The iGaming landscape has gone through significant changes over the last decade that have consistently propelled the industry forward and contributed to its impressive growth.
Among the most significant contributors, however, has been the adoption of crypto as a currency when gambling online. And Bitcoin, in particular, has become a common coin for numerous reasons, which we outline below.
Deposit and Withdrawal Speed
One of the most notable benefits of gambling with Bitcoin is the speed of transactions. Faster deposit speeds let you begin playing more quickly, while speedier withdrawals allow you to enjoy your winnings without delay.
Unlike traditional payment and withdrawal methods, which require processing by various operators and processors (payment gateway, authorizing bank, etc.), Bitcoin deposits are processed almost instantly on the decentralized blockchain.
Although deposits made using these traditional methods are also commonly instant, withdrawals are not. These are often subject to delays, ranging from 48 hours up to 12 business days on some platforms. Bitcoin casinos, however, often offer instant withdrawals alongside their fast deposits.
Lower Transaction Fees
Aside from offering faster transaction times, Bitcoin transactions come with the benefit of attracting significantly lower fees than fiat currency platforms. These fees, which are usually not advertised when making a deposit or withdrawal, can make a substantial difference in your cash flow, particularly if you make regular transactions.
While lower fees can make a notable difference if you are playing with a local operator, they can have an even broader impact if you are playing on international sites. This is because, if you are playing with fiat currency, you may need to make international transactions or pay for money exchanges to get your winnings (or deposits) into the right currency.
With crypto, all fees remain the same and no additional costs are levied if you are gambling on a site outside your region. Therefore, when accessing international sites, your savings on transaction fees are likely to grow quickly.
Greater Privacy and Anonymity
Another sought-after feature offered by Bitcoin gambling is a greater level of privacy and anonymity. This is true despite the fact that many crypto casinos—although not all—are required to implement Know-Your-Customer (KYC) policies and collect your basic information for verification.
Where Bitcoin primarily offers privacy is when making deposits or withdrawals. Traditional casinos require payment via bank card or direct transfer, which requires significant personal and payment information to be submitted and stored. This information is a potential target for data breaches or abuse.
Because Bitcoin operates on a blockchain that requires only a wallet address and no other identifiable information, transactions to and from your player account often contain almost no information about you. This helps you retain some anonymity and ensures your privacy is respected.
Heightened Security
Alongside the benefit of greater privacy, Bitcoin casinos also have the advantage of heightened security in terms of transactions into and from your player account. This ensures that you can be confident about the safety of your money as you play.
This elevated level of security is due to the blockchain security that crypto like Bitcoin uses. Because each transaction is securely encrypted and written to the blockchain, it is impossible for your deposit (or withdrawal) to be intercepted, compromised, or otherwise tampered with.
Additionally, as with the benefit of privacy, crypto transactions offer greater security because they do not contain identifiable information about you or your bank accounts. Hackers could use this information, which is present in traditional transactions, to steal your money, account details, or identity.
Global Access
Global accessibility and acceptance are another important benefit to gambling with Bitcoin. This feature is mostly due to the fact that Bitcoin is decentralized and, therefore, not subject to blocks or regulations imposed by a central bank or government.
This freedom from most monetary policy, despite continuous efforts to bring regulation to the crypto market, means that crypto, and online casinos that operate using crypto, can often be accessed by anyone, anywhere.
This accessibility, however, should be used with caution. If you are in a country that strictly prohibits the use of cryptocurrencies like Bitcoin or gambling in general, using an international operator that allows gambling by using crypto may be illegal. Ensure you have researched the risks you may be encountering.
Provably Fair
An impressive feature of almost all online casinos that accept Bitcoin is that they also offer provably fair games. This feature is made possible through the use of cryptographic algorithms that allow you to verify that the outcome of each game is random and fair.
This ability to check a game’s fairness applies to a variety of games, from slots to table games like poker or blackjack. These games provide deeper transparency between you and the operator, helping to develop a stronger relationship of trust that traditional casinos, which do not offer provably fair titles, often lack.
Promotions and Bonuses
The final major benefit to gambling with a Bitcoin casino is the promotions and bonuses offered. While these tend to be generous on all casinos, Bitcoin and other crypto casinos tend to provide bonuses with greater rewards, particularly welcome bonuses for new players.
The chief reason for this is that while neither Bitcoin nor fiat currency online casinos have physical overheads, crypto casinos also do not have to pay the processing fees, platforms, or licensing fees to allow transactions in fiat currencies.
Due to the lack of traditional payment processing options, crypto casinos also avoid one of the major expenses fiat currency casinos incur: fraudulent chargebacks. As such, crypto casino operators have fewer overheads and can offer more substantial bonuses.
Conclusion
Bitcoin gambling has ushered in a new way to gamble that makes it more attractive to players than traditional gambling.
As such, whether you are exploring the apps available in the gambling industry or eyeing an operator you have heard others recommend, make sure to check if they accept Bitcoin. Doing so can unlock the many benefits of crypto and elevate your gambling experience.