Processing payments on online platforms has evolved more than most people expected. The past couple of years have seen the fintech industry rise at a considerably fast rate. Online casinos have benefited greatly from this growth. It means processing transactions on their platform is easier and doesn’t delay as before. Cryptocurrencies have been around for a long time but its use as a payment method was a slow rise. Online platforms took their time before operating cryptocurrencies. The adaptation started with bitcoin, and as time went on these platforms started introducing more digital currencies.
Cryptocurrencies are very easy to use and also safer, but they require a little bit of crypto knowledge before making use of them. If you can complete one crypto payment, you won’t face any other difficulty for the rest of your transactions.
How Cryptocurrencies Simplify Payments in Online Casinos
Cryptocurrencies streamlining online payments has led to a lot of positives, and they include:
Low Transaction Fees
Using fiat currencies, players were subject to fees for making deposits and withdrawals. These fees were not on the high side, but over time they could amass to a substantial amount. Using cryptocurrencies players can be able to bypass the issue of high transaction fees.
High-Grade Security
In online gambling platforms, processing payments is a way cybercriminals can attack players or bookmakers. Poor payment methods can be used as a backdoor to access a bettor’s account. Using cryptocurrencies, the issue of fraud and data breaches is reduced. Crypto transactions are secured by blockchain technology, making them impervious to cyber attacks.
Anonymous Payments
Traditional casinos require players to go through a lot of verification and identification. Without completing these procedures they won’t be able to process payments. Gambling using cryptocurrencies is anonymous. This is because none of your personal information is not linked to your payment account. There is no need to share any of your personal details which puts you at lesser risk.
Cross Border Payments
Cryptocurrencies have the freedom to operate across borders, thereby bypassing traditional banking regulations. From anywhere in the world, players can fund their bet account without raising any red flags or breaking any laws.
Top Cryptocurrencies Used in Online Casinos
At Vave Casino, bettors can use a variety of cryptocurrencies for their transactions. The platform is crypto-friendly, embracing fully the idea of stress-free payments. By operating multiple coins, players can be able to choose the one they operate. Not all players operate the same cryptocurrency, so options should always be provided. Some of these top options include
- Bitcoin (BTC)
The initial catalyst that kickstarted the cryptocurrency adaptation. Bitcoin is the premier coin and is operated by every bookmaker that accepts cryptocurrencies. It is the coin with the highest value. On certain bookmakers, there are games in which bettors can play only using bitcoin. This attests to the strength and importance of bitcoin.
- Ethereum (ETH)
After Bitcoin, Ethereum has the most value in the crypto market. Apart from its use as a payment method, many platforms operate on the Ethereum network to ensure security and game fairness.
- Tether (USDT)
Tether is a stablecoin tied to the dollar, making it less volatile. It is slowly becoming the used coin for online transactions as it is not subject to price fluctuations.
- Litecoin
Litecoin offers faster transaction speed compared to other coins. It has fewer fees which is what attracts players to this particular coin.