Why are crypto casinos popular?
Every year, interest in the crypto industry is snowballing. It is because it makes it possible to receive the very immodest additional income. Since the number of crypto enthusiasts is huge, society urgently demands the possibility of using cryptocurrencies in everyday life. As a result, more and more crypto casinos, bookmakers, online stores, and even cinemas accept this asset.
It is worth saying that the use of cryptocurrencies has many advantages for both players and casinos. Today we want to talk about this in more detail.
Benefits of using cryptocurrencies for players
Today, many people have abandoned the usual types of earnings in favor of mining or trading. For example, according to some surveys, more than 4% of US residents today receive income from cryptocurrencies. So, today, many users tend to use cryptocurrencies in online casinos. It has these advantages:
— High speed of transactions;
— Low commissions;
— High level of protection;
— Huge selection of cryptocurrencies;
— Huge limits.
Each of these points is of great importance, so discussing them in more detail makes sense.
High transaction speed
If you are dealing with fiat currencies, you need to be prepared that the winnings will be credited to your account for a long time. So, e-wallets allow you to withdraw money to your account within 1-3 days, and bank cards — up to 7 days.
Cryptocurrencies allow you to withdraw winnings within 30 minutes or less. It is because the payment system itself does not need to recheck the details carefully.
Low fees
Casinos themselves do not charge for transactions, but payment processors can. So, different payment methods set their own rules: e-wallets take from 1% to 5%, and bank cards can spend up to 15% of the transaction. So, if you withdraw big winnings, you can lose a lot.
In the case of cryptocurrencies, blockchains set different rules. For example, Ethereum takes 0.5% of the transaction size. Some blockchains charge a flat rate of a few dollars, regardless of the size of the transaction.
High level of protection
Many attackers actively make hacker attacks on casinos to intercept transactions and get customers' personal information. In the case of a crypto casino, this is extremely difficult to do.
Blockchains work so that all transactions cannot be traced and intercepted. In addition, many crypto casinos do not ask their customers to verify their accounts. Here you do not need to provide passport data or documents confirming the place of residence. So, it is impossible to steal personal data if you do not indicate it anywhere.
Huge selection of cryptocurrencies
Today there are more than 2 thousand cryptocurrencies. Most of them are little known and in demand. However, you can easily find crypto casinos that accept up to 140 cryptocurrencies.
Of course, many casinos that accept both fiat and crypto simultaneously only use Bitcoin, Ethereum, and Tether.
Big limits
If you are used to playing for big money or prefer games with a jackpot, you most likely have encountered a problem when your winnings exceed the monthly withdrawal limit. Crypto casinos usually do not have such issues. You can easily find an online club that allows you to withdraw up to 5 bitcoins in one transaction.
So, most fiat casinos do not allow withdrawing more than 20 thousand US dollars, while at today's rate, 5 bitcoins equals approximately 98 thousand US dollars.
Benefits of using cryptocurrencies for casinos
The use of crypto assets has quite a lot of advantages for the gaming platforms themselves; among the most obvious are the following:
— Attracting a large number of users;
— Low cost of transactions;
— Lack of chargeback;
— Opportunity to increase the number of gambling activities.
It is worth saying that the use of cryptocurrencies does not affect the obtaining of a license. Today, many jurisdictions quickly issue a permit to operate a crypto casino.
The attraction of new clients
The number of crypto enthusiasts in the world today is awe-inspiring. Since using crypto assets for players has many advantages, which we have discussed above, you should consider how to provide users with the opportunity to have more fun in the game.
Low cost of transactions
Few people know, but payment systems charge not only from customers but also from casinos. Cryptocurrencies take the lowest commissions in this case. Moreover, the size of the commission here is much less than in fiat payment systems.
No chargeback
Most casinos lose a lot of money due to chargebacks.
What is a chargeback? This refund is usually used if the customer loses their bank card. So, if the client ordered a payout, but during the time the transaction took place (recall, in the case of bank cards, this is about a week), then the user can contact the support service with a request to return the money. According to the law, the funds must be returned to the client's account after the appeal, and then the casino itself must demand that the payment system return the money from the blocked card.
The casino is obliged to pay the winnings to the player twice, but whether this will be able to return the money from the payment system remains a mystery. Further, if the casino returns this money, it will take several months. It is worth saying that chargeback is the most favorite way of fraud.
In the case of cryptocurrencies, a chargeback is entirely impossible. All payments made using smart contracts are non-refundable.
Increase in gambling activities
Today, many gaming providers focus on developing gambling games that accept cryptocurrencies. Thus, today you can quickly expand the list of your games with crypto slots or roulettes.
