As many online gamblers know, variety of transaction options are a significant factor for selecting casinos. Until the introduction of cryptocurrency, fiat transactions were the only reliable means of payment. These payment methods have been in several forms, such as credit and debit cards, e-wallets, and bank transfers.
However, fiat transactions have had several issues, such as the payment speed and transaction limits. As a result, certain online gambling operators now use cryptocurrency transactions, and these sets of casinos are referred to as crypto casinos. We have explained the advantages of these crypto casinos in more detail below.
1. Safety Of Transactions
With crypto casinos, online gamblers are not required to provide their financial information on the gambling sites they make any transactions. The only needed vital information is the cryptocurrency wallet address.
This is different from what is required for fiat sportsbooks and casinos. They need information such as debit/credit card and bank details.
This sensitive data puts many gamblers at risk of their financial information being compromised. Hence, crypto sites guarantee more safety when making online payments.
2. Privacy And Anonymity
Privacy is among the primary considerations for many online gamblers when choosing online casinos. Most traditional gambling sites must comply with Know-Your-Customer (KYC) and Anti-Money Laundering requirements. As a result, users need to provide extra details such as their home addresses, cities, and other personal information.
Nevertheless, this is not a necessity on crypto gambling sites. All they need is a name, e-mail, and a wallet address where deposits and withdrawals can be made from. This gives it an edge over the traditional sportsbooks.
However, online sites that accept both crypto and fiat payments may require such information upon registration. You can find some of these operators on casinotypist.
3. Universal Transactions
Online gambling cuts across borders and users from various countries gamble at foreign sites. One concern most gamblers face when placing wagers on foreign sites is converting currencies.
Most times, foreign sites accept just the common fiat currencies like Euro, Pound and Dollar. This applies to online sportsbooks and casinos alike. So, this poses a difficulty for players who reside in other countries and have to calculate and convert local currencies.
Thanks to cryptocurrencies, this problem has been solved. Most crypto casinos accept Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple and Dogecoin more preferably. These are universal currencies; so, they can make transactions in these coins and play regardless of where players reside.
4. Speed Of Transactions
For a quality gambling website transaction speed is essential. On fiat casinos, although deposits could be instantaneous, the same can hardly be said for withdrawals. Most withdrawals can be between a day to a week for transactions to be processed successfully.
However, crypto transactions are done in a faster way. Whether it’s a deposit or a withdrawal being made, they are processed in a shorter period.
Another benefit is there are either little or no transaction fees when betting with cryptocurrencies. This is a problem posed by traditional payment options as most of them charge extra transaction fees to process transactions.
5. Variety
Some players feel that they have to compromise the variety of games on traditional casinos upon registering with crypto casinos, but this is false. You are not missing anything when you switch to crypto casinos. They offer a comparable number of games on their sites.
So, if your preferred casino games include slots, table games, or live games, you can also play them on crypto casinos. These games are also supplied by the top gaming providers in the industry; hence, you’re not missing out by playing at crypto casinos.
Conclusion
These are just a few benefits of gambling with crypto casinos. With more innovative ideas being implemented by crypto casinos, you will be able to benefit more when you register on a reliable crypto site.
