Online casinos integrate cryptocurrency and expose players to features not usually present in traditional casinos. As global cryptocurrency usage increases, casinos are likely to welcome more crypto bets from players who recognize the benefits of crypto gambling.
Players enjoy several benefits by using digital assets to place bets at supported online casinos. The following are a few popular benefits:
- Speed: Crypto gambling platforms are some of the fastest payout casinos in the gambling sector, as digital asset transactions settle much faster than fiat payments. Since crypto transactions are settled on decentralized blockchains supported by millions of nodes worldwide, deposits and withdrawals are instantaneous.
- Cheap Transactions: The decentralized nature of the blockchain makes transaction costs extremely negligible. Since there are no intermediaries required to process transactions, players pay next to nothing at the points of deposit or withdrawal. This is especially beneficial for players using online casinos outside their geographical borders. While fiat transactions would be expensive because of the payment channels required to deliver the funds between countries, digital asset transactions are essentially borderless.
- Security: Cryptocurrency transactions are powered by blockchain technology, which is tamper-resistant. Players enjoy top-notch security because all transactions are permanently recorded on the blockchain and can be recalled in a dispute. In addition, decentralized blockchains are publicly available for anyone to access, adding another layer to the security players enjoy.
- Decentralized: Crypto regulations around the world are changing as authorities try to control the sector. However, enforcement usually meets some setbacks because of the decentralized nature of blockchain technology. This is a feature that benefits crypto gambling because decentralization ensures that the sector is mostly immune to government censorship. Consequently, crypto casinos can continue operations even when government regulations are unfavorable.
- Privacy: Most traditional casinos require players to meet know-your-customer (KYC) requirements by providing personal information as part of their registration process. On the other hand, crypto casinos usually do not ask players for personal information. By playing at crypto casinos, gamblers can maintain their privacy without worrying about losing personal identifying information to the casino or to unauthorized third parties.
- No Tax Worries: Gamblers sometimes lose a large cut of their winnings to tax requirements. In some cases, taxes may be applicable at the local, state, and federal levels, which cut a considerable e chunk of a player’s winnings and reduce their bankrolls. Although some jurisdictions may enforce crypto tax, users may be able to keep 100% of their winnings by wagering and withdrawing digital assets instead of fiat.
- Accessibility: Crypto casinos are much more accessible and inclusive than their traditional counterparts. Firstly, some regulated casinos must use geolocation tools to exclude anyone trying to play outside state borders. In addition, the stress of converting currencies could deter the average player from trying to gamble at offshore casinos. However, cryptocurrencies completely solve this problem. Since all that is needed to complete a crypto transaction is a supported device and internet access, anyone can patronize a crypto casino regardless of their location.
Innovation: To attract new players and retain existing ones, traditional casinos may overhaul their site design, onboard new games, or offer exciting bonuses. While these ideas may be potent enough to achieve their player retention goals, they are not exclusive to regulated casinos. With crypto and the underlying blockchain, gambling can be much more innovative. For instance, blockchain supports Provably Fair technology, which ensures that the outcomes of all games are fairly decided. In addition, blockchain innovation allows for cross-chain gambling, such that users can play games across casinos on different blockchain networks, and also exchange assets across platforms.
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