Online Gambling Sites Now Accept Cryptocurrency Payment Methods
Online casinos have always paid attention to the latest technologies, as they depended on them to strive in the competitive environment. Whenever something new was invented and it gained traction with the broad audience, Internet gambling operators were among the first to implement the tech. Cryptocurrencies are no longer a novelty and many people are well familiar with Bitcoin and its use online. Online casinos were among the first to allow punters to deposit, wager and cash out winnings in digital money. In recent years, the number of operators accepting this payment method has increased and the trend is going strong.
Why do online casinos love crypto currency?
Digital money sounds like the perfect choice for Internet businesses, who rely on fast transactions performed exclusively online. Crypto currencies promised to deliver precisely that to those willing to take a leap of faith with this new type of currency. You can play live casino games here – Online casinos were quick to accept deposits from Bitcoin users, as they were happy to expand their customer base. Initially, there were few places where crypto currencies could be used online, so those who owned them were happy to be able to spend them.
As the value of Bitcoin grew exponentially, the number of people willing to acquire and hold on to digital money also grew. This provided online casino with the impetus to add crypto currencies on the list of accepted payment methods, alongside traditional money. There are many instances of Internet gambling operators that allow players to deposit and wager exclusively in crypto currency. They offer bonuses in digital money and require players to set up a special wallet to handle this new type of currency.
The vast majority of online casinos chose the balanced approach, which implies a mix of traditional and digital money. The only thing that players are not allowed to do is to deposit funds in real cash and withdraw crypto currency, or the other way around. That’s because the casinos don’t want to turn themselves into exchanges, but also to mitigate the risks of fraud and money laundering.
No fees and faster withdrawal times
Online gambling sites that accept crypto currency payment methods have the advantage of performing transactions much faster than their counterparts. Instant deposits are the rule today at Internet casinos, but cashing out winnings usually takes between three and five banking days. Crypto currencies have the merit of being significantly faster and players can withdraw their profits almost instantly. There are no hidden fees or commission to be paid by those who choose this way of transferring funds out from the casino.
Bitcoin is the most popular crypto currency, but online gambling operators don’t limit themselves to this one type of digital money. There are many places online where players can deposit in what are commonly referred to as alt-coins. These work in precisely the same manner and players who choose them are eligible for the same bonuses and promotions, credited in currency equivalent.