With the arrival of cryptocurrencies in iGaming, the industry has dramatically changed. Players are now increasingly opting for the most advanced type of payment available. This has been the main reason for the opening of many Ethereum casinos.
New gaming clubs are opening every week, attracting the latest features, better conditions and additional benefits. According to many expert companies, this trend will continue to grow. If you still need to learn why many gamblers prefer cryptocurrency payments in Ethereum casino, we will tell you more about it.
Why has Cryptocurrency Become Popular in Gambling?
Bitcoin appeared in online casinos in 2011. Several other online casinos opened a few years later, using different currencies – Ethereum and Litecoin. At the same time, these currencies were still not in global demand in online casinos. The most significant growth in the popularity of cryptocurrency happened between 2020 and 2021.
At that time, the value of Ethereum and Bitcoin increased dramatically, which is why players started to look at them. This is how many people realized the benefits they were getting from betting at blockchain-based casinos. So, customers of this innovative type of casino instantly appreciate the following:
- Usability. Bitcoin, Litecoin, and Ethereum users at online casinos are exempt from verifying their wallet and casino account. Please note that licensed casinos are still required to verify the player’s identity, but it is as simple as possible in this case. This makes it possible to place bets in a very short period and without any complications.
- The decentralization of the system. This is arguably one of the best solutions in the gambling industry. Thanks to this, state banks have no control over financial transactions due to the lack of ability to identify parties to transactions in the blockchain. This, in turn, allows players to avoid possible additional scrutiny. The situation is similar around the tax authorities. The player does not have to report where the money was sent or came from. This is very attractive for the residents of the countries where online casinos are banned, as well as for those who have to pay taxes on gambling winnings
- Bitcoin casino slot machine gaming has a proven record of fairness. Thanks to a unique, innovative technology Provably Fair, casino customers can control the gaming algorithms’ right personally. With the advent of this technology, the possibility of operator intervention in the operation of slot machines is no longer possible
- In the blockchain, the cost of commissions is meager. However, it should be understood that, unlike fixed commission rates in conventional casinos, the cost of withholding here depends on the network load and the chosen blockchain. At best, the system will charge paltry amounts; at worst, only a few dollars. Even in the latter case, however, the benefits of using a decentralized system are not lost, as you can personally control the movement of money
- The use of cryptographic protocols for protection. This is the best way to protect the resource and financial transactions, as it protects players reliably.
Differences Between Traditional Online Casinos and Blockchain-Based Casinos
Most existing online casinos offer a massive range of payment instruments to make payments. Many online establishments also include Bitcoin, Ethereum, Litecoin, and traditional payment options. This gives players more options. One should also realize that they have less freedom than crypto casinos.
The fact is that to open a quality gaming site; the operator will necessarily need to obtain a license for the relevant type of activity. The cost of this document is relatively high and can reach massive amounts (up to several million dollars). However, establishments with a license are considered more reliable than those without one.
Full-fledged cryptocurrency casinos do not have a license. Generally speaking, there is no need for one. This is because all transactions in the blockchain are transparent. The possibility of interference from third parties (operator, hacker, etc.) is wholly excluded.
Moreover, all winning at such casinos automatically goes to the blockchain, and there is no way for the casino to keep the client’s money. At the same time, players can run into scammers when visiting a crypto casino. The players have no protection in the form of regulators.
Conclusion
For those who choose maximum convenience, Bitcoin, Litecoin and Ethereum paying establishments are a great solution. Thanks to cryptocurrency being an entirely new, unique phenomenon, including in iGaming, players get the most out of their gambling betting experience. Users can place minimal bets thanks to the ability to divide the cryptocurrency into many small pieces.
It should also be remembered that the limits in cryptocurrency casinos are always times higher than in conventional ones. The innovative establishments are beating the traditional ones in terms of comfort level. This is why the industry has seen a steady increase in users choosing to use Bitcoin, Ethereum and Litecoin as payment methods.
Bitcoin, Ethereum and Litecoin article and permission to publish here provided by Alexander Kolesnykov. Originally written for Supply Chain Game Changer and published on June 17, 2023.
Cover image by WorldSpectrum from Pixabay