Benefits of Using Cryptocurrency at Online Casinos

It seems that cryptocurrencies aren’t going anywhere (not anytime soon, at least), so it makes sense that the trendy online casinos have hopped on the crypto train. Players can now use Bitcoin, Litecoin, Ethereum, and many other digital coins to fund their casino accounts.

We’ve created this guide to help you better understand why cryptocurrency is so big in the world of online gambling. Let’s go over the main crypto benefits of online gaming sites, from special bonuses to faster payments and more!

Top 7 Advantages of Using Crypto for Online Gaming

Crypto coins come with many benefits, but these are the top 7 reasons why crypto casinos are worth it.

1. Exclusive Crypto Bonuses

For many players, bonuses are the main incentive that reels them into a casino. That’s why many operators offer crypto-related deals alongside the common ones for fiat currencies. These are bonuses that you can only claim if you deposit using crypto.

For example, there are casino operators that offer new crypto depositors a match of 100% up to 1 BTC, and they even throw in some free spins. On the other hand, at that same casino, the fiat welcome bonus usually doesn’t go over $4,000.

Keep in mind that some bonuses only consider BTC deposits to be eligible, while others may ask for Ethereum deposits. On that note, you should definitely check the terms and conditions to know what the qualifying requirements are.

2. Provably Fair Games

Most crypto gaming platforms make the most of the blockchain network and provide provably fair games. What are provably fair games, you ask?

Well, online casinos use mathematical algorithms known as random number generators, to determine the outcome of a game. However, it’s hard to prove whether a game actually uses RNG unless it’s tested and licensed by a reputable third-party organization.

On the other hand, at crypto casinos, this system is transferred to the blockchain, where everyone can verify the fairness of the casino title. This offers more transparency and builds trust in the operator. Simply put, you know that the games are not rigged by the casino.

3. High Levels of Anonymity and Security

The biggest advantage of cryptocurrency lies in its safety. Now, we know that most people say that cryptocurrency transactions are anonymous, but that’s not really the case. To be exact, most crypto is not anonymous but pseudonymous. Since it works using the blockchain network, every user of a digital coin needs a pseudonym that acts as an account.

For instance, when you create a Bitcoin account, you’re given a pseudonym, an alphanumeric address that you can use to transact with BTC. This is your alias, which everyone else on the blockchain sees. As a result, crypto transactions are pseudonymous instead of anonymous, meaning that financial forensics can still trace the address back to you.

However, even with this fact, crypto is far safer than most fiat payment methods. Although it can be traced back to you, it takes more time and effort than tracing a credit or debit card back to its original user. This, of course, depends on the type of crypto you’re using.

But regardless of the coin, crypto coins provide better security. All transactions are recorded on a public blockchain ledger, so the casinos don’t have your banking data. This means that you don’t need to go over any KYC steps when depositing money into your account. Simply copy the casino’s wallet address and send the desired amount from your crypto wallet to the casino.

Note: Remember that most crypto operators will still require a KYC check before you can withdraw your winnings.

4. Instant Payouts

Unlike fiat currencies, which usually take 3 business days to wrap up cashout transactions, crypto deposits and withdrawals are instant. That means you can top up your casino account or cash out in mere minutes.

You can look at the table below to see just how faster crypto coins are compared to other payment methods when you need to withdraw:

5. No or Low Fees

Cryptocurrencies also have lower fees compared to standard bank transfers at casinos. This allows players to keep most of their funds and continue playing their favourite games. It’s worth mentioning that there are also crypto online casinos that don’t have any fees—you just deposit and withdraw without any additional charges from the operator.

Note: Even if the operator doesn’t charge you, most crypto transactions have small fees which you pay to crypto network and people confirming your transaction.

6. International Accessibility

Not all traditional payment methods are accepted at every casino. Due to geographical restrictions, some operators may limit the use of certain eWallets or credit and debit cards. This surely isn’t the case with cryptocurrencies.

The international accessibility of cryptocurrencies provides a bigger range of options for online players. Coins like Bitcoin, Ethereum, Dogecoin, Tether, Litecoin, and more are all digital and work on the blockchain network; hence, they are globally accepted.

This means players can use them to join the majority of crypto-friendly gaming sites and transact to play online despite their location.

7. Boosted Innovation

Since crypto is decentralized, meaning nobody controls it, the possibilities for casinos to be innovative are endless. Some provide crypto-only games with better visuals and features, while others incorporate the use of smart contracts.

NFTs are also an addition to many casinos using crypto. For example, there are online operators that allow players to own digital assets in a casino game, such as items and characters, in the form of NFTs. A good example is the Aviatrix crash game. You can later sell or trade these on the blockchain network.

Conclusion

Crypto gambling is on the rise for a variety of reasons. These gaming platforms offer higher security, faster payout times, better bonuses, lower fees, and provably fair games, among other features.

Considering all of this, it’s no surprise that more and more players are transferring to crypto operators. However, we’d advise you to stay on the safe side and join only operators who are vetted by Cryptogamba’s experts, as they have a solid track record.