The Rise of Crypto Gambling: Why Players Turn to Digital Currencies?

Some casino players are frequently looking for new online casino sites with more games from tier-one software developers. However, many are also interested in finding better banking services and casino sites that provide faster transactions and high levels of security.

The reasons are simple: players want to feel safe, enjoy the convenience of fast casino withdrawals, and make sure their gambling activities are private. That’s where crypto casinos enter the stage.

After the rise of blockchain and the introduction of Bitcoin, online casinos quickly adapted to new trends and started offering cryptocurrencies and provably fair games.

In this article, we’ll dig deeper to help you understand why crypto gambling is growing in popularity.

Advantages of Using Cryptocurrencies

It’s safe to say that Bitcoin revolutionised online gambling by providing enhanced security. However, that’s not all. There are other reasons why more and more players choose crypto-friendly casinos. In the following sections, we highlight the most important ones.

1. Anonymity

One of the main concerns casino players have is whether their gambling activities will come into the spotlight. In some countries, banks consider gambling a financial risk, so applying for and getting a loan can be challenging. Traditional banking options like payment cards or wire transfers can make your casino transactions visible on your bank statement.

Contrary to this, digital money is based on blockchain technology, which is entirely independent of any third-party authority like a bank or government. In other words, all transactions made with crypto are pseudonymous. It means you are not revealing personal and financial data when crediting your casino balance with crypto.

2. Safety

Another vital factor for the growing popularity of crypto online gambling is an entirely different approach to security. Although standard payment methods and online casinos use bank-grade protection measures, none of them can compare to the security system provided by the blockchain network.

Since blockchain is a decentralised digital ledger where all payments are stored as verified and encrypted blocks, it’s almost impossible to access financial data. Moreover, you are not sharing sensitive data when using Bitcoin, Litecoin, or any other cryptocurrency for casino transactions. You only need your wallet address and a private key to confirm the transfer.

This is completely different from bank transactions, which require you to log in with a username and password that can be hacked. This way, digital currencies add an extra layer of security and privacy.

3. Lower Transaction Fees

Standard banking options usually apply specific fees on casino transactions. These can significantly affect your budget in the long run, especially if you deposit and withdraw funds frequently. As an alternative, cryptocurrencies are more cost-effective as fees on crypto transactions are considerably lower.

Since blockchain is a decentralised online ledger, it removes any third-party intermediaries that may add additional costs. All transfers are verified directly on the network, so you only pay minimal amounts to miners or validators who process these transactions on the blockchain. These costs are so low that you won’t even notice them.

Moreover, unlike standard payment options that add conversion costs if you make international transfers, cryptos are global payment methods without currency conversion fees.

4. Global Availability

Cryptocurrency is based on blockchain technology and is used around the world. Even the most popular fiat currencies, like USD, EUR and GBP, are not available in all countries across the globe. On the other hand, cryptos are.

The only things you need to be able to make online transactions with digital currencies are a good internet connection and a trustworthy crypto wallet. As a result, virtual money allows gamers from countries with strict gambling regulations to enjoy their favourite pastime despite their location.

5. Fast Casino Deposits and Withdrawals

Besides a high level of security and almost complete anonymity, one of the main characteristics that draw casino players to cryptos is their speed. These payments are handled much faster compared to traditional casino banking methods. This is particularly important for casino cashouts.

For example, if you withdraw your winnings with payment cards or via bank transfer, you’ll typically wait a few days to receive the funds. E-wallets and payment gateways are faster, but they are still not as efficient as a blockchain network. Although most online casinos have a pending time necessary for their finance team to observe and approve the withdrawal request, the number of crypto casinos offering instant withdrawals is constantly growing.

To put it simply, if you make crypto deposits and casino cashouts, your transactions are handled almost instantly, as no intermediaries are involved. Even if you need to wait, these waiting times are much shorter than the timeframes of traditional banking services. Consequently, speedy withdrawals also add up to the overall gaming experience.

6. Wide Range of Cryptocurrencies

Since 2009, when Bitcoin started paving the way for other cryptos, the number of virtual currencies has skyrocketed. Today, you can choose from several hundreds of currencies. However, not all of them are widely adopted and available on online casino platforms.

Even so, the selection of crypto coins is impressive, allowing for greater flexibility and freedom to choose the currency that best suits you. The most popular and best-known cryptos you’ll find at top-rated crypto-oriented casinos we’ve picked for you include Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Tether, Dogecoin, Ripple, and Cardano, to name a few. Another great advantage of playing at crypto casinos is that some even have their own coins you can use for casino transactions and get rewards when you collect enough.