As the iGaming market continues to thrive, technology that can provide secure and private online transactions also becomes in demand. That’s why many online players have turned to crypto casinos nowadays to experience limitless online gambling.
Cryptocurrency and blockchain technology offers security, anonymity and decentralisation of online transactions. These three aren’t entirely possible with traditional financial channels such as bank transfers and credit card payments.
With crypto casinos like BC.Game, you can experience optimised online gaming of your favourite games, all while keeping your online deposits and withdrawals secure and private.
Here are seven reasons why you should use cryptocurrency for your online gambling:
Transparency while maintaining anonymity might seem contradictory, but it’s true in cryptocurrency. Blockchain technology is a digital public ledger that records all transactions within the network. This technology ensures it does all this while keeping your personal information private.
That means you can track all your transactions and ensure there is no record of double-spending or possible fraudulent transactions from casinos.
- Secure transactions
Information encrypted and recorded on the blockchain is nearly impossible to hack or alter. Once verified and added to the blockchain, it’s distributed among all network members to validate.
Afterwards, it can no longer be reversed or altered. Any attempt will create another record that most users will reject since it will not reflect the data on their copy.
Additionally, crypto wallets also have safety measures such as 2-factor authentications and asymmetric encryption through private and public keys, ensuring only you will have access to your funds.
In traditional payment methods, a third-party intermediary monitors and approves your transactions, often a central institution such as the government or a bank. It can mean a longer processing time and added fees.
Additionally, financial authorities track your activity and disapprove transactions they deem suspicious such as playing at online casinos.
In comparison, crypto is a decentralised system managed and shared by all members within a blockchain. It means you have complete control over all your financial assets and online activity, allowing you to make large transactions without getting questioned by banks.
- Quick transaction process
Traditional payment methods can take several days, making it inconvenient for casino players who want to play immediately. For example, bank transfers can take up to 3 business days, while credit card transactions take up to 48 hours to be processed.
In cryptocurrency, transaction speeds differ per coin or token. Some cryptocurrencies can take up to an hour to process, while the biggest cryptos like Bitcoin take up to one and a half hours.
- Not geo-restricted
Using crypto offers protection when you’re playing at a location that limits your access to online casinos since it cannot be traced by a central authority, unlike traditional currencies like fiat money.
- Appealing promotions and bonuses
Crypto casinos offer plenty of promotions and bonuses to players upon signing up and becoming loyal patrons. For example, at BC.Game, we provide these fantastic bonuses exclusive to crypto users:
- Deposit bonus – Enjoy massive deposit bonuses upon signing up. Receive a 180% bonus on your first deposit, a 200% bonus on your second, 220% bonus on your third, and 240% bonus on your fourth deposit.
- Shitcodes – At BC.Game, players can find ‘shitcodes’ all over our site, which reward crypto bonuses. You can find them on the special announcements and posts in the BC.Game forum, onsite player chat room, social media pages and threads, affiliate custom-created links or campaign promos.
Using crypto for casino gaming allows you to access your funds anytime and anywhere. You can quickly deposit using your online wallet with just a few taps if you have a laptop or smartphone device.
In comparison, bank transfers take time to process, and you will also need to wait for banking hours before you can withdraw all your winnings.
Drawbacks of using crypto for online betting
With all the benefits of crypto, it’s equally important to outline its drawbacks so you can make an informed decision on whether it’s the best choice for betting. Here are some of the disadvantages of using crypto for casino gaming:
The biggest drawback of using crypto as a payment method is its volatility. Since cryptocurrency is decentralised, its value depends on the supply and demand dictated by its users. It is why cryptos frequently see a significant rise and drop in value.
However, there are ways for online gamblers to stay safe in volatile crypto market conditions and continue playing with minimal risks, such as monitoring the crypto market, staying updated on relevant news and trends and avoiding hype-fueled purchases.
Additionally, other cryptocurrency options, such as stablecoins, are less volatile. These crypto assets are pegged to real-life assets like the US dollar to curve the crypto market’s fluctuations.
- Not a widely used payment method
Crypto remains a hot topic for debate because of its unregulated nature. Due to this, crypto payment is not always available at online sites.
The excellent news is crypto casinos like BC.Game is fully optimised for crypto gaming, allowing you to deposit and withdraw without limitations.
- No customer support
Unlike banks, there are no customer support channels to reach out to if your crypto funds get sent to the wrong address. Thankfully, issues like this can be easily avoided by double-checking all your information before making a transaction.
- Legal status
Depending on your location, regulations on crypto may differ. Some countries accept and encourage the use of cryptocurrencies, while other countries like India have contradicting regulations regarding crypto that confuse users. On another note, crypto is banned in some places like China.
However, as the crypto market continues to grow and innovate its use, more countries have started to adapt and impose regulations to allow the use of crypto in their jurisdictions.
Is crypto the future of online betting?
As the casino industry further adapts its market to fit its online audience, so does the technology needed to access it safely and privately. Cryptocurrencies allow online players to deposit and withdraw to play their favourite casinos anytime and anywhere.
At BC.Game, crypto gambling is limitless. Deposit or withdraw with over 150 cryptocurrencies and play casino games without hassle. Sign up today and experience the best casino gambling with cryptocurrency.