Whilst cryptocurrency has seen a huge wave of success in recent years leading to high prices and a very successful trading market for those involved in the bigger coins, it has struggled to find some mainstream use as options remain more on the niche side of things. One industry that has fully embraced the growth of cryptocurrency however is within online casinos as many of the biggest operators now offer both deposit and withdrawal methods in a number of different coins, but what are the big benefits of crypto in the online casino space?
Perhaps the best feature to come with a change to crypto options is within the speed of transactions – instant deposits have been around for traditional payment methods for quite some time, but the withdrawal process can typically be much slower with some options taking anywhere up to a few days – this is often because sending money through different institutions can take some time, but with the transfer from one digital wallet to another being instantaneous, this withdrawal process can be much faster and may be one of the more impactful changes seen for online casinos for some time.
Depending on where you’re playing from, you may also be subject to paying tax on winnings for traditionally currencies which isn’t the case for crypto in all locations either – whilst some countries like the UK do have measures in place to ensure any gains even in crypto are taxable, checking the information for wherever you’re playing from may yield different results, and you may find out that the big jackpot you’ve just won may come to you completely tax free. This will be something to jump on quickly however, as this is quickly changing as things like capital gains tax are quickly being applied.
Finally comes security and privacy – whilst all crypto transactions are public and transfers can be tracked from one wallet to another, no personal information is ever disclosed so a big win won’t go on public record which in the past has left some players as targets particularly after big wins, and you won’t have to worry about security either as digital wallets are stored in one location and are nearly impossible to exploit without gaining access to the actual device the wallet is stored on.
The opportunities in crypto are still so new so there’s plenty of opportunity for change to happen very quickly, but given the current uncertainty despite prices for the biggest options stabilising, it may be better to take advantage of what crypto casinos have to offer now as these options could change very quickly.