Cryptocurrency is gaining momentum in the iGaming industry. The online poker world has seen an increase in crypto deposit methods, including Bitcoin-based deposits made by players on popular crypto gambling sites.
The growth is due to many factors, including the desire for anonymity and more user control over their funds. With more than $2 billion worth of cryptocurrency exchanged daily, it’s not surprising that this trend continues to grow. Read on to find out more about the growth.
How Crypto is Promoting Growth of iGaming
1. Anonymity and Privacy
The anonymity and privacy of crypto are what first attracted iGaming websites. Players can deposit cryptocurrencies without disclosing their identity or location, making it easier to gamble online without leaving a digital trail.
Some players who enjoy the thrill of being watched may not get bothered by the loss of privacy. Others like the idea that they can play poker on a provably fair site with no chance of their bankroll getting confiscated by the government.
2. Low Transaction Fees
When it comes to operating an iGaming business, payment processing fees are among the essential costs. Crypto not only protects players’ privacy but also helps online poker sites by allowing them to incorporate low-fee transactions.
That is an advantage over credit card companies and other traditional financial institutions that charge high transaction fees for fiat currencies on gambling sites.
The same low fees that benefit online poker operators also help players by allowing them to enjoy more bets and wagers. It means larger prizes for those who win!
As cryptocurrencies have become popular in the mainstream, so has their user experience. The best crypto poker sites have an easy design for players without much technical knowledge to understand and use.
That ensures that when they win a big hand or tournament, everything goes smoothly from start to finish with no problems depositing funds into their accounts.
4. More Payment Options
The rise of cryptocurrency has also meant more options for depositing money into online poker accounts. Before the appearance of Bitcoin, players could deposit with credit cards, bank wires, and other methods that required personal information to be verified.
Now they can use BTC or other cryptocurrencies instead. It allows them to do so without revealing their identity or location.
Popular Crypto Deposit Methods in Poker
Below are some of the most popular crypto deposit methods used in poker:
The most popular deposit method is Bitcoin because it’s easy to use and widely available. Players can make deposits on any crypto gambling site using their Bitcoin wallets. There are no transaction fees or conversion rates to worry about when moving cryptocurrency between accounts.
According to Adrian Sterne from Top10PokerSites.net, who is a veteran in the poker industry, with Bitcoin poker sites, players receive payouts quickly after making a withdrawal request. Most of the leading iGaming sites also support Bitcoin, meaning gamers can make deposits in the currency they already use for online shopping and other expenses.
Bitcoin Cash is another popular cryptocurrency used on poker sites. The Bitcoin-based token’s design was to be a solution for some of the problems that BTC users were experiencing with slow transaction times and high fees.
In addition, BCH allows players to make larger transactions without worrying about going over their budget, meaning more bets!
While Bitcoin Cash is growing increasingly popular among people who use cryptocurrencies, it isn’t yet widely accepted on iGaming sites. BCH users still have to convert their funds into Bitcoin before depositing online poker or betting games.
Litecoin is a popular altcoin that shares many of the features and characteristics of both BTC and BCH. Here are some of its characteristics:
- Low transaction fees.
- Supports anonymity for players.
- You can use it to make instant deposits on any gambling site accepting crypto coins.
You can use Ether on any online gambling site that accepts BTC and LTC. It is similar to Bitcoin in many ways, though it’s flexible and versatile than the first blockchain-based token.
Ether was created as a result of some of the problems experienced by those using ETH poker deposit methods. Its designs enable it to address a number of the issues that have been plaguing BTC poker sites.