Using cryptocurrency as a payment method brings with it many benefits, such as safety, security, privacy, fewer fees, transparency, no central regulation by a bank, and speed. The latter is what we’re going to be focusing on today. One of the biggest benefits and why crypto casinos such as cryptocasinos.ltd in particular are exploding in popularity, is that transaction speed is almost instant. When you’re at a casino, especially, it means that your deposits are almost instant, and more importantly, when you want to withdraw money from your account, there are no waiting days or even hours; it’s almost instant. But we’re going to take a much deeper look today as to why crypto transactions are so much faster and why crypto is known for fast payouts.
What Makes Them So Much Faster Than Standard Transactions?
Firstly, let’s look at why standard normal transactions are slower than crypto transactions. Well, let’s say you’re sending a payment to someone in the USA, and you live in the UK. It has to go from your account through your bank through a payment processor, then through their bank. Going through all of these intermediaries takes time.
Whereas blockchain, which crypto is based on, is decentralised. Simply put, what this means is that it is not overseen by one particular bank or a pair of banks. There’s no middleman. When you’re making a crypto payment to someone else, the transaction is purely between you and the other party and nobody else.
This also means that crypto transactions are not only faster than normal transactions but because you are not going through any middlemen during the process, you aren’t paying transaction fees to anyone else. This means that it’s both cheaper and quicker to make payments using crypto. This is why crypto is rapidly becoming mainstream and is now a heavily favored payment method with online casinos and online sportsbooks both in the UK and across the world. It also means that if you want to withdraw your winnings, the transaction is only between you and the casino, with nobody in between, meaning that you can get your winnings almost instantly.
Another aspect to look at when looking at transaction speeds in crypto is something called smart contracts. These are features available on Ethereum, a different type of blockchain and the platform of the Ethereum cryptocurrency. Smart contracts are contracts that are agreed upon between two parties and when a condition is satisfied, the contract is automatically executed.
For example, if you go onto a music website to purchase a song and you want to pay by Ether,a smart contract would have the condition that if the website receives the payment from you, the immediate next step is to download the song to your device. This automation makes everything almost instantaneous and avoids the need for someone to oversee the transaction and the execution of the end result.
In Summary
There is a lot more to learn about the benefits of cryptocurrency. However, today, we have been focusing slowly on the speed of cryptographic transactions. Now that you understand the basics behind why they’re so much faster, you can hopefully start to understand why it’s quickly becoming a preferred method of payment in online casinos across the world. And not only in casinos but other industries and platforms are also starting to adopt various cryptocurrencies as payment methods. Over the next few years, we can expect more and more industries and sectors across the world to adopt crypto, and it will slowly start to become more mainstream as more and more people start to see its benefits compared to fiat currency.
