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The influence of the crypto industry on gambling
Crypto technologies are developing at a tremendous speed and find their application in many industries, including gambling. It allows you to simplify the deposit and withdrawal of money as much as possible, will enable you to play anonymously, and will make the use of the gaming club more secure. Best bitcoin casino offers its regular customers big bitcoin bonuses and many other privileges.
In addition, gambling activities have also received changes. So, ETH roulette and slots today allow you to bet in cryptocurrency, have great chances of winning, and have a beautiful interface. It makes gambling even more interesting and exciting.
Benefits of using cryptocurrencies for players
Cryptocurrencies are a prevalent trend today. Many celebrities today actively support and popularize them. However, the use of cryptocurrencies in online casinos has a lot of advantages. Among the most important for players are:
- High speed of transactions;
- Ability to circumvent government regulation;
- Low transaction fees;
- Bonuses in cryptocurrencies;
- Increased level of security;
- Ability to play anonymously.
Let’s discuss each of these points in more detail.
High transaction speed
Money is always credited to the game account instantly. But sometimes, there are problems with the withdrawal of winnings. So, the speed of withdrawing money depends on the payment system. So, most electronic wallets credit money within a day, and bank cards make players wait up to a week.
Cryptocurrencies can provide instant payouts. Moreover, it is worth saying that the limits for users who use these currencies are much higher.
Bypass government regulation
Many countries impose gambling bans, so players have to look for ways to get around this. Cryptocurrencies are becoming a very convenient assistant. They are challenging to trace. In addition, with their help, you can use an online casino that does not accept your national currency.
All payment systems charge a fee for their services. The problem is that sometimes they want to bite off too big a piece. You can use cryptocurrencies if you do not want to pay 5 – 10% of the winnings. Here the transaction cost is minimal, and you can save a lot.
Bonuses in cryptocurrencies
Many casinos like users use cryptocurrencies, giving them excellent bonuses. So, CloudBet offers users up to 5 Bitcoins as a bonus, a huge privilege. No fiat casino can afford such tremendous gifts.
You can spend crypto bonuses on gambling with minimal risk, but you won’t be able to withdraw them to your electronic account.
Many casinos have relatively poor protection, so users’ data falls into intruders’ hands, and hackers intercept payments. Blockchain is currently the most secure database within which transactions are carried out. Users who use cryptocurrencies do not have to worry about security because it has good protection.
Ability to play anonymously
Many users want to play anonymously and do not like the casino asking for passport details and information about their location. They fear this data may fall into third parties, leading to big problems.
Benefits of using cryptocurrencies for casinos
The use of cryptocurrencies has a lot of advantages for online casinos. Firstly, gaming clubs can also save on transactions and instant transactions. However, they get additional features:
- Avoid chargebacks;
- Increase your financial efficiency:
- Attract new users;
- Increase the list of gambling activities;
- Simplify the process of obtaining a license.
Each of these moments is of great importance.
Users often claim that they have lost their bank cards, so they demand to make chargebacks. It is one of the most common fraud methods, leading to significant losses for online casinos. In the case of cryptocurrencies, this situation cannot happen.
Improving financial efficiency
The use of cryptocurrencies allows you to save a lot. So, you no longer need to pay hefty commissions, spend money on expensive maintenance of payment systems, and pay chargebacks. In addition, using cryptocurrencies allows you to make good money on fluctuations in their value, which the casino does with great success.
Attracting new users
Many crypto enthusiasts prefer to gamble only on this and assets. Thus, if the gaming club starts accepting crypto, you can expand the audience as much as possible.
Expand the list of gambling activities
Today, quite a few providers have developed gambling games that accept cryptocurrencies as a bet. So, if your casino starts taking crypto assets, then you can add such slots and roulettes to the list of your gambling activities. Many crypto casinos even have an extensive section, especially for crypto enthusiasts.
The process of obtaining a license
The use of cryptocurrencies cannot prevent the casino from obtaining a license. Most jurisdictions that issue gaming club licenses also issue permits to crypto companies. The most popular jurisdictions are Malta, Curacao, Kahnawake, and many others.
Disadvantages of using cryptocurrencies
The main disadvantage of using cryptocurrencies is the instability of their price. Some casinos and players are losing a lot of money due to the sharp decline in the currency they are used to playing with.
Another drawback is that some casinos are in no hurry to expand the list of cryptocurrencies, stopping only at Ethereum and Bitcoin. It may be inconvenient for some crypto enthusiasts.
In addition, on some online platforms, the number of gambling activities that accept cryptocurrencies is minimal, so users cannot fully enjoy the game.
However, the last two shortcomings are easily solved if the creators of online casinos are interested in providing quality services.