Many players who engage in online gambling activities are using cryptocurrencies to fund their accounts and play real money games. This is a great alternative to traditional forms of payment such as e-wallets and credit cards. Many online casinos have thus started to accept popular cryptocurrencies like Bitcoin. While some players still prefer FIAT, feeling more at home with traditional transactions, more and more players are finding that using cryptocurrency is beneficial. But what are the benefits players get from using cryptocurrency instead of fiat when they engage in online gambling?
Speed of Payment
The first clear benefit is transaction speed. Bitcoin far surpasses Fiat in this department. The digital currency allows for instant deposits and withdrawals, with transactions being confirmed within 30 minutes. Fiat payments cannot compete with this, especially when it comes to withdrawals. While not every casino that accepts Bitcoin will offer instant payments, they do provide fast options for banking, which is why many players are choosing this payment method over others when they gamble online.
Ease of Use
The next advantage that cryptocurrency affords is ease of use. Fiat money is available all over the world, but when it comes to online gambling, players will need a credit card or a wire transfer service to fund their casino accounts. Wire payments are usually reserved for bigger transactions due to their fees, and credit card payments are not exempt from fees either. Through Bitcoin, users control their own funds, so they do not need a bank wire or a credit card, and they can save money on fees.
Another main benefit of using Bitcoin is that players can keep a low profile, gaining a degree of anonymity when they gamble online. In many cases, they will not have to provide the casino with any personal or financial details as would be required when using Fiat. Those that are using fiat money to gamble will have to prove their identity and provide the casino with sensitive data. Bitcoin eliminates this and allows players to securely access real money games without worrying about their safety and security.
But cryptocurrency is not always better than fiat. When it comes to price stability, Fiat is much more stable than Bitcoin or other cryptocurrencies. The only time this is an issue is when players exchange their Bitcoin winnings for real currency, and in some cases, those Bitcoin jackpots benefit from a sudden price surge, allowing players to make more money on the money they won. The actual volatility of Bitcoin will not affect the experience of gambling online or using different betting platforms.
Legality and Access
When using Bitcoin, there are no regulatory agencies involved and no banks that oversee the transactions as with credit or debit cards. This means that players at sites like Casumo can play from anywhere in the world and always have complete control over their casino budgets. Casinos that enabled Bitcoin payments have allowed US players to engage in online gambling where they could not in the past due to regulations that prevent the use of credit and debit cards for any gambling activities online.
Overall, Bitcoin is definitely the winner when it comes to gambling online. This cryptocurrency offers fast transactions, access to casinos all over the world and higher levels of identity and fund security. While many players are still hesitant to gamble with cryptocurrency, this is becoming one of the preferred payment methods for thousands of gamblers. The growth of cryptocurrency payments in the gambling industry is massive. Cryptocurrency will not replace fiat payments necessarily. Fiat money will still be accepted and used by many, but with the great advancements of technology and the added ease of use and security, many players will switch to Bitcoin over the next few years.