How crypto casinos have an advantage over casinos that only accept fiat
Kevin Larsen, Chief Editor
In today’s world, technological advancements are changing the day-to-day operations in various sectors.
Key among them is the online gambling sector where cryptocurrencies are revolutionizing the making of payments.
It’s no news that many online casinos now accept cryptocurrencies such as Bitcoin, Litecoin and Ethereum for deposits and withdrawals. In fact, some sites have declared that they don’t deal with fiat currency but strictly cryptocurrency.
The biggest reason for this is the numerous advantages that come with the use of crypto. The following are some of the advantages.
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Fast deposits and withdrawals
One of the biggest problems with fiat online casinos is cumbersome deposit and withdrawal processes. Most withdrawal transactions at these casinos usually take a couple of hours, if not days to be processed.
To address this problem and to serve their users better, online casinos have decided to incorporate cryptocurrencies on their platforms. With crypto, thousands of transactions can be carried out within a short time.
This means that players don’t need to wait for long for their credit cards to approve a transaction before they can play games.
Low Transaction Fees
The downside of using fiat payment systems is that they usually charge high transaction fees.
However, with cryptocurrencies, players can avoid this since deposits and withdrawals are always free of charge. This means that one can deposit as much as they wish in order to take advantage of generous bonuses.
In addition, they can withdraw any amount they like without worrying about unnecessary deductions on their winnings. Although some sites may impose some fees, they are often relatively lower than those at fiat casinos.
Higher Betting Limits
Because of financial regulations, many fiat casino sites may be barred from offering maximum bets.
However, with crypto online casinos, such prohibitive rules don’t apply. This means a player is free to play games to their heart’s desire at such a casino based on how it operates. And although fiat casinos may reward VIP players with elevated maximum bets, this sometimes disappoints high-rollers at the top levels.
Therefore, players who prefer placing big bets will get the best experience at cryptocurrency casinos.
Security and Safety
While making payments at fiat online casinos is quite secure, it is not 100 % safe.
Sometimes, security breaches do occur resulting in dire consequences especially to high rolling players. This is where cryptocurrency online casinos come in with their increased safety advantage.
The probability of a hack happening usually reduces significantly while using crypto at such sites. Since financial transactions are protected from external interference, it’s literally impossible for hackers to get access to players’ funds.
Increased privacy and anonymity
Even if there’s total transparency with transactions, players wouldn’t want banking institutions to scrutinize them.
At fiat casinos, there is always a possibility that banks will interfere with deposits and withdrawals hence leading to problems. However, crypto casinos mostly bypass the fiat system completely hence eliminating the need for approval from banks.
In addition, they require minimal verification procedures as players only need to give proof of ownership of their crypto wallets.
Crypto casinos come with attractive incentives
Cryptocurrency usually fluctuates in value, so definitely there is a time when its value will rise. This means that if a player uses it as a means of payment, they stand to benefit immensely. For example, cryptocurrency winnings retained in a casino account can increase significantly when the currency value goes up.
Apart from that, these casinos also tend to award bigger bonuses than fiat casinos. So, high-stakes players who prefer playing for big wins are better off registering at crypto casinos.
The aforementioned are the biggest advantages that crypto casinos have over fiat casinos.
Although cryptocurrencies are still a relatively new means of making payments, many gambling sites are already accepting them.
In 2022 and beyond, we are going to witness more casinos embracing these digital coins as they aspire to serve their users better. Apart from that, players are also going to register in droves as they seek to enjoy the numerous benefits.
After all, everyone is looking for the best experience and crypto online casinos offer just that.