Online casinos usually allow customers to choose between several payment options. Visa and Mastercard are the top most supported options, followed by e-payment services PayPal, Neteller, and Skrill, as well as prepaid cards, such as Paysafecard.
Casinos regularly introduce more payment methods to provide greater financial flexibility and thus attract a larger player demographic. A customer will look for a casino that supports the payment option he uses most frequently.
All the aforementioned payment options can only be used to deposit or withdraw fiat currencies, such as US Dollars, Euros, and British Pounds. Fiat currencies are regulated by the respective governments or banks that issue them.
But now there is a trend in online casinos to accept a new form of payment which has gained traction in the past few years, namely cryptocurrency. Cryptocurrencies are completely digital and rely on advanced cryptography that provides security and validity to its transactions. As cryptos are issued based on the code of decentralized blockchains, they cannot be regulated and controlled by any government or bank. In 2009, Bitcoin, the first cryptocurrency ever was created, and over the years, more digital assets (altcoins) were created, such as Ethereum, Litecoin, Ripple, Monero, and Zcash.
Many online casinos have introduced cryptocurrencies as a form of payment. While there are some casinos that accept only Bitcoin, several casinos also support payments in a number of altcoins. The growth of gambling platforms is provided by crypto-only casinos, which do not accept any fiat currencies and allow players only to use cryptos. Crypto casinos usually support Bitcoin, a number of other big altcoins, and several smaller-cap coins. 1xBit is an online casino which supports more than 25 cryptos, including coins that you will regularly not find on most casinos, such as Digibyte and Bitshares.
Using cryptocurrencies when gambling comes with many advantages. Players benefit from the security provided by the blockchain, as well as anonymity. When paying with cryptos, you do not have to share any personal or banking details to your casinos. As there are no third parties managing the transactions, deposits and withdrawals are executed faster and at lower fees when compared to traditional banking methods. This is what makes cryptocurrencies such a convenient payment option for online gamblers.
As a greater diversity of payment methods ensures that a casino will attract more players, casinos should also include some form of crypto to their financing options. This is because crypto transactions provide greater benefits than fiat currencies when it comes to online gambling. If cryptocurrencies are in demand, logically, casino operators should add support for them to allow players to fund their accounts and gamble on the platform.
Casinos that pass over cryptocurrencies will fail to secure a user base, which is currently on the rise. Crypto gamblers will not sign up on a casino that does not support their payment method, as it would not make sense to convert the coins, pay extra fees for the conversion, and use a banking method that is less advantageous for them. Players will simply move along and look for the casino that accepts their coin. Even if casinos only introduce Bitcoin, they will still not be completely limiting their opportunity to attract more crypto users.
While fiat currencies will always remain among the preferred options for many, completely overlooking cryptocurrencies can be detrimental, as casinos can miss the chance of taking part in a growing market that has enormous potential. Cryptocurrencies could, in fact, become just as popular as fiat currencies in the online environment, as they are very convenient for digital payments.
In conclusion, cryptocurrencies are secure, fast, and anonymous payment options that make them the first choice of many people when it comes to online gambling. More online casinos should add cryptos to secure a more diverse player base and to provide equal options to both fiat and crypto gamblers. Cryptocurrencies will continue to grow in popularity, so it is wise for operators to get on board with the trend early on to reap their benefits.