Cryptocurrencies and the blockchain technology that Bitcoin and other digital currencies rely on could completely revolutionize the way people gamble online. Then, there are numerous benefits of using cryptocurrencies to gamble online and further we explore some of these. Digital currencies may also be the future of online casino gaming and sports betting considering the fact many other industries have already embrace the power and benefits of using crypto for gambling. This blog will be about What Are the Advantages of Using Crypto for Gambling.
Several reports including this one here suggest that over seventy-five percent of online casino gamers and sports bettors want to use digital currencies such as Bitcoin to gamble online. All cryptocurrencies are one hundred percent immune to any kind of government manipulation and interference. Online gamers get digital coins via cryptocurrency exchanges and store their assets in virtual wallets. Using their assets stored in their wallets, they can easily fund their online accounts and withdraw their winnings and some of the biggest benefits of using cryptocurrencies for online gambling are:
- Low transactional fees
- Increase safety, security, and anonymity
- Provably fair games
Low Transactional Fees
When using standard payment options such as Visa, MasterCard, bank transfer, wire transfer, and others, getting your winnings usually takes a couple of business days as these transactions must be approved by your bank. In many cases, transactional fees are also included especially when making withdrawals.
When using digital currencies such as Bitcoin, both deposits and withdrawals are processed instantly or within a couple of minutes. Fortunately, many iGaming sites as listed at AmericaGambles support cryptocurrencies so you will have no issues with finding one to get started.
Increased Safety, Security, and Anonymity
One of the major reasons why Bitcoin and other cryptocurrencies are becoming more and more popular among online gamblers is their advanced security, which is critical in an age where digital surveillance has become widespread. When using cryptocurrencies, hackers cannot access details about your transactions and your digital assets are always kept safe and secure. In other words, with digital currencies, hacking is almost impossible. Digital currencies are the best option for online casino gamers and sports bettors because everyone’s private data is well protected.
Therefore, gamers can carry out their usual gaming activities ensured that nothing will happen with their funds. Transactions made using cryptocurrencies are not traceable while other confidential data such as gamers’ contact details, email addresses also remain safe and secure as carrying out these transactions requires no revealing these details. All cryptocurrency transactions are one hundred percent discrete and anonymous, so using cryptocurrencies is an excellent option for gamers who want to hide their identity while gaming online.
Provably Fair Games
Provably fair games closely related to Bitcoin are a wonderful new concept in the industry thanks to which online casino gamers can easily verify the fairness of their games. In provably fair gaming systems, iGaming operators rely on open source RNG algorithms and players can add seed numbers on their own to ensure that iGaming operators have no control over their gaming sessions’ outcomes.
Therefore, gamers who want to verify their games’ fairness by themselves, should turn to Bitcoin or other cryptocurrencies. There are also other benefits of using digital currencies to gamble online including no third parties required to process transactions, greater control over digital assets, and the ability to play at a wider range of iGaming venues.