Cryptocurrency uses blockchain technologies that have been embraced by many sectors like investments and funds. Cryptocurrency is well adapted in the gambling industry in today’s date. Cryptocurrency has proved itself to be a decentralized, secure way of transaction that preserves your anonymity.
Cryptocurrencies are beneficial to both the online Casino operators and the users of the sites. Therefore, a significant space in the market of cryptocurrencies is taken up by these gamblers and the gambling site operators. These sites provide a sparkling ensemble of games from top-tier providers such as NetEnt, Arrow, Azumi, BetSoft, EGT, etc with a variety of bonuses, free spins, multipliers, and welcome vouchers. Hence the popularity of these sites is on a steep rise.
Get Around GamStop Block
Gamblers who get addicted voluntarily register themselves to software like GamStop which blocks all gambling sites for a period of time which can range from six months to a few years. To get around the GamStop block one can try using this casino not on GamStop that accept cryptocurrencies or British credit cards.
A problem could arise during transactions if you use the traditional banking method, cryptocurrencies will get your back here.
Preserve Anonymity
There has been a rise of “no-registration” online casinos and gambling sites where you need not provide any information personal or financial. The only thing that they will ask is a wallet address and destination tag. You can easily regulate this using a VPN (Virtual Private Network).
These “no registration” sites mainly run on cryptocurrencies because for a gambling site to permit a bank transfer, it would need banking details and personal information like an address. Thus, gambling through cryptocurrencies ensures to preserve your anonymity. If a gambler is using A VPN and cryptocurrencies for transactions, it would be impossible to track his location or any personal information.
No Legal Restrictions
In many states and countries, gambling is illegal and is a criminal offence. In those states, all gambling sites are blocked. Gambling sites do not allow anyone with an address of a state where gambling is illegal. Well, technology has progressed to a level, where you can break a law, and none would know. Such technology is VPN or virtual private network.
A VPN would help a gambler of such a state, to alter his location and mimic an ID of a location where gambling is not illegal and that particular site is not blocked. This way neither the government nor the site would know your actual address. But all these efforts by you and the VPN will go in vain if you need to do a bank transaction.
Your banking details will reveal your state of residence that will result in getting blocked from those websites or worse getting caught by cyber police. Cryptocurrencies are the saviour of these gamblers. Cryptocurrencies will retain your anonymity while you could gamble from any location without any legal restrictions.
No Need to Share Your Personal Documents
A crypto transaction is better than a banking transaction in so many ways. It is not possible to perform a transaction without sharing your financial details and personal documents. The gambling sites and online casinos would need to verify them before the transaction to maintain security.
There is a higher chance of fraudulent payment for a bank transfer. On the other hand, there is doubt about security and safety for cryptocurrency as they function as per blockchains. The number of private and anonymous gamblers is huge in number and so is the market of crypto casinos.
Good Bonuses from Crypto Casinos
Cryptocurrencies are advantageous not only to gamblers but also to the operators of gambling sites and online casinos. Crypto payments are more economical for the sites as payment processing is easier. In addition to easy payment processing, there is no need for currency exchange as cryptocurrencies are the same and are accepted all around the world.
As transactions through cryptocurrencies are beneficial for them, all gambling sites and online casinos offer appealing bonuses and features to lure the gamblers into using cryptocurrencies. There is no harm to the gamblers in using crypto, rather it’s profitable for them. So, to conclude it’s a win-win situation for both the gambler and the operator.
Low Transaction Fees
Another plus point of using cryptocurrencies in gambling is their affordability. The transaction fees for cryptocurrencies are much less than traditional transactions. This is because cryptocurrency uses blockchain technology which ensures security as it is almost impossible to manipulate.
There is no need for gambling sites to secure these payments like traditional transactions. A bank transfer would require the involvement of a third party between the gambler and the operator of the site, which would contribute to a high transaction fee.
Conclusion
Cryptocurrencies are highly recognized in today’s world. They are beneficial for both the gamblers and the operators of online casinos due to the non-involvement of third-party. Due to the usage of advanced blockchain technology, crypto coins are more secure than FIAT transactions.
