In the last decade or so, cryptocurrencies such as Bitcoin, Litecoin and Ethereum have gained a reputation as somewhat of a gamble within the investment community thanks to their extreme and unpredictable volatility. However, nowadays there is an increasing trend for these being used for gambles of a rather different nature.

Widespread use of crypto as currency in the classical meaning of the word has been sparse, and despite it being around for more than ten years now, you don't yet see people using Bitcoin to purchase their groceries or fill the tank up with petrol. Yet, there is one sector that has been leading the way in this regard.

Bitcoin casinos, such as https://casinoerguide.com/, and cryptocurrency are both offspring of the digital age. They grew up together, and the first ever Bitcoin casino launched its virtual doors to the world. It added Ethereum as a payment option last year and now this casino also accepts Litecoin as currency. In the casino world, at least, both Bitcoin and altcoin adoption is on the increase, and there are several clear advantages to using them to finance your gaming.

Complete transparency

The world of online gaming is no longer the wild west that it was in the 1990s, and today's casinos have checks and balances that make them every bit as stable and reliable as land-based casinos – in some cases, more so. However, the blockchain offers even more transparency to each and every transaction.

You simply enter the transaction ID and some other information to get unequivocal, third-party verification that the result of the game was arrived at using random numbers and that no one tampered with it. You can, of course, do the same with regular online casinos, but it will take a lot more time and the services of an independent testing house.

Faster, cheaper transactions

Digital money, whether Bitcoin, Litecoin Ethereum or other, exists in the same virtual realm as the casino you are playing in. Transactions occur in real time and do not have to be manually managed.

This is why when you play with crypto, you will not have to endure the transaction fees and delays that come with other forms of payments like bank transfers, credit cards or third party payment processors like Skrill or PayPal. 

Privacy and anonymity

This is one of the best advantages of digital currency. None of us like the notion that all our transactions seem to be monitored and recorded by someone in this age of big data.

But blockchain offers far higher levels of anonymity. It is indeed ironic that a digital technology like cryptocurrency has been the very tool with which we can fight against the lack of privacy in the age of the internet.

Higher chances of winning

We all know the basic rule of the casino, which is that the house always wins. That is only fair, and any online gaming website that pays out more than it takes in will soon no longer be in business. However, with a crypto-based casino, the house edge will always be less, due to more streamlined processes and therefore reduced costs.

At a traditional online casino, the house edge will typically be between two and 12 percent, depending on the game. A Bitcoin casino, on the other hand, is between 0.5 and three percent house edge. That means longer-lasting bankrolls and a better chance at that life-altering win.

Legal and tax benefits

Every country has its own laws regarding online gambling, and in a few cases, the laws make crypto the obvious choice. Taking the USA as our model, there are no laws to stop people from playing at online casinos. However, the Unlawful Internet Gambling Enforcement Act makes it unlawful for US banks to receive or send money to or from online casinos, so in practice, it is very difficult for players to bet with real money.

Bitcoin and altcoins fall outside of these regulations, and casinos can accept deposits and payout to and from a player's digital wallet wherever the player may be. There is also the extra advantage that since most countries do not regard cryptocurrency as actual money, there will be no tax on your winnings.