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How
Cryptocurrency is Shaping the Future of Online Casinos
Cryptocurrencies
have made the iGaming sector a better place. They’ve
led to the appearance of crypto gambling sites that
grant players more anonymity and by extension more
security. Extensive KYC checks, concerns pertaining
to sensitive data, and slow processing time, are slowly
becoming a thing of the past. In essence, they’ve
attracted blockchain enthusiasts who want fast-paced
games of luck and quick cashout methods. For those
who want to find trusted online pokies with fast withdrawals
in Australia, cryptocurrency brands stand as an excellent
solution. The fast transaction speed along with advanced
security measures make it one of the top choices for
both newcomers and experienced users.
In
this article, we will discuss key advantages of cryptocurrency
for online gambling and showcase how blockchain payments
are transforming the online gaming industry.
Privacy
and Anonymity
The biggest benefit of using crypto is the absence
of tiresome KYC checks. This is what gives them the
edge over traditional payment methods that often have
longer processing time because of the obligatory due
diligence.
Many
brands simply require you to have a crypto wallet
and allow you to transact via a QR code. That’s
why, according to the study made by Statista, 12.7%
of men and 11.1% of women use crypto coins to wager
online.
What’s
more certain gambling brands have made a native coin
that players can use on their site. It’s easy
to exchange with other cryptos and operators often
have special promos to incentivize the use of their
token. Just for the heads up, these coins aren’t
necessarily internal some of them can trade externally
on CEX or DEX. If that’s the case you need to
pay close attention as they tend to be more volatile
compared to stable coins.
Transaction
Fees and Deposit Speed
Crypto coins will almost always have lower fees compared
to clearing channels that are built on top of legacy
banking systems. This applies to both players and
operators leading to better offers and quite possibly
higher returns.
According
to a survey by CoinGeek, the average transaction fee
for Bitcoin Cash which is among the most popular cryptocurrencies
in online gambling, was below $0.01. The credit/debit
card fees on the other hand were between 1.5% to 3.5%
of the total transaction amount.
Furthermore,
deposits and withdrawals with cryptocurrencies are
much quicker compared to other options. Cross-border
transfers may take days to process since banks need
to approve them manually. Crypto transactions take
minutes to hours at most. This makes it possible for
players to begin playing or get their winnings within
a short span.
Global
Access
Cryptocurrency can break down geographical boundaries
in online gambling. Operators regulated in the EU
and US do not accept foreign players. What’s
more, they aren’t allowed to accept crypto payments.
Offshore brands don’t have the same constraints
though. They still have some geo-restrictions but
they tend to accept players from different jurisdictions.
And to avoid slow deposits and withdrawals, offshore
brands heavily promote the use of crypto.
According
to a Mordor Intelligence report, the online gambling
market is expected to grow at a CAGR of 10.44% in
the years 2024-2029. The report also states that crypto
payments are one of the main driving forces behind
this expansion.
Decentralized
and Secure
The first Bitcoin transaction in an online casino
occurred in 2011, and the use of cryptocurrencies
in the industry has only grown since. Now that players
have had time to witness first-hand how effective
blockchain payment systems can be, more of them are
eager to use them. The decentralized systems are significantly
harder to hack, which should alleviate concerns from
both players and operators.
Smart
contracts, a feature of many blockchain operators,
can automate many gaming features, fairness of the
games, payments, and more. Moreover, each crypto wallet
has 2 cryptographic keys, private and public. Your
private key is known only to you and you use it to
make deposits. The public one is used for withdrawing
funds, which makes it safer than other traditional
options.
Potential
for Exclusive Bonuses
Cryptocurrency brings new opportunities for bonuses
and promotions in the casino. What’s more, operators
prefer gamers who use this method.
As
stated the most important aspect is the processing
speed and security for both parties. Casinos aren’t
too keen on players who wish to pay with credit cards
for example. This is because they might try to do
a chargeback and casinos would have to comply. So
it’s no wonder they give out bigger promotions
or exclusive bonuses to those who use BTC, ETH, or
other cryptos.
Key
Benefits
The emergence of crypto gambling sites attests to
the fact that more people are seeing the value of
blockchain payments. It’s a way to transact more
efficiently, and it also brings casino entertainment
to those regions that are underbanked.
The
increased privacy is something many gambling enthusiasts
truly appreciate. Again, this is made possible through
crypto payments given how they aren’t subject
to strict KYC checkups. What’s more both players
and operators get to enjoy a higher level of security.
The wallets are harder to hack, and there are no chargeback
scams.
Finally,
we have crypto-exclusive promos that further incentivize
users to rely on this method, and the bonuses make
it worth their while. In turn, this helps the crypto
community grow, and instils more trust in this payment
method.
Top
8 Criteria to Use When Choosing an Online Casino in
Australia
Roughly
700,000 Australians play in offshore online casinos
every single year. Until the regulations in Australia
change, this trend will remain, seeing as how these
people are not going to stop playing, even if it means
using crypto payments and VPNs to do so. Still, not
all of these sites are the same, and Australian players
have learned that the discrepancies in reliability
and quality of service between them can be quite significant.
With
that in mind and without further ado, here are the
top eight criteria that Australians should be using
when picking an online casino in Australia.
source
1.
Checking Your Options
No,
not all online casinos are made the same, so don’t
pick the first one you stumble upon. Go through some
lists, check your options, and then make up your mind.
You
also want to look into brand
new online casinos that are available to you.
Sure, an older casino is often a safer bet, seeing
as how it already has a reputation and some reviews/threads
that you can read up to see what you’re getting
yourself into and what you’re up against. However,
every online casino was once new, and you don’t
want to miss out on a good thing. Often, new sites
use the latest technology and offer bigger bonuses
as they try to attract new players away from their
competitors.
You
should also try playing with a hand or two on each
before choosing. Depositing funds is a lot cheaper
than you think, and one of the strongest advantages
of these online casinos is that you can play with
much smaller hands than you could in offline casinos.
Since you don’t have to commute from one place
to another, there’s almost no reason why you
shouldn’t play a hand at each.
2.
Licensing and Regulation
Now,
it all comes down to what you’re looking for,
but online sports betting and lotteries are legal
in Australia, while online casinos are prohibited.
So, if you’re looking to bet online, you should
start by verifying their Australian licenses.
Wait
a second, if online casinos are prohibited, how can
you even play? Well, both yes and no. You see, while
online casinos are prohibited from being hosted within
Australia, a lot of Australians find online casinos
that are hosted abroad to play on. While this is not
strictly illegal but more of a legal gray zone, most
of them still play on anonymous casinos just to stay
on the safer side of things.
Also,
just because you’re not playing in an Australian
casino, this doesn’t mean that you shouldn’t
research their fair play policies.
3.
Game Variety
One
of the most popular online casino games is slots,
but slot machines are more of a category than a game.
There are many different themes with different rules
and even odds, which might drastically change the
betting experience. So, one of the first things you
need to review when choosing an online casino is the
access to various slot machine options.
Another
thing that a lot of players are interested in is live
dealer games. The concept is simple: you have a human
dealer with a physical deck or machine doing their
job somewhere across the world and live-streaming
while you’re placing bets. If this is something
you’re interested in, you should look for live
dealer games.
Finally,
not all games are the same, and some online casinos
have unique titles available. You should consider
these exclusive titles when picking the site or app
to play at.
4.
Payment Methods
The
first thing you want to look for is the AUD support.
As we’ve mentioned, none of these sites are from
Australia, and while AUD is a major world currency,
it’s not really in the ballpark of USD or EUR.
You
also want to check withdrawal times early on. Doing
so will let you know what to expect. Waiting forever
to withdraw a significant sum can be nerve-racking
unless you know what the average waiting time is.
You
also want to explore crypto options. With the advancements
in Bitcoin and blockchain technology, cryptocurrencies
have an increasing number of users. Some of these
users prefer the anonymity provided by cryptocurrencies.
Even if you don’t intend to use it, the fact
that the platform offers this option shows that the
team behind it is tech-savvy and up-to-date with the
latest online casino trends.
5.
Bonuses and Promotions
Sometimes,
welcome offers can be quite substantive. They can
be enough to sway you one way or another. Just think
about it this way - you’ll start by testing the
platform either way, and there’s no guarantee
that you’ll like it. If you don’t like it,
you’ll go elsewhere. Why not play most of these
test games with welcome bonuses?
You
also want to check these platforms for loyalty programs.
If you really like the casino in question, you’ll
spend a lot of time and money there. This means that
any reward you may receive for this commitment will
be well-deserved and it will be cumulative.
Lastly,
you should review wagering requirements. Just look
for a minimal wager per hand. Even if you don’t
intend to go with the minimum, it’s good to know
that you can go as low as you need.
6.
Customer Support
Customer
support is more important than you think, and you’ll
realize this when it’s already too late. First
of all, every single online casino will allow you
to file a ticket or write an email with a complaint.
What some of them won’t have is live chat. Now,
the availability of live chat is important, and it
can make your life a lot easier.
You
should check their response times, and the best way
to do so is to inquire about it in the community.
There are forums and dedicated subreddits for these
sites, so check them out.
You also want to look for 24/7 support. The last thing
you want is to have to wait for Monday because a mistake
in question happened over the weekend.
7.
Security Measures
While
we’ve already mentioned that most of these sites
put an emphasis on anonymity, they’re still online
entities, and they’ll have to collect some data.
With that in mind, you want a high level of data encryption
in order to know that your online presence is as safe
as it gets.
You should also check that the site has an SSL
certificate. This is something that a lot of online
casino sites won’t bother with, and it should
be your red flag. Also, if your antivirus or your
adblocker doesn’t allow you to access a site,
this might indicate that they’re on some sort
of a blacklist.
Finally,
you want to check for two-factor authentication. An
account takeover is always bad, but someone taking
over your online casino account while you already
have money deposited is the stuff of nightmares.
When
choosing your online casino, you have to be thorough
and systematic
The
biggest misconception that Australians make here is
assuming that, since they’re already picking
an offshore site that’s operating in a legal
gray area, they’re already exposing themselves
to risk. This is just not true. It’s this kind
of nihilistic approach to the subject matter that
will actually make you make a choice that will expose
you to all sorts of threats and scams. Put some effort
and some serious thought into picking the right online
casino, and you won’t regret it
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