Gambling with cryptocurrency has really started to take off in the last year or so and there are now hundreds of online betting sites that will accept cryptocurrency directly to fund accounts. But what is it about cryptocurrency that makes it so appealing to gamblers? And is gambling with crypto the next logical step for the big hitters in the online casino industry?
Before we answer those questions, let’s first take a look at the basics of crypto and the blockchain technology that powers it.
What is blockchain technology?
The blockchain is a decentralized, digital record of transactions that take place online using digital assets. Or, to put it in simpler terms, it’s a database that stores blocks of information that are chained together to create a chronological account or ledger of transactions.
Each transaction in the chain is stored as a block and added to the original account of transactions. These are all time stamped and verified by each user in the transaction. This makes each block unique and sort of like a digital fingerprint which is impossible to replicate.
All cryptocurrency transactions are performed in this way regardless of the currency used.
What are the benefits for online casino gamblers?
There are quite a few clear benefits to using cryptocurrencies over regular (fiat) currencies. However, these three are the most notable.
Security
As you can imagine, the heightened security associated with blockchain technology makes gambling with cryptocurrency highly desirable for gamblers. Most online casinos will require that you provide quite a fair amount of personal information and that includes your banking details. When using cryptocurrency, all that is usually required is a valid ID and, of course, your own crypto wallet containing funds. No banking details are shared at any point.
Privacy
Another significant benefit is the fact that some gamblers prefer to keep their winnings in a place (a crypto wallet) that is not connected to their bank account. This means that they can keep their winnings private and away from prying eyes.
Speed
Cryptocurrency transactions are pretty much instant whereas withdrawing your winnings to a bank account from a regular online casino can take days or even as long as a week. Once you withdraw to your crypto wallet, your funds will be available immediately.
What are the cryptocurrency options?
Bitcoin is considered by many to be the best cryptocurrency for online casinos simply because it is the most common digital currency in use right now and is widely accepted by online casinos and sportsbooks . As a result, there are far more online casinos that currently accept Bitcoin than any other cryptocurrency. True, it is the most volatile of cryptocurrencies, but it is still without a doubt the most popular.
Ethereum is also popular but to a lesser extent. Many of the more established online casinos that accept crypto may also accept deposits made using Ethereum, but generally speaking, Bitcoin is your safest bet.
Will major online casinos start accepting cryptocurrencies?
Strangely enough, despite the growing popularity of gambling with cryptocurrency, many of the world’s major online casino brands have yet to accept this is the case. Some will allow you to make crypto deposits through secondary payment processors, but this is the exception rather than the rule.
However, this could change in the very near future as the growing number of dedicated crypto online casinos proves that there is certainly consumer demand for this option. The safety and security aspects alongside the speed of each transaction are certainly benefits that practically every online gambler on the planet would very much appreciate. It stands to reason then that it’s only a matter of time before online casinos all around the globe embrace blockchain technology.
Is it safe?
This all depends on the online casino that you choose, but once it is a licensed casino that is regulated by a reputable gaming authority such as the UK Gambling Commission or the Malta Gaming Authority, then you should have no troubles whatsoever.
The fact that you are not sharing your financial information with the casino in question is also another reason why you can consider it a relatively safe undertaking. We say relatively because any financial transaction that you carry out online carries with it a certain level of risk. That said, there are very few online payment options that offer the security, transparency and speed of cryptocurrencies. So yes, it’s as safe as it gets.
