4 Benefits Of Casinos Accepting Cryptocurrency Payments
Many businesses are moving past their skepticism of cryptocurrencies to tentative acceptance. It is becoming common practice to find businesses accepting cryptocurrency payments, and casinos are no exception. The question now becomes, why would organizations like casinos accept cryptocurrencies as a mode of payment? This article will briefly highlight some of the benefits that a casino would gain from accepting cryptocurrency payments.
Hopefully, by looking at these benefits, you can better understand what an organization would gain from accepting cryptocurrency payments.
A. Cryptocurrency payments open the casino to a wider customer base
Opening up to a wider customer base is a multi-leveled answer, so it would be best to break it down. Here are some of the new customers a casino can expect to attract when they add cryptocurrency payments.
i. Do cryptocurrencies open casinos up to international clients?
The short answer is yes. As a casino is widening its customer base, they want to serve more customers in and out of their jurisdiction. Yet, you may find that some of these clients may not be using payment structures that the casino accepts just yet. By accepting cryptocurrency payments, casinos allow these customers to pay them directly from their cryptocurrency wallets. These clients can do so without needing third-party clients.
ii. Opening up to cryptocurrency enthusiasts
Not everyone supports cryptocurrencies because they want to trade with them. Some people opt to use cryptocurrency payments because there are benefits that accompany using them. Cryptocurrencies give users autonomy, allow fast payment speeds, and can be easy to use, among other benefits. When a casino adds cryptocurrencies to their list of payment options, they attract cryptocurrency-positive customers.
iii. Do cryptocurrencies serve the unbanked?
According to a survey by the Global Index Fund, about 1.7 billion adults in the world are unbanked. These people who, for whatever reason, chose not to register to banks or mainstream financial institutions. The way cryptocurrencies are set up, the unbanked have a lot to gain from using cryptocurrencies, including making payments to online stores without registering with any financial institutions. We are in the age of autonomy, and cryptocurrencies have a huge role to play; helping the unbanked is just one role.
B. Do cryptocurrencies help casinos be competitive?
The first point clearly illustrates that a casino that adds cryptocurrency payments as a payment option would attract more clients. This means that a casino that has listed cryptocurrency payments as a payment option would stand apart from another casino that does not accept these types of payments. In that way, if a casino that lists cryptocurrency payments in its banking section, it would give it a competitive edge over another casino that does not offer the same.
Get real-time money transfers.
Often, casinos list several banking options as payment options. For example, the Vegas casino online accepts over six payment options. Yet, many of the banking solutions that these casinos accept are third-party applications or middlemen. These institutions sometimes take a few hours to process transactions and give the casinos the money. When this happens, the player has to wait until the casino receives the money before playing.
Compare this to when a player makes a payment with cryptocurrencies. The crypto user has complete autonomy over their money, and as long as the payment they want to make can be covered by the money in their wallet, the payment can be processed immediately. Therefore, cryptocurrencies help casinos process players faster so they can start playing as soon as possible.
D. How do cryptocurrencies offer casinos discretion?
Not everyone is comfortable with their financial transactions being easily attainable. Whether someone is trying to hide their casino playing from a loved one or their bank, some people want to participate while keeping their paying away from anyone they do not want to know. Since many cryptocurrencies encrypt users’ details when recording transactions in the blockchain, cryptocurrencies give these players the discretion they seek.
Are cryptocurrencies really anonymous?
There is no straightforward answer to this question, and the most accurate answer is that it varies. For example, many articles have been written debunking Bitcoin as an anonymous cryptocurrency. The argument is that with enough time and resources, it is not impossible for the encrypted data to be decrypted and the user IDs traced back to the real owners.
Yet, some cryptocurrencies are anonymity-based. Cryptocurrencies like Monero and the Lightning network are designed to keep user’s data private and are proving difficult to crack. That explains why in 2020, the IRS set out a bounty for anyone that could crack these networks.
What this implies is that there is a difference between privacy and discretion. Users who want discretion (to keep their transactions away from specific people or parties) can benefit from making cryptocurrencies. Unfortunately, many mainstream organizations do not accept payments from privacy-enhanced cryptocurrency networks, so users who want complete privacy may not find these forms of payment useful.
As you have seen, cryptocurrency users are not the only ones that benefit when an organization like a casino states that it accepts cryptocurrency payments. Casinos also stand to gain some advantages, so you should not be surprised to find more casinos accepting cryptocurrency payments in the future.