When cryptocurrencies first came into the market, not many people understood what they entailed. As a result, only a few people, who others saw as risk-takers, invested in these monies. They are now reaping big, as these currencies have more than doubled in value in recent years.
At first, tech-savvy people relied on these currencies to transfer money, aiding the businesses. Over time, it became clear that these currencies could do more than facilitate transactions between individuals.
Casino operators were some of the participants who eagerly joined the cryptocurrency industry. The reasons for doing so were as follows:
If you ask most people why they use cryptocurrencies, they will tell you that they love the anonymity that comes with the transactions. You may have heard of this a lot to the point that you also believe that your transactions will remain anonymous.
The truth is that this thinking is more of a misconception, due to the mystery that surrounds these monies. In essence, every transaction that takes place using these monies undergoes validation by miners.
As such, the transaction leaves a permanent imprint on the Blockchain, which nobody can alter, thanks to the build of the system.
That means that if the governing authority ever wanted to track such payments, it would be possible. And this takes away the notion that cryptocurrencies can provide you with anonymity.
However, given that there is no information as to whether governments have tracked these currencies, you are somehow right. Also, these monies come from decentralized systems and are not subject to governance by a country.
That allows you to set up an account as well as a payment method without having to undergo identity verification.
The upside of this is that you avoid sharing much of your personal information, which will not be the case when using other payment methods that are subject to jurisdiction.
All you need is your email in your wallet address in most of these cases. There lies the anonymity.
When making wagers, you want to do so fast and easy, allowing you to spend more time on other activities such as maximizing the return on your bet. With cryptocurrencies, there are no regulations that casino operators have to follow regarding identity verification.
You can just set up your account quickly and make deposits as well as withdrawals in a few simple steps. You will find that most sites allow you to cash out faster than your world when using a bank account.
The speed of this process depends on the coin that you were using and its algorithm.
Where a coin takes a long time to get mined, or there are few miners out there, you may have to wait longer. Generally, such a transaction takes about half an hour to complete.
Compare this to the days spent waiting for money from the bank, and you will see that this is a better deal. You can start spending your money almost as soon as you have earned it.
This benefit is one that most gamers cannot ignore. After all, you do not want to spend hours on end trying to figure out the outcome of a game, only for you to part with a significant amount to pay a third party.
With conventional payment processes, you lose a percentage of your money each time you cash out and pay a considerable amount each time you make a deposit. While most online casinos have worked towards reducing these processing costs, some still charge exorbitant fees.
With ether and other such currencies, you end up paying a minimal fee, thus keeping the lion’s share. Who does not want such a benefit?
It’s a consumers market when it comes to gaming as there are many online gaming platforms in the market, with others coming up each day.
The gambling industry is worth billions, and almost everyone wants a taste of this. For these operators to attract players, they have to offer some incentives.
Other than allowing their players to use crypto, they also offer them generous bonuses and promotions, alongside a wide selection of games.
You find that the rewards applicable to people using crypto are more valuable than for those using conventional payments methods. Some even match your deposit to a given amount.
If you live in a country where the governing authority imposes harsh regulations on gaming, it can be quite hard to enjoy placing wagers.
Doing so would induce a lot of fear, which you can avoid by taking advantage of the lack of regulations regarding cryptos.
However, note that in doing this, you will still be breaking the law in online gaming is illegal in your country. While there are yet to be cases of authorities punishing individuals for such crimes, it helps to be careful.
Added advantages include lack of double conversion, the ability to check payment history, wallet security, and the fact that the state cannot freeze your wallet.
Until such a time when governments get involved in this industry, using crypto to make wagers will be one of the best moves for players.