More than 150 million Americans own crypto according to the Motley Fool. Over 50 million more Americans are expected to buy Bitcoin or Ethereum by 2024. The growing interest in crypto has a lot to do with increased inflation and declining stock prices.
Bitcoin acts as a hedge against inflation. It also appreciates faster than most assets. The digital currency has a hard market capitalization of 21 million coins. This means its value will continue to grow over time, especially if its demand increases.
Although crypto is a great investment, it also acts as a payment method. You can use it to buy coffee, shop online or pay for school fees. At least five million Americans use crypto to play online games.
But is it better than using your credit card? Why is crypto one of the best payment options for online casino gaming in the US?
Online gambling is a relatively new industry in the US. Delaware licensed the first online casino in 2011. New Jersey followed in 2012. Sports betting didn’t become legal until 2018. Today, more than 30 states support sports gambling.
Before iGaming was legal in the US, most people used to play online slots at offshore casino sites. Offshore betting is still popular in states that are yet to legalize the industry.
Crypto offers a convenient way to deposit money internationally. It doesn’t matter where you live or what cryptocurrency you use. It could be Bitcoin, Ethereum, or Shiba Inu—all coins offer borderless payments.
That being said, online casinos don’t accept every cryptocurrency out there. They mainly support major coins like BTC and ETH. The best Ethereum casinos in US also provide slots created on the Ethereum blockchain. These games are not only exciting, but they’re also provably fair.
Almost every online casino player wants a gambling site with quick payments. But truth be told, transaction time isn’t always a casino’s fault. Payment companies have different banking methods.
Crypto offers fast payments. However, this varies from one coin to another. Precisely, the typical Bitcoin payment takes 20 minutes. Choose Ethereum and the payment time reduces to five minutes. Some cryptocurrencies process transactions in less than a second.
Compared to traditional banking methods, Bitcoin is fast. The standard bank transfer takes 1-3 days. Credit/debit cards provide instant deposits. But withdrawals take a little bit longer.
If you’re like many players, fees play an important role in choosing a casino payment option. Luckily, crypto was founded on the idea of helping people transact online for cheap.
As we mentioned earlier, crypto is a decentralized money system. It works through a digital ledger called the blockchain. The blockchain isn’t an intermediary, meaning it doesn’t really need fees.
However, the blockchain requires users to verify payments before they’re stored permanently. The people who verify these payments get a fee for every transaction. The fees are usually low, especially when dealing with coins that use the Proof of Stake method.
You could send up to $100,000 using some cryptocurrencies and pay less than $10 in fees. Now, crypto isn’t entirely free. But it’s pretty convenient for withdrawals. Most digital wallets and credit card companies charge up to 5% of your money.
Huge Bonuses and Promotions
Ask any gambler why they like their favorite casino. Eight out of 10 players choose casinos because of bonuses. That’s alright, though. Bonuses add money to your account. And who doesn’t want that?
Crypto casinos offer the biggest bonuses in the industry. Some casinos welcome you with a no-deposit bonus. This is usually a small amount; say $20 or 50 free spins.
Casinos give you their biggest bonuses if you’re willing to complete your first deposit. Some of them match your first deposit 100% for a maximum of 1BTC. Others offer a 200% or 500% bonus.
Don’t worry if you don’t have one BTC to spend on online slots and table games. Most sites have a low minimum deposit of $10 or $20. Also, you can always claim a no-deposit offer.
That being said, find casinos with lots of promotions. You get the welcome bonus once. Yet, you probably plan to play slots at the same casino regularly. And you probably want to receive some of the following bonuses occasionally:
- Cashback rewards
- Loyalty points
- VIP rewards
- Reload Bonuses
- Special Occasion Bonuses
Bitcoin is mostly popular with people who play online slots and blackjack on their smartphones. They like crypto because it’s easy to deal with regardless of what you want to buy online.
Truth be told, the Bitcoin onboarding process can be challenging. You need a crypto wallet to store your coins. Next, you need a way to buy Bitcoin, Ethereum, or any other cryptocurrency.
After you buy crypto, you also need to keep your private keys safe. If you lose these keys, you risk losing your funds. Many crypto experts recommend offline wallets for storing large amounts of crypto. However, feel free to use a mobile wallet for your casino bankroll.
A Hedge against Inflation
The US dollar has been losing value over the years due to inflation. Yet, Bitcoin keeps growing its value. In light of that backdrop, some people buy crypto to benefit from its rising value.
Bitcoin has appreciated by more than 15,000% in the past decade. This is a much higher ROI than any other investment in the world. Now, not everyone becomes rich by owning crypto.
But this doesn’t stop people from investing in digital currencies. Occasionally, a new currency will pop up and explode in price. If you buy such coins at the right time, you could make a lot of money from crypto.
That being said, you can also multiply your crypto by gambling online. In roulette, a straight number bet can multiply your stake 25 times. With slot machines, the right jackpot can payout a lot of money.
That being said, don’t play casino games with money in your mind. Focus on the fun aspect. Play slots to pass the time. Also, bet using money you can afford to lose.