If you have been online anywhere in the last few weeks, you would have witnessed the monumental shift that cryptocurrency is going through. Climbing to the highest it’s been worth in history, cryptocurrency’s main coin, Bitcoin, is now the leading financial choice everywhere – and is worth over a staggering $90k at the time of writing this article. We all know blockchain, which supports many cryptos, has got some incredible uses now – from record-keeping to genealogical searches… but where else is it being used?
One place that’s been utilizing the world of cryptocurrency for some time now is the online casinos, as they offer new and exciting ways to play online. These new cryptocurrency casinos are cropping up all over the place, and are all powered by blockchain technology to reinforce the casino offerings. This incorporation into an age-old entertainment option is something that’s going to grow even more over the next decade, as we watch cryptocurrency slowly move to the mainstream. There are plenty of reasons why an avid casino player may prefer to head online and use cryptocurrency, and we’re going to look into some of the biggest reasons why. From security to payouts, here’s how crypto has cemented itself at the heart of the casino for generations to come.
1. Decentralization
Above all else, the reason cryptocurrency is used everywhere is because of its huge differentiator away from regular payment methods – decentralization. One of the largest challenges you’ll find with traditional casinos is that there are many limitations when playing online – depending on where you are in the world. Central banking systems work differently everywhere, but they do have one important thing in common: timing. Often, when you make large transactions, they undergo numerous security checks and investigations, and this massively slows things down. However, cryptocurrency alleviates this stress. Usually, with regular banks, people have to go through long verification processes or slow withdrawals to move around money or transfer funds – while usually paying a fee as well. This causes irritation for customers, as when you play in an online casino, you want your funds or payouts as quickly as possible.
Traditional banks also require you to send over personal information and sensitive data that may put your data at risk – luckily, many cryptocurrencies prioritize user privacy and make this one of their central features. Breaking the barriers to playing online, crypto uses the decentralized network to keep your information as secure as possible. This is something you will find at all the best online blackjack games sites.
In summary, it means that you as a player have greater control over your own funds and winnings, while also streamlining your gaming experience without the dreaded delays.
2. Transparency
When you play at a physical casino or online casino, one thing that players value the most is trust and transparency before anything else. The player wants to feel comfortable and confident, knowing that the casino is doing its best to ensure a fair game. Luckily, cryptocurrency is based on the blockchain, which is a digital ledger that makes game information publicly viewable. Traditional online casinos use random number generators, but these systems can feel a little outdated in today’s world.
This often leaves players feeling unsure about the fairness of the games – which of course, casinos want to avoid. Provably fair gaming is the answer to any of these worries, and it is used by crypto casinos globally.
Blockchain technology can be used in real-time to verify everything that’s going on within the casino, including in the games you’re playing. After you finish, you can check and review the algorithm to see if the game in which they were playing was as fair as it stated – definitely a win when we’re looking at the “peace of mind” factor.
Traditional casinos can’t provide this kind of guarantee to their clients, as they don’t use blockchain in their backend. This gives cryptocurrency casinos an overarching edge and allows them to operate with increased trust and user loyalty.
3. Low fees
Last but by no means least is the fees. Cryptocurrency is at the forefront of digital evolution, and it answers many of a consumers’ needs in today’s world. In the casino industry, that means lower fees. If you’ve ever felt disappointed by what’s left over after you’ve paid bank and transfer fees on your winnings… well, this is the answer you’ve been looking for!
Online casinos that deal with digital currencies like this make sure that their transactions are processed through decentralized networks – without the need for banks or financial intermediaries. Because of this, the fees are either non-existent or extremely low, making sure that every win that takes place gives the user as much of their cut as possible. As well as the low fees, the speed and efficiency are second to none, making crypto casinos the only way to play online and really enjoy yourself without worry in today’s digital world.