The online gambling industry has experienced massive growth in the last ten years. The latest statistics confirm that the global online gambling market will be valued at 95.5 billion USD in 2024.
So, why are online casinos so popular? One of the reasons could be the regular technological and overall improvements of different segments of the offer. Before everything, new games, especially in the slot category, are regularly released by the super prestigious software development companies, such as Pragmatic Play, Amusnet, Play’n’Go and others. On the other hand, due to high competition, online casinos regularly offer fair bonuses for new and ongoing players.
Yet, one technological advantage is often neglected or underestimated. Today, players can deposit and withdraw funds with cryptocurrencies! Implementation of cryptos has made the transfer much easier, safer, and quicker. If you haven’t used them so far for this purpose, we invite you to learn more about all the benefits that BTC, ETC, and other altcoins have brought to the online casino world!
Very Quick Transactions
Instant deposits are not an innovation because they are available at all the licensed online casinos that offer usual payment methods like credit cards, e-wallets and prepaid cards. However, the withdrawal times often last from 24 hours to a couple of days.
The online crypto casino sites now offer very quick transfers from the casino account to the player’s e-wallet. From our experience, the entire process usually lasts from just a few minutes to a couple of hours in peak hours or parts of the month. This way, players can almost instantly enjoy their happily earned winnings while playing different casino games.
Why do we have this situation? Keep in mind that the crypto world is entirely decentralized. In other words, there aren’t any middlemen involved in the process.
Very Low Transaction Fees
Logically, when no banks are involved in the transfer, there are also no high fees that need to be covered. However, some cryptocurrencies will charge a small fee, but only if you require faster processing of the transactions you made from your casino account. Depending on the crypto wallet that you use, you will be able to choose between speedy crypto transfers and low commissions immediately after verifying your account.
High Level of Privacy
We do not want to say that typical casino sites aren’t safe. On the contrary, they all use data encrypted technology that turns all the information into codes. Yet, when you want to make a transfer with, for example, a VISA card, you will need to share financial data to complete the transfer. Such a requirement does not exist at cryptos because the only thing that you have to do is attach your Bitcoin wallet. Simultaneously, everything is transparent because every user can find information on the addresses involved as well as their balances in a public ledger.
To conclude, despite a high level of privacy, you also get a high level of security since you are not sharing any of your personal data.
Lower Conversion Fees
We can’t guarantee that global online casino sites will accept your local currency. Let’s imagine that you need to deposit EUR. That means your local currency needs to be converted into EUR, then, if you earn some cash, you once again need to convert it to your currency. Unfortunately, the fees, especially with credit cards and e-wallets, can be pretty high, and you will lose part of your money for nothing. There are no problems of this type with crypto, and the only conversion you will face is when exchanging crypto for fiat currencies.
Bonus: Small Issues with Crypto for Online Casino Users
Not everything regarding cryptocurrencies is ideal, and online casino users need to be aware of some problems they may face. They are:
- Cryptos aren’t legal everywhere: This is the number one problem. The number of countries that legalized virtual currencies is growing, but we invite you to check the legal laws before making the first deposit.
- Many online casinos don’t accept them: Yes, the number of crypto casinos is growing monthly, but it takes time until this trend spreads in all parts of the world. In most cases, the only options you will have are credit cards like VISA and MasterCard, and e-wallets like Skrill and Neteller.
- Volatility is regular: Inflation does not affect most of the cryptos, especially those that can be produced in limited amounts. On the other hand, they do deal with volatility. Although you probably won’t keep your crypto funds for an extended period in your account, be aware that the value of your deposits and withdrawals may not be the same. Simultaneously, it can go up as well!
Conclusion
Cryptocurrencies have, undoubtedly, improved the quality of the overall casino industry. However, readers need to be aware of the disadvantages they come with. Fortunately, their number is much smaller compared to the number of advantages, and their impact isn’t too strong. You will definitely have the chance to enjoy quicker, safer and more secure transactions on a wide range of casino sites.
