- Discover the convenience of betting with crypto
- Cryptocurrency wallets can smooth the process
If you’ve been around online casinos for a while, you’ll have at least heard of cryptocurrencies.
Bitcoin is the most well-known at the moment, but there is a variety of other options too such as Litecoin, Dash and Ethereum.
To help you get started, we’ve listed our top seven reasons why you should try cryptocurrency gambling.
One of the greatest advantages of using cryptocurrencies is their anonymity.
Many players would prefer to keep their personal information just that – personal.
Cryptocurrencies use private keys within a blockchain, so you never need to prove your identify or share private information in order to be able to make or accept a payment as you would with credit card for example. While it’s possible for all cryptocurrency wallet addresses to be viewed on the blockchain, tying them to real world identities, while not impossible, certainly isn’t easy.
In most regulated jurisdictions, anonymity isn’t actually allowed – online casinos must ‘Know Their Customer‘ but in certain grey market areas, it may be desirable for the player to stay hidden.
All cryptocurrency transactions are made directly with no third parties or banks involved.
This means that transactions can be carried out in mere minutes or even seconds depending on the speed of the blockchain in question. No more waiting days for bank transfers or card payments to clear, which can be especially maddening when you’re waiting to withdraw that big win.
Due to the absence of intermediaries seeking to take their cut, processing and transactions fees can be kept low with crypto.
The average cost of sending a bitcoin transaction is around 30 cents just now, a figure that should drop further in the future as upgrades are made to the blockchain via the implementation of the Lightning Network.
Banks cannot charge a commission fee on cryptocurrencies. This leads to much lower fees when withdrawing or transferring your digital cash.
Safe and fair gambling
Most casino operators that accept cryptocurrency payments also use a ‘Provably Fair’ gambling model. This allows players to check every hand they have played to make sure that the game is fair and random, and so they can be sure they haven’t been cheated.
That being said, online casinos in well regulated jurisdictions such as the UK offer perfectly safe gameplay. However, in grey market areas there can be less-than-scrupulous operators who may screw over their players.
Hence why crypto is popular in those regions.
Cryptocurrencies can’t be counterfeited in the way that credit cards can, offering players extra security. In addition, cryptocurrency wallets are very secure, with a complex identification process.
Even if an online casino is hacked, there’s no chance of hackers being able to steal your funds or personal information provided you’re using a wallet that you alone hold the private keys for. In addition, since cryptocurrencies are not classed as fiat currency, they are largely immune to government control, so cannot be frozen or withheld for any reason.
Moreover, the blockchain contains a record of all transactions carried out, so in the case of any issues or disagreements, users can check this public ledger to settle disputes.
In countries where gambling is severely restricted or even banned, gambling using cryptocurrency gives an option to bypass these laws since it’s not considered gambling with ‘real money’. It also allows people to gamble on websites that would otherwise be inaccessible for your country, giving a much wider range of casino options and the possibility of new offers and games to try.
Many online casinos that accept crypto will pay out winnings in bitcoin far quicker than they will by credit card or bank transfer.
It’s not uncommon for winnings to be sent to your wallet within 24 hours, whereas credit card payments can take days or even weeks to show up.
Just because a casino deals in bitcoin, does not mean it is 100% trustworthy. While bitcoin has many aspects which are appealing, an unscrupulous operator is an unscrupulous operator, no matter which currency he takes his bets in.
It always pays to read reviews and do your research before taking the plunge.
Have we suitably whetted your appetite? In that case, check out the crypto casinos we recommend and prepare to get betting with bitcoin.
Want to try an online casino?
Choose an approved casino from our carefully selected list. VIEW CASINOS