The Use of Cryptocurrency and Other Payment Methods for Online Casinos


If there’s one thing we all know is problematic when it comes to online bank transactions is the amount of time it takes for a transfer to take place. A transaction can take up to 5 days to come into effect, and this is not ideal for various reasons, the top being safety.

When dealing with online casinos, safety is an absolute priority for players, especially when they want to withdraw money they have won. There is always the risk of issues cropping up whilst you are waiting for the casino to transfer money into your bank account. Moreover, there is also the issue of sharing confidential information.

People want secure and fast transactions, and this is why new online payment methods for casinos are on the rise, one of them being, of course, the use of cryptocurrency.

Cryptocurrency as an Alternative Payment Method

In recent years, many blockchain-based casinos have surfaced, and many already-established casinos have begun accepting various crypto coins such as Bitcoin and Ether.

Several news reports have claimed that while Bitcoin has only captured a small part of the online gambling market, people have wagered $4.5 billion in Bitcoin since 2014.

Why would people wager cryptocurrency over normal currency? The reason is very simple. Because of its very nature, blockchain technology is built to safeguard information.

Not only does it decrypt data, thus protecting your information from cybercriminals, but it is also a decentralized system, meaning that there is no third party (financial institution) involved. Transactions are made solely between you and the casino, and most of the time these transactions are either extremely cheap or completely free.

Moreover, with cryptocurrency, deposits and withdrawals are fast and easy.There’s also no need for the player provide personal information like home address, bank details, telephone number etc. All you need is your crypto coin details followed by a name and username and you’re ready to go.

iDebit as an Alternative Payment Method

Another popular form of payment method used nowadays is iDebit, also known as instaDebit. iDebit is used worldwide – England, Australia, Hong Kong, and in particular, Canada. It is also used by the top online casinos in the industry such as Pinnacle Sports, Royal Vegas, Spin Palace, and Guts.

Whilst it has nothing to do with cryptocurrencies, it is another form of payment method that has recently emerged and subsequently attracted the attention of a lot of players.

This is because this payment method offers a lot of benefits that not only have to do with fast transaction time but also, more importantly, data security. Players using iDebit do not have to worry about giving extra information to casinos or using their credit card details directly with the casino.

iDebit is like having your very own e-wallet. You put the money you take out from the bank in it and then pay people with it. You log into the iDebit account as you would your banking account but at no point in time is iDebit or the person you’re paying, privy to your bank account details.

These details will always remain between you and your bank; iDebit only acts as the “middleman” without actually sharing in the knowledge of your bank account details.

In a way, iDebit is kind of similar to Paypal, but better. There aren’t many restrictions or limitations when it comes to iDebit. What is only required of you is that you need to be at least 18 years of age and must also have an online banking with your respective bank.

Furthermore, payments are processed really fast. To give you an idea, it takes less than an hour for money to be transferred between your iDebit account and your casino. What takes time then is the process of withdrawing money from your iDebit account to transfer to your bank account.

Other than that, you can put your mind at rest that your money has successfully been withdrawn from the casino, and is well on its way to entering your bank account.

With iDebit:

  1. Your personal bank account details are secure
  2. Your money is safe
  3. Your transactions are processed instantly
  4. You are not subject to transaction fees as with credit/debit cards

Conclusion

Whether it’s crypto coins or iDebit, one thing is for sure. People are constantly seeking better means of making online payments, especially when it comes to online gambling, and this is down to mainly two reasons. First of all, players do not want to share confidential information with a third party, and value data security above all else. Secondly, with today’s fast-paced lifestyle, nobody wants to wait days for a simple transfer to take place.

Photo via Pixabay

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