Once players better-understood cryptocurrencies it became one of the most preferred payment options at online casinos. The advantages include provably fair gaming, instant payments and fast, in most cases instant withdrawals. At first, casinos accepting cryptocurrencies were few, but this changed almost overnight, and currently, most of the major brands gladly accept payments via Bitcoin, Ethereum, Litecoin and several others. There are quite a few different cryptocurrencies that can be used to fund your casino account and payouts can be expected within an hour up to maximum a day.
The while phenomenon around crypto started with online operators accepting Bitcoin to provide online players with a secure and anonymous option. The most widely accepted currencies at online casinos include LTC Litecoin, DASH Dash, DOGE Dogecoin, BCH Bitcoin Cash, ETH Ethereum and the most popular remains BTC Bitcoin. These hugely increased the banking options at most casinos while it also offered players a method that is low in costs.
The main reason why cryptocurrencies became as popular is the decentralised system as it is not government or bank owned. It enjoyed instant success in the USA, where casino game enthusiasts could finally fund their accounts without the need to go through banks. The virtual currency is stored in an electronic wallet and is one of the safest options to transfer money, purchase goods or services. Accepted globally, cryptocurrencies make payments fast, safe and easy whether you pay via mobile or your desktop.
In most ways, cryptocurrency-friendly casinos are the same as any other casinos. The difference is the increased payment options available to the players. There are two types of cryptocurrency-accepting casinos, including cryptocurrency-only casinos and supporting-cryptocurrency casinos. This offers players two options, casinos that support well-known software developers such as NetEnt, Play’n Go and Yggdrasil Gaming or operators focused on provably fair games.
There are a few reasons why online players favour cryptocurrencies when it comes to funding their online casino account as well as withdraw their winnings, which includes an increase in security, anonymity and fast transactions.
One of the major selling points in cryptocurrencies is the increased security it offers since online players get avoid sending their sensitive details to casinos via the internet. Created as virtual currencies, banks and governments cannot track transactions. Bitcoin, for example, operates entirely as a blockchain and there is no address, contact detail or name attached to it.
Registering with some of the cryptocurrency casinos enable players to use a moniker and BTC is an accepted currency as well as payment method. This means the currency requires no conversion into dollars or pounds and the games offer BTC betting. Security includes 2 FA passcodes only known to the owner of the virtual currency.
Traditional casinos accepting cryptocurrencies still require new members to register and provide identification. Depositing is allowed via cryptocurrency, although it is converted as all betting takes place in non-virtual currencies such as dollars. All information exchanges with the casino are SSL encrypted, which is as secure as systems used by major financial institutions and members information is firewall protected, once processed.
What catches the attention of many casino enthusiasts is the lower transaction fees option offered by cryptocurrencies. One of the highlights of cryptocurrency use is the low fees for transferring and receiving funds.
Most deposits clear instantly at online casinos. This includes funds transferred via cryptocurrencies which allow players to claim bonuses and start playing immediately. The holdup comes when members want to withdraw their winnings. Some online casinos have quite a long pending period of one up to two days. If this is not enough, some operators only process withdrawal requests during weekdays. With the pending period and processing time, players can wait for three up to five days for their winnings. Although, the best online casinos do offer much faster payouts via ewallets. Cryptocurrency withdrawals can take an hour up to one day, which is one of the main reasons why players prefer to use it.
Cryptocurrency, or to be exact, Bitcoin recently celebrated its tenth year in existence, and during the past few years, it became a much more accepted form of payment. As more players became familiar with this payment option, especially in terms of online payments. Its popularity inspired several top brands to add it to their list of accepted payment methods.
The unique Bitcoin system was first introduced in Japan in 2008 when the world first learned about the digital currency that exists virtually. The main principles were decentralisation and complete anonymity, and at the time it was also announced that the issue process of Bitcoin would be finite and no more than 21 million coins will be created.
. No Identity Verification Needed
. Instant Transaction Processing
. Play at the Best Cryptocurrency-Supporting Operators
. Lowest Transaction Fees
. Not Accepted at all Online Casinos
. Many Players not comfortable with Cryptocurrency use
Cryptocurrencies became known for offering larger bonuses. The welcome offers are structured in the same way as percentage-bonuses at other operators. Although the difference is based on the value of the cryptocurrency, which means a 100% bonus has a higher value when it offers up to 5BTC in bonus value. Other bonus forms available to crypto players include free spins bonuses, percentage based reload bonuses as well as cashbacks.
Bitcoin depositors can claim any bonus including huge welcome bonuses at any cryptocurrency-supporting online operator. This is a huge advantage since many operators still exclude deposits via Neteller and Skrill from welcome packages.
Since Bitcoin launched online, its main focuses remained faster, more private and cheaper transactions. These are all keywords to convenience and better services in the online casino enthusiast’s language, which hugely increased the popularity of cryptocurrencies. The fact that crypto casino requires far less information, which in most cases is only an email address is another huge plus. The minimal transaction fees add more entertainment funds to players pockets, and for casino players, that is a nice benefit.
Q: What are the main benefits of new cryptocurrency-only operators?
A: The process in opening a cryptocurrency casino is reported as much quicker and can take a couple of weeks versus a couple of months. Due to the popularity of the selection of cryptocurrencies available to online players, the new casino is almost guaranteed a flow of regular customers.
Apparently, no licensing is required, currently, for cryptocurrency exclusive casinos, although some do obtain licenses to increase the trust of online players. The cost of currency conversion rates is removed and the number of cryptocurrencies only players continues to increase. One of the main benefits for new cryptocurrency-only operators is that there is far less competition when it comes to specialised operators.
Q: How many cryptocurrency exclusive online casinos are there?
A: The exact number of cryptocurrency-only casinos changes daily, although recent reports showed that the number of bitcoin-specializing casinos is below 15% of the online casino market. Experts do predict that it could massively increase in the next couple of years due to the fact that these casinos perfectly meet the requirements of both the operator and the online player.
Q: What is the main risk part of cryptocurrencies?
A: Potential risk part of cryptocurrency use or transactions is that many countries do not support the use of cryptocurrencies. The number of countries can increase or decrease, it also hugely affects the value of cryptocurrencies and depending on the number of money players invest, it could be a huge risk.
Q: Do I need specialised software to use cryptocurrencies?
A: It is one of the questions some players actually forget to ask before jumping straight into cryptocurrency betting. But, then again you would think that all casinos that are cryptocurrency exclusive will be compatible with iOS, Android, Mac and Windows devices. It is not always the case, and it is important to first check by visiting the casino. Compatibility issues can cause lags which can see some games not displaying correctly on your current system. The best way to ensure your system are compatible is to try a few demo games on both your mobile device and desktop. If it works fine, you should be able to enjoy all games.
Q: How many different cryptocurrencies are available?
A: Believe it or not, there are over 700 cryptocurrencies, but only a few are seen as valuable, which in most cases, only those most trustworthy are accepted at online casinos. The main, or most known cryptocurrency, as well as the most popular, is Bitcoin. It launched in 2009 and is used by 80% of crypto users with this followed by bitcoin cash as the most used peer-to-peer transactions.
Ethereum, preferred by many players as well as businesses, is the other major cryptocurrency when it comes to the number of users. Litecoin is, in many ways, similar to bitcoin when it comes to mining, although in terms of popularity it is not even close.
Dogecoin, known for its loyalty to users, is accepted at many casinos that are crypto-supporting. Monero offers full control to the owner and is one of the well-known digital currencies that are also untraceable. When it comes to digital currencies that can be used anywhere, Dash is very popular, while Ripple is known for speedy, hassle-free transactions.
Q: Should I switch over to cryptocurrency-accepting casinos?
A: The only person that can decide whether to use cryptocurrencies at online casinos or not, is you. There are thousands of online players that are still not at ease with using cryptocurrencies. There are also thousands who are extremely happy to use the digital currency. The advantages include fast withdrawals, lower transaction costs and an added layer of privacy. It all depends on what you feel most comfortable with and your depositing and playing style. It might be good to visit some of the cryptocurrency casinos to see what they offer in terms of bonuses and games variety.