Why Crypto and Bitcoin Casinos Are On the Rise

Crypto casinos are on the rise and quickly becoming the preferred online casinos for many Aussie players. But why is that and what is the hype about Bitcoin casinos? To find out, we’ve delved into the benefits crypto currency casinos offer compared to classic fiat casinos.

Advantages of Cryptocurrency Casinos

There are several advantages to playing at a crypto casino instead of at a fiat casino. Mainly, this has to do with the ease of payment, both for deposits and withdrawals. But, security is also a factor that should be considered. Here we explore the main reasons why more and more players choose to play at crypto casinos:

The Success Rate of Deposits

The success rate of cryptocurrency deposits made to an online casino far exceeds fiat transfers. You might have experienced your Visa or MasterCard being declined, even though you have sufficient funds to pay for your casino deposit. This is due to some banks and card issuers not allowing gambling-related transfers. This is never an issue when depositing with cryptocurrency, such as Bitcoin.

Hassle-Free and Fast Withdrawals

In the same way as deposits are easy, withdrawals from the casinos are the same. You transfer the funds to your crypto wallet, and there is basically no transaction time to speak of. So instead of waiting for days for your withdrawal to reach your bank account, you can have your winnings paid out in minutes.

And, let’s not forget, the maximum withdrawal limit for cryptos is usually much higher than for transfers in AUD. This fact makes casinos accepting Bitcoin an especially alluring option for high rollers.

Easier KYC Process

When you use Bitcoin or another cryptocurrency at an online casino you typically won’t have to verify your payment method. This removes the sometimes cumbersome process of verifying bank accounts and debit or credit cards. As long as you deposit and withdraw to the same wallet, no further verification is needed. At least that is a general rule at most Bitcoin casinos.

The standard verification of your personal details is still required at all reputable online casinos. So an ID and proof of address will still need to be submitted. Nevertheless, the anonymity of crypto payments is one of the main benefits. Not least because your bank and others can’t see what you spend your money on.

Built-In Security Through the Blockchain

Safe payments are a must at any online casino, and typically this security is handled by the casino. Let’s not forget, when you add a payment method, especially when you pay with a card, you’re entering a lot of sensitive information. This is needed as the payment is completed through the casino website.

When paying with cryptocurrency, you simply get a crypto wallet address or a QR code. With this, you process the payment from your own crypto wallet and send the money to the casino’s address. So the casino won’t hold any of your payment details. And as you probably know, crypto transfers are completely safe as they are processed through the blockchain.

The Legality and Regulation of Bitcoin Casinos

One of the reasons why crypto casinos are becoming increasingly popular is because many new online casinos opt to offer cryptos. Bitcoin casinos tend to operate under a Curacao-based licence. These licences are fairly cheap and easy to get, compared to local gambling licences. Furthermore, no local gambling authorities allow for crypto payments.

Curacao-licensed online casinos are not as heavily regulated as casinos operating under different licences. This might, in some cases, mean that the casinos are less safe to play at. However, the safety of a casino is dependent on many aspects, such as site security, fairness of their games, and the security of payment transactions. On all these aspects, cryptocurrency casinos tend to score very high.

Where the regulations, or lack thereof, make a casino less safe is typically in terms of responsible gambling. This is something that’s much more regulated at a locally licensed casino than at Curacao-licensed casinos.