The post Why Are Cryptocurrencies Better Than Fiat Money for Online Gambling? appeared first on Coinpedia Fintech News
You’ve surely heard the news that cryptocurrencies are the new black when it comes to online gambling. More and more online casinos are adding them to their lists of payment methods. Players love them too. Many consider cryptos the future of iGaming, giving players what they’ve ever wanted in a new, modern package free from the chains of traditional finance.
But, there’s one question looming – are they truly better than fiat money? After all, Visa, Mastercard, PayPal, and other payment methods have been around for much longer. Plus, we’ve seen so many crypto scams that it’s healthy to ask that question. In this article, we’ll give you more than a few reasons that might change your mind about using cryptos in online casinos.
Transparency and Safety
While some might think that transactions in Bitcoin casinos are not safe, it’s the exact opposite. Cryptocurrencies might even be safer than some of the payment methods that can be hacked. We all know how many times hackers stole sensitive data from banks, but that can’t happen with the blockchain. All transactions are recorded and finite, so once the coins are sent to the right address—in this case, the casino’s—your money will be safe.
Choose a trusted crypto casino and you’ll never have to worry about your crypto’s safety. It’s all transparent and safe, even more than traditional payment methods.
Anonymous Deposits and Withdrawals
Cryptocurrencies have finally given casino players the thing they’ve always wanted – anonymous transactions. When you make a deposit or any kind of transaction online with a traditional payment method, it leaves a trace with your name on it. That doesn’t happen with cryptos. Since they’re fully decentralized, you can enjoy anonymous deposits and withdrawals.
You won’t need to share your bank account or any financial details – not even your name. All transactions are recorded on the blockchain, but it’s only an address, no personal details shared.
Making a deposit with Visa or Mastercard or any e-wallet is fast – we can’t deny that. They are verified and processed on the blockchain almost instantly. It’s an excellent choice for businesses where transaction speeds are of great importance. They’re also of great importance in online casinos, and that’s why players love Bitcoin and the ‘gang’.
Whether you’re using BTC, ETH, or LTC, deposits are instant. So are withdrawals unless the casino messes something up. Always check the withdrawal times and ensure the casino doesn’t cause problems that could see you facing delays.
Fiat money has no supply caps. Government-backed currencies can be printed as the economy and citizens demand. In comparison, cryptocurrencies have a minimal supply that won’t ever increase. For example, there are only 21 million Bitcoins in circulation. Nearly 19 million have already been mined, with just a short supply until we reach the maximum.
Due to this, inflation is not a problem. That’s the direct opposite of fiat money where rampant inflation makes retaining value hard. Sure, Bitcoin’s volatile too, but you have much more stable coins that you can use in online casinos such as Tether.
More and more casinos are joining the crypto bandwagon. If you want to jump on it, now’s the right time. Even with crashing crypto prices, the volatility shouldn’t be that much of a concern. It’s not just casinos – countries around the world are slowly realizing crypto’s potential, and as a result, there’s never been a more widespread acceptance.
It’s time to jump into the new digital era and enjoy all the benefits of decentralized finance. Once you try it, you’ll never want to go back.
As you can see, there are many factors that make cryptocurrencies a much better option than traditional finance. It’s not just the speed and anonymity – this is a whole new technology concept that will reshape the iGaming industry and herald a new era of gambling. It’s the perfect payment method for this industry, giving players the shelter they need while allowing them to benefit on many other levels.
It’s a brave new era for gambling, and it’s time to step into it without any doubts. Switch to crypto from fiat and you’ll see why it’s a favourite for players around the world.
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