The crypto industry has been struggling for the past 18 years. Bitcoin fell from an all-time high of $69,000 in 2021 to $15,000 mid-last year. Bitcoin’s value has since increased to $25,000 at press time.
However, the entire crypto industry is far from recovering to its 2021 highs. Although Bitcoin’s price has been going up and down for years, its growth has been constant. More people own crypto today than ever before. And we’re not just talking about millennials.
Millions of people now use crypto, from banks to online casinos. The gambling industry, in particular, has been supporting crypto since 2013. Continue reading to discover crypto’s impact on online casinos.
A New Customer Base
Bitcoin has grown popular in the last decade. Most people buy Bitcoin because it produces high returns. A case in point: Bitcoin rose from $1 to $69,000 in 11 years. No other financial asset had a similar ROI during that period.
Crypto’s growth means one thing for the online casino industry: new customers. People who own crypto want to spend it sometimes. Some of them buy coffee with BTC. Others are willing to spend some of their Ethereum on slot machines.
Luckily, a growing number of online casinos in 2023 accept crypto. You can use Bitcoin, Ethereum, Litecoin, or USDT at the best crypto sites. Many of these casinos let you deposit up to $100,000 worth of crypto.
The best part about crypto casinos is that they’re equally as good as PayPal or Visa casinos. You play hundreds of video slots. Or, you can switch to live poker and blackjack when you want to interact with fellow human players.
A Globally Accepted Payment Method
One of the biggest benefits of crypto is that it’s universally accepted. You can use Bitcoin in Brazil, Curacao, Vietnam, Nigeria, and everywhere else with access to the Internet.
This means casinos no longer have to limit their reach. They don’t have to limit their reach to places where Visa and MasterCard operate. They can welcome players from every country in the world.
In some countries, crypto is more accessible than banks. Take Nigeria as an example. The African country has more than 15 million crypto users. Yet, studies show Nigerians have problems accessing banking.
The beauty of crypto is that it comes in many currencies. If you don’t own Bitcoin and want to gamble online, you can join Ethereum casinos. If you prefer to invest in small coins, you can buy Doge, Shiba, or Fantom. Then you can convert your coins to BTC or ETH whenever you want to gamble online.
Like many online businesses, online casinos have a credit card chargeback problem. Some people will deposit money and spend it on slots. But once they lose, they apply for chargebacks from PayPal, Visa, or MasterCard.
In 2021, chargeback fraud cost businesses over $20 billion. E-commerce sellers suffered the most, with most of them experiencing a rise in cases of fraud. The worst part of it is that it costs a lot of money to dispute chargebacks.
The typical online business spends $2 to dispute every $1 charged back by customers. Another statistic to keep in mind is that players who win chargeback cases are nine times more likely to scam casinos again.
Crypto eliminates fraud through one simple solution. It does not support chargebacks. Once you spend your Bitcoin or Ethereum in a casino, you can’t reverse it.
Provides Fast Transactions
Crypto is faster than many conventional payment methods. Bitcoin—the largest cryptocurrency—processes transactions within 20 minutes. This is much faster than the 1-5 day period banks offer.
Ethereum—the second biggest coin—completes payments within five minutes. Some smaller coins, USDT, Solana, FTM, and Cardano process payments in less than a minute.
In other words, casino players can trust Bitcoin to process their deposits promptly. It might be slower than PayPal or Visa. But it has more benefits that validate its suitability in the iGaming sector.
For example, casinos process withdrawals to crypto faster compared to many e-wallets, cards, and wire payments. Casinos will usually process your Bitcoin cashout request within a day.
If you withdraw money through Visa, MasterCard, banks, or e-Checks, you may need to wait for 3-5 days before it reflects into your account. And if you’re trying to process an amount larger than $10,000, you may need to wait much longer.
Crypto is Great for Micropayments
Although some people spend thousands of dollars on online casino games, most people have a small budget. They want to spend $10 or $20 on slots and blackjack.
To deposit a small amount of money, you need a payment method with low fees. Crypto is technically free of charge. It’s a peer-to-peer payment system. That means your funds don’t go through an intermediary that may require a cut.
That said, crypto payments must be verified before they’re added to the blockchain. Verification helps avoid duplication—some people could attempt to send the same payment twice.
The people who verify Bitcoin and Ethereum transactions sometimes use scarce resources—power, rigs, and computers. To reward their efforts, the crypto community decides to charge a small fee for every payment.
Bitcoin and Ethereum tend to charge slightly high fees due to their popularity. But if you use a small altcoin to make payments, the charges are incredibly low.
Crypto Casino Games
The growth of crypto led to the popularity of blockchain technology. Blockchain helps keep crypto records secure and transparent. As mentioned, this system is decentralized, meaning no one can hack it.
Because it’s decentralized, blockchain helps developers create trust-free apps and games. Some of these games include slot machines, blackjack, and poker. The games work like other casino games.
But there’s an exception. You can prove each game’s fairness. You can check or even generate the seed that triggers random winning symbols. By doing so, you can be certain you’re playing fair games. In case you’re wondering, you can find crypto slots at many crypto casinos.