iGaming industry is on the rise. Such sites are attracting thousands of users each day. Games like slots, table games, live dealers, and scratchcards are right at users’ fingertips and are available 24/7. Of course, gambling requires money, and more often than ever, gamers choose cryptocurrencies.
Aleksandra Maj, a gambling specialist from Poland has been in the industry long enough to witness the sudden change. Bitcoin, Ethereum, dodge, and all sorts of other cryptos are no longer novelties, even though, compared to some more traditional methods, they are much newer.
“The tech behind cryptos can be a bit hard to understand, which is why they still haven’t become as popular as e-wallets. On the other hand, the iGaming audience has always been more tech-savvy than average. Those guys are open to all sorts of payments which can help them get cheaper and faster transactions, avoid casinos being listed on bank statements, not to mention, avoid paying high taxes that are applied to casino winnings”, says Maj and admits she never encourages trying to evade taxes or other financial obligations one might have to play: “Trust me, you’ll have to pay it sooner or later, with cryptos or without them!”
Cheap and Discreet
As Maj said, online gamers always seek cheap yet effective payment methods when they find the desired casino that gives them what is being sought from a list like this one: https://polskiekasynohex.org/kasyna-online/na-prawdziwe-pieniadze/. For instance, a classic bank wire withdrawal of winnings from a casino can take longer than 7 days, plus most gamers will have to pay additional fees for international money transactions. If they play in a currency which is different from the one used in their country, there are also banking exchange rates, usually not very favorable.
“A euro here, a dollar there – it doesn’t seem like much, but once you do the math, it adds up, especially for players who withdraw smaller amounts or do so frequently,” says Maj and explains all the advantages of cryptos, “In the worst-case scenario, crypto cashout is conditioned with one or two approvals within the blockchain, and that happens within an hour or two. Once approval is completed, the money will be with you immediately, no strings attached!”
In March 2021, there were around 70 million blockchain wallet accounts, many of them belonging to iGamers. Crypto wallets are in no way connected to credit card companies or banks, so there are no statements listing transactions with online casinos. Cryptos proved to be a perfect payment method for everyone looking to hide their transactions.
“The first type of people who would do so are gambling addicts, but keep in mind it is not only them who want more discreet transactions. In some countries, credit card transfers and bank wire is banned for use in casinos, and there are also individuals who use casinos as a way to spend their money made by trading cryptos. There is not a single reason for them to take the money to traditional banks, convert it to fiat currencies and spend it if they can do it directly,” says Maj.
Could Regulation Spoil the Party?
Another important advantage of cryptos is they are not centralized currencies. To put it simply, there is no such thing as a central crypto bank to regulate it. It is pretty much regulated by the market. This also means most cryptos tend to be incredibly volatile. What is a valuable crypto today can become just spam in your email, and vice versa. That is why our expert recommends playing with only the most established and reliable cryptos like bitcoin. But there is also a downside to it.
“Bitcoin is on the radar of governments, meaning it probably won’t be unregulated for as long as we hope for. Some countries have already banned cryptos, and others look for ways to make them a mainstream means of payment, indicating they will be regulated despite what crypto aficionados say”, claims Maj.
Will the regulation spoil the party? Our specialist sure thinks so, at least to a certain measure. According to her, where there is regulation, there is also transparency, and cryptos are beloved because they don’t require much personal information. In her opinion, the biggest cryptos on the market will probably become quite similar to traditional payment methods. Still, there is some wiggle room left!
“Look, if we are being honest, governments and regulatory authorities mean well, but they are slower than my grandma when she’s crossing the street. While they are focusing on already famous cryptos, the market will probably find a bazillion of new cryptos to use. It can take years for watchdogs to get a hold of the market”, reveals Maj, repeating that no matter what type of payment you use, you should always put safety in the first place.