Any kind of gambling carried on using internet facilities is called online gambling. Online gambling can be anything related to poker games, sports betting or casinos. There are numerous ways to make payment to online gambling sites like e-wallet, credit cards, debit cards, online banking, and the latest entrant in this type of payment via cryptocurrency. It is a type of currency with no physical presence; it is a medium of exchange created digitally. The ownership of the currency changes hand, and all records are stored in an electronic form database. The various types of cryptocurrency available in the digital market are Bitcoin, Litecoin, Ethereum, Bitcoin Cash, Zcash, Stellar Lumen and many others. These days, online gambling sites are using all types of cryptocurrency mode of payment, which makes the user more convenient in playing games online. The reasons why the demand for these types of currency is increasing day by day are –
- Anonymous: One of the most important advantages of using cryptocurrency for gambling that the identification of the person paying with this type of currency remains a secret. Payment by any other method will always reveal the identity of the players. The anonymity of the person gets better credit ratings at the online casino. Most of the gambling sites only require the cryptocurrency’s address concealing the gambler’s gambling history effectively. The detail of owners using cryptocurrency is outside the purview of the server as well. Hence the player can play online games from any country without being tracked.
- Protection from Hackers: Since using cryptocurrency as a mode of payment does not reveal the player’s identity, even in the worst scenario case, a casino site gets an individual need, not about their information being leaked.
- No Geographical limitations: Since any particular central bank does not monitor cryptocurrency, it can be paid and accepted from anywhere around the world without any geographical boundaries and limitations. A person can play using these types of currency even from a country where there is a ban on playing online casino games. For example, a person sitting in The United States of America can play on the online gaming site owned by an Australian country without any exchange currency issues.
- Nominal Fees: Paying with credit or debit cards and other traditional modes of payments attract a hefty fee. One also has to pay a lump sum amount while exchanging the currency in case of the traditional mode of payment, but while using cryptocurrency, there is no need to pay for exchange rates. Usage of these types of currency only attracts a transaction charge each time a transaction is made, but generally, these charges are very low compared to other alternatives.
- Less Risky: Most people get cryptocurrencies through mining or gifts. Hence, if one uses these currencies for playing on online casinos, there is no risk of losing real money or going bankrupt. You can use your bitcoins to play at any of the online casinos that accept it and earn more.
- Winnings from Volatility: Prices of cryptocurrency are very volatile. The person winning in this form of currency can hold the currency in his wallet and cash it out when the value of the currency increases. This gives additional profits and adds value to an individual’s winning amount. For example, if a person won a cryptocurrency for a market value of 500$ and keeps on playing with the currency and after a month, the value of the currency increases by 10%, the player will get 550$.
- Quick Transactions: Since cryptocurrency is a decentralized currency, transactions are done through this takes minimum time. The traditional mode of payment takes hours or sometimes days to be transacted. Since cryptocurrencies are done completely online, they are transacted at lightning speed. There are no intermediaries involved, making it easier for the online casino to identify the person’s cryptocurrency wallet and make the entire transaction process quicker.
- Gifts and Bonuses: Generally, all online casinos give special bonuses and rewards for the customers using the Cryptocurrency mode of payment. Free spins and cashback bonuses are far more available to people who are using cryptocurrency. A casino to attract more people for using cryptocurrency hosts special events and tournaments for such clients. This mode of payment also attracts the best welcome bonuses, sometimes extending to their next two to three deposits. For example, those using the traditional payment mode get only 50 Dollars as a bonus or reward, but those playing cryptocurrency gets two to three times more rewards.
- Easy Withdrawals: Since there are no banks involved, the funds are dispersed to the player directly and hence lowers the waiting period of encashment. It helps you save time, and you will not have to wait for your earnings to reflect in your account. All it takes is just one click and you are done.
- Security: Security is the most important aspect provided by online casino sites. All the sites have a centralized server where they keep most of the records of the players. These records are sensitive in nature and easy targets for scammers and hackers, which possess a huge security threat to the players. Players using online, credit and debit card modes of payment report more fraud cases as this data is easily available to scammers. Cryptocurrency gives no chance to scammers as their records and data are completely sealed and unavailable for fraudulent practices. This helps to build trust between player and online gambling sites.
For players looking to initiate with playing online casino games; Cryptocurrency is the most suitable option. It offers huge benefits like privacy and security to the players and does not put sensitive financial pressure on the players by keeping their identity a secret. It becomes very difficult to spam on the players, making this policy completely reliable. The use of cryptocurrency also provides diverse game options. It becomes very easy to access such platforms, unlike the traditional mode of payment which is a very tedious task to perform, giving the players a hassle-free experience.