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Despite being around for more than a decade now, cryptocurrencies are still a novelty for many people. Bitcoin first appeared as a unique financial instrument with three main qualities: it was entirely digital, secured, and decentralized. This means people could make digital transactions anonymously, without the need of a middleman, and these transactions could only be completed if both parties held to their end of the deal.
While not everyone understands cryptocurrencies today, they have started being more and more present in online transactions. People can now buy houses, cars, or even their Starbucks coffee with bitcoin, and they can even play their favorite online casino games and enjoy a big online casino bonus using cryptocurrencies.
Crypto gambling has been around for a few years, and it means exactly what you think it means: you can use cryptocurrencies to top up and play at a variety of online casinos. But why adopt a decentralized digital currency if people have been just as comfortable playing with fiat currencies by now?
Well, cryptocurrencies are not just an alternative option to complete your transactions with. They come with a range of benefits for both players and casinos, and it is likely that more and more people will get into the use of crypto in the following years.
To get a better perspective and make an educated decision on whether you should switch to crypto gambling or not, we have done some research and come up with a list of reasons why online casinos and cryptocurrencies are such a perfect match.
Better payment security
Cryptocurrencies are using blockchain technology for payments, making every transaction close to impossible to tamper with. Because each transaction is encrypted and decentralized, it means no third party is involved in the process, and the payment is strictly going from the player to the casino and vice versa.
Some will go as far as to say cryptocurrencies are the most secure method of payment out there, but that’s only true if you store your coins the right way. Keep your private keys protected with passwords, only transfer the amount you need on your crypto wallet, and store the rest of your coins in cold storage.
If the online casino you have been playing at gets hacked, your credit card details or PayPal account information will likely get stolen, and you become a potential target for the hackers. With crypto, however, as long as your private key is protected with a password, your money is safely kept away from falling into the wrong hands.
You can go global
The online casino market has grown tremendously in the past few years and can contribute a great deal to the economy. Still, many countries restrict people’s ability to play at an online casino so not everyone has the chance to enjoy these games.
Still, the only way governments can determine who plays at an online casino is by tracking the movement of money to and from an established entity. This means even if you are from France play at a casino in Malta, you won’t be able to use your bank account to deposit money. But if the casino allows crypto payments, you can easily bypass these restrictions and enjoy your games in a safe way.
Crypto provides anonymity and privacy
Because there is still a stigma that prevails over gambling, many players want to keep their activities private. Believing that only players who have something to hide value their gambling anonymity is wrong. Although this should not be the case, many people react strangely when you tell them you enjoy gambling, thinking you may have an addiction or that you are not responsible. In reality, however, most people play casino games because they are fun. It’s just another hobby.
Cryptocurrencies offer a great level of privacy and anonymity, keeping your gambling activity separate from your banking activities and allowing you to have fun without worrying about what may appear on your bank statement.
Cryptocurrencies were designed to be used online, so they are a great solution for gambling platforms. They are basically digital cash that you can use straight away and is not connected to any of your private information, so you can use it safely, privately and nearly anonymously, plus payments are processed a lot faster than with traditional options.
You get lots of new rewards
One of the main reasons people choose online casinos instead of land-based ones is to take advantage of the bonuses they provide. These bonuses can be used to play with and can result in some great rewards, so it comes as no surprise that players are hunting for them.
The type of bonuses casinos provide can include welcome bonuses, top-up bonuses, free spins, or even no deposit bonuses. The latter is the most sought-after type of bonus, as they are offered without requiring the player to deposit money. This is why you should be looking at no deposit bonus ranking lists to choose the casinos that provide the biggest no deposit bonuses out there.
Of course, all these bonuses can be provided for players that use cash as well, but casinos that use cryptos may provide bigger bonuses due to the fact that they don’t need to pay huge fees for doing so.
Crypto online casinos can be cheaper
Opening an online casino is already much cheaper than opening a brick-and-mortar one, but opening a crypto-based casino is even cheaper. That’s because banks and traditional payment processing companies charge much more than crypto processing providers, meaning the casino will pay less when handling transactions. This results in lower fees for players, thus more money to gamble with.
Because online casinos that use cryptos have fewer expenses to cover, they afford to pay bigger bonuses. You can look online for the best online casino bonus ranking for casinos that accept crypto and choose one from the list. In time, we assume more and more online casinos will accept crypto payments, especially since other cryptocurrencies besides Bitcoin are starting to gain in popularity as well.
