The Benefits of Using Cryptocurrency for Online Casino Payments

We have reviewed a lot of popular crypto casinos here at CPO like Bitcasino, BitStarz, 7Bit, etc., for a good reason. The use of cryptocurrency deposits has seen a major increase in the online casino gaming market over the past ten years. Their prevalence over standard fiat currencies is mostly based on increased security, privacy, and lower fees.

Cryptography and peer-to-peer technology, as well as decentralization, have elevated crypto beyond standard fiat currencies. Though cryptocurrencies have problems with value volatility, users cannot deny their benefits when it comes to transactions. Today, we are going to outline some of the major benefits of using cryptocurrency for online casino payments like Bitcoin, Ethereum, Dogecoin, etc.

Privacy and Security

Probably one of the most crucial aspects of any cryptocurrency is the fact that it is decentralized and highly encrypted. The former means that no official institution controls it nor has power over it. Its value and properties are fully based on the community so no institution can be hacked to gain control over cryptocurrency. Malicious attacks are seldom done because there is no official party to target, the crypto market is fully based on the users and there are no banks.

Furthermore, transactions using currencies like Bitcoin, Tether, Litecoin, and so on are fully encrypted. From technologies like cryptography to masternodes, there are countless layers of security and privacy. These layers make each transaction anonymous and virtually untraceable. Online casinos cannot access your payment information as you are simply transferring funds using your crypto wallets for example.

You can simply enjoy your casino gaming experience without having to worry about personal or financial info falling into the wrong hands. One additional layer of security is that most crypto wallets have dedicated mobile apps for two-factor authentication. This means that no transaction can happen without your approval.

Fast Transfers

Speaking of transactions, another large advantage of crypto casinos and cryptocurrency deposits, in general, is speed. Deposits with online fintech platforms are usually instant, but withdrawals can take up to a few days with online bank transfers and sometimes fiat e-wallets. However, cryptocurrencies are processed instantly at online casinos. Withdrawal times are practically nonexistent and you just have to wait a few minutes up to an hour in extreme cases to cash out your winnings in crypto. Crypto wallets process deposits and withdrawals in a matter of seconds so it’s all up to your online casinos on how long you wait.

This is all thanks to blockchain technology where the casino sends the cryptocurrency to the player’s wallet address. Since crypto transactions are processed on a decentralized blockchain network, they do not have the same delays as fiat currencies do. Furthermore, there are no third-party intermediaries like banks to bog things down.

Low Transaction Fees

As we mentioned, cryptocurrencies do not have intermediaries like banks or other financial institutions to govern them. Therefore, transactions using crypto have much lower fees because there is no larger party to impose them. Blockchain technology is used for transfers and your funds go straight from your exchange to your crypto wallet and then to the casino and vice versa.

Users might still have to pay minor costs like a mining fee based on the crypto wallet they chose. However, these fees are minimal compared to bank fees. One example is the Dash cryptocurrency where users only have to pay around $0.01 per transaction. That said, users should still check the fee policies of their crypto wallets for any additional costs. But overall, fees when using cryptocurrencies for casino deposits and withdrawals are drastically lower than with fiat methods.

Increased Accessibility

One disadvantage regular fiat payment methods like e-wallets, mobile payments, and bank transfers have is limited availability. Online fiat payments, especially ones associated with specific banks, are only available in a selected region where they or their bank operates. This is where cryptocurrencies are superior because each cryptocurrency is globally available. You can access crypto casino payments in any country where cryptocurrencies are not specifically forbidden, and this number is low.

This makes crypto payments highly accessible as you only need a crypto wallet and access to an exchange site or ATM. Anyone can use them regardless of their location or financial status whereas traditional payments have certain restrictions attached. For example, some banks require a modicum of financial stability from their clients but crypto does not have such limitations.

No Chargebacks

Lastly, the issue of online payment chargebacks is a common issue for online casinos. Chargebacks from the casino happen when users dispute a transaction and request a refund from their payment platform. This can be a major problem for online casinos and their reliability. Cryptocurrencies have irreversible transactions that cannot be disputed once performed.

What this essentially allows online casinos is to be more confident with their revenue hence providing a better service to their players. Online casino customer service is crucial to a healthy casino experience and cryptocurrencies can help in this area.

Conclusion

At the end of the day, a great casino payment method should provide the user stability, safety, and convenience. From security to low fees, depositing to and withdrawing from an online casino should be a simple process. This is exactly what cryptocurrencies allow. Using crypto wallets and currency in online casinos has many benefits for a more positive experience for the player.

We expect that these benefits will cause an increasing number of crypto or crypto-fiat hybrid casinos to appear on the market. At the end of the day, everyone should at least have a choice of what type of payment method they use. And with the outlined benefits, we predict that crypto methods might become prevalent.