The iGaming industry is moving forward apace. Even online casinos are getting upgrades, with new technologies replacing older ones to create a faster, more player-friendly environment. However, while the convenience of playing from home is a big win, it’s not everything.
One of the big factors for any online casino is to have safe, secure payment options. And for many other players, being able to remain anonymous. Luckily, this is where cryptocurrency casinos come in, offering all these features and more.
Secure, instant transactions
Without a doubt, the first major plus point of any online crypto casino is the fact that they have secure payment options. This is one of the biggest concerns for any player when joining an online gambling site.
By using blockchain technology, crypto casinos are able to offer incredibly secure payments. All transactions are stored on the encrypted ledger as well. This means that transactions can be checked and verified. But, because of the high-end encryption in place, these cannot be modified or hacked.
On top of this, many traditional or fiat payments take a long time to process on the withdrawal side of things. This is because financial institutions go through multiple veracity checks to ensure the payment is a reliable and trustworthy one. With crypto, this is all done within the blockchain. And, as these are decentralized currencies, it can happen that much faster.
Another big issue for many players online is that their data is widely available. Not only that, but by making payments through financial institutions, they’re not able to stay anonymous. In fact, most online casinos require players to provide ID verifying their account, full names, addresses and so on.
With sites like those featured on a review of crypto gambling sites, there is no verification process. Players can also sign up using a nickname and just provide a phone number. Accounts do not require any ID to back up the account either, which allows players to be anonymous.
Furthermore, by using cryptocurrency wallets, banks do not see where the payments are being made. This is especially useful for US players where banks often will put stops on any payments to or from a betting site.
Unlike a number of different payment methods such as Skrill or PayPal, there are no global restrictions in place when it comes to cryptocurrencies. This also goes for the crypto casinos themselves. Typically, these sites are available to everyone from around the world.
And, with players using cryptocurrencies, there are no conversion fees in place either. Cryptos do carry transaction fees, but they are usually minimal compared to some other payment methods. In fact, the average Litecoin transaction costs just $0.03 on average. With lower maintenance costs come other benefits for both the player and the casino. As these casinos don’t have to pay any fees to receive crypto payments, can invest this in other areas such as improved bonuses or better games.
One of the final positives we’re listing here is the fact that crypto casinos have a wealth of games. Often the game selection is as large as those offered by standard online casinos. Games are also provably fair as they use cryptographic algorithms that allow players themselves to check the fairness. In contrast, traditional online casinos use random number generators. Once again then, crypto casinos offer a more transparent, fair gaming interface complete with a better chance of winning. Although RNGs are fair, players don’t have a chance to verify the outcome of every game as they do with provably fair crypto games.
Most crypto casinos will also offer a wealth of different cryptos. And some will even have platforms for buying crypto for those new to this type of digital currency making it easy for anyone to join in and have fun.