Online gambling has become so popular that most people would rather play on their phones than go to physical casinos. It makes a lot of sense since a player can sign up for an online casino account and start playing in minutes. And based on the best casino reviews, the payouts can be as fast. While this accessibility has been convenient and affordable, some players have taken issue with the KYC requirements and the payment methods available. We look at how crypto casinos have addressed these downsides and what this means for players:
What Are Crypto Casinos?
Let’s picture the typical online casino. A player signs up for an account where they detail their name, address, and other details in line with the KYC (know your customer regulations). They then play games, and if they win, they withdraw their earnings in fiat currencies through a registered payment method. For example, players can make deposits and withdrawals through credit cards. Other standard payment methods include wire transfers and e-wallets.
Now, let’s consider the crypto version. Like typical casinos, players must sign up for accounts. However, since most of these casinos do not have KYC processes, players can sign up without divulging too much information about themselves. The player does not need a conventional payment method for withdrawals and deposits. Instead, they can load their account or receive money through a crypto wallet.
So, crypto casinos are just like regular casinos with the added advantage of crypto payments and no KYC processes.
How Do They Work?
What can you expect if crypto casinos are just like typical casinos with differences in registration and payment processes? Here’s a breakdown of the standard processes:
- A player signs up at a casino where they choose a username and a password. To help the player protect their data, the casino can ask for an email address. Players usually don’t need to enter details such as their home address as these casinos often do not comply with KYC requirements.
- The player then makes a deposit using their preferred cryptocurrency, e.g., Bitcoin or Litecoin. The casino provides them with a deposit address, allowing the player to make the payment from their wallet at their convenience.
- The player can then enjoy the games on the casino. They are usually the same titles you would find in a conventional online casino, e.g., slots, table games, etc. The wagers are usually shown in a fiat currency, e.g., USD. However, players are free to select the currency they wish to see.
- Withdrawals are made to the player’s crypto wallet and are usually immediate.
As a result of this simplicity, many players are switching to these casinos.
Perks of Using Crypto Casinos
Crypto casinos have witnessed increased interest from the gaming community as they offer unique advantages to players. Consider the following upsides of making the move:
Added Privacy
Conventional casinos require players to provide a lot of information during registration and payment. A player must list where they come from, their home address, their phone number, email address, and other identifying information. They must also process payments using a card or bank account linked to them. This kind of data exposes them in several ways, as follows:
Financial institutions can track their spending: Take the example of a player who uses their card to pay for casino games. Their bank can track this expenditure and may use this information when deciding whether they qualify for a loan.
Hackers can access this information: If cybercriminals attack a conventional casino site and steal its data, its players are vulnerable to their data being sold to other parties.
Crypto casinos solve this issue by eliminating the need to share such data with the site. With just an email address, a password, and a wallet address, a player has all they need to enjoy casino games.
Improved Security
Players in conventional casinos are usually exposed to security issues on many fronts. Take the example of payment processing. Casinos that don’t use secure payment gateways expose their players to hacking, which can result in huge losses. Another glaring loophole lies in identity theft, such that players can have their card details stolen on the site or during payment processing via a gateway.
Can using crypto solve this? Of course! This technology allows players to transact in a vacuum where no party can change the transaction without the other party’s approval. Moreover, the payments cannot be intercepted in transit, unlike in a typical casino payment gateway. Additionally, the only way to access a player’s crypto wallet would be to jump through several security barriers, which is quite challenging, even for seasoned hackers.
As such, crypto gives players control over their security, which makes it a better bet in the long run.
Immediacy in Payments
If a player initiates a wire transfer, they often need to wait up to five business days before they can receive their money. The waiting period may be even longer in some cases, especially where many intermediary banks are necessary to finalize the payment. Card payments usually reflect within a day, while e-wallet payments can show in hours. But with crypto, the waiting time is minutes. After all, these payments do not have intermediaries and are wallet-to-wallet transactions.
Additional crypto casino perks include low or no transaction costs, transparency, and global accessibility.
Disclaimer: This is a paid post and should not be treated as news/advice.
