Cryptocurrencies like Bitcoin are becoming mainstream whether you like it or not. When it comes to online casinos, hoards of online casinos already support cryptocurrencies. The most popular cryptocurrency is Bitcoin, but some casinos even support other altcoins such as Litecoin, Ethereum, etc. In fact, a lot of casinos encourage the use of cryptocurrencies and some online casinos only exclusively accept Bitcoins (or only crypto coins), these are usually referred to in the industry as Bitcoin casinos.
Cryptocurrencies work on decentralized blockchain technology which has plenty of advantages, especially for the purpose of using them in an online casino setting.
Firstly, cryptocurrencies like Bitcoin are peer to peer transactions. This means that there is no middle party involved in the transaction (as opposed to fiat currency transactions where the banks are the middle parties).
The lack of a middle party also means that transaction fees can be a lot smaller than what banks are charging off the top.
Furthermore, cryptocurrency transactions are highly private and pseudo-anonymous. The only detail you will be sharing is your wallet ID. Therefore, you are not having to share your name, contact details or anything else. This is especially useful at gambling services where a lot of players would appreciate anonymity and privacy.
Another added advantage of using cryptocurrencies at online casinos is the speed of processing. Crypto transactions are often lightning-fast, therefore when you make a deposit or request a withdrawal, you don’t have to wait for hours or even days as is the case with other payment options like credit cards.