Why Online Gamblers Love Crypto

One of the sectors that cryptocurrency has made an impact in is the gambling world. Humans have gambled in some form for centuries at this point but the creation of crypto has put a new spin on it. Now, it is not unusual to see online casinos that accept crypto exclusively or alongside fiat currency. 

And their customers seem to love crypto and many prefer it to other payment methods, both for withdrawals and deposits. But why has cryptocurrency become so favoured among online casino users? There are several reasons that we break down in this article.

Why Online Gamblers Love Crypto

1. More Profit

At the end of the day, the reason people play gambling games is to make money and cryptocurrency gives more opportunities to do this than traditional fiat currencies. When you bet with fiat currency, the value of the money you win doesn’t change much. Say you bet $100 and win back $150, you have essentially profited $50 and the buying power of this money likely hasn’t changed between when you wagered and when you won. 

With cryptocurrency, however, it is a bit different. The value of various tokens goes up and down based on several factors and this could be in players’ favour. If you bet 1 BTC worth $10,000 and won back 1.5 BTC, the value of Bitcoin could have gone up. So not only have you won 0.5 BTC but both your old and new tokens could be worth, say, $20,000 and $10,000 respectively, which is now a total profit of $20,000. 

2. Faster Payouts 

One of the pain points that many online casino users face is not getting their funds released on time when using fiat currency. Depending on the casino used, they could be kept waiting hours or even days to get a payout and this can be very frustrating. However, cryptocurrency is known for being much faster to transfer. Because it is based on decentralized technology, there is no bank or institution that will restrict the flow of crypto, especially if high gas fees are paid.

There are also many tokens like XRP and Litecoin that are known to complete transactions in a few minutes or even seconds, in some cases. As such, players who opt for cryptocurrency can enjoy speedy payouts from the likes of Instant Casino and get their hands on their winnings in record time. 

3. More Privacy 

Anyone who has tried to sign up for an online casino will be familiar with how cumbersome the process can be. It is not unusual for customers to be asked for their address, government ID, banking details, and other sensitive information. And for those who are very privacy-conscious, this can prove to be a hassle. 

However, casinos that deal in crypto are known to have fewer KYC procedures, which means that their users do not need to provide all of this information. In many cases, they only need to provide their email address to sign up to the casino, along with their crypto wallets. Speaking of crypto wallets, many crypto wallets can be set up with minimal information required, sometimes not even an email address. This means that casino users can fly completely under the radar and enjoy maximum privacy. As such, crypto has become more popular among privacy-seeking casino users. 

4. More Control 

Another benefit that cryptocurrency offers, especially for gamblers, is more control over funds and how they are moved. Traditional fiat currencies are tied to centralized institutions like banks. This means that while fiat currency holders can freely spend their funds, there is still the chance of restrictions. Your bank could, for example, freeze your account if you spend your money on certain platforms or in a certain way. Your bank could also put limits on how much you can withdraw or deposit at any given time and this makes it harder for online casino users.

But cryptocurrencies are decentralized by their very nature, which means that your activities with them cannot be restricted, even by your wallet provider. You can spend as much or as little as you want on your casino of choice as often as you like with no issues. Simply put, cryptocurrency puts you fully in control of your casino experience. 

Steve

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