Cryptocurrencies and blockchain have been among the most trending technology topics in the last decade. By now, I am pretty sure a big percentage of people (if not all) reading this article know something about Cryptocurrencies like Bitcoin or ETH. This new technology has dramatically affected the finance industry in the last ten years. Other industries, including gambling, have also been impacted as well.
This will only become worse in the years ahead. Many financial experts predict crypto to become the next generation of money. The most popular cryptocurrency that almost everyone knows about is Bitcoin, established in 2009. Bitcoin is now one of the payment methods accepted at gambling sites including, several Malaysian online casinos.
The level of adoption of bitcoin and crypto in the casino industry is happening for a reason. These digital currencies have several benefits over our legacy payments systems that we have all been used to for decades. In this article, I intend to share everything you need to know about cryptocurrency and why it has become very famous in Malaysian Online casinos. Let’s dive in!
What is cryptocurrency?
A cryptocurrency refers to a collection of binary data designed to be used as a medium of exchange on the internet. There is a distributed ledger on the internet called the blockchain, where cryptocurrencies’ transactions are processed and recorded. Unlike the legacy payment methods with central servers, cryptocurrencies like Bitcoin do not have centralized servers.
Blockchain technology has played a massive role in the advancement of cryptocurrency because of its features, such as immutability and the ability to handle everything autonomously without any human input. Several online casinos in Malaysia and the rest of Asia have now slowly started to add crypto as one of the payment methods they accept. If you visit several online casinos in Malaysia, you will find a significant percentage of them accepting Bitcoin as one of the payment options. Check out here to know more about cryptocurrency
Here is why cryptocurrencies are becoming very popular amongst online casinos;
Faster processing of transactions
One of the most irritating aspects of using most payment methods, especially direct bank transfer, is how they process transactions. People do not want to wait for hours to reflect their deposits on their casino wallets. With crypto, transactions are processed within a few minutes, thanks to the fewer bureaucracies involved in the process.
The fact that the load for processing transactions is distributed amongst several computers is also one of the reasons transactions are faster. So, if you want your deposits at online casinos to reflect faster, the ideal payment method you need to choose is crypto. New cryptocurrencies are much faster than bitcoin. However, bitcoin is the most trusted and most popular crypto, which is why it is the only available crypto option at several casinos.
One of the reasons people choose to use online casinos instead of land-based casinos is because they love to remain private. However, their privacy is still at stake whenever they use the legacy payment methods since all their personal information is stored with the banks they use to make deposits and withdraw payments from online casinos.
However, with crypto, all transaction information is stored on the blockchain, and no single person has control over it. Users are also identified using their public address, so no one will get to know the transactions you do with crypto unless you share your public address with them. Not even the government, internet service provider, or bank will learn about the amount of money you spend on gambling.
This level of privacy is what several gamblers have been yearning for. So, if you value your privacy and do not wish to have your gambling activities known to the government or other stakeholders such as the bank and ISP, it is best to use crypto as your default payment method. You may also want to use a bitcoin wallet instead of the centralised exchange platform.
This is because opening a bitcoin wallet account doesn’t require a lot of your personal information like most of these exchange platforms. However, it is much easier and safer to purchase crypto using exchange sites like Binance and Coinbase.
Another huge challenge gamblers face while making deposits at online casinos are the hefty fees they have to part with. There are some payment methods that charge up to 10% of your deposit, especially if it involves converting your money into another currency. This is usually faced by users who want to access online casinos that are not within their country or region.
These fees are significantly lower with crypto, even for someone outside the country where the online casino is located. One of the reasons why cryptocurrencies have lower fees is that they have fewer operational costs than banks and other financial institutions. The only operating cost that cryptocurrencies incur is the payment of miners who put up their computers to process transactions.
So, if you are outside Malaysia but want to place bets at casinos based in Malaysia, using crypto to make deposits and withdraw money from your wallet is always the best choice. The fees are the same no matter where you are in the world. The good news is that the fees are further down as miners start to use more efficient computing hardware and clean energy.
A huge percentage of people worldwide are not part of the banking system, making it hard for them to be part of online casinos. Cryptocurrencies have made it possible for these people to be part of online casinos because one doesn’t need to have a bank account to buy crypto. Getting money to your crypto wallet can be done using several other methods besides opening a bank account.
As more people have access to crypto, allowing crypto as one of the payment options at casinos will increase the number of people involved in gambling at these online casinos. So, if you are among the people with no bank account, this is good news for you.
Another reason that has made bitcoin and other cryptocurrencies popular is the level of security that the blockchain offers. Since no single entity controls the blockchain, making any change to the data on the blockchain requires consensus from all the nodes on the network. This makes it practically impossible to delete or add data on the blockchain.
The only way a hacker or cybercriminal can get access to your crypto is when they get to know the login details you use on a particular exchange platform. As a result, using multi-factor authentication to further secure your account is always suggested. Overall, using crypto is much safer than legacy payment methods.
If you offer any online service or products, you know how challenging and expensive it is to withdraw your money. The same thing applies to withdrawing cash from an online casino. It usually takes a lot of time and involves huge fees to have your money withdrawn from your online casino wallet.
With crypto, the process is much faster, cheaper, and seamless. This is mainly due to the limited bureaucracy involved in transferring your money. The process is peer-to-peer, with no middlemen involved. So, if you want to have a smooth withdrawal process, we recommend using crypto over the legacy payment methods.
How to get cryptocurrency?
Now that you know the benefits of using crypto over other payment methods, let us look at some of the ways you can buy crypto.
1. Crypto exchanges
The easiest and most popular method of buying cryptocurrency is through crypto exchange platforms. Some of the famous exchange platforms include Coinbase and finance. Using any of these platforms requires you to deposit money using your credit card or get crypto from other exchange platforms. Once you have money on the exchange wallet, you can quickly deposit it to your online casino with just a few clicks.
This is probably a hard one, but he is also possible. You can get Cryptocurrency through mining using your computer as long as it has sufficient hardware to do so. Whenever you put your computer to be used for mining, you are paid a commission on every transaction that successfully goes through your computer.
Cryptocurrencies have become so popular in the online casino industry due to the many benefits over legacy payment alternatives. Lower fees, privacy, faster processing, and security are some of the reasons why Cryptocurrencies are very popular in online casinos. Many online casinos also give special crypto bonuses to encourage more players to embrace this payment method.
You can check out which online casino support cryptocurrency here