There are plenty of reasons why more and more people are trusting cryptocurrencies such as Ethereum and Bitcoin for online transactions. Slowly but surely, the world is growing accustomed to an intangible form of currency. While it’s already widely known that sectors like funds and share markets have become the hub of cryptocurrencies, the online casino gaming sector is beginning to embrace this new form of currency, especially when it comes to online poker.
Here, we take a look at why online casino gaming is adopting cryptocurrency as a form of transaction for players.
The Benefits of Using Cryptocurrency for Online Poker and Other Casino Games
Typically, a poker room transfers winnings to your fiat account within 72 hours. The poker room itself goes through several steps to authorise the transactions from the respective bank. When it comes to cryptocurrencies, withdrawals are nearly instant. It also saves on bank charges.
Cryptocurrency is popular for its security. Most online casino operators have your personal and banking information stored, and if that’s leaked, it could prove fatal. Thanks to rapid advances in online security, hackers have developed serious skills. So, you can never be completely assured that your data is entirely out of reach of the wrong hands.
But, it’s a little different with cryptocurrency. The units of currency are encrypted, so all the online casino does is save your public key. Even if there are records of your transactions, a hacker cannot steal that information. So, provided you keep your cryptocurrency wallet details confidential, there’s no way anyone can get their hands on your data or money.
As with security, using your traditional banking methods can compromise your identity, which could be an issue in your country if online gaming is forbidden. While there are several workarounds, even those cannot provide complete confidentiality. They also charge a great deal and can be tricky to set up. With cryptocurrency, all you have to provide is your wallet ID and an email ID.
Low Transactions Fees, Cheaper to Operate
When you want to withdraw your winnings, a major amount is deducted to pay charges levied by your bank. These charges can be avoided, though, if you transact in cryptocurrencies, which is a major benefit to online casino players. Since the transactional costs are almost non-existent, online casinos and poker rooms can pass the benefits to you in terms of extra bonuses or higher payouts.
This is a win-win for all. You can profit, and you can lose, obviously, but your chances of profit are higher when you use cryptocurrencies. For instance, if you win a big progressive jackpot today and tomorrow your preferred cryptocurrency goes up even 5%, you instantly win an extra 5%. The same is true if your cryptocurrency devalues, though. Fortunately, you can sell your winnings once your currency regains value.
As you can see, there are some big benefits to casinos offering cryptocurrency banking methods and players using them.