Have you heard of cryptocurrencies? Surely you have heard of Bitcoin, which is the most recognized cryptocurrency that started to spread around the year 2009. Bitcoin is the most widely used by companies for online and conventional e-commerce in its various transactions.
But Bitcoin is not the only cryptocurrency; there are also Ethereum, Cash, LiteCoin, NEO, Qtum, Ripple, NEM, IOTA, Dash, and Monero, among others, which are also used in different industries and, of course, in some online casinos.
Cryptocurrencies emerge as an excellent solution for online casinos.
The evolution of online casinos after the advent of Bitcoin
It has not been easy for online casinos to become the big industry we know today. They encountered major obstacles along the way, mainly with the mechanisms to carry out their transactions: blocking of their bank accounts, blocking of payments made through credit cards, and very high fees that ended up hurting users who dared to try this form of gambling.
Cryptocurrencies, with all their features, appeared to be the solution to these problems. It was 2016 when a large number of online casino platforms adopted Bitcoin as one of the deposit and payment methods, which brought advantages and facilities for operators and users to make transactions.
Currently, online gambling and casinos are some of the websites where a significant percentage of cryptocurrency transactions are made, more than 45%.
Advantages of using cryptocurrencies as a payment method in online casinos. There are several advantages of using cryptocurrencies to bet on roulette or blackjack and, even better, to withdraw the winnings earned when hitting a good jackpot on a slot machine.
Three very important ones can be mentioned: privacy or anonymity, agility of transactions, and low fees.
Since these are transactions without a banking intermediary, to use cryptocurrencies there is no need to provide personal or financial information, which will keep users completely anonymous.
On the other hand, when using cryptocurrencies to make a deposit into a casino, it will be immediately reflected in your account. Likewise, when you want to withdraw your earnings, you will be able to use them within minutes.
Other payment methods can generate high fees or currency exchange costs for casinos and users, particularly those related to financial entities. By eliminating the middlemen, you will make the transaction directly with the operator and the fees will be lower.
In which online casinos can you use cryptocurrencies as a payment method?
There are 3 types of online casinos where you can make different transactions with cryptocurrencies: conventional ones that offer this payment method, crypto casinos, and blockchain casinos.
In conventional online casinos, you simply have to check if cryptocurrencies are among the deposit and withdrawal methods they have enabled for their users. As the name suggests, crypto casinos are those where the only payment method is cryptocurrencies.
The leading online casinos that use crypto
The most prominent are Bovada, Betonline, FortuneJack and BitCasino, among others. Blockchain casinos are not limited to cryptocurrencies as payment methods, they have also developed games based on blockchain technology, which is what supports the entire operation of cryptocurrencies. In other words, every bet placed can be verified in a browser, and no one can alter the results of a game, ensuring total transparency and security for users.
It is worth noting that this mode is in the early stages of development, so there are very few in operation and it can be slow, as well as little variety in the games it offers. For now, they have not established themselves as a competitor to traditional online casinos, but they may soon begin to gain traction or some operators will begin to incorporate the transparency control that Blockchain technology offers to games in their online casinos.
The advantages of online crypto casinos
What advantages do crypto casinos offer their users over any online casino? Crypto casinos do not see the need to request financial and personal information from their users to make payments, as cryptocurrency transactions do not require this, as a direct relationship is established with the user.
By using private payments, users have complete control over the information they provide and can even access casinos that do not offer transactions in the currency of their country.
Fast payouts: one of the main problems with most online casinos is that it can take 2 to 5 days to withdraw winnings, depending on the payment method chosen. With crypto casinos, this does not happen, as you will receive your winnings within minutes since there is no third party to rely on for these transactions.
Welcome bonuses: like most online casinos, crypto casinos often offer various promotions and welcome bonuses to new users. Compared to other online casinos, they can be even more generous in the percentages they offer and the facilities for withdrawing winnings generated through these bonuses.