Cryptocurrencies have changed a lot of different industries over the years and gambling and online gaming are no expectation. There are many reasons a casino would want to offer cryptocurrencies as a payment method and more and more do every day.
This is partly because of the novelty of the option but it’s not only about that. It’s also about the actual features of the cryptocurrency and the benefits they have for both the casino and the players that use it.
The first thing that comes to mind when you think about bitcoin gambling is how novel the concept is. These digital currencies were just an idea and then just a niche hobby a few years ago and now they affect businesses across the world and can be used to actually pay your gambling bills.
Being on the novel and cutting edge of things is important for the casino owners since the industry has always relied on tech and it allows them to appear as if they are on the cutting edge of the field. The players enjoy working with such casinos as well.
Privacy online is essential these days and we get less and less of it as time goes by. This is especially true when it comes to how our money is spent online and to whom it’s being transferred. Many players are looking for ways to be more secure and secluded online.
Cryptocurrency wallets aren’t connected to your name or your bank account. You can use them and pay with them without any chances that your activities will become noticeable to the government or anyone else for that matter. It’s one of the reasons why the currency was first used to pay for illegal activities.
Speed of Transfer
The funds are transferred right away unlike the funds that are transferred via a bank. There’s always a waiting period when it comes to banks and they can be quite difficult when it comes to large sums and the transfers made to countries abroad.
There are also no fees with these transfers and they always exist when it comes to banks. For a lot of transfers and for large amounts these fees tend to add up and bite into your winnings. There are no such problems when it comes to using cryptocurrency.
Play Anywhere In The World
Some countries restrict the right to gamble inside their sovereign territory. However, it’s still possible to do it online if the right conditions are met. The biggest obstacle to gambling from a country that doesn’t allow for it is how to pay for it without the authorities figuring it out.
That’s resolved with the use of cryptocurrencies. It’s possible to pay with Bitcoin and other currencies regardless of where you are and where your wallet is set up. This broadens the market for the casinos and makes them more appealing to foreign players.
Tax agencies still don’t know how to deal with cryptocurrencies since the system is new and there are no measures put in place to track or pay for it. However, since it has been a while since they are in use and many profitable businesses offer them as a payment method, tax agencies are catching on.
The policy will soon change and grow to take into account cryptocurrency and players may end up getting taxed on the winnings they’ve made using this payment method.
Making Micropayments Easier
Micropayments are probably the future of online gaming since the in-game purchase industry has grown and become more popular with regular players. This is easy and safe to do with cryptocurrencies and more and more players are using them with this purpose in mind in particular.
These are the payments that are worth less than a dollar and sometimes even less than that and those aren’t worth it for the bank since they are too small. They are however used on a day to day basis by online players. Since there are no fees when something is paid with cryptocurrencies, these transactions become easier.
Is this a Long Term Trend?
It’s never easy to tell with trends. Something may seem like a real game-changer but it turns out that it’s just a fade. The same goes for those who believe that every innovation is a fad and overlook the important changes that have come to the industry.
It’s not yet possible to really tell which one of these is the inclusion of cryptocurrency in the world of gambling and only time will tell. However, there are many benefits that are uniquely suited to both the world of gambling and the cryptocurrency market, and that makes them a good fit.
To Sum Up
Many casinos use cryptocurrencies as a payment method. There are benefits for both the casino and the player for doing so. These payments are quick and private and they can be made from anywhere in the world. This also means that you can play from everywhere in the world even if gambling isn’t legal in your country.
It’s also not clear how to tax these winnings since the practice of paying with cryptocurrencies is new and the governments don’t yet have a plan on how to deal with them. This will probably soon change since the practice is now more common than just a few years ago.