Cryptocurrencies have been around since 2009 when the launch of Bitcoin introduced us to a new way of handling our money. It didn’t take long for the potential benefits to be spotted in various industries, and iGaming was one of the first to accept digital cash in this form. Online casinos and betting sites try to give their users flexibility when it comes to moving money in and out, and it was clear to see that there was great potential for using crypto to help with this. But what makes these alternate currencies useful in the world of iGaming?
Cut out the middle man
There’s no need to worry about sending money to your bank or funding cards or other wallets, as you can just use your crypto wallet. One key benefit of using cryptocurrencies is that they give us a way of sending money on a peer-to-peer basis. This means no dealing with intermediaries when sending money in and out of your account.
As cryptocurrencies are a decentralized form of money, when it comes to gambling, all transactions are carried out directly between the player and the website. Sometimes this means that the platform can offer enhanced payouts to players. This direct approach suits gambling sites as much as players, so they may offer crypto-specific promotions to attract users who want to fund their accounts with cryptocurrencies.
Get paid in 1, 2, 3
Payment speed and security are two common concerns for anyone opening an iGaming account. No one wants to sit around waiting on their money to arrive or whether their winnings will even materialise. This is why the speed and security that crypto can offer is an attractive prospect for some players and operators alike.
Of course, the speed at which transactions are carried out largely depends on how busy the network is at any given time. Still, crypto transfers are generally speedy while traditional methods of moving money online can run into delays, which is especially important when you win money and don’t want the stress of waiting for it to come through to your account.
A safe way to play
It’s worth going back to the safety issue to look at it in more detail. Crypto wallets and payment systems are incredibly secure since they are built on blockchain technology and cryptography, which combine to provide arguably the most secure method of handling money ever devised. Although you don’t have to know how everything works, if you look into it, you’ll see that it favours security without sacrificing speed.
Users might also find that they are less likely to be targeted by hackers or by phishing attacks than they would be if using a traditional bank account to enjoy iGaming. With no direct link to your main bank account or cards, you can feel more relaxed about sending money back and forward. This is because scammers will be looking for easier wins, and unless you reveal your private key to someone else, it’s going to be almost impossible for them to access your money illegally when you’re using crypto.
A simple approach
The fear of it being difficult is perhaps the biggest factor that stops more people from using cryptocurrencies for the first time. Yet it has become a lot easier than it used to be in the early days, and there’s no real reason for anyone to fear it any longer. The first step is to buy a small quantity of your chosen currency and set up a wallet to keep it in, which should only take a moment.
Once you’ve set up a crypto wallet, you need to link it to a gambling site by following their on-site instructions, so it’s easy to make deposits and withdrawals from that point onward. This removes any fuss that funding your account could involve, and it doesn’t matter where you are or how much you want to move.
As we’ve seen, cryptocurrencies have fitted in smoothly with the world of iGaming. Many people have already discovered how this makes it easier to gamble online without any security issues, and it seems certain that this way of moving money will grow in popularity.
