There's a lot of misinformation surrounding digital assets and cryptocurrencies. Although there have been some astonishing innovations in cryptocurrency over the last decade, there has been a rhetoric of pessimism from almost all major media outlets regarding the perceived dangers of cryptocurrency.
Despite central and commercial banking hardly having a flawless reputation over the last decade, if you're ignorant of how cryptocurrency works, you may believe that the only purposes of cryptocurrency are illicit.
This certainly isn't the case. The benefits of cryptocurrency are becoming more apparent as we move into more uncertain times, thanks to poor central banking policy and the fact that blockchain technology is truly one of this century's most significant disruptive innovations.
Pros of using cryptocurrencies at online casinos
There are several positives to using cryptocurrency for online gambling today. From added security to transactions that don't have to be overseen or delayed by a bank, you might be surprised at just how many benefits there are when using digital assets instead of central currencies for your gambling.
Several cryptocurrency casinos have cropped up over the last few years. The most reliable and reputable ones are listed on https://dappgambl.com/, where you can choose from various games and learn about how cryptocurrency casinos operate in real time.
Faster transaction times
You may have encountered cryptocurrency casinos claiming to have faster transaction times. How is this possible? How can they be faster than a bank? Well, banks use systems, some of which are very old and clunky.
This doesn't mean they can't do the job. We all know how straightforward it typically is to send money from your bank account. However, if you encounter an issue with your bank account or sending a payment, you can often go around in circles trying to resolve the problem.
If you are depositing money with a standard casino that accepts fiat currency, the bank will oversee the transaction, authorize the payment and essentially act as a central entity in the middle to ensure the transaction is processed without issue.
Cryptocurrency casinos are much quicker because you connect your wallet directly and send your digital asset. You do not need to worry about doing face ID, passcodes, adding references or waiting to authorize codes on your mobile app. It is as simple as connecting your wallet and depositing your crypto.
The secure blockchain confirms the transaction, which can't be amended. The transaction is then verified, and you can gamble immediately. It is as safe as your banking transaction, as only you can access your wallet keys. We will expand more on this security further in the article.
Fewer fees
Depending on your payment method at a standard casino, you may be charged fees to withdraw and deposit. Although plenty of online casinos will allow you to deposit your money for free, you are often charged a fee when using a credit card.
In addition, if you use a debit card from an international account, such as when you use an Australian bank card for a transaction with a UK gambling operator, you may be charged for an international debit card transaction.
Most casinos will allow you to withdraw any winnings with minimal fuss. However, if you win a more significant amount, sometimes casinos will charge a small handling fee for dealing with such a large payment.
These are just a few examples of finding yourself on the wrong end of charges you didn't anticipate. If you are only logging into a casino to play a few rounds of blackjack, roulette or poker, you shouldn't worry about running into these problems.
The inner workings of whether a bank will allow you to access your winnings shouldn't be something you have to concern yourself with. Additionally, you don't need the added stress of wondering whether the casino operator will charge you a fee for making a withdrawal.
With a cryptocurrency wallet, there is no centralized system to worry about. You connect your wallet, send your funds, it verifies on the blockchain and you can play straight away. It doesn't get much more straightforward than that.
Game variety
There's no shortage of casino games on the internet, but, if we're honest, the market has a total saturation. Given how much money is in this industry, it is clear why so many people are trying to squeeze their way in and provide themselves with an avenue to make money.
Variety is a crucial aspect of many casinos. However, the market for cryptocurrency casinos is still relatively small. Finding a provider that offers you a wide variety of options and allows you to gamble using cryptocurrencies such as Bitcoin and Ethereum is a winning combination.
The definition of variety primarily depends on how you gamble. If you stick to slot machine gaming, variety means the option of fixed jackpot slots or progressive jackpot slots. It may also mean various grid designs or low, medium or high volatility.
Conversely, if you prefer table-based games, you might want a broad selection of roulette tables, from virtual to live dealer games. The same applies to blackjack or poker, especially the latter, where virtual and live poker are entirely different games.
Ideally, you want a broad range that spans all types of gaming, irrespective of your preference.
A broad range of gaming options indicates that the casino provider is a legitimate, reputable and serious operator. They will have working agreements with many of the most significant game developers in the industry. This shows that they are interested in you as a customer and have a long-term business strategy to which they plan to adhere.
Anonymity and security
Much has been made about how cryptocurrency transactions are anonymous and that they can aid in the proceeds of money laundering. While the transactions are often anonymous, authorities have plenty of tools to track criminal fraudsters who use this method to funnel their illicit gains.
Contrary to popular belief and what you may read in the media, cryptocurrency wallets are incredibly secure. As long as you do not reveal your wallet keys to anyone, there's a virtually impossible chance that anyone will be able to access your wallet or digital assets.
If you would rather take your cryptocurrency offline and put it into cold storage, you can purchase a cold storage wallet, which is impossible to hack.
Anonymity is a crucial aspect of cryptocurrency gambling, as some people are concerned that their personal and bank details are stored on the server of a standard casino. While this is usually highly secure, and many casinos use the same level of encryption that you would find at many large financial institutions, your information remains on that server.
This is not the case if you gamble using digital assets. If you gamble using cryptocurrency, your wallet address is the only identifiable information you use.
This ensures you can connect to the cryptocurrency casino and start gambling immediately. It is also beneficial if you are in a country with a very high inflation rate that is subject to extreme volatility. Of course, cryptocurrency isn't exactly safe either, but it can insulate you if you live in a country where your currency is subject to significant inflation.
Responsible gambling
Now would be a good time for us to point out that just because a game has wide variety, it doesn't mean you should spend more time gambling or more money than you initially planned. Gambling should be done for entertainment purposes only. If you find yourself chasing losses or find that it is harming close friendships and relationships, you should stop immediately and speak to somebody who can help you.
Conclusion
As you can see, the benefits of using cryptocurrency are immense. If you are familiar with how digital assets work and how to connect your wallet, you are likely to find that it is more accessible, convenient and a preferrable method.
With more casinos providing an avenue for cryptocurrency gaming or looking to open cryptocurrency casinos, gambling companies aren't slow in eyeing new ways to make a profit.
Given that it is such an enormous and profitable industry, these companies are always looking for fresh ways to make money or carve out a niche in such a bustling market. Blockchain gaming and cryptocurrency casinos are the latest avenues that are gaining momentum.
Depending on how digital asset regulations take shape over the next decade in major economies such as the United States, this could be the make-or-break news for many companies operating in this space.
It also helps the sector if the huge online casino companies that have made billions online over the last decade have healthy competition. Although some providers will offer a combination of both payment methods, with more online casinos moving into the space and solely using cryptocurrency, the future looks very interesting for companies in this space.
