The use of cryptocurrencies like Bitcoin, Litecoin, and Ethereum has significantly grown over the last few years. Even other less popular coins have also started to gain more users like Cardano, Chainlink, Shiba Inu, and many more.
With the growth of crypto usage, more industries have started to embrace its use and the online gambling sector is one of the first to accept crypto transactions. Today, people can play their favorite casino games like online blackjack, slots, poker, and many more with Bitcoin and altcoins.
So, why are casino players switching to crypto gaming? Is this beneficial? What are the advantages and disadvantages? We’ll answer all of that and more in this article.
What Are Cryptocurrencies?
Cryptocurrencies are digital currencies or assets that you can use to send and receive money online. It is decentralized, so they have no central issuing or regulating authority. It runs on blockchain tech so all crypto transactions are recorded and can be easily monitored.
When one talks about crypto, many would immediately think of Bitcoin. While it is considered the first successful cryptocurrency, it’s not exactly a fresh idea. The first cryptocurrency was made in 1990 called eCash which was created by DigiCash and owned by David Chaum.
However, it was Bitcoin that took off and made crypto popular. Bitcoin was created in 2009 by an anonymous developer or group of developers called Satoshi Nakamoto. This crypto was made to make sending money over the internet convenient.
In 2009, a Bitcoin was only priced at less than $0.40 and it was in 2011 when it surpassed the $1 mark. Back then, there were already Bitcoin users that saw the coin’s potential. Some are still skeptical about it even to this day, but 2017 was when we can say that more people started to believe in it as it was able to reach a value of over $1000.
Fast forward to today when a Bitcoin is now valued at over $19,000 with an all-time high of over $64,000 in 2021. This is why many have shown interest in cryptocurrencies over the last few years and with that, more businesses have started to adapt its use including the online gambling segment.
What Are the Benefits and Advantages of Playing Real Money Games with Crypto?
There are a few great reasons why more players are switching to Bitcoin gaming. With crypto, they can deposit to their casino accounts instantly. Sure, instant crypto deposits are not that impressive, but with crypto, some online casinos are also capable of processing withdrawals instantly like Bitstarz Casino.
Traditional online casinos would sometimes take 24 hours and up to 5 business days to process payouts, so this makes crypto payouts quite revolutionary.
Crypto also enabled the existence of anonymous casino gaming. Anonymous online casinos usually only take crypto deposits as this doesn’t reveal the identity of a casino player. After all, when sending or receiving money with crypto, it’s not traced to a person but a wallet address instead.
Since cryptocurrencies are decentralized, processing transactions are generally cheaper, so online casinos are also saving a lot from accepting crypto payments. This is why most Bitcoin casinos can afford to offer generous welcome bonuses.
For example, Wild Casino has a 300% crypto welcome offer of up to $9,000. Bitstarz also has a welcome package for new players that can give them deposit bonuses of up to 5 BTC. That’s how big crypto bonuses are these days.
So, it’s a win-win situation between an operator and a casino player if they transact with crypto instead. Some casinos would even promote crypto gambling with more exclusive offers and games to play.
Is there Any Disadvantage of Using Crypto?
Like with regular online transactions, the use of cryptocurrencies can also have disadvantages. Mainly, players must know how volatile Bitcoin and other cryptos can be. Just take a look at how much it was valued last year compared to its recent value.
However, it could also mean that it’s a good time to buy crypto now because it may reach another all-time high. It’s hard to predict the crypto market, for sure, but at least your cryptos can be put into use these days.
Aside from online casino gaming, cryptocurrencies are also handy to have if you want to try NFT games, shop online, and even travel.
There are now hotels, restaurants, and travel agencies that accept cryptocurrencies. In some places, you can also find Bitcoin ATMs. That said, even if crypto can have its cons, it can still be beneficial. The bottom line is that you must do your study before purchasing cryptos and know how you want to use them – hold, trade, or play casino games!