Are you tired of slow and expensive payment methods at online casinos? Crypto casinos could be the answer. Incorporating cryptocurrency into online casinos has revolutionized the iGaming experience. From fast transactions to increased security and privacy, there are countless reasons why this innovative payment method could be right for you.
In this article, we’ll explore five reasons why you should consider switching to a crypto casino online. So, get ready to discover a new world of seamless, low-fee, and secure payment options so you can play your favourite real-money online casino games.
The Provably Fair Algorithm
Provably fair algorithms have gained popularity in the online casino industry because they offer a level of transparency and fairness that was previously not possible.
In traditional online casinos, the outcome of games is determined by a random number generator (RNG). Although these RNG algorithms have gone under vigorous testing, some players are not convinced. They would prefer a system on which players can verify the results themselves.
Well, that system exists, and it is only available at cryptocurrency casinos. It is the ‘Provably Fair’ algorithm, and there is an army of crypto casino players who swear by this system!
With provably fair algorithms, players can verify the fairness of each game outcome at the end of their session. This gives them peace of mind, and it has helped to increase players’ trust in online casinos.
The concept of provably fair algorithms is based on cryptographic techniques that allow both the player and the online casino to verify the fairness of each game outcome. This is achieved by using a seed number that is generated by the player and combined with a secret seed from the online casino to create a random outcome.
When a player’s session ends, the seed numbers for their session are hashed and published publicly thus allowing the player to verify that the outcome was indeed fair and random.
Fast Deposits & Withdrawals
Another highlight of crypto casinos is the super-fast transaction times. Whether it’s a deposit or withdrawal, most cryptocurrency transactions are processed in a matter of minutes. This is in contrast to traditional payment methods like credit cards or bank transfers, which can take several days to process and even more time for the funds to show.
Cryptos, on the other hand, do not require the same level of security and verification as traditional payment methods. With cryptocurrencies, transactions are processed and verified almost instantly, without the need for lengthy security checks. This means that players can make deposits and withdrawals from their online casino account quickly and easily, without having to wait for hours or days for the transaction to be processed.
Low Transaction Fees
Cryptocurrency transactions are low in fees due to their decentralized nature. Unlike traditional payment methods, which rely on centralized intermediaries like banks, crypto transactions are processed on a decentralized network of computers. This eliminates the need for intermediaries, reducing the time and cost associated with traditional payment methods.
Although most deposits using fiat currency payment methods are free, fees usually arise when it comes to withdrawals. Most eWallets will charge a 3% to 5% fee when funds arrive. And if you want to withdraw using VISA or MasterCard, most casinos will put a 3x turnover rule in their withdrawal policy to cover any fees incurred for deposits and withdrawals. If you don’t meet the 3x turnover, then the casino usually charges 10% to 20% of the transaction to process your withdrawal.
With cryptocurrency transactions, you will not have a turnover applied to deposits before you withdraw, and fees for withdrawals are barely noticeable. Furthermore, cryptos use a peer-to-peer network, which eliminates the need for intermediaries to charge fees. This results in much lower transaction costs compared to traditional payment methods, where fees can often be substantial.
Increased Level of Security
Another major advantage of using cryptocurrency in online casinos is increased privacy and security. Cryptocurrency transactions are not linked to a person’s real-world identity, which means that there is no risk of personal information being compromised during a transaction. This is especially important for players who are concerned about the security of their personal information and for those that prefer a certain level of anonymity.
Easier Accessibility in Countries with Banks Banning Casino Transactions
Cryptocurrencies offer greater accessibility for online casino players in countries where traditional payment methods may not be available due to their decentralised nature and global reach.
Unlike traditional payment methods like credit cards or bank transfers, which are often subject to restrictions and limitations based on geographical location, cryptocurrencies can be used anywhere in the world where there is access to the internet. This is why crypto casinos are popular in countries in which the local banking systems frown upon gambling-related transactions and generally refuse to process deposits.
By using BTC, BCH, ETH and other cryptos, players in countries where traditional payment methods are unavailable or restricted can still access online casinos and participate in real-money gaming.
On top of this, some countries have domestic payment methods that most online casinos do not recognise or offer as a deposit and withdrawal option. However, players can bypass this unfortunate circumstance by using crypto to gamble online.
Do crypto casinos sound like a viable option for you?
Cryptocurrency has become a preferred deposit and withdrawal method in online casinos across the globe due to its speed, security, privacy, and global accessibility. By using cryptocurrency, players can enjoy secure transactions and withdraw funds without long delays between the withdrawal and receiving funds. Plus, there is no risk of leaked personal information while transacting over a crypto’s blockchain ecosystem. On top of this, many players consider crypto casinos as more trustworthy compared to traditional online casinos because the games use provably fair algorithms allowing players to verify the fairness of each game outcome.
