Online gambling in Thailand is thriving despite strict regulations. According to an article published on ThailandBusinessNews, the online gambling industry in Thailand is worth between $9 billion and $12 billion.
But even with this growth, gamblers still face challenges funding their gambling accounts and withdrawing their winnings. Cryptocurrencies have helped to minimize these challenges. No wonder casino cryptocurrency gambling sites or Bitcasino have mushroomed in Thailand.
So, what are the benefits of using cryptocurrency for online gambling in Thailand?
1. Anonymity
Cryptocurrency transaction data is stored in a blockchain. This means everyone in the blockchain network can access any transaction, including the date, time of the transaction, and even the addresses. However, people in the network can’t access the identities of the people owning these addresses.
Ideally, the government cannot trace the individuals using cryptocurrency for gambling. This is a good option for gamblers in Thailand, where gambling is restricted.
2. Safety and Security
With traditional gambling sites, you’ll have to provide your personal information and banking details to fund your gambling account and withdraw your winnings upon registration.
Leaving your personal information and bank details, especially on unlicensed and unsecured gambling sites, can be risky. Cybercriminals can access that information, steal your details and at worse withdraw money from your bank account.
With Bitcasinos or other cryptocurrency gambling sites, you’ll only need to provide your wallet address.
Also, with cryptocurrencies, you can access restricted gambling sites or casinos that prohibit people from certain countries.
The best part is that deposits and withdrawals with cryptocurrencies don’t reveal users’ location. Withdrawals and deposits with cryptocurrencies only require a wallet address, which is untraceable.
3. Faster Deposits And Withdrawals Than Traditional Methods
Gamblers love casinos that offer instant deposits and withdrawals, with instant deposits allowing gamblers to place bets almost immediately. They also allow gamblers to place bets before the games or when the odds change.
Most crypto casinos guarantee instant deposits and withdrawals, and in 20 to 30 minutes, in worst-case scenarios. On the other hand, depositing using traditional methods like bank cards and wire transfers can take longer, typically 60 minutes.
This is because the bank or financial institution must verify the transactions before they can reflect on your gambling account.
4. Much Cheaper Than Traditional Payment Methods
Most cryptocurrencies charge a fee of 0.04 to 0.20% for buyers and 0.10 to 0.20% for sellers. This is a fraction of the fees charged by traditional financial institutions like banks and third-party payment systems like PayPal and Skrill.
Typically, traditional financial institutions charge a fee of 1.5% per transaction. As a gambler, you get to keep a big percentage of your winnings when you use cryptocurrency for online gambling than traditional payment methods.
Conclusion
Alongside the many benefits of using cryptocurrency for gambling, the fact that it was designed to be used over the internet is a plus. This means they’re optimized and well-suited for online gambling. On the contrary, bank cards were never intended to be used online, and that’s why they are costly, inefficient, and sluggish. So, if you’re in Thailand, try cryptocurrency for online gambling.