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Why are Cryptocurrency Gaining Popularity in Virtual Casinos?

  • Published Date November 16, 2020
  • By Admin

 

 

Why are Cryptocurrency Gaining Popularity in Virtual Casinos?

Even if you are living under a rock, you might have probably heard about bitcoin, cryptocurrency, or blockchain.

For different people, cryptocurrency means different things. Some people might love it. Some are afraid of it. And others will just scratch their head.

It has been over a decade now since cryptocurrency has changed the way we think about money. In 2009, Bitcoin brought the world to what would become a modern age of decentralized digital currencies. Since its inception, many new cryptocurrencies have appeared, and people use cryptos in their daily life from buying clothes to trading on crypto exchanges or ordering food online. More and more people are adopting the idea of using cryptos instead of fiat money.

But there are many cryptocurrency fans who do not know that they can use their money in online casinos too. Yes, you heard it right! One sector where cryptocurrencies are gaining momentum is online casino games. Gaming cryptocurrency offers the perfect anonymous monetary system for online casinos. 

Cryptocurrency: What is it exactly?

 What is cryptocurrency

Basically, it is a currency in a digital format. This means you do not have any physical cash or coin in your wallet, but you still have something that is similar to money which exists purely online. The currencies are usually in the form of coins or tokens. 

The only catch is that you need to buy these cryptocurrencies with real money, and later you can use those coins to make payments and purchases. The reason why it is called cryptocurrency is that it is based on a system called cryptography. We are not going to go into detail about this system; all you need to know at this stage is crypto is as valid as a gold nugget in your pocket. 

How does cryptocurrency work in virtual casinos?

Like any other virtual casino, Bitcoin casinos rely on software to function. You can buy or sell cryptocurrencies through wallet exchanges. For instance, if a user wants to send cryptocurrency to another user, they can send them to the user’s digital wallet. In the online casino gaming industry, monetization techniques adopted are in the form of in-app advertising, in-app purchases, and affiliate or referral marketing.

In-app purchases enable players to buy custom avatars, dresses, extra lives, coins, etc. in the game directly. In online bitcoin games, players can purchase products using crypto or buying crypto itself. 

In-app advertising in digital gaming is used in the form of rewarded ads, in which a gamer has to watch video ads, complete particular tasks, and fill surveys to earn cryptos.

Affiliate and referral marketing is new to the market, in which a player has to click affiliate links and banners (e.g. refer a friend, sign up for a free offer) or earn rewards to complete the desired action. 

Why crypto for online casinos?

The combination of online casinos and cryptocurrencies are a perfect mixture. It is like two queens of diamonds, a perfect pair like in a Blackjack game. Cryptocurrencies compliment online gambling in an intricate way that fixes all the challenges of the industry in a single hit. On top of that, blockchain technology, with cryptographic proof, provides a synergized solution among the users and operators of the sector.

Reasons for the growing popularity of crypto casinos

Cryptocurrency in online casinos

When it comes to online social casino games, apart from game selections, another important element which can be termed equally essential is the availability of various payment methods. Card payment methods, e-wallets, e-banking are the handful of modes of payments that exist, but today more and more casinos are offering Bitcoin payment options as their essential transaction tool. Not only this. Some online casino portal have even gone further and have now begun offering other altcoins such as Ethereum, Litecoin, and Ripple, among others. It is obvious that the Bitcoin community loves gambling, and why not? There are several benefits that Bitcoin casinos have over traditional casinos. Let’s see, what are those: 

Easy and Fast transactions

Not everyone has the patience to wait for days to receive their massive winnings. Perhaps, you might need money for some financial emergency. Payment methods like cheque, wire transfer and debit/credit card might take 3 working days. That would be disturbing.

Cryptocurrency offers an easy and fast way of transferring money with digital coins. As cryptocurrencies are decentralized, which means no third party is involved in your cryptocurrency transactions. No bank or government has any control over cryptocurrency payments. It is end-to-end transactions which is why it is usually quicker. 

Although land-based casinos deal with bank transfers and or credit card purchase which might take a few days to process them. With bitcoin and other digital currencies, the transactions are done in a matter of a few minutes. This further enhances the user experience. With cryptocurrency and Bitcoin, you are the owner of your assets. If you have used a digital wallet before, it shouldn’t be challenging for you in transacting your cryptocurrencies.

Inexpensive

As the transactions of cryptocurrency are decentralized and no middleman is needed for the payment to be processed, so there is no need for anyone to get paid to process and validate the payments. This is the primary reason why using Bitcoin, and other cryptocurrencies are usually cheaper.

This is not only for the customers, but even the online casinos’ operators can use it for themselves. It is also usually economical to operate a Bitcoin casino and apply for a licence to do so. This is why Bitcoin casinos are generally generous with the promotions and bonuses that are given to their players.

Better User safety

If you are playing on a trusted and safe casino site, cryptocurrencies will improve your online casino experience. Each transaction in cryptocurrency is encrypted, so you can be confident that the transactions you make are safe. As it is also an end-to-end transaction, it is almost unlikely for your transactions to get compromised or sabotaged. So, whether you are sending or withdrawing your money, you can be certain that your funds are safe. 

Anonymous transactions 

For those who don’t prefer to share their personal information and want to keep their identity hidden from the third parties, cryptos are the best option for you. Cryptocurrencies in online gambling give players a huge sense of comfort. 

Unlike other traditional methods that require the disclosure of your personal and account-related details to the casinos, cryptocurrencies do not need any such data. This is particularly relevant in today’s age and time when there are so many frauds happening. As the transactions are recorded on blockchains, all you need to share is your cryptocurrency wallet address to make a transfer to and from your casino account.

Bitcoin is not location-restricted

You might be interested in gambling in an online casino but live in a country or state that prohibits digital gambling. Although online casinos allow players from the country where gambling is banned, it is difficult for the bettors to process funds via banking channels. 

The banks would most likely refuse to process gambling-related transactions. This is because acting contrary to regulations might lead to dire consequences, such as revoking operating licenses. 

With digital currency, you have the freedom to play irrespective of where you are in the world. A cryptocurrency like Bitcoin is not handled by a bank, which requires your debit or credit to be linked in order to process your transactions.

Few wonder how cryptocurrency in online casinos are increasing by leaps and bounds in popularity. Just because there is no specific authority that governs online cryptocurrency gambling does not indicate that they are not at all regulated. Bitcoin casino games are governed by a concept known as ‘provable fairness’. It is a concept that goes hand-in-hand with cryptocurrency gambling. The general premise is that each result either from a roll of dice or any other games is based on a mathematical algorithm using data given by the player and validated by the casino. So, this makes it difficult for any player or the casino to manipulate with the odds or outcome of the game.

The popularity of cryptocurrency like Bitcoin in the virtual casino is growing. The innovation in crypto and blockchain has elevated the user's experience. They provide considerable advantages in comparison to conventional casinos. If privacy, instant transactions, security, and low transaction fees are all you want, then cryptocurrency is worth trying out!

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