Since releasing the first coin, the price of cryptocurrency has been an alarming rollercoaster ride. But, cryptocurrencies like Bitcoin and Ethereum have taken off in a variety of global industries. So, it’s no surprise they are widely used as a payment method in the online casino industry. Moving forward, we can expect digital cash to be increasingly more popular with the best online casino websites. In fact, more gambling operators accept it as the ideal payment method for patrons.
There are many reasons why cryptocurrencies are common in online casinos. Gambling with crypto provides customers a safe and private way to deposit and withdraw money. Transactions are impossible to steal or compromise. This is because they’re dependent on the reliability of blockchain technology. Today, several crypto casinos provide fresh gaming options, along with fair games, that also employ the blockchain. Meaning games are more secure and transparent. Decentralised gaming is a feature many platforms provide, with online players competing together rather than against the house.
Finding out about crypto gaming helps us understand why digital currency and the iGaming industry are a perfect match.
What you'll learn 👉
Maintaining a Secure Gambling Environment
Besides providing outstanding security and anonymity for players around the world, cryptocurrencies are also safe. For Canadian players who make payments in top-notch online casino in Canada, this high level of security is crucial. Top coins, like Bitcoin, are based on blockchain technology, offer cutting-edge data encryption, and are almost unhackable. Similarly, the crypto wallets you use to store coins for payments at any online casino are incredibly safe. The security measures built into the wallets themselves make it difficult to compromise. In fact, crypto is ideal for playing in online casinos because the main foundation of digital currency is security.
A Choice of Cryptocurrencies to Use
There are loads of coins to choose from, and it’s difficult to find the right ones for gambling. Let’s check the top five cryptos available.
Bitcoin (BTC)
There’s no doubt that BTC is the most popular crypto. Currently, it’s widely accepted for online gaming. The market capitalization of BTC, which was the big daddy of all cryptos, is still the highest. Online gaming has been seduced by the coin’s speed, security, and anonymous nature of related transactions.
Ethereum (ETH)
The second-most popular cryptocurrency is Ethereum. Within the Internet gambling sector, it’s grown in popularity, mainly by utilising smart contracts. As such, it’s proved a practical alternative to BTC. Automatic payments are allowed thanks to self-executing procedures. At the same time, fairness and transparency are guaranteed for online players.
Litecoin (LTC)
Being a quick and safe cryptocurrency, the internet gaming sector is seeing a steady increase in Litecoins acceptance. It’s similar to BTC in many ways but has lower transaction fees. For people wanting faster crypto transactions but with fewer fees compared with BTC, it’s a welcome substitute.
Dogecoin (DOGE)
With its joke beginnings in 2013, Dogecoin has grown to become a popular cryptocurrency on crypto gambling sites. It’s quicker, safer, and costs less than BTC in fees.
Ripple (XRP)
Ripple was developed in 2012 and offers swift and safe worldwide trade. To that end, it’s perfect for players on international online gambling sites or with players from different countries by virtue of its capacity to handle cross-border payments.
No Limits on Minimum Deposits
Low minimum deposits with online casinos are a very popular device among both newcomers and experienced players. That’s because they’re a cheap means of testing gambling platforms and their games before a user decides to invest money and time. Generous bonuses and promotions are available at online casino minimum deposit $1, making them more attractive. Essentially, players receive extra cash or free spins after funding their account with as little as 1 USD. And here cryptocurrencies come in handy allowing players to fund their accounts with small amounts of money, even the equivalent of 1 dollar. It’s important to note that not all payment methods give the possibility to deposit $1, and some of them set significant limits. At the same time, cryptos know no boundaries and grant players the freedom of choice.
Anonymous Cryptocurrency Transactions
Some gamers give the anonymous aspects of iGaming scant thought. Others have genuine desires for privacy. This could be done for sincere reasons, such as wanting complete confidentiality. Or the desire to prevent gaming platforms from storing or selling their data.
Cryptocurrency is by far the best preference for players who value privacy. A much-touted feature of crypto allows you to make deposits and withdrawals without entering any individual or bank information. Thus, zero financial transactions related to playing online casino games will appear in your bank statement.
Here, we make a point to recommend licensed casinos that are required to follow strict guidelines. As a consequence, forget all ideas of anonymity. Part of their licensing agreement concerns money laundering. It’s true that you start to play without revealing personal details. Yet, when it comes to withdrawals, it’s impossible to escape the KYC (Know Your Customer) requirements. Every reputable casino needs proof of your real identity, and you must show official photo IDs and utility bills.
Shorter Processing Times
Using crypto payment methods speeds up withdrawals and deposits at online casinos. This marks a huge perk for players. It eliminates the need for them to wait to begin playing or to collect their winnings when their gaming session is over. This cancels any inconveniences and frustration associated with sluggish payments.
Payments made with crypto are completed quickly by cutting out banks and other intermediaries. Having said this, be aware that with blockchain technology, there’s a fundamental flaw that nobody wants to mention. Although crypto transactions might be instantaneous, verifying with the blockchain is another matter. It can only handle seven transactions per second. Meaning that in busy periods, you may find yourself sitting on your hands for up to two hours until the funds are accessible.
Much Smaller Fees
Cryptocurrencies are ideal for online casinos as they have lower transaction fees and rapid transaction times. This differs from conventional payment methods, with those showing greater transaction charges since banks and credit card companies are involved. Due to its decentralised design and use of cutting-edge digital networks, crypto offers much lower fees. This implies that users of crypto get to keep larger portions of winnings whilst seeing fewer fees, reducing their bankroll.
Final Thoughts
In conclusion, adopting cryptocurrencies for online gaming sites represents a fantastic opportunity that is growing in acclaim. You’ll find advantages to cryptocurrencies over traditional payment methods utilising fiat. These include increased security, quicker processing times, minimal deposits, and lower fees.
Though it looks daunting for the uninitiated, opening an account with a crypto casino is pretty painless. However, please do your research ahead of playing. There’re plenty of offshore crypto casinos using the anonymity of crypto to fleece their players. Keep in mind if the casino is missing a reputable licence, you have no redress should things go sideways. Nevertheless, it’s easy to find licensed and trustworthy online casinos with a great selection of crypto options.
