Although cryptocurrency has been around for more than a decade, it remains to be a novelty for many. The original cryptocurrency, Bitcoin, was known for its three main qualities. It is entirely digital, secured, and decentralized.
This means that you can make transactions anonymously. There is no need for a middleman and transactions can only be completed if both parties held to their end of the deal. The reasons mentioned above are just some of the driving factors that push the existence of a bitcoin casino like Gamdom.
It may be intimidating at first to understand cryptocurrencies. While such is the case, this has erased the fact that cryptocurrencies are becoming more and more present in online transactions. Today, you can buy anything – from a house to a cup of coffee – through bitcoin. As mentioned before, the online gambling industry is using crypto as well.
Crypto gambing or casino cryptocurrency has been around for a few years. In crypto gambling, you can use cryptocurrencies to top up and play on different online casinos. One might ask, what is the need for adopting a decentralized digital currency?
Cryptocurrencies are not just simply an alternative option in order to complete your transactions. They have a wide range of benefits for both players and the casino. It is said that in the coming years, more people will likely get into the use of crypto.
To help you decide whether you should truly and finally invest in cryptocurrencies, here are some reasons why you should consider cryptocurrencies in online gambling.
Payment security
Since cryptocurrencies are using blockchain technology, every transaction is impossible to tamper with. Transactions are encrypted and decentralized. This means that there is no third party involved in the process. The payment strictly comes from the player and goes directly to the casino and vice versa.
Cryptocurrencies are the most secure method of payment. As a crypto user, there are still precautions expected from you. These include storing your coins the right way. Make sure that your private keys are protected with passwords. Only transfer the amount you need to your crypto wallet. Store the rest of your coins in cold storage.
Suppose the online casino you have been playing on gets hacked. It will be highly likely that your credit card details or PayPal account information will get stolen. You will then be a potential target for the hackers. However, this will not be a problem if you’re using crypto. As long as your private key is protected with a password, your money is protected.
Bypass restrictions
In the past few years, the online casino market has grown immensely. Though the online casino industry has been proven to contribute to the economy in various counties, there are still countries that restrict online gambling.
Governments are able to determine who plays on an online casino by tracking the movement of transactions to and from an established entity. For instance, if you are from France and you play at a casino in Malta, you won’t be able to use your bank account to deposit money.
In the case where a casino allows crypto transactions, you are allowed to bypass such restrictions and have a great gaming experience safely.
Easy withdrawals
Most players find it risky and inconvenient when earnings can’t be cashed out at the desired time. For the player, it means that they have no significant control of the funds because they remain in the hands of a certain funding source. Withdrawals with cryptocurrencies have short waiting periods.
You won’t have to worry about waiting. Transactions move quickly and easily. You can continuously withdraw and play your games without having to think about the value of your bankroll.
Anonymity and privacy
Anonymity and privacy are considered luxuries in the world of the digital age. If you’re the type of person who values the security of your identity, crypto gambling is an excellent choice for you.
Cryptocurrencies offer a high level of anonymity and privacy. You will be able to keep your gambling activities separate from your regular banking activities. You will be able to budget wisely as well and keep sensitive information to yourself.
Since cryptocurrencies were designed to be used online, they pair great with the online gambling industry. They are digital cash that you can use immediately. They are not connected to any of your private information. Payments are also processed significantly faster than traditional options for fiat currencies.
Get rewards
A primary reason why most players nowadays choose online casinos like Gamdom instead of land-based casinos is to take advantage of bonuses. They use these bonuses to play and thereby get rewards. It is no wonder why players are always on the lookout for bonuses.
There are various types of bonuses that online casinos provide, such as welcome bonuses, free spins, and no-deposit bonuses. The most sought-after type of bonus is the no-deposit bonus since they do not require players to invest money before they can play.
Such bonuses are available for players who use fiat currencies as well. However, crypto casinos tend to provide bigger bonuses due to the fact that they do not need to pay huge fees.
Crypto casinos are cheaper
For online casino operators, their operation is significantly cheaper than that of land-based casinos. Opening an online casino is cheaper as well than opening a land-based casino. This is because banks and traditional transaction processing companies charge far more than crypto processing providers.
This translates to casinos paying less handling transactions, which results in players having to pay lower fees. Crypto players end up having more money to gamble with.
Since crypto casinos have fewer expenses to cover, they are able to afford to pay out big bonuses. In time, it is assumed that more and more online casinos will be accepting crypto payments. Other cryptocurrencies are slowly gaining popularity besides Bitcoin.