Tuesday, November 12, 2019
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Are Cryptocurrencies the Future of Online Casinos?

Cryptocurrencies have been around for a while now. And while their widespread use is still not reaching the intended scope, there certainly are industries where this payment method is becoming more popular than any other.

Online casinos, in general, are certainly one of the industries where cryptocurrencies are being used more and more each day. So, before we actually answer the question of whether cryptocurrencies are the future of online poker and casino games in general, let’s first explore some of the advantages of using them in this niche.

Secure transactions

Since online casinos require you to leave your personal banking information when signing up, it becomes quite obvious why choosing to pay with cryptocurrencies offers more security. No matter how great online casino’s security measures are, there’s always a possibility of someone unauthorized reaching them. Of course, you can see how bad that would be for both the online casino and their users. However, with cryptocurrencies, this threat is almost completely eliminated. Thanks to blockchain technologies and the fact that every unit of cryptocurrency is encrypted, such security breaches are not only unlikely but virtually impossible. At the end of the day, lowering the potential risks and ensuring your overall internet security should be everyone’s priority.

Fast withdrawals

Next, cryptocurrency withdrawals are much quicker than any other. In most cases, the transfer of funds usually lasts up to 72 hours. In that time frame, the online casino in question has to obtain numerous authorizations in order to be able to actually move the funds from one user account to the other. However, with cryptos, the transfer is almost instantaneous. As soon as a user sends in the request for transferring funds, they are being processed and transferred to another user’s account. Aside from being much faster, this form of transaction eliminates the transfer fees many banks usually charge for.

Low to no transaction fees

As already mentioned, banks usually charge hefty transaction fees. However, with cryptocurrencies, those charges are reduced to such a negligible amount and are sometimes not even present. This is something players can benefit a lot from because every time you win something you get the full amount. This also works for casinos in a sense that it enables them to offer higher payouts or additional bonuses to their players. With so many new online casinos hitting the market seemingly every day, players can expect more and more of them to offer the option of using cryptocurrencies as a legit means of payment.

Anonymity

Since the fact is that there are still countries where online casinos are not quite accepted or regulated, players became more comfortable with using cryptos as it allows them to stay anonymous. Unlike with using any traditional means of payment, when using cryptos you’re only required to provide your email and wallet ID. This significantly reduces the amount of personal info you put on the internet, which in turn reduces the chances of any third party accessing them. Additionally, it also reduces the chance of any potential complications if you’re living in any of the aforementioned countries.

Improved chances of a greater profit

Finally, choosing cryptocurrencies as your preferred method of payment leaves room for potential increased profit. Simply put, if today, for instance, you manage to win a certain prize in Bitcoin and the crypto value happens to go up by any percent, your initial winnings will also go up by that percent. Of course, the same will happen in case the cryptocurrency happens to decrease in value, but that’s far less likely to happen. Aside from making sure that you master all the tricks of the trade, you also want to ensure that you boost your winnings as much as possible. So, let’s say you’ve managed to score some winnings that have increased in value over time. In that case, you can choose to sell your winnings and profit off of them even further.

In the world of online casinos, security, efficiency and profit are probably everyone’s top three concerns. And as you had the chance to see, choosing to use cryptocurrencies as your preferred payment option significantly aids in making sure that all of the three aspects are covered. That’s why it would be safe to say that they, indeed, are the future of online casinos and online gaming in general.