Since the creation of Bitcoin, cryptocurrency fever has been sweeping through the world. Advances in digital technology have led to more secure and convenient online payment options over credit cards and cash. With this increased security, it is not surprising that businesses are beginning to spend time researching how to implement these new types of payments into their practices.
While there will always be a market for brick-and-mortar establishments, people are increasingly turning toward a more convenient option when they choose entertainment or methods of purchasing various goods and services. The benefit provided by online casinos is clear: no matter where you are in the world, these casinos can be accessed at any time via your home computer or cell phone from almost anywhere with WiFi access.
As long as the casino has been verified by a trustworthy service, there is no need to worry about being ripped off. If you would like to see a crypto casino visit gamblersarea which aggregates the best crypto casinos online. Because of the benefits brought on by cryptocurrency, online casinos are beginning to implement these cash replacements in their payment systems.
The appeal is as clear as it seems: offering customers more options for payment increases the likelihood that they will complete purchases and continues to provide opportunities for people to continue gambling. This is especially important when it comes to online casinos, since a customer’s location will no longer prohibit them from playing.
Online bitcoin and other crypto accepting casinos are showing excellent returns and an uptick in popularity, and the trend is likely to continue in the near future. The popularity of these games has skyrocketed thanks to their convenience and flexibility; soon, many other businesses may be following suit.
Why Crypto Casinos?
One of the primary reasons that online casinos have been so successful with cryptocurrency is due to how easy it is to use. Since digital wallets are created by private companies, there is a greater burden on them to make their user experience as simple as possible. In contrast, credit card companies are much more concerned about their own reputation and do not wish to be liable if someone decides to defraud them.
With this in mind, taking payments from an online casino via credit cards makes it far harder for customers and also creates a much larger risk for the company itself. As such, many sites that accept crypto will require you to deposit before they grant you access so that they can ensure you are capable of paying back your debts should you lose.
A second reason crypto casinos have been so successful is due to the level of privacy that they afford users. There are no government regulations on these cryptocurrency currencies, and as such, you are free to use your coins how you please.
As long as you remain within the legal limits, it will be difficult for any authority to track what exactly you do with your coins or even know whether they are connected with an online casino at all. This allows individuals who desire a better level of privacy than cash or credit cards can provide to truly immerse themselves in whatever activity they wish.
Finally, cryptocurrencies allow players to maintain control over their funds; this has made them especially popular among people who play games where there is an element of chance involved. Most online casinos require some level of wagering before they grant you access to your funds, but with coins in a digital wallet, you are free to use them at any time that is convenient for you — even if the casino does not wish to release them yet. In this way, users can place bets on events such as:
- Crash games;
- Horse races and sport matches;
- Game Shows;
- Table games;
What Do Online Casinos Offer?
Online casinos offer many advantages over their brick-and-mortar counterparts. Perhaps the most notable of these is their ability to cater to a global clientele. The popularity of the internet means that it is far easier for people from all over the world to play games with or against each other; this can make any game more entertaining and even prove useful in teaching new languages if you are playing with players who have varying levels of mastery (or none at all).
These casinos also tend to be much larger than their offline counterparts, which allows for a greater variety of options when it comes time to place your bets. Two other important factors that online casinos enjoy—especially those that accept cryptocurrency — are:
- There are no limits on how much money you can win or what you can lose;
- You can play the game from anywhere in the world.
Of course, there are also some disadvantages to online casinos as well. Many people enjoy being able to interact with others when they gamble; online games do not really allow this and so can be somewhat boring or even frightening for those who prefer a more social setting.
Additionally, you need a stable internet connection in order to experience these games properly, and if your internet goes down during a match, you may lose your entire wager due to no fault of your own. Most sites that accept cryptocurrency will have methods of offering refunds should something like this happen (though you must ensure it is within their stated rules), but some users still prefer playing at brick-and-mortar casinos where such circumstances are less likely to occur.
Why Casinos are Increasingly Accepting Crypto
Casino operators have many reasons to accept cryptocurrency as a form of payment, with the main one being that it is much safer than accepting credit cards or other forms of traditional currency. For example:
- Credit card fraud costs businesses around $3 billion per year, and this price tag has been rising steadily since 2011. In 2016 alone, there were more than 400 million credit card transactions that were later found to be fraudulent in nature; these percentages are similar across all merchants who accept credit cards for payment (though some categories see higher instances of fraud than others).
- Hackers also pose a threat to both casino sites and their customers. When a company such as Sony has millions of people’s credit card information stolen, the costs are not only financial but also reputational. Similarly, when a casino site is hacked and user information (including perhaps their private key ) is extracted, users will lose a great deal of trust in that company; this can be catastrophic for business.
- There are additional costs associated with verifying customer identities if you accept fiat currencies. As some countries have been known to confiscate assets without notice , accepting traditional payment methods could leave your business vulnerable to attack even if it was not the target itself.
Cryptocurrencies cannot be confiscated due to government action, nor can they be frozen or otherwise taken away by third parties; security measures such as two-factor authentication also ensure that anyone who obtains a user’s private key will not be able to use it without permission. With these considerations in mind, many online casinos have begun to accept cryptocurrency as a form of payment.