Cryptocurrency had a relatively fast rise to the top and it didn’t take long for it to enter the gambling industry. Today it is so rare to find bookies and casinos without crypto as one of their payment methods. In fact, players have become so accustomed to it that it is gradually becoming the number one option for them. So when players visit a site like Paradise 8 casino, they prefer to deposit and withdraw with crypto and we can understand their reasons. This fast payment method presents numerous advantages over the others.
However, as popular as it is, many players still don’t understand the benefits that crypto as a payment method presents. So now they know the sites that offer it but they don’t exactly know why they should use it. If you fall in this category, you should read on because we will address why you should consider this payment option.
What Advantages Does Cryptocurrency Present?
If crypto was unable to match up to the standards of the current payment options, it wouldn’t have so much success in the market. Let’s look at the benefits that it gives over other payment options.
Cryptocurrency is Decentralized
Cryptocurrency is decentralized so there is no central authority that monitors your transactions or movement of funds. For your bank account, your banks are conscious of how you move money and if you do large transactions, they may question the funds and freeze the account. Other options like e-wallets are also under an organization that keeps a close watch. These entities have rules that you must follow if you want to keep your account.
But the crypto market is decentralized—no one owns it. There is nobody that claims to oversee what you do on your wallet so you have unusual freedom compared to banks. It removes the fear of having your account blocked or frozen.
Some may argue that other payment methods are also private but hear us out first. Every other payment method mandates some of your details when registering the account. Some of the information they can ask for are:
- Phone Number
- Next of Kin
- Email Address
These are only a few of what they ask for when you are signing up. In addition, you may also need to verify your account, or else you will have limits; in extreme cases, you can’t use your account until you verify. This verification usually demands a valid means of identification and proof of address.
Many people are uncomfortable with supplying personal information and we understand. With crypto, you don’t need to supply any personal information to have a wallet. Instead, they use encryption keys so your name doesn’t need any affiliations to your account. But it doesn’t mean that it is a gateway to money laundering; several measures promote transparency against fraudulent transactions.
Whether you use banks or e-wallets or any other payment options, it is impossible to escape charges. They will always take a certain percentage on your transactions and most times, not the smallest of fees. And while many are quick to speak against it, we understand that it is one of the ways they keep the business running.
However, with crypto, you are sure of the lowest transaction fees and percentages. This is possible because of the decentralized market. Since no organization oversees the transaction, the little fees and percentages you pay are just to keep the blockchain running.
Players usually have good instant deposits, however, withdrawal is where the problem lies. Almost every other payment method requires some working days to get your funds across to you. As your gambling platform is transferring your funds to your financial institution, they need to do some transaction verification. These verifications are in place to prevent fraudulent practices like money laundering—which is good, but it takes time.
Crypto transactions only need a few hours so you are assured of getting your money on the same day. In cases where it is delayed beyond 24 hours, it is most likely your provider that is causing the delay.
When we say cryptocurrency, we are not referring to any coin in particular. This is because the crypto market is very diverse and you have coins like:
These are only a few of the hundreds of coins in existence. So even if your gambling provider limits you to only a few, when you withdraw to your wallet, you can easily convert to any other coins of your choice.
While multi-currency may not seem like a big deal to you, it is a perfect measure against inflation. Unlike banks and other financial organizations, crypto transactions are significantly resistant to inflation.
Cryptocurrency is a very versatile payment method and it gives us a peek at what the future of transactions is going to look like. But why wait for the future when you can experience it now? It doesn’t take time to register so you can give it a try!