Traditional banking is far from being obsolete, but new and more efficient payment methods are challenging its dominance in the online casino world. Online casino sites nowadays offer a range of payment methods that can be divided into three categories.
- Direct banking options like Mastercard and Visa
- E-wallets such as Paypal, Skrill, Neteller, and Paysafecard
- Cryptocurrency solutions like Bitcoin
E-wallets have long co-existed with traditional banking. Mastercard and Visa found their niche as the universal option for making initial deposits and minimum payments (read more about online casinos that accept debit cards). E-wallets, on the other hand, are the preferred choice for withdrawals and already existing customer deposits.
Bitcoin casinos do not seem to share the idea of coexistence and have established themselves as key rivals to the conventional.
Attributes Of Traditional Banking
Traditional banking methods are widely available, so you will find them at practically every casino site. Making deposits and withdrawals connects you to your bank account, and all transactions are secured with bank-level security.
Cashing out funds is the major drawback of the system. It can be unpleasant to have to wait multiple days before the withdrawal process is complete, especially with the level of technological advancements that have been achieved.
The verification process is another aspect of traditional banking that many consider old-fashioned. Players need to verify their identities before withdrawals can be processed.
This requires you to upload or send a picture of a government-issued ID and proof of address like a recent utility bill. The verification time varies, but you should expect to wait at least a couple of days.
Advantages Of Cryptocurrencies
Cryptocurrency is a product of innovation and technological prowess. Bitcoin is the pioneer crypto and was developed entirely on Blockchain. When the online casino was notorious for being prone to cyber-attacks of all sorts, Bitcoin was the brainchild created to flush out the problem by eliminating the need for personal and financial data.
If the root cause is eradicated, the problems will cease to exist. Players are protected because, with Bitcoin transactions, you need not provide any sensitive data to the casino.
Looking at this from another perspective, it offers another kind of benefit. Users are allowed a higher degree of secrecy. And this means players are practically anonymous. Cryptocurrency payment methods prevent your gambling activities from being traced back to you.
Another feature of cryptocurrencies is that they have the quickest payout times. When Bitcoin was created, the primary concept was to develop a currency that was not controlled by the government or any central authority.
The Bitcoin network is peer-to-peer, so money leaving your Bitcoin wallet goes directly into that of the recipient and vice-versa.
The availability and reliability of traditional banking methods give players peace of mind when joining an online casino. Almost everyone has a bank account and is familiar with online banking, so you can start playing with a resource that is already in possession.
Bitcoin and other altcoins are not as handy, and you would need to open a bitcoin wallet first. That should not deter you because the process is easily done over the internet. Once you’ve opened your Bitcoin wallet, you can buy bitcoin from any crypto exchange service available on the internet. Bitcoin mining is another method of acquiring the cryptocurrency. Miners solve mathematical problems to confirm transactions and then add them to the Blockchain.
Cryptocurrencies offer everything that traditional banking doesn’t. It covers all the leaks and fills all the holes so the former could very well replace the latter in what would be the crypto revolution.
Modern casino players are open to crypto payments, but there is a large market that remains loyal to traditional methods. Credit and debit cards have stood the test of time. Being creatures of habit, players feel secure and trust in their reliability.
Technology drives online gaming, and that is why the crypto revolution is not so far fetched. More so, Bitcoin casinos attract more and more players with each passing day. However, even if there comes a time when crypto dominates the online gambling industry, there will always be room for traditional payment options.