Lesson 10: Benefits of gaming with cryptocurrencies

Hi again from the crypto world 😉

Investment in cryptocurrency technology has been particularly noteworthy in the online casino gaming industry, and the majority of online casinos these days have built-in cryptocurrency support as part of their standard offering. In blockchain and cryptocurrency technologies, the online casino industry has found itself a match made in heaven.

But what exactly makes the two so well suited? Read on to find out!

Growth of cryptos in the online casino space

It isn’t just the popularity of cryptocurrencies in the online space that has nudged online casinos to support them. The fact of the matter is that they are incredibly useful. We have seen a massive uptick in support for the technology by online casinos, such that the majority of them now have some kind of cryptocurrency support built in.
But why are they so useful for both players and casinos themselves?

SPEED OF PAYMENT

One of the great things about cryptocurrencies is that they are completely decentralised. This means that they exist outside the traditional banking system and don’t rely on a third party to issue them. Bitcoins, for example, can be mined across the network of interlinked coins on the so-called “blockchain”. The practical consequences of this are that they can exist outside the traditional banking system when it comes to processing payments.

Typically, with credit or debit card payments, although transactions can be processed relatively quickly, for the actual money itself to move from one account to another, it takes a number of days – and is usually restricted by the opening hours of the banks themselves. However, with blockchain-based cryptocurrencies, this is not the case as transactions – meaning payments – can be processed completely from start to finish within a couple of minutes across the blockchain.

This is great for the online casino world as payments can be processed near instantly, which means that you can get playing that little bit quicker! Additionally, as no banks are needed in the process, the fees normally associated with these payments are going to be much lower – a double win for players and casinos alike!

KEEPING THINGS DISCREET

Another added benefit of using cryptocurrencies is the level of anonymity that they bring. As Bitcoin, for example, is just assigned to a particular “wallet” address – meaning the place where the amount of cryptocurrency itself gets stored – without any need for personal details such as your name or address, this makes things much more confidential. With conventional bank accounts, your information can be quite easily obtained, which might be a big issue for the security-minded among you. With cryptocurrencies, this is not the case as only your virtual wallet address is needed, meaning that you can play online casino games as much as you want without having to sacrifice your privacy to a bank that keeps tabs on what you spend money on through your account.

GOING GLOBAL

Another aspect of cryptocurrencies that is often overlooked is how they facilitate payments as a de facto “global” currency. In an increasingly globalized world where players from all over the world can play together using the internet, there is a need to have a currency that reflects this global space. For instance, if a player in Asia wants to sign up to an online casino website based in the UK, they would need to subject themselves to the process of currency conversion, which takes time and costs money.

If the player uses a cryptocurrency such as Bitcoin, however, all they have to do is purchase an initial amount using their local currency, which can be easily sent abroad, or used abroad if desired, without the need to further convert it. This completely does away with the constant hassle of currency conversions, which is a particular pain as they fluctuate so frequently! In this respect, cryptocurrencies are facilitating the global society that we now find ourselves in, and this is particularly true of the online casino space.

GOING DIGITAL

If anything in the above has caught your interest in playing online casino games using cryptocurrencies, then head on over to Bitcasino and check out the different kinds of cryptocurrencies supported. Cryptocurrencies are truly a cutting-edge way to play the game, so don’t hesitate and get started today.

Cheers 😉
Karl
Bitcasino.io