With the fast advent of cryptocurrency taking the world by storm, it is no surprise that crypto has worked its way into almost every industry. And one that certainly isn’t exempt from this is the online casino market.
As expected, the merger of crypto and online casinos comes with several great advantages. In this article, we will very briefly go over the history of crypto casinos and look at what the advantages of playing on them are.
History of Crypto Casinos
Before looking at their advantages, it is important to understand that all crypto casinos are relatively new. In fact, the first crypto casino only went live between the end of 2013 and early 2014.
This may not seem too new, but considering some other betting and casino sites have been active since the late 90s, it shows the youth of these crypto casinos.
However, as cryptocurrencies grew and more trust was placed in their value, casinos realized that there is a market for an anonymous, secure, and innovative type of online casino. And so, crypto casinos, with all their unique pros, began appearing all over the internet.
Advantages of Playing on Crypto Casinos
There are many great advantages to playing in a crypto casino. However, some of these advantages hold more weight than others. Below, we have outlined all the best parts of what you get from playing on these casinos:
Unregulated Authority and Full Control
Bitcoin and many other cryptocurrencies are decentralized and not issued by a central authority. These cryptos also get monitored significantly less than traditional fiat currency.
Because of this, the chances of having your crypto account frozen by authorities or having any of your transactions blocked from going through are zero. Instead, you have full and unbridled control of your money.
All crypto transactions are processed by a public ledger called the blockchain. While it sounds strange that all the millions of transactions are handled in one place, this guarantees that any payment made will reach its destination.
The ledger keeps track of all incoming and outgoing payments and makes sure there is a record of every transaction made. This ensures complete security over every transaction made using any form of crypto.
As one of the biggest advantages of crypto, privacy is something that is becoming more and more important in today’s times.
Crypto never requires the divulgence of any personal information or knowledge of who you are. This means that you can deal in crypto with complete anonymity and without worrying if somebody is tracing you.
While some crypto gambling sites still enforce a KYC (Know Your Customer) policy that requires you to verify your identity, some allow you to remain almost entirely anonymous.
Because crypto doesn’t have to go through any approvals, servers, or anything else, payments are usually almost instant. This is because crypto only exists on the internet. Therefore, as soon as the blockchain has processed your transaction, the funds are available immediately.
The advantage to this is that you don’t have to worry about waiting periods when trying to credit your player account. Instead, you’ll be able to start playing with almost no delay.
Better Promotions and Bonuses
While it may seem like a strange advantage, crypto casinos usually offer better welcome bonuses and promotions to players. When it comes to dual crypto casinos (ones that accept crypto and fiat currency), players depositing in crypto usually also get greater benefits than those using fiat currency.
This advantage is because crypto is a more convenient way to transact—even for the online casino. Therefore, these casinos go out of their way to reward players who use crypto and incentivize players who don’t.
Cheap Transaction Fees
Cheap is a relative term when speaking of crypto casinos. This is because most crypto casinos don’t charge any transaction fees at all—something very far removed from traditional online casinos.
This is because there is generally no fee when dealing with crypto aside from the very small network fee charged by the blockchain. Due to this, and the fact that the casino attracts more players that want to play with crypto, these casinos never charge you ridiculous fees to transact.
And if you do come across a casino that does, these fees are usually significantly less than normal online casinos.
Crypto casinos may be new, but the advantages they offer to players are hard to ignore. Therefore, if you are looking to experience the perks of crypto, make sure to give crypto casinos a try.