5 reasons to gamble with crypto
The creation and development of cryptocurrency are proved to be the most significant accomplishment in currency-based innovations. This new way of interacting with currency has revolutionized our interactions and approach to money. Just as technology keeps evolving, so will our relationship and usage of crypto in our financial affairs. It is an exciting new technology used in various aspects of our daily lives, even if not approved by official governmental organizations. These new crypto have been used in situations ranging from investing to depositing in sports betting sites not on Gamstop.
Cryptocurrency in gambling
The use of cryptocurrency in betting is the main subject of the following article. Many bettors and punters are taking advantage of the benefits of crypto to manage their gambling transactions. It is fortunate for many punters that this technology has also managed to find its way into online gambling, or perhaps it is no coincidence. Online gambling is currently one of the most lucrative businesses in the world, bringing in annual revenue of 90 billion dollars. Not only that but this figure is expected to increase massively up to 158 billion over the upcoming seven years. Seeing as this lucrative business brings in quite a significant profit margin, it would be wise to implement the benefits of crypto into your online gambling services to increase revenue and player traffic.
Therefore, we will now look at five reasons punters and gambling fans should fully use the advantages of crypto whenever they play their favorite online games. Many of these advantages and features could also apply and be useful to you if you are already a bettor or have access to crypto.
Absolute anonymity – In this digital era, anonymity is power, and anonymity is what crypto-based deposit provides. One of the main reasons bettors favor crypto over regular fiat currency when engaging in online gambling is that crypto’s features allow the bettor absolute anonymity in their transactions and deposits.
Any hassle regarding identification can be avoided through the use of cryptocurrency-based deposits. Rather than ask for personal information, all crypto-playing websites require is the transaction block variety of your wins. This is possible thanks to its blockchain technology and done only to ensure you made a bet and not another party who betted on your behalf.
Users do not hand in personal data – For many bettors, using a fiat-based website that requires the user to relinquish their data seems a risky move and an invasion of their privacy at worst. Many of these websites need the bettor to provide their bank account number, card number, address and other information and wait for a verification process to verify all this personal data.
This personal data can be stored, monitored by federal government agencies and, even worse, stolen and used by third-party users in case of a breach in the servers’ cyber security measures. Even though anti-piracy security software has been gradually improving over the years, it is often only a matter of time before hackers manage to breach through and steal many clients’ data.
Crypto-based online casinos, however, don’t require the user to provide or hand in any personal identification. All that’s needed to deposit and withdraw is an e-wallet, and that is it.
Low fees for withdrawing winnings – Whereas fiat-currency websites will undoubtedly charge you fees for you to withdraw your money, this is not the case with cryptocurrency websites. In crypto gaming sites, the fee charges are either very small or non-existent, thus providing you with a bigger margin of benefits than if you used fiat-based online gambling sites.
This benefit is mainly due to the decentralized nature of cryptocurrency, meaning that no central authority is there to verify any kind of financial transaction. This also means you may gamble at foreign online casinos without worrying about extra costs from your bank. As you can see, with cryptocurrency, you remove the interference and charges from the bank, thus allowing you to enjoy more of your earned income.
Crypto gambling sites offer generous bonuses – Not only are cryptocurrency online betting services based on providing anonymity and safety to their users. Most crypto-based casinos offer very enticingly playing bonuses to their users. This is obvious when you consider that for a service to thrive, it must attract the largest possible number of clients and keep them using its services.
To do this, they provide strong incentives to draw in users, such as welcome bonuses, free spins and tries at online games, rewards for extra deposits and even loyalty tier bonuses. Loyalty bonuses, as its name implies, mean that the more a player uses a website’s respective services through betting and playing their online games, the higher-up your loyalty tier rewards will be. These rewards include various perks such as bonus spins free of charge, special benefits, access to special tournaments, withdrawal limitations and faster money withdrawal services.
Freedom in cryptocurrency variety and winning amounts – When playing with fiat-currency online casinos, the terms and conditions may require you to just use a debit card and limit the amount of money you can earn during a gaming session. In crypto-currency casinos, you are not given any handicaps or limits on how much money you can make. However, it is also important to state that bitcoin online casinos restrict the amount of bitcoin you can deposit; the extra amount you deposit, the extra amount you’ll make in bitcoins.
Also, it is important to acknowledge that you can use a wide variety of cryptocurrencies in these casinos. Even though bitcoin is the most popular and well-known cryptocurrency, there are different cryptos, such as dogecoins, Ethereum and litecoins, to play with. Unless a certain crypto casino is focused on a particular cryptocurrency, you can often use any cryptocurrency you prefer.
As you can see, cryptocurrency casinos have proven to be highly cost-efficient in terms of money and time compared to their fiat-based counterparts. As technology advances, it is easy to imagine a future in which crypto-based gambling sites become more convenient, popular and approachable than fiat-based casinos.
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