Payment methods for online transactions have changed over the years. If you’re in your forties, you’d probably know that electronic funds transfers (EFT) were a big deal in the 1980s. Later, it was SWIFT, and subsequently, credit cards became the most common method for facilitating virtual payments.
All these payment systems still left paper trails. However, modern payment systems like cryptocurrency have brought a stop to all that. The innovations in the financial industry have helped the casino industry, and there are now several casino slot games you can pay for with cryptocurrency. Leading betting and casino platforms like FanDuel now accept crypto payment methods for all their gaming services.
As an industry that allows online gambling, you need a payment method that processes deposits faster to get started on your game. Aside from this, there are several reasons why it has a global appeal. This article will explore these reasons, especially if you’re transitioning to using cryptocurrency as a payment method in an online gambling space.
5 Reasons You Should Use Crypto Payment Methods In Online Casinos
The gambling industry has experienced radical changes in the past two decades, and the introduction of innovative payment systems is prominent in those transitions.
The cryptocurrency payment method involves paying and withdrawing with digital currencies like Bitcoin, Ethereum, Dogecoin, Binance coin, Litecoin, and other virtual assets you can purchase and own online. So why should you pay a gambling platform through this payment system?
1. It is Recognized Globally
There are tens of payment methods worldwide, but only a few have global acceptance. There is the wire transfer with its exorbitant transaction fees, and checks are another option, but they also have huge transfer fees. PayPal is a digital e-wallet, just like Skrill, but it is not allowed in some countries. This means that if you want to bet with a London-based casino from a country that doesn’t support the payment system, you won’t be able to do this since you cannot easily pay or withdraw with PayPal.
But a payment system powered by crypto is accessible everywhere. Anyone can create an account and stay secure, regardless of where they are in the world. This means people living in the Maldives can easily pay into a betting platform online, just as someone from Egypt, California, or Canada would. This global acceptance and availability have made paying to an online casino extremely flexible and easy.
2. Players Will Get More Bonuses
Every betting space has customary bonuses. The common ones are welcome, deposit, loyalty, reload bonuses, and free spins. The amount of bonus also varies depending on the casino you use. However, betting platforms now offer bonuses for those who pay with crypto. Why? Because it’s a faster transaction system that protects the casino as much as it protects the gambler.
The payment systems offer security and privacy. This means that if you don’t want anyone to know you’re involved in casino gambling, you can do it without issues. And this is the same for online casino establishments when it comes to taxes. They are free to disclose any revenue to the public without concerns about paying heavy taxes on all their true revenue. This is possible because they can disclose less than they earn since crypto payment is untraceable.
Since casinos stand to earn more, players also get access to more bonuses for using the cryptocurrency method and use such bonuses for highly rewarding games.
3. Fast Transactions
Depositing to a gaming portal through traditional banks may take hours sometimes. If you’re unlucky, your money may not even get to your casino account sometimes. This is different with crypto payments. You can easily deposit and withdraw money with a guarantee that it will reflect in your account in seconds.
The payment system works with a network of computers, and it is established on a decentralized network. This network allows payment and verification of such without any friction or assent by governing bodies. It’s as simple as going to the market and paying directly to the seller. There is no intermediary (which is what banks are). This makes deposits and withdrawals faster than they should, and you can start playing games as soon as you deposit to a casino of your choice.
4. Credibility and Security
The online gambling industry is focused on improving customer experience, and one of the ways to do this is by using both credible and safe payment methods. Paying through crypto offers both because a third-party organization does not verify payments. It is between you and your betting platform. Another great feature is that you don’t need to worry about the safety of your data.
Whenever you create a cryptocurrency wallet online, you don’t use your name or email as the account number. Instead, you will receive encrypted codes representing your account name and address. The encrypted codes are in letters and figures, which keeps you anonymous and safe. So if you love privacy, security, and convenience, that’s what the payment systems offer.
Additionally, your wallets and the apps you use them for allow you to set up two-factor authentication. This means nobody can access your account without knowing your details. In essence, only those you tell about your crypto wallet and how they can access it can hack your account and make payments or withdrawals without your knowledge.
5. It is Not Taxed
Many people believe that the inability of the authorities to tax income through crypto is bad. While we are not here to discuss that position, it’s a fact that many players love crypto payments because their earnings would not be taxed. The system operates on a decentralized platform that is not controlled by the central financial bodies.
Nobody controls it, neither the government nor the bank. This means you can make huge withdrawals from your online casino account into your crypto wallet without the government knowing. It also means you get to save more, invest, and make more money in the long run.
The Bottom Line
Paying and withdrawing from your casino account through the crypto payment option is one of the smartest things you can do as a player. Not only will it process your transactions faster, but it will also protect your privacy, allow you to access more bonuses, and your gaming activities will not be restricted to a country or geopolitical zone.
It’s a breath of fresh air for gamblers worldwide, opening a new door to earn more and providing access to international transactions and collaborations without stress. If you have a crypto wallet and would love to play casino games online, reputable gaming platforms like FanDuel accept cryptocurrency transactions. You can sign up with them to get started immediately.