Cryptocurrencies have proven to bring transformative changes in many industries, including online gaming. What started as another payment method in traditional online casinos has led to the rise of crypto-only platforms catering to an ever-growing customer base of crypto owners.
Besides Bitcoin and Ethereum, alternative cryptocurrencies and many e-wallets have also made their way into the industry. One example is VegaWallet, a popular cryptocurrency at Japanese casinos that lets Japanese players enjoy a completely streamlined crypto casino gaming experience. Given the rapid evolution and demand for crypto casinos, we will explore the reasons behind their popularity and the advantages that cryptocurrencies provide to players and operators.
Crypto Casinos Allow Player Anonymity
In crypto casinos, payments are processed through the blockchain, so the transactions related to online gaming don’t show in players’ bank records. This type of privacy and anonymity is impossible for gaming platforms that operate with FIAT currency. Details like phone numbers, addresses, or identification documents are not required, eliminating the risk of losing personal data to hackers.
Casino players who value privacy join crypto casinos, and operators are willing to attract these players by providing a service that helps preserve such anonymity.
Crypto Assets Are Secure
Cryptocurrencies are one of the most secure assets available to investors because they are protected with data encryption techniques, which are extremely hard to hack. The crypto wallets, essential for crypto exchange, have advanced security features, making thefts of hardware crypto wallets nearly impossible. All these features make cryptocurrencies all the more attractive to casino players.
In addition, crypto casinos employ many other ways to boost security, including:
- One-time passwords are codes valid only within a given time frame.
- An authentication token is a time-sensitive code to verify the user when they log in.
- Biometric authentication includes facial recognition, fingerprint scans, or similar.
- SMS authentication is sending a one-time code to the player’s mobile phone.
- Two-factor authentication includes a second checkpoint requiring the player to provide a security token or biometric authentication and the player’s password.
- Password requirements oblige players to use complex passwords.
Crypto Transactions Are Processed Efficiently
Crypto payments are processed in a decentralized system. The assets go straight from one wallet into the other, drastically reducing the time required for processing payments compared to the process for payment with FIAT currencies. It enables efficient processing of deposits and withdrawal of winnings.
Players appreciate it because traditional online casinos sometimes need days to process similar payments. Gaming platforms love it because it streamlines their cash flow and allows them to focus on other operational aspects of managing a crypto casino.
Crypto Transactions Reduce Processing Fees
As crypto transactions are decentralized and processed directly, there are no costs associated with handling payments by the player’s bank. International players don’t get their winnings dented by costs for currency conversions typical for daily fluctuations in exchange rates.
This significantly reduces processing fees and leaves players with more money. Additionally, operators captivate players by offering high payouts due to low operating costs.
Crypto Casinos Verify Provably Fair Games
Blockchain technology brings an entirely new interpretation of transparency to online gaming. After the gaming session, players are offered a record of the game’s performance according to its RNG properties. They can verify that the system was not tampered with after they’ve placed a bet.
The integrity of casino operations is also guaranteed by the automated execution of contracts, also known as smart contracts. They allow payouts to be processed before the online casino initiates a dispute challenging the winnings due to a potential breach of the T&C or game rules. Blockchain-powered traceability goes the other way, as online casinos can check whether a punter has tried to cheat the system.
Crypto Enables Ease of Use
Crypto casinos have a registration system that is simple and easy to use. The signup requirements are minimal, and players only have to enter an email address and a crypto wallet to register and start playing. Government regulation for crypto gaming is in the grey zone. Whether a crypto casino is legal in a particular market depends on its online gambling laws and the rules that allow the use of cryptocurrencies in the country.
Crypto Casinos Welcome a Global Player Base
Crypto casinos are inclusive, allowing a wider customer pool to enjoy the games. The number of crypto owners is projected to reach 833.70 million this year, bringing opportunities for online casinos to enhance their customer base.
Also, players don’t need a bank account or an ID to join, enabling operators to penetrate more remote markets. Crypto casinos offer services to players where other international or local gaming platforms can’t, with people needing only an internet connection, a device, and a crypto wallet to enjoy the games.
Bottom Line
The popularity of crypto casinos shows no signs of waning because the number of users and gaming platforms is constantly rising. The innovative potential of crypto may bring other exciting changes to the industry, including new games and better services for digital punters.
