Cryptocurrencies: A Payment Method Increasingly Popular In Online Casinos
The need for a secure, flexible and anonymous payment method has become essential for playing online. People playing online need to be sure their financial transactions and personal data won’t be shared with third parties and their money is safe from hacker attacks. Traditional payment methods are still a thing on online casino platforms, but new technologies such as blockchain and cryptocurrencies are gaining trust. Cryptocurrencies offer players fast transactions, enhanced security, and greater anonymity. For this reason many platforms now accept Bitcoin, Ethereum, and other digital currencies, allowing users to enjoy incredible real money casino games without relying on traditional banking methods. This trend reflects the integration of blockchain technology and the gaming industry, providing a seamless and efficient experience to customers all over the world.
Why the gaming world is so enamoured with crypto
Digital currencies such as Bitcoin and Ethereum have made a big impact on the gambling world because of their inherent qualities. Safety, immutability and anonymity are greatly valued by people playing online and trying to maintain their financial security. They also ensure faster transactions compared to traditional banking, and more secure activities. The encryption inherent in blockchain technology is among its most valuable features for gamers. Also, unlike traditional payments, cryptocurrencies don’t require people to share their personal data, ensuring anonymity in a delicate setting. The elimination of a banking intermediate allows people to avoid larger fees for each transaction.
The cryptocurrencies supported by most online casinos and apps
In the vast and ever-changing world of cryptocurrencies, new competitors are popping up any minute. Established casino platforms, however, don’t put their customers at risk and only use secure digital currencies. Here are the most popular and widely used:
- Bitcoin (BTC);
- Ethereum (ETH);
- Litecoin (LTC);
- Tether (USDT).
Be sure to only use the currencies that have been confirmed as secure. While innovation is surely a good thing, putting one’s personal and family money at risk is not the best idea. Our advice is to refrain from using a currency that is too new or hasn’t been tasted and proved as secure in order to maintain one’s financial security even when playing online.
Are traditional payment methods a thing of the past?
Our opinion is that people will continue to use traditional banking in some settings. Their security and familiarity make people continue to use bank transfers and credit or debit cards on online gambling websites and apps. One should only be mindful of their pros and cons. Most cards like Visa and Mastercard are widely accepted by most websites, including online casinos and gambling apps. They are also backed by fraud protection systems applied worldwide. It’s important to note, though, that this kind of payment requires personal information and can’t ensure anonymity. The same goes for traditional bank transfers, which are secure but slower and often require higher fees compared to cryptocurrencies. Most banks also limit gambling activities and can report the payments to other people (such as a bank account cosigner).
Some intermediate ways to process online gaming payments
There are some ways to process online gaming payments which don’t require banking information nor the usage of cryptocurrencies. For instance, PayPal, Skrill or Stripe are moderately safe ways to transfer money from a bank account to a gaming platform without sharing the account’s information. They could be a safer way to play even if they don’t ensure anonymity. Lastly, most casino platforms offer vouchers and bonuses players can use to play. They require people to use their personal and financial information in their first transaction and then they will process payments in a faster, safer way.
