Unless you’ve had your head in the sand this year, you will be aware of recent turmoil in the crypto markets. You could be forgiven for thinking that crypto has had its day. A failed experiment perhaps. But that is clearly not the case. Expect crypto to come back stronger, perhaps with tighter regulation, having learned the lessons that brought about the recent issues.
The first online casino to accept digital currency appeared in 2011. At that time, only a few users gambled on cryptocurrency. It had few connoisseurs, at least because of the lack of information about how blockchain works. Since 2016, there has been a boom in the popularity of digital currency itself. There have been new articles, new studies, and new analyses about the processes inside the blockchain. In addition, Bitcoin, Litecoin, Dogecoin and many other currencies have increased in value several times over. The number of cryptocurrency gambling clubs started to grow.
Not surprisingly, users have finally come to appreciate the superiority of this option as a payment instrument. The number of bitcoin games, as well as the number of crypto venues, is growing steadily. It is expected that by 2030, the number of existing crypto casinos will catch up and even overtake the number of fiat gaming clubs. The best bonus offers, improved service, variety of gaming offers, high speed of financial transactions, anonymity, and low transfer fees contribute to that.
All existing bitcoin casinos can be divided into two large groups:
- Accepting cryptocurrency only
- Mixed. In such establishments, the core set of payment systems consists of traditional instruments like E-Wallet, Bank cards, bank transfers, online payments, and prepaid cards. They also offer at least one cryptocurrency as an alternative.
Each option has its advantages. It is already clear that it is the cryptocurrency gambling clubs that are superior to the ones we are used to.
Easy to open an account
The gambling club account plays an important role in an online casino. You can use it to keep track of your gaming history, payments, and bonus commitments. Another important feature of the account is the ability to deposit and withdraw cryptocurrency. Opening a bitcoin casino account is the first and basic step to enjoying the cash games. In our case, cryptocurrency is used instead of real money.
The online casinos we are accustomed to having a KYC procedure as part of the last step of opening an account. It exists for anti-fraud purposes, as well as due to the requirements of the licensing authorities. When it takes place, the administration asks for documents proving the identity, address, and ownership of the payment data of the player. The casino customer does not benefit from this. On the contrary, he only receives additional difficulties. The fact is that on traditional gaming sites it is impossible to get the winnings without identity verification. In this regard, most often you will hear an offer to go through it before you deposit your account.
Innovative gaming clubs have a different approach to the KYC procedure. Blockchain is a decentralised payment system that is not subject to governmental authority. Consequently, cryptocurrency casino owners do not need to create their database of players and monitor them for compliance with all gambling regulations. This way bitcoin no verification casinos have become a reality (there are many examples on this page). This makes the operators’ jobs and the players’ lives easier. The former, of course, use this advantage to attract a clientele.
The benefit of not having a KYC procedure for players is obvious. Together with the time saved from going through unnecessary steps, players are fully protected from having their data leaked into the hands of fraudsters. There are known operators who do not hesitate to sell their databases to fraudsters in times of need. Users, among others, are spared such situations.
Easy to make a deposit and withdraw winnings
The benefits of cryptocurrency are many. It would take a long time to list them all. For now, let’s focus on the ease of making deposits and receiving winnings. This is an important factor, isn’t it? It is no secret that performing transactions in our usual payment systems (E-Wallet, Bank Transfer, Bank Card, Vouchers, etc) is not always a simple matter. There are many jurisdictions where online gambling is prohibited. In such jurisdictions, payment systems are not allowed to cooperate with online operators. Players have to cheat, and casino owners have to find workarounds to the ban.
Cryptocurrency solves this problem completely. You can use Bitcoin and other types of digital currencies anywhere in the world, even if bank cards/e-Wallets are not available as deposit methods for casinos in your country. The same goes for withdrawals. Also, it is worth remembering that you will be charged a certain fee when you make payments using regular systems. There is also a kind of commission when you make transactions with digital money. However, it should be noted straight away that their amounts are incomparable. Fees in the first case are based on the amount of the payment and are often significant. In the second case, however, their size is so small that most bitcoin casinos take care of it completely.
Let’s also remember that cryptocurrency gambling clubs eliminate the need to go through the KYC procedure or simplify it as much as possible. This eliminates the customer residency clause from the casino rules. As you and I have already mentioned, blockchain is not subject to any governmental authority due to the lack of a central apparatus. That is why the cryptocurrency is available in absolutely every country in the world. Even if you live in a country with a ban on online gambling clubs, cryptocurrency will help you a lot. /You’ll be playing in a casino and the government authorities won’t even know about it. Accordingly, you will be able to make deposits and withdrawals without any restrictions.
Much faster withdrawals
Withdrawals at regular gambling clubs often take a large number of days. For example, for a bank transfer, it is possible to transfer funds within 9 banking days, while for bank cards it is fair to say 5 days. Add weekends to this time frame and you will be surprised at how long you can wait for your money. There are casinos in the online space with traditional payment systems that offer almost instant withdrawals, but there are not many of them.
Cryptocurrency gambling clubs are an entirely different matter. They operate on the blockchain principle. To receive their payout, a transaction needs to be formed into a block and confirmed a certain number of times. The number of confirmations depends on the specifics of the cryptocurrency itself and can range on average from 3.5 seconds (for XPR currency) to 30-60 minutes (for Bitcoin currency). If you suddenly don’t see your money during this period, don’t get upset. They will come for sure, but a bit later. For the most popular currencies like Bitcoin, and Ethereum small delays are considered the norm due to high transaction flow. However, thanks to no or minimal fees, this does not diminish users’ love of cryptocurrencies in casinos.
The final thoughts
Today, cryptocurrency is considered to be humanity’s best achievement in financial matters. Casino operators were among the first in the online space to appreciate it. Very quickly they realised that cryptocurrency is:
- Minimum or no fees
- Accessibility in any country in the world
Until recently, such establishments were outlawed. No state has taken it upon itself to create laws related to online casinos and cryptocurrencies. However, Curaçao has decided to correct this misunderstanding. According to the license issued, operators have the right to include cryptocurrency in their site’s set of payment instruments.
The existence of a license does not allow casino owners to completely waive the KYC procedure, but it does provide relief. In particular, verification can be requested in exceptional cases. All of this has made bitcoin casinos the best trend for the last 5 years.