Igaming is a constantly evolving market. The first online casino was introduced in the 1990s and, since then, we’ve seen considerable improvements in security and privacy, a massive expansion in the games available, and the integration of new technologies like live dealers, and cryptocurrency.
Cryptocurrency casinos have become popular in countries around the world, especially those where iGaming is not fully regulated, but even in the UK, considered one of the most open and advanced online gambling industries, their popularity continues to increase.
Instant Transactions
The biggest benefit of cryptocurrency for most iGaming enthusiasts is its rapid transactions. While credit card payments can take days to complete, crypto can take a few minutes for deposits and, more importantly, withdrawals. There are Bitcoin casinos for UK players that offer instant withdrawals thanks to the automation of smart contracts and the fact that crypto payments don’t need to involve third parties or centralized groups like banks and other financial institutions.
Instant deposits enable players to start betting as soon as they send payment while instant withdrawals enable instant access to winnings which is not only better for cashflow management but can enhance trust between players and casinos while reducing the anxiety associated with delayed payments.
Borderless Transactions
Instant transactions aren’t limited to those made and sent in the UK, either. Cryptocurrency uses blockchain networks, which are digital ledgers. The network itself operates across borders, offering instant transactions across the world as well as down the road. UK players can use Bitcoin casinos licensed and managed in countries like Malta and enjoy the same fast transactions.
High Levels Of Security
Cryptocurrency is designed using highly secure cryptographic techniques. It is virtually impossible for transactions to be intercepted or money stolen, but users do need to follow best practices to protect their money. All crypto transactions require the use of a crypto wallet. Users should research the wallet they use, keep their seed phrase private, and utilize secure password management protocols. They will also need to use a reliable and reputable crypto exchange to buy the cryptocurrency in the first place.
Private Transactions
As well as being secure, crypto transactions are private. Whereas traditional online casinos demand certain private information from users, crypto casinos do not have the same requirements. They do not need to collect Know Your Customer details, which means there’s no submission of name and address details, and because payments are initiated and sent immediately, users do not need to submit banking or financial details. This privacy has made it possible for players in countries where gambling is prohibited to partake in crypto iGaming.
For UK players, they can enjoy games at crypto casinos based around the world. However, it is worth noting that while cryptocurrency is sometimes described as anonymous, this isn’t strictly true. Crypto is pseudonymous: payments include wallet details and wallet addresses can be traced and monitored.
Improved Bonuses
Cryptocurrency improves cash flow and reduces credit card fees for the casinos, which means they have more money to be able to invest in their games. It also leaves more funding for bonuses, which is why players can experience some of the biggest online bonuses from crypto casinos.
Innovations
Cryptocurrency is an emerging technology, and it has the power to disrupt industries ranging from the financial industry to online gambling. As well as offering fast, inexpensive transactions, cryptocurrency and blockchain can also offer innovation to the industry.
Blockchain gambling is transparent. This means that casinos can display and share results with players and other third parties. This makes it easy for third-party verification to prove the fairness of games, so players can have total confidence in figures like return to player ratios and total jackpot prizes paid.
As well as being beneficial for casino games, this kind of transparency is useful in poker tournaments and other forms of iGaming. This same ability to monitor, track, and record transactions also makes it easier for players to monitor their own performance and potentially improve their results.
Other areas of blockchain have also advanced. Non Fungible Tokens (NFTs) are digital collectibles – some of which hold real-world value and can be traded on open NFT marketplaces. Businesses are finding innovative ways to implement NFTs into their own efforts, including through the gamification of online casinos. Regular players can be rewarded with their own gambling-related collectibles that, while digital, physically belong to the player. This type of gamification can improve loyalty and appeal, benefiting the casinos, while also giving players more reasons to come back and play.
Conclusion
Cryptocurrency casinos offer fast, inexpensive deposits and withdrawals. They also allow for transparency while offering privacy and a degree of pseudonymity for players. And, as businesses continue to get to grips with cryptocurrency and its many benefits, they will continue to offer more and more innovative ways of using cryptocurrencies.
