Why Online Casinos Should Switch to Crypto as a Form of Payment
Gambling is no longer restricted to the physical casino or the idealistic Vegas that never sleeps as long as the coins are tossed. Online gambling sites, all thanks to digital growth, assailed and diversified Casino clientele. In the same spirit, currencies are no longer restricted to the $1000 brought to the casino; people can place their bets and stake their worth online. The best part is how cryptocurrencies have upgraded the e-wallet game to the convenience of the online gambler.
For the smart ones, or should I say the lucky ones, casinos could be the most profitable hobbies of all time. Better yet, online casinos could be the best place to make some decent revenue as long as you are smart about knowing when to walk away.
Yes, there has been so much scrutiny about what casinos have done to people. But come to think of it, casinos have been a two-way street that doesn’t favor or discriminate against anyone. It all depends on your comprehension of the games you play, your self-control, and a bit of flair which you master over time. But we are not here to discuss how one can gamble efficiently, are we?
It is about time online casinos have included crypto coins as staking and reward tokens in their systems. Cryptocurrencies are digital wallets, say like how your money is in the bank and not in your pocket. Your money is protected as you use it, say to gamble, using a cryptographic system. Continue reading and find out why crypto is the future of online gambling.
Protection From Identity Theft
Unlike other means of payment like credit cards or bank cards, cryptocurrencies have no risk of identity theft. The crypto information provided by the client to the casino cannot end up stolen or hacked into, leaving the clients compromised. Unfortunately, casino online gambling sites can also fall victim to hackers just as any online system can. Cryptocurrency saves the day by ensuring that not only can the casino not obtain any personal information of the gambler, but neither can a hacker. Clients who like their gambling on the dark and anonymous side are bound to appreciate this extra layer of protection. In the case that a leak happens in the casino’s systems, the clients’ privacy will remain intact.
Instant Transaction Processing
Online gambling deposits using cryptocurrency are processed instantly. The removal of the middleman, such as seeking confirmation from banks, cuts down the processing time into nothing. Sharing and sending cryptocurrency takes just a few keystrokes between the clients and the casino in both withdrawal and depositing. There are countries where legislation, like the UIGEA in the US governing financial institutions, prohibits processing transactions made to gambling sites. Again, crypto swoops in and saves the day because it isn’t governed by any institution, and it doesn’t need to seek permission for transactions to go through.
Cryptocurrencies enjoy the freedom that comes with no inflation as they are decentralized. How is this relevant to gamblers? No central government regulates this digital currency and thus, users enjoy their tokens, which are strictly bound to cryptocurrencies, without the worry of inflation on the dollar. The bank does not care if lady luck did not favor you at the machines for the last month. This untraceable cryptocurrency ensures clients maintain face as they make their way to the next lottery win. Your clientele still manages to keep a source of income even as they gamble away on the slot machines, little by little.
Transaction Fees and Unlimited Transaction
Probably one of the minute, yet nagging thing about the primary forms of payments in casinos, (MasterCard, Visa, and PayPal) is that there is always a higher levy fee with every transaction while transferring money to the casino’s accounts. Casinos know that gamblers like lower stakes but higher wins. With cryptocurrencies, casinos get to lower the ‘expense’ of gambling for their clientele. It is not an entirely free transaction since most cryptocurrencies will instead charge considerably lower transaction fees. However, XRP (one of the best crypto options) charges virtually no fees at all with its operations, making it a popular pick for online gambling.
As previously mentioned, cryptocurrencies are not governed by any central authority, and so the operation network is spread for international use from anywhere. The best part about this decentralization, aside from operating from literally anywhere in the world, is unlimited transactions. With it’s features allowing instant processing of funds, cryptocurrency is the way to go. You could gamble away and triple your winnings in one session or night before lady luck runs out on you.
Cryptocurrency continuously and continually strives to prove itself in this digital age. Most people’s doubts, however, stem from inadequate knowledge of its operating mechanisms and how to use it. Critics would un-substantially argue that how then would you gamble wit a system you do not understand and is just a mirage. But with adequate knowledge on how to use the system and further how to gamble online using cryptocurrency, it’s all possible.
Casinos should, therefore, adopt cryptocurrencies as a form of Payment. It is not a loss to them in any way. If anything, it only serves to attract new clientele consisting of people using cryptos and want to gamble using that as a form of Payment. Casinos are otherwise missing out on a readily available and growing market and possibly increased gambling clientele. Furthermore, it is an increasingly digital age and cryptocurrencies as the new digital money, bring further convenience for gamblers.
As digital technology continues to prove itself, so does cryptocurrency, which, due to mostly inadequate knowledge, is continuously doubted continues to establish itself as well. Cryptocurrency offers a wide variety of crypto options for the gambling industry. With Bitcoin as the most commonly recognized, online gamblers should consider XRP (which is faster and more secure than any other cryptocurrency) and others such as Ethereum and Litecoin.
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