As many of us are now aware, cryptocurrency is being widely accepted by many gambling sites. A decade ago, fiat currency was the only option available but now, many sites accept cryptocurrency alongside fiat or even exclusively. Millions of dollars are spent each year in crypto for gambling and this is only projected to rise.
Anyone who doesn't already gamble with cryptocurrency might be confused about what benefits it has to offer. After all, wouldn't it be simpler to just use fiat? In reality, several benefits of crypto gambling will be explored in this article.
1. Privacy
One of the major hurdles that consumers face when trying to gamble online is dealing with know-your-customer (KYC) requirements. To sign up on your average gambling site, you'll need to provide your name, government ID, address, and other sensitive information. Not everyone wants to do this and crypto casinos offer a chance to skip it altogether.
By simply connecting a crypto wallet, players can sign up and begin playing without needing to disclose their identity. As Vlad Grindu writes, crypto casinos offer the chance to skip KYC and start playing. If you're someone who's very particular about their privacy, you should certainly look into this.
2. Fast Withdrawals
There's nothing more frustrating than actually winning your casino game but having to wait hours or even days to receive your money. This happens rather frequently when using fiat currency payment methods as processors can take a while to settle transactions, especially if they are being done internationally. This is even worse if the payment method is being used for gambling for the first time. However, cryptocurrency is a way to get around this. Tokens like XRP and litecoin are known to complete transactions in mere seconds and with even lower fees. By opting for cryptocurrency for gambling, you can not only gain access to your funds quicker but you can save money on transaction fees. Tokens like XRP have been used to send millions of dollars while charging only pennies and fees so this can really benefit you.
3. More Control Over Assets
One of the biggest benefits of cryptocurrency use is that you maintain complete control over all of your assets. We've all dealt with transaction limits and even account freezes when it comes to fiat currency methods. This is because they are centralized and thus, your financial institution has veto power over your activities. With cryptocurrency, however, no one can restrict your transactions. You can spend as little or as much as you want as frequently as you want and no one, not even your wallet provider, can dictate your actions. Those who are especially concerned about maintaining their financial autonomy should consider cryptocurrency for their gambling needs.
4. Profit Potential
Naturally, most people play gambling games because they want to win money. Doing so with cryptocurrency only multiplies their chances. Consider the fact that the average fiat currency doesn't lose or gain much value in a short period of time. $100 as of the time you place your wager likely has the same buying power as when you win. Cryptocurrency, however, is often subject to significant market changes. One bitcoin can be worth tens of thousands of dollars more from one day to the next. As such, by wagering with cryptocurrency, there is the chance that you will win not only via gambling but see your tokens increase in value as well. In that sense, it benefits you to hedge your bets both ways.
5. Added Perks
In a bid to encourage crypto use among players, some online casinos offer perks to crypto users. These include free spins, cash back, and other bonuses. On top of this, some casinos have gone as far as launching their own in-house cryptos. These tokens cannot be used outside of the casino but come with several perks such as the previously mentioned. If you're looking to make the most of your casino experience and claim as many perks as possible, you are best off looking into whether your casino of choice offers any crypto-backed benefits.
Conclusion
If you're someone who enjoys playing gambling games online, you should definitely look into using cryptocurrency to meet your needs. Cryptos can make transactions faster, help you maintain your privacy as you play, as well as deliver some unique perks. Whether you're new to cryptocurrency or are an experienced investor, you should certainly consider them for online gambling.
