There are reasons why people are trusting cryptocurrencies like bitcoins for online transactions. Slowly and steadily, the world is getting accustomed to a form of currency which is intangible but reliable. It is being seen that sectors like share market, funds etc. have become the hub of cryptocurrencies. But, the online gambling sector is yet to embrace this new currency form. Here are a few reasons why online gambling would be profitable on adopting cryptocurrency system of transaction.
Cryptocurrency is the synonym of security. Most of the online gambling websites have personal and banking details of its players stored, which if leaked, can prove to be fatal to the players. With the advancement in web security, hackers have developed complex skills. Thus, no one can completely assure that such data is completely out of the reach of the hacker community, but the case with cryptocurrency is a little different. The units of currency here are encrypted, i.e. converted into special codes that are very difficult to decode. In case a player chooses to use cryptocurrency for transactions, the online casino needs to just save the public key of that player. Even if there are records of player's transactions, hackers cannot steal any information. Thus, if a player keeps the details of his cryptocurrency wallet confidential, there is no way that a hacker can get their ulterior motives realized.
Usually, a poker room transfers the winnings to a player's fiat's account in 72 hours. The poker room goes through a number of steps to get the authorization for the transactions, from the respective bank. In case of cryptocurrencies, withdrawals are almost instantaneous when requested. Also, this saves the charges that banks levy on transactions.
Cheaper Operating Costs and Low Transaction Fees
During the processing of withdrawal request by any player, a major amount of winnings is deducted to pay the charges levied on them by the banks, for availing particular services. These charges can be avoided or brought to negligible if these transactions are done in the form of cryptocurrencies. Thus benefitting players. Since the transactional cost reduces considerably, poker rooms or casinos can pass the benefit to players in terms of higher payouts or additional bonuses.
Using traditional banking methods compromises identity, thus more and more players are choosing Crypto especially in countries like India where poker is not widely accepted. Although there are workarounds, even those methods don't provide with complete confidentiality. Plus, they charge a lot and are also difficult to set up. With cryptocurrency, all you need to provide is an email ID and a wallet ID.
This has to be a two-way swing advantage. You can both profit and loose but the chances of profit are much higher. For example, if today you win a prize money and tomorrow Bitcoin or the cryptocurrencies your casino is offering, goes up by 10%; you automatically win an additional 10% and vice versa. The good thing here is that you can sell your winnings once the currency regains value.