There were two categories of gamblers in the early days of online gambling. The first group consisted of the “adventurous” individuals who were willing to employ bank transfers and debit cards. The second group were the cautious individuals who personally contacted the company to contribute dollars to their accounts and even to place sports wagers.
Cryptocurrencies have been reshaping the way the world does business in terms of payments. The betting sector is not left out of this deservingly revolutionary transformation brought forth by cryptos.
Payments via debit card and bank transfer became more prevalent as the industry grew. Due to lengthy processing times and slow transfer times, players were had to wait up to two weeks to get their payments, and even when the industry transitioned to web wallets, the wait remained lengthy.
Nowadays, pending timeframes range from a few hours to three days, and as the industry grows, players are seeking rapid payouts.
That is where Bitcoin transactions come into play. Not only are cryptocurrencies trendy right now, with more individuals looking for any excuse to use them, but their speed and ease of use are causing them to outperform many traditional payment methods.
Here are a few of the characteristics that contribute to Bitcoin becoming one of the fastest methods of gambling:
Direct Transfer
As long as you have funds in your cryptocurrency wallet, you can use them to deposit funds directly into an online casino or sportsbook. There is no need to wait for the bank to review and approve the transaction before proceeding with the transaction. To be more specific, the entire point of using cryptographic systems is that there is no central authority involved in the transaction, allowing for faster payment processing and delivery of funds to their intended destinations.
That might seem like a minor issue, but consider how it compares to some other types of payments for a minute.
Using a bank transfer, you must first locate the casino’s bank account information and then designate the casino as a payment destination on your bank account.
Following the completion of this process, you will be able to initiate a payment; however, you will need to wait for the bank to accept and process the payment.
However, if you’re sending money overseas, in a different currency, and over the holidays, the process could take several days instead of a few hours or minutes.
Another concern arises in the case of credit cards.
Apart from the fact that you will have to pay a cash transaction fee (since online gambling payments are processed in the same way as cash withdrawals, you will incur additional costs and interest charges), it is also difficult to get your winnings back onto your credit card.
It is feasible, and if a withdrawal is requested, the money will simply be added to the card’s credit balance or used to settle any monies that may be owing on the card. Many casinos, on the other hand, refuse to process withdrawals made through credit cards, which causes the process to delay.
No Verification Checks
AML and KYC standards, which are meant to prevent everything from money laundering and fraud to underage gaming, have been criticized by some regulators as a barrier to widespread use of Bitcoin payments.
In a nutshell, Bitcoin is not tied to a user’s identity, including their name, address, and bank account, making it technically viable to participate from a country where gambling is prohibited. This is a problem that most legal casinos have worked around. They still have a verification process in place, but it isn’t as time-consuming as those used elsewhere, and it is usually automated.
By eliminating the time-consuming verification process, players will save a significant amount of time when completing withdrawals.
After all, we’re talking about a process that many customers despise, one that can take several days and result in a variety of complications, ranging from so-called cropped images to blurred photographs, erroneous ID, and other issues, among other things. Bitcoin casino sites that accept this payment option as their principal payment method tend to be more forgiving of these shortcomings because they are not subject to the same stringent regulations as traditional casino sites.
Rapid Transfers
It takes only a few simple clicks for players to complete a Bitcoin payment transaction. All they need to know is their wallet ID. In comparison to signing up for web wallets and funding the accounts, it is much quicker and simpler to use bank transfers, voucher systems, and even instant banking options to fund the accounts in this manner.
Back and Forth
As previously stated, it is not always possible to withdraw money using a credit card to do so. Similarly, prepaid cards and voucher systems such as Paysafecard are not exempt from this rule. Bank transfers and checks are also acceptable withdrawal methods at some casinos, but they are not accepted as deposit methods at others.
With cryptocurrencies, players can deposit and withdraw funds with the same speed and ease as they do with traditional banking methods. It takes only a few seconds to process payments in both directions, which is extremely convenient for both the player and the casino.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
