Cryptocurrencies, or digital assets as many refer to them, are slowly but surely becoming more mainstream. Online gambling is one industry that’s started to embrace cryptocurrency as a banking method, which makes perfect sense given the string of benefits they offer.
Many online players may not want to share their personal financial information, such as bank account and credit card numbers, with the casino. Using a cryptocurrency eliminates this issue completely. Crypto users keep their assets in a wallet, which can be online or offline, and they have possession of the private keys for that particular wallet.
When it comes to making a deposit at the casino, a player only needs the wallet address attached to their casino account, and they send it from one wallet to another.
To newcomers, it can appear a little daunting because a Bitcoin wallet address consists of 30 to 40 lower and upper case letters and numbers. However, after completing one transfer, you soon realize how effortless it is.
Certain cryptocurrencies, such as XRP, can be transferred in a matter of seconds. Even Bitcoin, which can be one of the slowest cryptocurrencies to move, usually only takes a few minutes (depending on how busy the network is).
In terms of casino deposits, these transaction speeds are nothing special. There are many regular payment options, including credit cards, debit cards, e-wallets, and prepaid vouchers, that offer instant deposits, too.
However, when it comes to making a withdrawal, things are not so rapid. The average withdrawal time back to a credit card takes 3 – 5 business days. Cryptocurrencies, on the other hand, are consistent both ways. Once the casino releases your cash, it’ll be back in your wallet within seconds (or a few minutes).
Cheap Transaction fees
To be honest, this isn’t universal across all cryptocurrencies, and there can be times with specific assets when this is far from true. For example, during a strong period of buying (known as a bull market), the ‘gas’ fees for transferring Bitcoin and Ethereum can reach tens of pounds.
However, this doesn’t apply to every asset. It only costs a fraction of a penny to send XRP and numerous other currencies, for instance. Where this is most beneficial is for players that use international casinos, which usually means customers pay currency conversion fees. Crypto is borderless. It doesn’t matter if you send it to a person next door or halfway around the world; the cost is the same.
PayPal is widely regarded as the world’s leading e-wallet, and several established casinos accept this payment method. However, quite often, the maximum deposit and withdrawal limit is around £5,500, which is less than the jackpots you can win on most online video slots.
Using crypto as a payment option removes these boundaries. There are casinos with absolutely no limits for cryptocurrency deposits and withdrawals, which is how it should be – particularly for the latter.
Some crypto casinos allow gamblers to create an account with only a username and password. You don’t have to provide your legal name, address, phone number, date of birth, or any piece of information of that nature. For various reasons, lots of players do not wish to disclose their identity; therefore, using cryptocurrencies is the perfect solution.
From our research, Bitcoin casinos tend to offer larger bonuses than regular casinos. Equally, there are a handful of sites that accept both fiat money and crypto deposits, and the bonus offers are typically bigger for crypto gamblers. We aren’t exactly sure why this is the case, but it is. So, if you’re a high-stakes player, using crypto as a payment method is the best way to go.
Before you go crypto
There’s no doubt that using crypto at an online casino has many perks, and we haven’t even mentioned that pure crypto casinos use provably fair algorithms that guarantee the fairness of each game. This data is open source, meaning that it can be checked and verified on the blockchain. Complete transparency, so no rigged games.
However, it’s only right to highlight that the price of these digital assets is extremely volatile. Bitcoin, for example, reached $20,000 in late 2017; by 2019, it had dropped to around $3,000, and in early 2021, it was back up to over $60,000. At the time of writing, it’s now just over $31,000.
This is something to bear in mind. You could get lucky, and the dollar value increases, which gives you greater wins at the casino, but if the value of the digital asset drops, the opposite applies.