The success of the online casino industry depends on using modern technologies and scientific achievements. Blockchain technology has become a real revolution among virtual casinos. Nowadays, the number of sites that work and use cryptocurrency as a payment method is growing. Crypto transactions have no limits, they are not under control as classic payment methods, and are very convenient to use.
Blockchain is a ledger of data. Blockchain technology is widely used for iGaming markets, and cryptocurrencies function on their basis. The first digital currency that casinos began to accept was Bitcoin. In 2012, it set the start for development, followed by other digital currencies – XRP Ripple and Ethereum. The development of the blockchain created tokens that are called “non-fungible” in the 2017 year. There are alternative technologies that are similar to the principles of blockchain. For example, the DAG system works on the same principle, only that it doesn’t include miners and blocks. Such alternatives create the basis for new cryptocurrencies, for example, Tether, USD Coin, Litecoin, Ripple, and many others.
Modern crypto-casinos make it possible to deposit a game account and withdraw money that the player won during the games using cryptocurrency as the only or additional payment system. The main essence of such gaming clubs is to offer players to experience all the possibilities of the site, while the anonymity of all actions is guaranteed.Try out a Joe Fortune Casino bonus.
Blockchain-based virtual games are attracting more users. This trend is not accidental, because many new opportunities and benefits open up for the players. You can still play your favorite games like poker, jetx bet, roulette, baccarat, and other games which are available for you. All you need to do is choose the method of depositing your cryptocurrency account.
High level of security
Each participant gives access to his personal data, adding financial information when registering at the casino he has chosen. At the same time, there is a risk of transferring such information to third parties and access to financial accounts. When paying with cryptocurrency, this risk is minimized. Blockchain technology is one of the most secure systems. Any transaction is recorded in a special registry, where information about the transaction is determined. Since this list is decentralized, all systems that participate in the blockchain are necessarily recognized and confirmed during the transaction. This minimizes that scammers will steal your data and transfer information to third parties.
Thus, crypto casinos provide more advantages to players compared to regular online gambling clubs. First, their participants are more confident in the security of transactions. Second, they don’t need to indicate personal data, contacts, and other personal information. All they need to do is to go through the registration procedure to create a profile.
Blockchain technology makes gambling secure. The player can deposit bitcoin or other cryptocurrencies within a few seconds receive confirmation of the application and make their first bets. This procedure protects against illegal trading of digital assets and minimizes the likelihood of hacking payment systems.
Cost efficiency
Cryptocurrency transfers are the most profitable for users. If you use a debit or credit card, the costs will be much higher because of the possible extra costs. The reason is that banks and payment services charge a fee for processing the transfer. Such a percentage for a financial transaction may increase when transferring money and converting a currency. Compared to traditional methods of transferring money to a game balance and withdrawing money, paying with cryptocurrency is much more cost-effective. This is due to the fact that it doesn’t require transaction costs and other hidden fees in favor of third parties that are associated with traditional payment methods.
As a result, digital currency is a great alternative to banking methods. Traditional financial authorities don’t control these blockchain-based transactions, since the technology is decentralized. In cooperation with the bank, additional fees are paid not only by the player but also by the casino. If the cryptocurrency is used, such costs are either completely excluded, or can be less than when making payment transactions using other methods.
Convenience
Not every state has legalized the activity of online casinos. Some are introducing partial bans, preventing games from certain providers. Such players can bet on prohibited games and dispose of winnings when using cryptocurrency. Any holder of a crypto wallet can quickly and without problems access their funds from any country and use it to play in an online game club.
Privacy
Many players need privacy when they register in online casinos. Most players do not want to advertise their gambling hobby. It is for them that paying with crypto is the best option since it is not required to indicate personal or financial data during registration and further activities. All that is required from a player to bet in a casino is a connection with the crypto wallet.
And while some players simply don’t want to be judged for playing casino games, others worry about their credit history. If you apply for borrowed funds, the bank will have access to information about transfers to the casino account. For example, this may change its mind about granting a loan. When paying with cryptocurrency, no one will see the real way how you spend your own money.
Decentralization process
When using traditional payment methods, all finances pass through an intermediary, in other words, the government or a bank checks this transaction. The role of such an intermediary is excluded when you use cryptocurrency, and all finances are transferred directly.
Decentralization of such a process saves time, since the transfer doesn’t take even three minutes, and saves money because you don’t need to pay the intermediary the fees.
Transparency
The blockchain-based operation ensures fairness and transparency in the activities of the casino. Many of the gambling platforms that use standard transaction methods have dishonest marketing and a lot of tricks. They include a seemingly generous welcome package, offers, and various bonuses. Sometimes not entirely honest sites provide this information clearly, trying to hide the main information.
Nothing can be hidden with blockchain technology. Crypto casino operators provide all conditions on transparent terms without hidden fees and other unpleasant surprises.
Bonuses
Like classic gaming clubs, crypto casinos offer different promotions and bonus offers. But they usually differ. By paying with cryptocurrency, a player can get more profitable offers.
Transactions with virtual digital currency are carried out without intermediaries and open up many opportunities for casinos, as they also don’t have to pay hidden fees. As a result, many casinos encourage the use of cryptocurrencies with more attractive bonus offers and relatively small wagers. For example, you can receive about 5% bonuses to your account if you choose to fund using cryptocurrency. Thus, it is beneficial for both the users and the casino.
Transfer speed
At first, the player should register an account in order to start playing at the casino. However, after that, he may have difficulties with payments, for example, when converting currencies. These also can be additional commissions, losses due to currency conversion, and a lot of additional time waiting for the processing of the application and the transfer. Some players admit that they choose land-based casinos because they don’t want to spend time on gambling sites.
Bitcoin, Ripple, USD Coin, Litecoin, and other cryptocurrencies reduce the waiting time to several minutes. When you win, the reward can be instantly transferred to a crypto wallet and you can enjoy your win immediately.
Worldwide availability
Cryptocurrency erases borders and restrictions associated with geographic location. It gives freedom of choice regardless of the location point.
All you need for an uninterrupted game and a good time is good access to the Internet.
It is also important to indicate not only the positive features of the blockchain system but also the downsides. Cryptocurrency payments have some drawbacks.
Volatility
The rate of cryptocurrency depends on supply and demand in the market. It can grow rapidly every day, but at one moment break off and fall. As a result, the player loses his investment. Regardless of the industry in which cryptocurrency is used, it is important to understand its value.
Cryptocurrencies are not available in every casino
Since virtual currency is just beginning to spread, not all casinos are ready to accept it as payment. This significantly limits the user and forces him to look for a casino with the necessary conditions. However, with such advantages for casinos, more and more sites are introducing cryptocurrency. Experts predict that in the future it will be used in every gaming club.
Complexity
Many casino players still consider cryptocurrency to be a scam of modern times. Complexity and confusion lead to mistrust and limited digital currency.
Influence of blockchain
The blockchain system launched the widespread use of cryptocurrency. Despite a number of disadvantages, it continues to develop and grow rapidly. Simplicity and accessibility open up many opportunities for a number of companies, and online gambling is no exception. Such a monetary system is great for the gambling industry, it improves the integrity of the development and profitability of the casino.
The benefits of using blockchain can be controversial but are very convenient for many businesses. According to experts, it will be popular in almost all areas of people in the future and will literally capture the financial world in the next decades. It’s no surprise that cryptocurrencies gain popularity so quickly in the iGaming markets.
As it may seem, the combination of online casinos and cryptocurrencies can be considered almost perfect. Such a connection will only become stronger and new platforms will switch to using digital currency to increase the privacy of users’ data, speed of transactions, and security.