Many online casinos have become increasingly comfortable accepting cryptocurrency payments from gamblers across the world. One of the reasons this is happening is that online casinos often struggle to find payment partners with sensible terms. Payment merchants often ramp up the fees of processing payments for businesses in the online gambling industry citing risk and other factors. However, with cryptocurrencies like Bitcoin, that’s no longer something online casinos need to deal with to get paid.
Bitcoin is now becoming one of the most widely accepted cryptocurrencies by online casinos. Not only is Bitcoin the most popular cryptocurrency, but it is also something that most people know about and may have used in the past. Furthermore, processing Bitcoin payments aren’t discriminatory, so online casinos incur the same costs as any other business.
In addition to being able to circumvent the high payment fees that many payment processors implement, there are a couple of other reasons for switching to crypto. We’ll examine these additional reasons in detail below.
Traditional Payment Methods for Online Casinos Vs. Cryptocurrencies
Online casinos need to jump through a couple of hoops to implement cryptocurrencies like Bitcoin. They also need to deal with the inherent insecurity of someone hacking their wallet. Furthermore, they need to develop systems through which mass cryptocurrency payments can be accepted. That said, the inherent advantages of Bitcoin and other cryptos outweigh their drawbacks.
Traditionally debit and credit cards have been the payment method of choice for players. That’s in addition to bank transfers and e-wallets for payments. Players would often use debit cards for withdrawals and even for depositing money. However, there is a limit imposed on all these traditional forms of payment.
The max and min limit of a transaction mainly depends on the payment method being used. The limits are, for the most part, a disadvantage for traditional transactions. While there are lower threshold limits on cryptocurrencies, the fact that a transaction is faster and easier makes it worth the investment. So, players can use bitcoin funds within seconds, when and where they want to play their favorite online casino games. Furthermore, the payments aren’t region dependent. That means players can play from anywhere without their payments being held up by the payment processor.
Bitcoin Transactions are Comparatively Safer
Online casinos need to comply with all the regulatory requirements of their region. One of the requirements being taking safety measures to protect its users. That’s why every reliable and regulated online casino needs to use encryption. High bit encryption algorithms make it near impossible for a hacker to decode users’ information, which in turn means that users are protected.
Bitcoin transactions are inherently encrypted. Every transaction is encrypted, and so is the blockchain. Each time a transaction goes through, it is impossible for a hacker to intercept it. The only weak point if you may is the user’s wallet. A wallet with a strong password and 2FA helps to keep hackers away.
The fact that Bitcoins aren’t vulnerable to interception and because they are anonymous makes them the best choice for online casinos.
Bitcoin Makes it Easier to Deliver Cash Outs aka Winnings
Many online casinos struggle with delivering their users’ winnings. If what users win is in the realm of thousands of dollars, that payment can be problematic to execute via a debit or credit card. Bank transactions can also be tricky both for the casino and the player.
Bitcoin makes that transaction quick and simple. All a casino needs to do is authorize a Bitcoin transaction to the player’s wallet. That generally takes a few minutes to a couple of hours, depending on the speed of the blockchain. It is quicker and easier to execute because there isn’t much if any red tape involved.
The Reduction of Fraudulent Transactions
Top online casinos like “kasinot,” often get bombarded with hundreds of fraudulent transactions. The bigger the online casino, the stronger and more vigilant their fraud protection system needs to be. Unfortunately, even the best online fraud prevention system can fail sometimes, and that could mean a huge potential loss for the casino. Bitcoin transactions help to eliminate that.
Cryptocurrency payments eliminate the risk of fraud while being faster than a credit card. Bitcoin transactions can’t be faked. There is no way for someone to use another person’s Bitcoins without having access to their wallet. Even if they were to gain access to the wallet, those transactions, once executed, can’t be reversed. That ensures a casino is protected from miscreants.
The future of online casinos has got to be cryptocurrencies like Bitcoin. While many online casinos have been slow to adopt this form of payment, it is now becoming increasingly mainstream. It is hard for casinos not to see the myriad of benefits offered by cryptocurrency currencies like Bitcoin.
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