You must fund your bankroll to begin your gameplay at any online casino. How can you do it? You’ll need to use a payment method, preferably a secure one, to complete your transactions. The same goes for claiming your winnings following gameplay.
With the evolution of the iGaming industry underway, most gambling sites are incorporating cryptocurrencies into their cashier sections. Using these options, you can fund your gaming sessions on such award-winning online slots as Big Bass Splash or a table game of your choice. Let’s explore the blockchain options available for digital payments when gambling on the Internet.
Cryptocurrency in Online Gambling
You must know that cryptocurrency payments for online gambling have become the norm. You do not actually need to look for a crypto casino since the majority of so-called conventional online gambling platforms offer deposits and withdrawals using crypto coins along with other options.
While many cryptocurrencies have DeFi (decentralized finance) capabilities, only a few are commonly used to facilitate digital transactions on iGaming sites. Using them to process your payments also offers added benefits, which we will discuss shortly. First, let’s take you through the common coins in top casinos accepting cryptocurrencies:
| Crypto Coin | Short Form |
| Bitcoin | BTC |
| Ethereum | ETH |
| Tether | USDT |
| Litecoin | LTC |
| Tron | TRX |
| Ripple | XRP |
| Dogecoin | DOGE |
| Cardano | ADA |
| Binance Coin | BNB |
| Bitcoin Cash | BCH |
Advantages of Using Cryptocurrency in Online Gambling
To better understand the emerging trends and the future of digital payments relating to the blockchain, we’ll first explore the advantages of making crypto payments while gambling online.
Enhanced Security and Privacy
One of the major issues associated with online gambling is the possibility of risk of safety. Players are often skeptical about their payments because they believe the chance that a breach could occur, intercepting the transaction exists. With the blockchain, cryptography serves as a tangible security measure, ensuring safe transactions and data. The blockchain’s decentralized nature prevents malicious parties from gaining access by eliminating the need for a single point of failure, making your gaming experience pleasant.
Instantaneous Deposits and Withdrawals
Speed is a critical feature for any payment method. With cryptocurrencies, you are guaranteed immediate deposits and withdrawals. With tokens like Ethereum having a TPS (transactions per speed) factor of 27, players can be sure that their deposits will be received within seconds after clicking the confirmation button, and their withdrawals will take the least time compared to other methods. You’ll be able to jump right into gameplay without having to wait long periods, no questions asked.
Universal Accessibility and Freedom
Traditional payments have a limitation: location. Payments you may have ordinarily processed using your local bank become difficult once you leave that location. Crypto offers global accessibility, ensuring that your deposits go through and give you immediate access to your favorite games.
Gaming Transparency and Openness
Gameplay on online casinos typically involves random number generators (RNGs) unless you’re playing a live dealer title. The blockchain takes this fair gameplay to new heights, adding transparency with its immutability. This feature means that no party can alter records without the entire network’s consensus. With blockchain-based games becoming more popular, players could enjoy a fair gambling environment where nothing is hidden.
Guaranteed Privacy and Anonymity
You’ll never have to worry about your gambling activities being disclosed if you do not want them to. Your details are unnecessary for processing transactions, so you can play your favorite games with full anonymity and an acquired sense of privacy.
Reduced Costs and Fees
One of the main features of blockchain payments is the reduced transaction (gas) fees. Unlike traditional methods, which take time and still charge commissions, the only additional payment you’ll make with this option is the gas fee for the transaction, which is typically negligent.
Challenges
You’ll certainly run into a few challenges using this payment method, which are features that should be improved to make the whole cryptocurrency experience better:
- Price Fluctuation: Crypto prices are very volatile, affecting liquidity and payments. The money you put into a virtual wallet today could be worth something different tomorrow, not in a good way. To avoid losing anything, avoid storing your money as a volatile coin. Stick to stable coins like tether instead;
- Regulatory Compliance: Gambling laws are not always clear-cut, which could cause issues that may further impact the token’s prices. Beware of this when playing with this method.
Digital Gold Rush
The future of online casino gambling is bright with the full capacity of the blockchain. Artificial intelligence is becoming more popular, offering exciting opportunities in iGaming. As time progresses, other aspects of the blockchain, like tokenization and even NFTs, could come to play, enhancing digital payments in online casinos. Explore more features of this field in your gaming opportunities. Have you learned any new trends? Share with us in the comment section.