There are several ways to pay for online gaming, and new methods are being developed all the time. Once, it was simply a case of making a purchase through a third-party site such as Google Checkout, WePay or PayPal, or gamers could use a credit or debit card in their local currency to buy credit through their bank account. Now, however, there is a universal, international solution pioneered by us at Bitcasino – the world's premier cryptocurrency casino.
There is always a slight concern about how strong the encryption is when it comes to financial transactions for playing at online casinos. With the news often featuring stories of hacking or when large banks have problems that don't allow customers to log on for a while, one could be forgiven for being uncertain about absolute security. Nevertheless, the ability to pay electronically has revolutionized online gaming, and whether it's playing classic casino games such as slots, baccarat, blackjack or the many different types of poker, it has made it much easier for people to enjoy their favorite type of gambling.
The rise of cryptocurrencies for payments
The favourite up-and-coming payment method by far for online casinos, however, is bitcoin and other cryptocurrencies. While many gamers will have heard the term they may not be entirely sure what the fuss is all about. They could be put off exploring further when there are occasional headlines about how values have dropped, risen and then dropped again, and so prefer to stick with their tried-and-tested methods of payment.
However, they may just be missing a trick here. At Bitcasino, we know that there are massive benefits to be had from using cryptocurrencies for gaming that could prove very useful for players in the long term. That's why we have established ourselves as the world's leading cryptocurrency casino, bringing the all the benefits of bitcoin gaming right into your home.
What is a cryptocurrency?
A vast amount of currency today is transacted digitally through online services. The payment companies previously mentioned, such as PayPal, sit alongside more traditional banking methods, where everything can be done in the digital environment. Hard currency, such as dollar bills, coins and the like, is still out there and is frequently used despite movements for cashless environments. The ability to tap a credit or debit card on a terminal has made real-world shopping much less hassle for many people.
Although a cryptocurrency is also a digital currency, it does not work in the same way as "normal" currencies. It's a virtual currency that cannot be translated into cash and uses cryptography for its security. This type of currency is not issued by a central authority – such as Germany's Bundesbank or the UK's Bank of England. As such, cryptocurrency is relatively immune to intervention or manipulation by governments.
A cryptocurrencies such as Bitcoin or Ethereum, allows funds to be transferred between two parties more easily. It is made possible by using private and public keys for security purposes. There are minimal processing fees for these fund transfers, which is a significant benefit for cryptocurrency users as banks and other financial institutions usually charge steep fees for transferring money. On top of this, when you play with us, you will never be waiting around too long for your funds to be released. Promising a withdrawal time of approximately 90 seconds, one of the fastest in the industry, we never keep you hanging around here at Bitcasino!
That said, savvy gamers might find that delving into the world of cryptocurrencies might prove very beneficial for all their financial transactions with online casinos. If you think this sounds like you and you've only been using Bitcasino to play for fun so far, then it's time to join the bitcoin casino community as soon as possible.
Benefits of using cryptocurrencies for online casinos
Online gamers will be well aware of the potential risks and rewards with any type of gambling, and for both gamers and the house the development of cryptocurrency is an important innovation. It can benefit both sides because there are faster withdrawal processes, better security and, for the house, decreased operating costs that can then benefit the customer. It's another way for online casinos to offer something different for their clients and potentially could be much cheaper for them to make their transactions.
1. Ease of withdrawals
When using a bank or other financial operator, funds have to be authorized from a centralized source. No permission from such an authority is needed when using a cryptocurrency, so it makes waiting times for withdrawals a lot lower for casinos geared up for crypto transactions. Players who are used to traditional online casinos may have become accustomed to the fact that it could take a long time for funds to be cashed out to a specific funding source, meaning that they might often keep large bankrolls online. There can be an element of risk in this as well as some inconvenience to a player because the money has to stay in a fixed account and is not in the player's control.
As an example, if a player using a standard online casino wanted to play a few hands of blackjack every day, they would have enough bankroll retained so that they could play for a day or two between withdrawals. Depending on wins and losses, it is not easy to estimate how much that would be and, naturally, the player would need to trust the casino. As we have already mentioned, with our lightening fast withdrawal time, you'll never have to wait for your funds from Bitcasino. Players who use a cryptocurrency can move their money easily and quickly, so they do not have to leave a bankroll at a casino. That gives them the option of having funds that are readily available to return to their casino of choice.
2. Security and anonymity
For online casino operators, this is a crucial aspect of their work. Usually, a service provider would have to store extensive records about customers using a centralized server. The provider would have to include data that had all the information linked to any deposits that the player had ever made. If one considers that many online casinos have millions of players all over the world, there is potentially a serious security problem of being hacked for that data.
Credit card fraud is an ongoing problem in the digital finance world and not just for online casinos. If a centralized database was to be compromised, then a considerable amount of damage could be done, both to customers and to the reputation of the casino.
By using cryptocurrency, however, this potential security risk is negated because all that could be stored is the customer's public key and how much they have deposited. Players with us at Bitcasino do not have to leave details such as their name and address or a card number. It means that the risk of security being compromised is reduced because a hacker could only access whatever currency was being used on the site. Even then, because of the nature of blockchain technology, this would be exceptionally difficult. As we don't hold our clients' crypto details on our servers, we've completely reduced the risk of loss due to fraud.
What's more, as we don't require extensive customer information, not only is your identity protected from anyone attempting to hack your account, it means you can also play with ease anywhere on earth. Total anonymity is yours when you join us at Bitcasino, and thanks to the innovations of blockchain technology, it will be almost impossible to track these transactions back toyou.
3. Lower costs
Every player is looking for an advantage regarding higher payout percentages and having access to additional bonuses for those loyal to the casino. Using cryptocurrency can make things cheaper overall. That is because players are charged the network fees, though in many cases, depending on the currency used, that can be negligible. If a casino does not have to be concerned about fees from traditional financial transactions, then this gives them the option to offer those higher payout percentages, just like here at Bitcasino. This helps them to retain customers on a regular basis and enables casinos to develop new options that will prove cost-effective, giving players further opportunities to develop their own interests and to try out new games.
4. Cash-back incentives and bonuses
With casinos able to generate extra revenue through players using cryptocurrencies, because they can reduce their overheads by not having to pay fees for those using Mastercard or Visa, they may offer better bonuses to those paying with a cryptocurrency. Just have a look for yourself and see the incredible bonuses and jackpots available right here today, all thanks to the fact that we use bitcoin and cryptocurrencies. Gamers should be aware that bonuses and other offers may vary, depending on what games are popular or where the bigger jackpots are to be found. Make sure that you regularly check our promotions page for all the latest offers and opportunities to grow your bankroll.
Bitcoin or other currencies?
In the recent past, there were higher fees and longer transactions times associated with Bitcoin, so some people would choose to use an alternative, such as Monero or Etherium. Bitcoin has worked to reduce both its transaction times and its fees and remains the cryptocurrency that the majority of people will have heard of and look to first in their research. Low fees are always attractive for any financial service provider, and the likes of Litecoin and Ethereum may prove to be more attractive when starting out.
Here to stay
Cryptocurrencies are here to stay as a form of payment for online casinos, and having geared up to accept use them here at Bitcasino, we're in a strong position for all our customers who prefer to use them.
Words: Sean McNulty