How Crypto Casinos Can Help Gamblers Save on Transaction Costs
There are many industries that have been completely changed by the emergence of digital currencies, and online betting is a good example. Today, more and more people prefer using Bitcoin, Ethereum and other digital currencies in gambling, which has contributed to the ongoing rise and development of crypto casinos – the specialized gambling platforms that allow such transactions. Aside from the privacy and Web3 freedom aspects of this type of gambling, one of the standout – though lesser discussed – advantages of crypto casinos is their ability to help gamblers save significantly on transaction costs.
Lower Transaction Fees
On the one hand, players in a conventional or ‘traditional’ online casino are expected to make their deposits using credit cards, bank transfers or to use e-wallets – all of which can sometimes attract high charges both when depositing and withdrawing money. Banks may charge processing fees, currency exchange costs as well as other expenses that can really add up over time.
On the other hand, blockchain technology enables casinos with no KYC to cut out middlemen, and as a result, greatly reduce transaction costs. This particular type of crypto casino – often referred to as ‘anonymous casinos’ – usually have very low barriers to sign up so people who’re seeking that genuine experience associated with the cryptosphere often opt for this type of site.
But it’s not just these anonymous casinos that offer these financial plusses, it’s actually crypto casinos in general. It’s cheap to send or receive cryptocurrencies with network fees being insignificant when compared with charges from financial institutions. In the long run, these cost savings add up and can be substantial for people who gamble on a regular basis.
Faster Processing Times During Withdrawals
It usually takes a number of days for the traditional banking systems to carry out transactions of deposits and withdrawals, especially if they involve converting currencies from different countries. These kinds of delays may prevent players from getting their winnings back on time or adding more money into their accounts for betting. Truth be told, it can take hours or even days for fiat money transactions to be processed, regardless of the amount or where people are located.
Crypto casinos eliminate any delay in gameplay that may arise from slow banking institutions or payment gateway systems. In some cases, these old methods result in players missing out while waiting for their turn and then also leads to further irritation (and outright dissatisfaction) due to slow payout speeds.
No Currency Conversion Fees
One of the biggest headaches for international gamblers using traditional casinos is currency conversion. For example, a player using a U.S. dollar bank account to gamble on a European site may face conversion fees every time they deposit or withdraw funds. There might also be different kinds of fees for withdrawals, for not using the account in over 6 months and even deductions for deposits.
Crypto casinos solve this problem by operating in digital currencies that are borderless by design. Gamblers can usually deposit funds directly in Bitcoin or another cryptocurrency without worrying about fluctuating exchange rates or conversion fees. For international players, this can result in significant savings over time.
Enhanced Accessibility
Crypto casinos cater to a global audience and that’s also a way for them to allow gamblers to bypass the limitations of traditional banking systems. In some regions, players may face higher fees due to limited access to international payment platforms. By using cryptocurrency, gamblers in these regions can enjoy the same cost-saving benefits as players in more developed markets. By using both crypto and VPN, it’s often possible to access a way wider range of games to play as well.
For instance, a player in a country with strict banking regulations may struggle to access traditional online casinos. Crypto casinos, however, sometimes operate on decentralized networks, ensuring equal accessibility for all players regardless of location.
Elimination of Third-Party Intermediaries
In traditional casinos, third-party payment processors will often increase the cost of transactions. Why? Because they’re increased by these middlemen who don’t only deduct their own fees but also make the payment process take longer than normal. In crypto, there are two types of crypto casinos. Those that do wallet to wallet transfers and don’t rely on a crypto payment processor and those that use services like CoinsPaid, NowPayments etc. Just like middlemen for fiat transactions, those services are not free. For that reason, Markus Jalmerot on Crypto Lists suggests that players should use wallet to wallet casinos while avoiding any sites that rely on third-parties since it simply takes a longer time and costs more in transaction fees for the player.
The use of blockchain technology in crypto casinos can in the best case be without any middlemen, but it’s not always the case. If you see any payment processor logo when trying to do a deposit, then you’re likely using that service and can expect some extra delays or additional costs due to exchange fees or additional transfer fees that direct transfers wouldn’t add.
A Cheaper Way to Gamble
The use of crypto casinos marks a significant new way for players who wish to cut off some expenses while gaming. These gambling websites offer cheap, quick transactions without cross-border fees and a multitude of digital assets that are globally accessible for deposit and withdrawal. It’s predicted that with the increasing adoption of cryptocurrencies, many more people will adopt such methods in order to have an increased amount available at their disposal, but also experience less or no issues when gambling or indeed withdrawing any winnings.