It’s becoming increasingly clear that innovative blockchain technology is starting to have a positive impact on numerous industries, among which are online casinos. With the latter, it not only serves to strongly bolster the trustworthiness of the casino by making its workings more transparent and fair, but also to make cryptocurrencies available to visitors for ultra-secure (and ultra-fast) money transactions.
Why is this a good thing? Let’s begin with a few basics.
Unlike the paper dollars you can tangibly hold in your hand, cryptocurrencies constitute a profoundly decentralized digital means of payment.
‘Decentralized’ refers to the technology underpinning cryptocurrencies – a system comprising a network of multiple computers that, between them, facilitate and record each and every transaction conducted on it.
Most people have heard of cryptocurrencies such as Bitcoin, and more are finding out about the others that are increasingly becoming available. The more cutting-edge new online casinos and gaming venues have also noticed this rise in popularity and uptake, and are starting to adopt cryptocurrencies across their platforms for customers to use.
Yahoo! Finance recently reported a spectacular 17,000% surge in value for one crypto token (AXS, which is increasingly popular in play-to-earn games) in 2021 alone!
What are the benefits to customers and gamers? Here are four big ones.
Most consumers want to know that their online transactions are secure, and this is especially true of those drawn to online gambling. Ordinary casinos typically hold highly sensitive customer data, including personal details, such as names, banking info and location, on a centralized server. While care is taken to keep this data secure, a centralized target means that hacking can never be ruled out.
Cryptocurrencies eliminate this risk at a stroke. Customers don’t use identity-revealing credit cards; they don’t have to give any personal details when making deposits or cashing out; and none of their data is stored in centralized form. Hackers haven’t got a prayer.
If you’re security conscious, as you should be when making online transactions, it’s probably wisest to gamble with crypto, and innovative new sites such as VIPCoin Casino will not only protect your security, but also provide a glittering repertoire of the best slot, dealer and table games out there (and also virtual sports).
2. Speed and ease of transactions
Comparing credit and debit cards with crypto is like comparing a 1990s Chevy with a 2022 Lamborghini. The former payment methods can take minutes to transact (if you’re lucky) to hours (if you’re not). With crypto, there are no state currency conversions necessary and no middlemen. They’re universal – and they’re uber-fast.
3. Less costly transactions
Payments for crypto transaction processing are minimal to non-existent. Again, this is because there are no third-party ‘middleman’ services needing to be paid their ‘share’. There’s usually a small fee, but it typically goes into the smooth maintenance of the blockchain system.
4. Excellent promotions and bonuses
Conventional casinos typically offer bonuses anywhere between 50% and 100%. However, with crypto casinos, you’ll typically get a 100% match bonus on your first deposit. Customers can often expect similar bonuses on their next few deposits, and many crypto-based casinos also offer free spins and/or cashback bonuses.
A new dawn is emerging in the online casino world – and it’s called ‘crypto’.