Crypto casinos are on the rise. It shouldn’t really be a surprise to anyone, because crypto-anything is on the rise. New casinos PA are popping up left and right, but the focus is on crypto.
Despite the bumpy price of some major cryptos, the hype and price around individual currencies are actually irrelevant. As the likes of a Bitcasino.io casino review points out, the benefits of a crypto casino are more far-reaching than jumping on shallow hype.
Here are the main reasons behind the growth of crypto casinos:
A crypto casino has a little bit more freedom when it comes to money and limits. Because of the clean transactions, there are often very low minimums yet very high maximums when it comes to deposits, withdrawals, and betting. The absence of Visa and MasterCard certainly helps in this regard.
Crypto casinos like Bitcasino have very fast transactions. Long gone are the days of waiting days for a payment processor to finally deliver the funds. Instead, crypto transactions are exceedingly fast, and because the casinos have more control over them, deposit and withdrawals can often take minutes.
Of course, most cryptocurrencies aren’t 100% anonymous, but they certainly offer more capacity for privacy.
A good example is that many customers do not like their betting activities showing up on bank statements. Crypto casinos can allow for sending money from one anonymous wallet to another without this activity being shown on bank statements.
Secondly, and this is a big one, crypto casinos do not usually require all of your personal information when signing up. They don’t ask for photocopies of your driver’s license to prove your address, for example, and instead treat the whole thing in a more privacy-focused manner.
Of course, an issue with using overseas casinos can often be the exchange currency. You can get stung by payment processors taking a large margin, for example.
Whilst many crypto brokers also charge fees and a margin, many of us already own the currency. And if so, you have the choice of any casino around the world with no real monetary downside. No borders, just a global marketplace of casinos.
So, you’re probably wondering if there are security issues with using crypto casinos. They can’t be fully licensed in the US, because crypto casinos aren’t currently legally regulated – so are they safe?
In truth, there will inevitably be a greater gray market in regards to crypto casinos. Some won’t be legit, some will. But, sites like Bitcasino and many others are fully licensed, but their licensing is abroad in places like Curacao.
So, you have regulations and licensing, but they’re likely not tier 2 regulators. This half-way security can simply be reflected in your activity. Perhaps don’t deposit the $1,000 that you may regularly do. Perhaps stick to smaller sums and build trust slowly with a given casino.
Still, it’s not quite the wild west that people make it out to be if you choose a casino that is licensed somewhere, with SSL encryption on the site, and a solid reputation.