Although the uptake of crypto as a payment solution is slower than most would like, there is no denying that there are increasing avenues for use of digital coins above and beyond simple trading. Perhaps the most glaring example of this is in crypto casinos, which are one of the biggest markets for crypto use and are growing in number by the day. In a world where there are far more non-crypto casinos than ones that use digital currencies, though, there is undeniably a question to be asked: Why are people choosing to play at crypto casinos?
This isn’t a rhetorical question designed to indicate disbelief at the idea of a crypto casino. There are many crypto casinos which are hugely popular, including some new ones and some industry titans like Cloudbet. The question is legitimate: there need to be reasons for people to do things, and by knowing what benefits people get from crypto casinos, hopefully more people will consider this to be a valid use of their Bitcoin, Ethereum and any other coins that they can use on these betting sites. A few clear reasons are as follows.
Low minimums, high maximums
In the few casino sites that operate legally in the US, and in many across the world, there is something of an entry bar for people who don’t want to overcommit. They tend to have high minimum deposits (and withdrawals) which means that if you want to play, you have to commit to playing a lot – and possibly losing it all before it can ever be withdrawn. Crypto casinos have low minimums, allowing you to access their games and their bonuses from as low as a couple of dollars. Similarly, crypto casinos don’t force limits on you, so if you want to deposit and withdraw more – including six-figure sums – you can, without undue restriction.
Extremely fast transactions
If you want to enjoy your winnings from an online betting site, and you are betting in fiat money, it can be as much as a week from the point of initiating a withdrawal to actually receiving it. It can be longer, if the withdrawal is paid by check, which it often is. If, on the other hand, you’ve deposited in Ethereum, then you can withdraw your winnings via the Ethereum blockchain and have access to them in minutes. In truth, it can be all but instant, although human activity is slower than digital, so you’ll need to factor in how long it takes you to click all the necessary buttons.
Enhanced privacy
You don’t need to be paranoid to be concerned about privacy when it comes to online transactions. Here’s a hypothetical situation which actually happens: You want to rent a new apartment. As is standard, you are asked to provide bank statements as proof of income. There are gambling deposits listed on your statements, and you are denied the apartment because your gambling is perceived to be a risk. If you bet at crypto sites, there is no record of those transactions that needs to be seen by anyone but yourself. Keeping your transactions private is a sensible step in 2023, and crypto casinos help you do it.