Being more and more widely used in online casinos, cryptocurrencies are changing the iGaming industry. And it is especially evident in Poland, which is believed to be one of the most prominent gaming arenas nowadays, with revenue having reached almost €5bn in 2020. So how are cryptocurrencies expected to change the online casino industry in this lucrative Eastern European market? Let’s dig deeper.
Cryptocurrency as a Part of Online Gambling
Since its advent in 2008, Bitcoin has been a mystery. Even though some of the cryptocurrency transactions had been reported to the authorities in 2011, the cryptocurrency has somehow managed to stay under the radar, despite the fact that the cryptocurrency is now valued at over $20,000. It’s only in recent years that it has gained significant popularity and traction in the global markets.
In the current context of the “Bitcoin Craze,” many industries, including gambling, are going through a very important period in their development. Blockchain technology is leading the transformation of many sectors, and also it is creating some new ideas in traditional industries like iGaming. The introduction of cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and others into the market has made a wide range of options available for the iGaming industry in general, and in particular, for the Bitcoin casino industry. So what makes using cryptocurrencies so popular in Neon Vegas casino and other online casinos?
#1 – Safe and Easy to Use
Talking about the advantages of using cryptocurrency, its security and safety will come first. For example, cryptocurrency transactions cannot be traced like cash, debit, and credit cards. So, if someone manages to hack a casino, then there won’t be any evidence that a transaction was made. This is where the real advantage of using crypto comes in since it allows players to make transactions without the fear of their ID and other private information being stolen.
#2 – Faster Transactions
One of the main concerns that come to mind when thinking of using cryptocurrency is that of slow transaction speed. In online casinos, players have to wait for days or even weeks to get the withdrawal option. This can be a huge headache for gamblers as they will have to wait for the amount to be confirmed before cashing out.
Cryptocurrency transactions are instant as they are not bound by any bank or government rules. Also, due to the security features incorporated into cryptocurrency, transactions are safe and easy. So, no need to wait for the bank to confirm a transaction, and no need to sign in with your personal details.
#3 – Cheaper and Better Than Banks
Another advantage of using cryptocurrency is that it is less expensive. Since the price of crypto is lower than the banks’ commissions, it would be cheaper for players to transfer funds to the casinos in this format.
#4 – No Hidden Fees
Cryptocurrency transactions have no hidden charges. Unlike other payment options, there are no fees for transactions on crypto casino platforms.
#5 – No Boundaries by the Law
Most importantly, cryptocurrency is not bound by any law. This means that there is no need for any licenses in countries like Gibraltar, Malta, and Seychelles, which makes online gaming even easier.
As you can see, there are numerous benefits of using cryptocurrency in online casinos, like faster transactions, low fees, and convenient deposits and withdrawals. However, there are still several concerns like volatility, hackers, and lack of control over it. But, they are far outweighed by the various advantages of using crypto that we have discussed. So, start using crypto and experience the benefits of online casinos. But be attentive and gamble responsibly. This is something that the gambling expert Anna Rosak at KasynoHEX always emphasizes.