Today, there are thousands of different cryptocurrencies available for financial transactions. Although a big variety is a great advantage, it might be quite overwhelming to choose the one when you are getting started in the world of crypto. Some of the most popular cryptocurrencies based on their market capitalization are Bitcoin, Ethereum, Tether, Binance Coin, Cardano, Dogecoin, XRP, USD Coin, Polkadot, and Uniswap. Before we consider the main advantages of using cryptocurrencies, let’s dig deeper and learn more about some of them.
Bitcoin is actually the original cryptocurrency that was created in 2009. As with most cryptocurrencies, it runs on blockchain and is kept secure from fraudsters. Since its creation, Bitcoin’s price has skyrocketed. Can you imagine that it cost about $500 five years ago and now its price is over $32,000? This is nearly 6,300% growth!
Ethereum is both a cryptocurrency and a blockchain platform that experienced tremendous growth. In just 5 years, its price increased more than 22,000%, going roughly from $11 to over $2,500. Ethereum has great potential applications, like smart contracts and non-fungible tokens.
Tether is a stablecoin, unlike most other forms of cryptocurrency. This means that it’s backed by fiat currencies and hypothetically keeps a value equal to Euro or U.S dollar denominations. Theoretically, Tether’s value must be more consistent than that of other cryptocurrencies. This fact favors investors who are afraid of extreme volatility of coins.
Now that you see how many options of reliable cryptocurrency you have, take a look at the advantages of paying with crypto for your gambling experience.
- Payment security
Since cryptocurrencies adopt blockchain technology, every transaction is encrypted. No third party is actually involved in the payment process and your funds go strictly to the casino and back. But that’s only true when you store coins in the right way, keeping your private keys protected with reliable passwords. It’s also important to transfer on your crypto wallet only the amount of crypto you need and store the rest of coins in cold storage. Using crypto is much more secure than fiat currency. If the online casino you are playing at gets hacked by cybercriminals, your personal information for your bank or Paypal account will be stolen. However, with crypto your data is safe as long as your private key is protected.
- No fees
Fees become a burden on player’s shoulders. They are often hidden, so you never know what you will be charged when using a bank or credit card. However, with Bitcoin no real fees are attached. As was said above, no third party is needed to process the payment, which means that no extra costs are required. This is a great advantage of crypto that can’t be missed by those seeking financial independence.
- Multiple awards
One of the main reasons why people prefer online casinos is the big number of bonuses they provide. These bonuses can be used to boost your chances to win a jackpot or get some great rewards. You can even get no-deposit free spins at the best casinos online UK in addition to welcome bonuses. This means that you can play without putting any money on your account. Anyway, there are more bonuses available for gamblers that deposit crypto.
- Transaction speed
Platforms like Bitcoin usually complete transactions incredibly fast. They typically get confirmed within minutes or maximum a few hours. The longest time required for transfer is a day, which is less than normal bank transfers in fiat currency. You are not likely to face delays because of some issues when using crypto at your favorite casino. So with Bitcoin or other cryptocurrencies, you can fund your account or withdraw winnings almost instantly.
- Online optimization
In fact, credit cards and bank transfers were not initially meant to be used online like it happens nowadays. On the contrary, cryptocurrency was born on the Internet with the main purpose of online use. Therefore, this type of digital currency is a perfect solution for online casinos. Bitcoin guarantees a relatively high level of security, privacy and efficiency in the online world.
Crypto ensures complete anonymity for gamblers. This is a big plus for many people who want to hide that they are playing casino games for some reason. Unfortunately, gambling is very stigmatized in our society, so anonymity is often preferred. Cryptocurrencies keep your gambling experience separate from your banking activities so you don’t have to worry that your family members or friends will know that you spend your free time at gambling platforms.
- Lower costs
Usually, crypto casinos are significantly cheaper than those with traditional payment systems. Thanks to the absence of fees, players eventually spend less money, while winning more. In general, crypto casinos have fewer expenses to cover, so they can afford low deposits and big bonuses. This is one of the most significant advantages of using cryptocurrency for gamblers.
Paul Calderon is a talented editor and writer. He spends most of his time writing articles on casino gambling, technology, and finance. He is passionate about listening to music, exercising, and meeting new people.