crypto casinos are so big on privacy that you can sign up with them using only your account on an encrypted messaging site like Telegram.
-
Lower Fees
When playing in a traditional casino, one thing that usually eats into players’ profits is the fees associated with cashing out or making deposits. Traditional banks often charge a flat fee or a percentage of the transaction value and these can add up over time. But if you are playing on a crypto casino, you’re less likely to encounter this problem.
Cryptocurrencies are known to attract a much lower transaction fee compared to a lot of traditional payment methods. Take Ether, for example, which lets you ‘bid’ on transaction (gas) fees to determine how fast you want your transfer carried out. If you want to save on transaction fees, you can choose a slower transaction speed and pay out less.
XRP, another token on the market, has been known to facilitate the transfer of millions of dollars in crypto with only pennies charged in transaction fees. So you can imagine the appeal of crypto casinos for a lot of users.
One thing you should keep in mind is that the amount of fees you will pay is often based on which specific token you use. So, do your research before committing.
-
Greater Control for Users
One of the reasons why consumers gravitate towards crypto casinos and cryptos in general, is that you get more control over your funds when using a crypto wallet compared to a traditional bank account. If you were gambling with a traditional bank or in person on a trip to Vegas, there are several ways that you can be limited.
If your account has not previously made payments to a gambling site but suddenly does, your bank may flag the transaction and freeze your account. Your bank might also impose limits on how much you can withdraw or deposit into your account at a certain time and this could be quite inconvenient for users.
But these do not apply to a crypto wallet. This is because cryptocurrency is decentralized and, therefore, no one controls your funds besides you. No one can freeze your account or otherwise restrict what you spend and how much. For anyone who wants full control of their betting experience, this can be a major perk.
-
Increased Chance of Profit
Besides playing for the thrill, anyone who plays betting games might also be hoping to win some money. However, using a crypto casino offers another chance to make a profit that a traditional casino does not; cryptos tend to appreciate in value.
If, for example, you were to bet $100 and win $150, you’ve made a profit of $50 and that’s it. But cryptocurrencies tend to see their value go up and down and this could work to consumers’ advantage. If you bet 1 ETH (which is valued at 1 ETH to $1,000 as of the time you place your bet) and win 1.5 ETH (with the value of 1 ETH being $1,100), you’ve made both the .5 ETH which is valued at $500 in profit as well as the extra $150 from the token appreciating in value.
But, it's important to keep in mind that the reverse is also possible and your tokens could lose some of their value before you claim your winnings.
-
Faster transaction speeds
If you look at the FAQ page of any casino, you’ll see that traditional payment methods have different deposit and withdrawal times. These can be anywhere from a few minutes to, in some cases, days. But if you’re eager to get started playing or to receive your winnings, this could be very inconvenient. But cryptocurrency offers a workaround by being relatively faster.
Crypto withdrawals and deposits can be completed in under a few seconds, especially if you bid with a really high gas fee. For any consumer who prioritizes fast transaction speeds, crypto casinos would be a good option for you.
