Alternative Crypto Possibilities for Casino Payments
The popularity of cryptocurrencies is steadily increasing, not only because they can be a fruitful investment opportunity, but also because they offer an alternative to standard payment methods. But why should one choose crypto over traditional payment methods like credit cards? Well, many countries especially in Scandinavia, block usage of fiat payments on sites they deemed to put citizens at risk, primarily casinos.
Gaming experient and insider Gilfred Helmonsen (read his bio here) helped us gain a better perspective:
“Sweden and Norway, and even the UK have already banned credit cards from casinos. Banks are obliged to block such transactions, so no wonder customers are turning to unregulated crypto payments. No laws, no problems!”
The Downfall of Fiat Payments
In order to encourage (or to say, enforce) responsible gaming, many governments are implementing restrictive approaches, which include limitations on amounts users can transfer to their favorite casino or betting sites. In some instances, like the ones we mentioned above, they block whole payment systems from providing transactions with gaming operators. Sweden and Norway are not the only ones. The same thing has happened in Germany, and more countries will follow. One would expect a significant downfall in gambling of all kinds, from sports betting to slot machines. Yet, gambling rates remain the same, as if nothing really happened. In a way, it didn’t.
“Where there is a will, there is a way”, states the casino expert and adds, “I don’t think such restrictions have stopped anyone from placing their bets. It is just in human nature to find alternatives. Ten years ago, it was all about e-wallets, and now the hottest payment method is any of the cryptos you can get your hands on”, indicating players will play with or without governmental restrictions.
And why are cryptos so popular? First and foremost, as a currency with no central watchdog or authority, there are no restrictions regarding where you spend your money at. Transaction fees are almost non-existent, and thanks to the surge in blockchain traffic, transactions are almost instant regardless of whether you are paying the casino, or the operator is paying you. Nonetheless, your privacy is guaranteed, as customers can simply handle transfers by using their crypto address, without ever providing their bank account number.
What Cryptos Do Gamers Use?
Bitcoin imposes itself as the logical answer to the question above. As the most popular crypto, it is also the most present and used one, but if we are to trust Helmonsen, things are a bit more complex.
“Bitcoin is literally everywhere, but not everyone can afford it. More and more frequently I notice new casino Litecoin, Ethereum, Dodge, and other crypto payment systems that are equally effective, but more affordable”, he reveals.
Helmonsen doesn’t hide his opinion on how Bitcoin has become, far more similar to fiat currency than most of its fans care to admit. Furthermore, he also sees other crypto payments as a safer bet, as they are not that volatile, and tend to be more stable, which makes them less risky, to begin with.
“Gambling is already risky as is, so why take one step further and use a payment method which’s price fluctuates tremendously, on a daily basis”, he asks rhetorically, but still acknowledges Bitcoin is here to stay.
According to him, complete beginners in the crypto world feel far more comfortable using a currency that is still relatively known, such as Bitcoin, while more experienced crypto gamers tend to explore other possibilities. Litecoin, Ethereum, Tether, and Binance tend to take the lead.