The future of online casinos is not a distant reality, it’s something that is happening right now. Crypto popularity is already a global phenomenon and online casinos open their doors to this new currency.
Bitcoin, Litecoin, Bitcoin Cash, Ethereum and even Dogecoin, you name it, there are several cryptocurrencies available at multiple casinos for the player to make their deposits. But it is not just the diversity of crypto available, it is also how fast payments are made.
Anyone heading to the casino wants to have fun, but to have fun and win, a deposit has to be made. This is something that is done relatively fast, but withdrawing is not as fast. If we win a jackpot or simply want to cash out we might get stuck in that process for days or sometimes even weeks.
Crypto puts and end to this wait, allowing the player to withdraw their winnings instantly. Any Bitcoin transaction is confirmed in minutes, taking problems with slow transactions out of the equation.
VISA or MasterCard take 3-5 days to pay, and a bank transfer can take 7 days, so it’s a big difference between this and a transaction that can happen in minutes. For those who have that concern bitcoin still adds another layer of privacy, as the information required to do it is far inferior to the one asked by VISA and MasterCard.
Giving a credit card to a merchant means giving the merchant access to our credit line, regardless of the dimension of the transaction. The pull basis in which the credit cards operate just mean the money is pulled out from our account.
Bitcoin uses a different system with a push mechanism where we send the exact value we want the merchant to have access to. So, this is a small big difference, as without providing any additional information we just pay the due sum and that’s it, without giving access to anything else.
Also, it’s not just about personal security, but also a matter of saving, as using bitcoin to transact with online casinos mean we will pay lower fees. Lower to no fees, as at least currently there are no fees to exchange cryptocurrencies as the network pays the miners for the transactions.
The fees charged by the crypto wallets, similarly to what PayPal does, will in any case be inferior to the ones charged by VISA, MasterCard or a bank transfer.
Security has been a problem for online casinos for years now, whether it were hacks, breaches or data incidents. Entering the world of cryptocurrencies we find a whole new level of protection for the player.
This protection appears under the format of RNG testing, SSL encryption, ID verification and third party auditing. Being a digital currency there is no possibility to counterfeit bitcoin or reverse any transaction, unlike what happens with credit cards and their infamous charge-backs, so crypto and Bitcoin do add an extra layer or encryption and security to the casino systems.