Cryptocurrencies have been in the market for a little over a decade now. Bitcoin was the first blockchain currency that revolutionized the way people viewed transactions and assets. And although it has been over a decade, the decentralized currency is yet to catch up across multiple industries.
Blockchain transactions are truly anonymous and are probably the safest payment method currently in existence. The lack of a centralized authority ensures that crypto transactions are fast, cheap, and free from third-party interferences. These character traits are ideal for gambling, which is why crypto casinos are gaining prominence by the day. In fact, the majority of no account casinos prefer cryptos over FIAT currencies.
The Perks of a Secure Payment Network
If you’re completely new to cryptocurrencies, the concept can be a little difficult to wrap your head around at first. In layman’s terms, cryptocurrencies are a bunch of encrypted numbers that are assigned a specific value and then exchanged for goods and services. It works very similar to fiat currencies when you think about it.
A major difference is while traditional banking transactions are done via stipulated gateways, crypto transactions are completed through open blockchains. Therefore, you can mathematically track every transaction ever made on the open network. This built-in transparency, along with stringent security, ensures crypto transactions are 100% tamper-proof.
Crypto transactions are ideal and quick since they remove the middleman from the equation. This is beneficial for both the casino and the player as the requests are processed instantly. Moreover, since crypto transactions are cheaper, the operators can directly pass on the benefit to the players. Hence, crypto casinos generally offer higher rewards and prime bonuses compared to traditional and online casinos.
Avoid Conflicts with Law Enforcements
Online poker rooms began accepting BTC back in 2009 to avoid direct confrontation with the UIGEA. According to the 2006 mandate, online casinos cannot legally accept wagers from citizens residing in states that do not allow gambling. As cryptocurrencies aren’t legally recognized, online operators began accepting BTC to work their way around the problem.
Another major benefit of BTC transactions is that they are unrestricted and can be accessed from anywhere at any time. Therefore, if you reside in a state where gambling is illegal or unregulated, you can safely register at a crypto casino without the authorities interfering in your affair.
Crypto transactions are safer than traditional fiat transactions. However, make sure to do your research before signing up, as new websites might not be provably fair. However, unlicensed BTC casinos are generally safer than unlicensed online casinos. This is because crypto transactions are impossible to manipulate.
Certain gaming websites use BTC to promote their services. Common examples include no deposit bonuses worth 0.1 BTC, for instance. Certain casinos also offer special perks accessible only to crypto gamblers. As cryptocurrencies continue to get popular, more and more operators are likely to accept BTC and other tokens exclusively.