Casino gaming is on the rise with experts predicting that the industry’s total revenue will grow by 6.37% annually between now and 2029.
Online casino gaming is contributing to the industry’s growth. Many players love how convenient and accessible online gaming is.
But why are so many players registering with crypto online casinos? Why do so many gamers reject traditional payment methods?
In short, why are crypto casinos still popular?
What are crypto casinos?
Crypto casinos are online casinos that use a non-traditional type of currency, cryptocurrencies. At these virtual venues, players are paying, betting and withdrawing in a cryptocurrency.
Some of the cryptocurrencies used at crypto casinos may include:
- Bitcoin (BTC)
- Solana (SOL)
- Ethereum (ETH)
- Litecoin (LTC)
That being said, the most popular cryptocurrency is usually Bitcoin.
Apart from the differences in currencies, crypto casinos are usually similar to regular online casinos.
They tend to offer the same games as non-crypto online casinos. These usually include poker, blackjack, roulette, and pokies.
You can learn all about online pokies here and why slot games are called pokies in the Australia and New Zealand.
Just like non-crypto casinos, online crypto casinos also tend to offer free spins, welcome offers, surprise bonuses, and live chat rooms.
So why do some players choose crypto casinos over non-crypto ones? Read on to find out.
Why do people choose crypto casinos?
Here are some of the main reasons why some players choose a crypto casino over a traditional online casino.
- Security
Cryptocurrencies are usually considered more secure because they encrypt individuals’ sensitive information. They do so by using advanced cryptographic tools.
Each cryptocurrency tends to have its own algorithm to make sure that it remains secure. Many crypto users appreciate these currencies extra encryption and data protection.
They also appreciate the fact that these currencies are not under centralized control. They operate on a more direct network, a peer-to-peer network.
Thanks to this direct network, not only do cryptocurrencies avoid the pitfalls of centralized control but they also lower the risks of transaction data manipulation.
On top of all of that, the cryptocurrencies rely on blockchain technology to help preserve their integrity and security.
- Privacy
Cryptocurrencies also tend to offer an added layer of privacy and data protection than non-crypto currencies.
How? Well, the cryptographic techniques behind cryptocurrencies can make transactions almost untraceable.
That being said, users should remember that no virtual transaction is ever fully anonymous.
Although cryptocurrencies can make transactions more difficult to trace, these can still be traced by professionals.
Crypto transactions are harder to link back to an individual because of cryptographic techniques and the use of blockchain technology.
Blockchain technology does make all cryptocurrency transactions transparent, but it pseudonymises the identities of buyers before doing so.
Transactions are only transparent and available to the public because of the decentralized aspect of the currencies. This transparency helps users verify that the system truly relies on a peer-to-peer network.
In other words, this transparency helps build trust and preserve the decentralized integrity of these currencies.
- Immediate transactions
Some indviduals have bank accounts that do not offer immediate transactions when it comes to online gaming or shopping. Some transactions can take several minutes, hours or even days.
Some anks might even request buyers to call them in order to approve an online transaction.
There are several banks that do offer quick transactions. That begin said, most banks require buyers to approve each payment via multiple security and identity checks.
As a result, the whole transaction process can take a while with a traditional bank.
Players who want quicker and easier transactions tend to prefer cryptocurrencies. Cryptocurrencies offer immediate transactions.
Not only can crypto gamers deposit money within seconds, but they can also withdraw their winnings immediately from a crypto casino.
They will receive their winnings immediately after the transfer.
- Smaller transaction fees
Most traditional banks charge a fee for certain types of transactions. This fee helps them cover the costs of executing such transactions.
They also use these fees to fund the maintenance and development of their services and their online platforms.
But, as most experienced gamers will know, these transaction fees can quickly add up. They can be particularly expensive when transferring larger sums.
That is why experienced gamers usually prefer cryptocurrencies which charge a lower transaction fee.
Why do cryptocurrencies have smaller transaction fees? Because they are decentralized, and the transactions are relatively simple to execute.
Why do they need to charge users in the first place? Just like banks use transaction fees to fund their services, cryptocurrencies rely on them for improved blockchain technology and services.
