You can use cryptocurrency to buy almost anything in today’s e-commerce: jewelry, clothing, cars, NFTs, etc. However, most transactions involving cryptocurrencies (such as Bitcoin) are at online casinos – around 50% of all crypto payments as of 2023. It was a significant change in tune from just over a decade ago when the term cryptocurrency was just more technobabble that most people did not wish to burden their minds with. The involvement of cryptocurrency in the gambling space has seen steady progress over the years, but the pace has picked up in the 2020s. There were almost 3 billion bets using crypto in 2021. If that number is not impressive enough, 2022 saw the crypto betting volume double to over 6 billion (6,342,214,971) bets. In the first quarter of 2021, almost one-third of all bets (26.30%) are through cryptocurrencies. In Q1 2022, that percentage increased to roughly 40%. All these stats tell us two things; 1) cryptocurrency will stay and will only continue to grow, and 2) that the relationship between crypto and gambling, more than any other industry, is extraordinary. Here are a few reasons gamblers opt for cryptocurrency when making and receiving payments from casinos.
Highly Secure Transactions
Online commerce has brought many advantages to our lives but is hampered by insecurity and fraud way more than regular commerce. Cryptocurrency is an innovation that wonderfully solves this issue. Unlike traditional transactions involving fiat currency, hacking and intercepting crypto transactions is impossible because of the exceptional quality of encryption and the nature of the money itself. As such, crypto is the way for anyone looking for a risk-free way to transact with their online casino.
Anonymity
Personal info has regulating bodies involved to ensure transparency when purchasing fiat currency. The drawback is that this info, especially in this age, can be stolen by hackers who may use it to embezzle money or for other malicious activity. On the other hand, when a buyer and seller use crypto for their transactions, no one needs to know anything about the other. That means a crypto punter ultimately controls who knows about their hobby, providing just the kind of privacy that many gamblers crave.
Speed
The system used in cryptocurrency transactions allows another considerable advantage: speed. Fiat transactions involve a central issuing authority and multiple payment processors, especially in online commerce. Money can only reach the online casino after leaving a player’s account, and it has to pass through far too many hands than anyone would care for. It, unfortunately, means that most transactions take much longer than they should – with some withdrawals and deposits taking up to a week to be affected. Crypto transactions, on the other hand, are practically instantaneous. That’s because a crypto deal involves sending just a small piece of information rather than sending actual money.
Cheap
No central authority and payment processors are involved when transacting using Bitcoin, Ethereum, Litecoin, etc., which also means that the transactions are very affordable. For the most part, crypto transactions are mostly FREE because one only has to pay what is agreed upon with the second party – in this case, the crypto casino.
