Blockchain technology has been a real breakthrough in the industry. It made transactions fast, convenient, and completely anonymous. It also gave a chance to earn money online and even become millionaires overnight when investing correctly. No wonder crypto has easily entered the gambling market. With its help, users don’t need to worry about their identity, can get fast withdrawals, and avoid fiat money where personal data is required.
Hundreds of casinos including from Thai CasinoHEX already accept Bitcoin, Ethereum, Litecoin, Dogecoin, and other currencies and it is the right time to tell you what makes crypto so beneficial for gambling.
Instant deposits and withdrawals
The first benefit of blockchain technology that all gamblers adore is speed. While deposits are usually instant no matter what payment method you choose, withdrawals may be rather time-consuming. For example, cashing out with digital wallets – around 48 hours, with Visa and Mastercard – 5 days, and with Bank Transfers – up to 10 days. This problem is absent if you use crypto.
It eliminates any bureaucracy and third-party processors which means that crypto units are exchanged in a blink of an eye. All you have to do is to go to the Cashier, choose the preferred crypto coin, insert the sum, and hit the transaction button. The sum will appear on the account almost at once.
In 2021, the global gambling market was valued at $287.43 million and is expected to reach $458.93 billion by the end of 2022. The industry attracts not only new casinos and software developers but hackers as well. That is why it is so important to find a payment method that boasts top-notch safety. If you are searching for the best security, here are the reasons to choose crypto:
- It prevents the illegal trading of the assets
- Creates an immutable ledger and terminates key duplications which prevent stealing the keys and hacking
- Promotes confidence in the smart contracts and ensures safe payments through the blockchain system
A chance to gamble anywhere
Fiat currencies have several other drawbacks that are eliminated when you play with crypto. For example, conversion fees, exchange rates, and territory restrictions. It may be challenging for a Thai gambler with Thai baht to play at a European casino that supports only Euros or US dollars. Luckily, cryptocurrency erases all borders and you can gamble from literally any spot in the world.
Cryptocurrency transactions are conducted between peers which means that no middlemen are involved. Cutting out third parties means the absence of handling and exchange fees or any other hidden payments. You don’t need to wait while the money move, so you won’t pay anything compared to bank cards or e-wallets.
This is a win-win situation for both gamblers and online casinos. The first get more for the money they spend and the second – receive a chance to increase their profits. But some gambling sites still have transaction fees.
The last but not the least advantage of gambling with crypto is its identity protection. Many players with fiat money complain that even if the funds are safe, personal information is often used by third parties and exposed to marketing agencies without prior permission.
If you don’t want to share such personal details as first and last name, address, and birth date, crypto online casinos are exactly what you need. To open a crypto wallet, you don’t need to provide any details and its number is generated automatically. You just need to store this number in a safe place and on a physical device if possible.
Crypto payments are detached and a unique code is generated during each transaction. Thus, you stay completely anonymous unless you share the details voluntarily.
Cryptocurrency has been one of the top gaming trends for several years. It is highly praised for its top-notch data security and identity protection, fast transactions, and a chance to get extra bonuses. However, crypto might have a few drawbacks as well. It is illegal in most countries, belongs only to a few owners, and there is no chance to cancel the transaction or get a refund. Before making up your might, we recommend weighing all the pros and cons.