The prevalence of online casinos embracing cryptocurrency is on the rise, with approximately every third blockchain transaction now associated with online gaming. The demand for cryptocurrency casinos among players is driven by their increasing appeal, attributed to enhanced privacy and transactional efficiency. The advantages of this payment method, including anonymity and swift transactions, contribute to its popularity among a majority of players. Why is cryptocurrency casino in demand among players and what are the pros of this payment method? Let’s figure it out!
Advantages of cryptocurrency for gamblers
First thing you should pay attention to when using cryptocurrency is fast payments. These payments are made without the intervention of third parties such as banks or other financial institutions. All transactions take place directly between the casino client and the employee. For this reason, all money transfers are processed quickly and without delays. Although, it should be noted, some cryptocurrencies have millions of clients. For this reason sometimes the processing of internal transactions can take longer.
The second thing that distinguishes cryptocurrencies from other systems is anonymity. In modern world blockchain technologies are commonly used to make the gambler feel as comfortable and at ease as possible when making any transactions. Therefore, all that can be learned about the player from the history of his monetary transactions is only the wallet address. The rest of the important information (full name, city, etc.) is carefully hidden from outsiders.
Also, the advantage of using crypto is that the commission on deposit and withdrawal can be very low. Or even free. This is due to the fact that the digital currency does not cooperate with any bank, so there is no one to pay the commission to.
An important factor is also the fact that all player’s crypto-wallets are reliably protected and attacking them is pointless and costly. Even for the most professional hackers. In addition, the wallet maintains a thorough history of deposits and transfers, so that a person can easily check all information about receipts and debits.
What problems can a cryptocurrency player face?
A common problem for most players is high price volatility. This is due to the fact that the rate of crypto depends on many factors and can change literally in one day. Most people understand that, but that does not stop them. Why? Answer is simple — the benefit of crypto easily prevails.
In addition, this digital currency has an uncertain legal status. In other words, the authorities of some countries still cannot understand how crypto should be treated, so they have not introduced any rules – both for and against.
The third and quite common problem is that most players are not ready for the change and use traditional payment options. Some explain this by the fact that they don’t have any trust in crypto — while others say that they simply don’t understand how it works.
What prospects await online casinos with cryptocurrency?
According to statistics provided by some online casino operators in 2023, blockchain accounts for 20% of the total number of payments. And the numbers are constantly increasing. Most independent experts predict that online casinos with cryptocurrency will further grow and develop in the market. Perhaps even when there will be a casino that supports only digital currencies.
The inclusion of crypto in the gaming platform is beneficial to operators for the following reasons:
- Most players will look at casinos as modern and technologically advanced, keeping up with the times.
- The online casino will be on a secure server and will be able to provide customers with all the necessary anonymity and keep all personal data safe.
- For countries where casino gaming is banned, the use of blockchain in casinos is the only way to play your favourite slots, because the information about users will be carefully protected and no one will be able to find out whether a person actually played or not.
- Every crypto transaction can be canceled and controlled.
- The bitcoin casino will be located on a fully secure server and will be able to provide players with all the necessary anonymity and save all personal data.
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Pros and cons of using crypto casinos
As mentioned earlier, the number of online casinos that support cryptocurrencies is growing. This is due to the fact that most players want to increase the money available on their balance. People who are going to open an online casino with crypto integration should know what are the pros and cons of this approach. So let’s continue.
According to statistics provided by some online casino operators in 2023, blockchain accounts for 10% of the total number of payments. Most independent experts predict that online casinos with cryptocurrency will further grow and develop in the market. Perhaps even when there will be a casino that supports only digital currencies.
The inclusion of crypto in the gaming platform is beneficial to operators for the following reasons:
- A player enters a free room with slot machines. The provider itself saves the results of your game session somewhere in the blockchain, and a few days later you continue to play the same game from the same place where you left off, but in a licensed online casino.
- All transactions carried out within the blockchain network are open for verification by all participants, but the anonymity of users is fully preserved. It is an ideal solution both for the state to monitor the real number of players in licensed halls and for the providers themselves. Such data in one safe place provides an incredible number of opportunities for analytics and product improvement without disclosing personal sensitive data of players.
- It also automatically removes the restriction of some countries that personal data of their citizens should be stored exclusively locally and not on servers of third countries. They position these decisions as a concern for the protection of personal data, but what could be safer than a distributed blockchain that simply cannot be changed or destroyed?
The future of online casino payment systems
Many experts believe that in the future crypto will become more and more common in online casinos and take a significant market share. The future of online casino payment systems will most likely be characterized by a combination of different options: from traditional payment systems to various cryptocurrency methods. However, despite the growing popularity of cryptocurrencies, traditional payment systems will still be in demand. Many players prefer to use the payment they are used to and do not want to learn new technologies. So it’s always up to you: choose a casino that provides modern payment methods as crypto or stay with classic systems.
