5 minute read

Cryptocurrency has a myriad of use cases, and in the last few years, one of the most prominent use cases has been in the betting sector. For centuries, fiat currency was the only currency you could use to place wagers, whether online or in person. 

But the emergence of cryptocurrencies has created an alternative for consumers, and many are happy to take advantage of it. It is now more common to have an instant play casino option alongside regular fiat options for the many benefits. But beyond the novelty of choice, why should you place wagers in cryptocurrency? In this article, we’ll list some of the top benefits of betting with cryptocurrency: 

  • Profit

For many consumers, one of the biggest benefits of gambling with cryptocurrency is the chance to profit on both sides. Typically, when gambling with fiat currency, the only profit you can expect is if you win the game. This is because fiat currencies do not experience the same spikes in value as cryptocurrencies do. $100 today will most likely be worth the same thing a week from now. 

Cryptocurrency, however, works differently. Because demand and supply drive it, most cryptocurrencies fluctuate in value. So, if you bet with cryptocurrency, there’s a chance that you will not only win new tokens. But the new tokens might appreciate in value. That is why, looking at the best options for gambling, you’ll see cryptocurrency being increasingly used. This is because both consumers and casino operators want to get their hands on more crypto to increase profits.

  • Privacy

For many people, privacy has to be sacrificed to enjoy casino services. Typically, you have to prove your age by providing government ID, proof of address, and much more. For the more privacy-conscious among us, this sacrifice might be too much to bear, and this is where cryptocurrency comes in. A crop of online casinos has popped up, which leverage blockchain technology and crypto tokens. 

These get around privacy concerns by not requiring players to set up traditional accounts. Instead, they only need to connect to your digital asset wallets and authorize transfers. In that case, tokens are withdrawn from the wallet and deposited as required. For those who are deeply concerned about privacy, this has proven to be a big hit and shows no signs of stopping.

  • Control 

Another benefit of gambling with cryptocurrency is having more control over your assets and how they are used. When you come in with your currency, you are subject to the whims of your centralized financial institution, such as your bank. This means, essentially, that your bank can restrict your activities. It’s not unheard of for limits to be placed on various accounts or for transactions to be blocked entirely, depending on your institution’s rules. 

Even if the transactions are approved, you might have to go through a complicated process of proving your identity and getting them approved. Cryptocurrency, on the other hand, is based on the principles of decentralized finance. When you have a crypto wallet, you can deposit and withdraw as often as you want, at whatever time you want, and for any amount. Not even your wallet provider can control your activities, and for many, this is a worthwhile perk. When playing casino games, you can also leverage this and enjoy more freedom.

  • Transaction Speed

Blockchain technology has prided itself on fast transaction speeds that can match or even surpass those of traditional financial institutions. Tokens like Litecoin and XRP are known to have sent massive amounts of cryptocurrency in record time. This is especially beneficial for those who use online gambling platforms. 

It’s not unheard of for transactions to take hours or even days to be approved, meaning players are delayed in starting their games or claiming their winnings. If they choose cryptocurrencies, especially those prioritizing speed, they can access their funds or deposit funds much faster. This, in turn, leads to a much more enjoyable experience.

  • Cheaper Transactions

Along with faster transactions, using cryptocurrency for gambling transactions also means you can keep more of your earnings. Many traditional financial platforms take a significant amount in fees, and this can go on to reduce the amount you have to wager or the amount of winnings you have to spend. Cryptocurrencies, on the other hand, offer a much greater variety in terms of fee structure. 

XRP has been known to charge only pennies after completing millions of dollars in transactions, and so on. Those playing casino games on a budget or simply looking to be more frugal can definitely benefit from cryptocurrency as an option.

Conclusion

Gambling with cryptocurrency is not just a new fad for trendy online platforms. Instead, it is a technological movement that offers benefits to everyone in the ecosystem. It means there is a greater chance of profit, players can enjoy greater privacy and speed, and platforms can tap into a whole new audience. If any of these interest you, look into online gambling sites and see if any of them accept cryptocurrency. If they do, you can be on your way to enjoying this world of benefits.