Why People Use Cryptocurrency

Roughly one in four American adults now owns cryptocurrency. But ask ten of them why, and you'll get ten different answers.

Some see it as an investment. Others want faster, cheaper ways to move money. A smaller group values the privacy and independence crypto offers from traditional banks.

For gamblers, the reasons get more specific. Crypto solves problems that traditional payment methods create: slow withdrawals, banking restrictions, and the need to hand over personal details just to play.

This guide covers both sides. We'll start with the general reasons people choose cryptocurrency, then focus on why it's become popular for online gambling specifically. By the end, you'll have a clear sense of whether crypto fits your own priorities.

General Reasons People Choose Cryptocurrency

People come to crypto for different reasons depending on where they live and what problems they're trying to solve.

In the US, investment dominates. Most American crypto owners bought in hoping the price would rise. But that's not the whole picture. A significant minority use crypto for practical reasons: sending money faster, avoiding fees, or keeping their financial activity private.

Globally, the motivations shift. In countries with unstable currencies, crypto becomes a lifeline rather than a speculation. In places with limited banking access, it's sometimes the only option.

The sections below break down each major motivation. Not all will apply to you, but understanding them helps explain why crypto has grown from a niche experiment to a global market of over 650 million users.

Investment and Wealth Building

Most Americans who own crypto bought it hoping to make money. A 2025 survey found 81% of US crypto owners view it primarily as an investment rather than a way to pay for things.

The appeal is straightforward. Bitcoin has outperformed most traditional assets over the past decade, and stories of early adopters turning small amounts into fortunes are hard to ignore. Pew Research found 75% of crypto investors believed it was "a good way to make money."

Younger Americans lead the charge. The 30–44 age group holds the highest ownership rates, with men roughly twice as likely to invest as women.

But volatility cuts both ways. The same price swings that create opportunities also create losses. Crypto remains a high-risk asset, and past performance doesn't guarantee future returns.

Protection Against Inflation

This motivation matters less in the US than elsewhere, but it's worth understanding because it drives adoption globally.

When a local currency loses value quickly, people look for alternatives. A 2025 global survey found 46% of crypto users now cite inflation protection as their primary reason for holding crypto, up from 29% just a year earlier.

The pattern is clearest in countries with severe currency problems. Turkey has 58% crypto ownership as the lira has collapsed. Argentina, facing triple-digit inflation, shows nearly double the crypto adoption of neighboring countries. Nigeria, where the naira lost over 75% of its value since 2016, now has over 22 million crypto owners.

For these users, crypto isn't speculation. It's a way to hold dollars, or something dollar-adjacent, when their local banks make that difficult.

Americans don't face the same currency pressures, but some still use crypto as a hedge against inflation or dollar weakness. Stablecoins linked to the US dollar have become popular for this purpose, offering crypto's flexibility without the price swings.

Faster and Cheaper Transfers

Traditional bank transfers are slow and expensive, especially across borders. Crypto offers an alternative.

The difference is stark for international payments. The World Bank reports the global average cost to send remittances is 6.49%, with bank transfers averaging over 12%. Crypto typically costs 1–3%. For someone sending $500 to family abroad, that's the difference between $50 in fees and under $5.

Speed matters too. Bank wires take 2–5 business days. Crypto settles in minutes. There's no waiting for business hours, no weekend delays, no intermediary banks adding time and cost.

Within the US, the advantage is smaller but still meaningful. Domestic transfers have improved with services like Zelle and Venmo, but these come with limits, holds, and restrictions that crypto avoids. A crypto transaction doesn't care whether it's Sunday or whether the amount triggers a review.

The mechanics vary by cryptocurrency, but the core benefit, cutting out slow, expensive intermediaries, remains consistent.

Financial Access Without Traditional Banks

This motivation drives adoption in developing countries more than the US, but it still affects some Americans.

Globally, the World Bank estimates 1.4 billion adults lack access to traditional banking. Crypto offers an alternative. All you need is a smartphone and an internet connection, no credit check, no minimum balance, no branch visit.

In the US, the numbers are smaller but not trivial. Federal Reserve data shows 6% of American adults remain unbanked, and many more are underbanked with limited access to affordable financial services. Among Americans who actually use crypto for transactions (rather than just holding it as an investment), 29% had household incomes below $50,000.

There are honest limitations to this narrative, though. Most crypto exchanges require a bank account to convert between dollars and crypto. So while crypto can work alongside limited banking access, it doesn't fully replace it for most people.

Privacy and Control Over Personal Data

Every traditional financial transaction leaves a trail. Your bank knows what you buy, where you shop, and how you spend. Credit card companies build profiles. Data breaches expose millions of records yearly.

Crypto works differently. Transactions use wallet addresses rather than personal information. You don't need to share your name, address, or Social Security number to send or receive funds.

Around 20% of crypto owners cite privacy as a primary benefit. For most, this isn't about hiding anything illegal. It's about not wanting every financial decision tracked, marketed against, or potentially exposed in the next breach.

That said, crypto offers pseudonymity rather than true anonymity. Transactions are recorded on a public blockchain. With enough effort, wallet addresses can sometimes be linked to real identities. Privacy-focused cryptocurrencies and careful practices can increase anonymity, but it's not automatic.

Independence from Banks and Governments

A smaller but committed group of crypto users are drawn by something more philosophical: the idea of money that no single institution controls.

Around 17% of American crypto owners cite the lack of bank and government oversight as crypto's greatest benefit. This isn't the majority, but it's a meaningful slice, and these users tend to be particularly dedicated.

The appeal comes down to control. Traditional money depends on banks to hold it, payment processors to move it, and governments to manage its supply. Any of these can freeze accounts, block transactions, or devalue savings through monetary policy. Crypto operates on decentralized networks with no central authority. No single entity can unilaterally change the rules.

This matters most in extreme situations: authoritarian regimes seizing assets, banks failing, or governments weaponizing the financial system against dissidents. Research has found that crypto adoption accelerates in countries facing war, banking crises, or currency controls.

For most Americans, these scenarios feel remote. But the underlying principle, owning money that doesn't depend on trusting institutions, resonates with some regardless of immediate necessity.

Why Gamblers Specifically Choose Cryptocurrency

The general benefits above,speed, privacy, lower fees, matter even more when money is moving in and out of casinos.

Crypto gambling has grown rapidly. Industry data shows cryptocurrency now accounts for roughly 30% of all online wagers, up from around 20% in 2022. The shift reflects real advantages that traditional payment methods can't match.

For American players specifically, crypto solves problems that anyone who's used a traditional online casino will recognize. Waiting days for withdrawals. Having deposits declined by banks. Submitting documents just to cash out. These friction points push players toward alternatives.

The sections below cover the specific reasons gamblers choose crypto. Some overlap with general motivations. Others are unique to how casinos and banking interact.

Faster Withdrawals

This is the single biggest reason gamblers switch to crypto: getting your money faster.

Traditional casino withdrawals are slow. Bank transfers take days. Credit card cashouts can take just as long, and some cards don't accept gambling returns at all. Wire transfers can stretch beyond a week. And none of these process on weekends or holidays.

Crypto withdrawals typically clear in minutes. The casino sends it, the blockchain confirms it, and the funds appear in your wallet. No waiting for banks to open. No pending period while someone reviews the transaction.

The difference becomes obvious when you win on a Friday night. With traditional methods, you might not see that money until the following week. With crypto, it's in your control before you go to bed.

Processing times vary by cryptocurrency. Bitcoin can slow down during network congestion. Faster networks like Solana or stablecoins like USDT often confirm in seconds rather than minutes, with the added benefit of avoiding price swings while you wait.

Privacy Without Extensive Verification

Traditional online casinos require a lot of personal information. Before you can withdraw winnings, most will ask for government ID, proof of address, and sometimes bank statements or utility bills. This process, known as KYC (Know Your Customer), exists for regulatory compliance, but it creates friction and privacy concerns for players.

Crypto casinos often work differently. Many operate with lighter verification requirements, and some require none at all. Transactions link to wallet addresses rather than personal identities. You never need to share credit card numbers or banking details that could be exposed in a data breach.

For many players, this isn't about hiding anything. Gambling is legal in their jurisdiction, and they're not doing anything wrong. They simply prefer not to have copies of their passport and utility bills sitting on a casino's server. Data breaches affect millions of records yearly, and gambling sites aren't immune.

Others value discretion for personal reasons. Gambling carries social stigma in some circles. A player might not want the activity showing up on bank statements or tied to their real identity, even where it's perfectly legal.

The level of privacy varies by casino. Some crypto casinos still require full KYC, especially those holding licenses from stricter jurisdictions. Others verify only at high withdrawal thresholds. A smaller number operate without identity verification entirely.

Avoiding Banking Restrictions on Gambling

Even where online gambling is legal, banks often make it difficult.

In the US, the Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006 prohibits financial institutions from processing certain gambling transactions. While the law targets illegal gambling, the compliance burden leads many banks to take a simpler approach: decline gambling transactions entirely rather than sort out which are legal.

The result is familiar to many players. Credit card deposits get declined. Withdrawals are rejected or delayed. Some banks close accounts after detecting gambling activity, even when the gambling itself is legal in the player's state.

It's not just traditional banks. Payment processors like PayPal and Venmo restrict gambling transactions. Credit card issuers increasingly code gambling purchases as cash advances, triggering higher interest rates and additional fees.

Crypto bypasses this system entirely. There's no bank in the middle to approve, decline, or flag transactions. You send from your wallet to the casino's wallet. The blockchain doesn't care what the payment is for.

This isn't about evading the law. In the growing number of US states where online gambling is legal, players still face banking friction that crypto eliminates. It's a practical solution to an infrastructure problem.

Lower Transaction Fees

Traditional payment methods at online casinos come with costs, some visible, some hidden.

Credit card deposits often carry fees of 2.5–3%, sometimes passed directly to players. International transactions add currency conversion charges. Bank wires typically cost $15–50 per transfer. Even when casinos absorb these costs, they factor into tighter bonus terms and lower payout percentages.

Crypto fees vary by network but are often substantially lower. Transactions on networks like Tron, Solana, or Litecoin typically cost fractions of a cent. Even Bitcoin, which can spike during busy periods, usually runs a few dollars, far less than a wire transfer.

These savings benefit players directly when casinos pass them on through better bonuses or higher withdrawal limits. They also benefit players indirectly. Casinos with lower operating costs can offer more competitive terms overall.

The tradeoff is managing your own transfers. You'll pay network fees when moving crypto between wallets, and exchange fees when converting to and from dollars. For frequent players moving meaningful amounts, the math usually favors crypto. For occasional small deposits, the savings may be marginal.

Verifiable Fairness Through Provably Fair Games

Online gambling has a trust problem. When you play at a traditional casino, you're trusting that the games are fair based on the casino's word and third-party audits you can't independently verify.

Provably fair gaming changes this. Using cryptographic techniques, these games let you verify that each outcome was genuinely random and wasn't manipulated after you placed your bet. The math is transparent. You don't have to trust, you can check.

This matters because the history of online gambling includes documented cases of rigged games and manipulated outcomes. Rogue operators have weighted slots, dealt predetermined hands, and exploited players who had no way to prove wrongdoing. Provably fair technology makes this kind of cheating mathematically detectable.

Not every game at crypto casinos is provably fair. Slots and table games from major software providers typically use traditional random number generators with third-party certification. But many crypto-native games, particularly dice, crash, plinko, and similar formats, offer full cryptographic verification.

The technology doesn't guarantee a casino is trustworthy in every respect. A provably fair game can still sit alongside slow withdrawals, poor support, or unfair bonus terms. But it does solve one specific problem: knowing the outcomes weren't rigged.

Access to More Games and Casinos

Traditional payment methods limit where you can play. Many international casinos don't accept US credit cards or bank transfers. Payment processors restrict which operators they'll work with. The result: American players often have fewer options than players elsewhere.

Crypto removes these barriers. A casino that can't process your Visa has no problem accepting Bitcoin. Operators that don't want to navigate US banking relationships can still serve American players through crypto payments.

This expanded access includes crypto-native casinos with exclusive games you won't find elsewhere, platforms from providers who've built specifically for blockchain gaming, and offshore operators that accept US players when traditional payment casinos won't.

More choice isn't automatically better, though. Some casinos accept crypto precisely because they can't get legitimate payment processing. Players should verify licensing and reputation before depositing anywhere.

Is Cryptocurrency Right for You?

Crypto solves real problems for gamblers. But it also introduces new considerations that don't exist with traditional payments.

Whether it makes sense for you depends on what you value most. If withdrawal speed and privacy are priorities, the benefits are clear. If you prefer simplicity and don't want to manage wallets or think about price volatility, traditional methods might suit you better.

There's no universally right answer. The sections below help you assess whether crypto fits your situation.

Crypto May Suit You If...

Crypto gambling tends to work well for players who:

• Value fast access to winnings. If waiting days for withdrawals frustrates you, crypto's near-instant payouts are a significant upgrade.
• Prefer financial privacy. If you'd rather not submit ID documents or have gambling activity on bank statements, crypto offers more discretion.
• Have experienced banking restrictions. If your bank has declined gambling transactions or you've had payment issues at traditional casinos, crypto bypasses those obstacles.
• Care about verifiable fairness. If third-party audits don't fully satisfy you, provably fair games let you check outcomes yourself.
• Are comfortable learning something new. If setting up a wallet and managing transactions doesn't intimidate you, the initial learning curve pays off quickly.
• Have broader interest in crypto. If you already own cryptocurrency or want to, gambling is one more way to use it rather than a reason to start from scratch.

You don't need to check every box. Even one strong motivation, especially withdrawal speed or banking issues, can make the switch worthwhile.

Considerations Before Getting Started

Crypto isn't without trade-offs. Before diving in, keep these in mind:

• Price volatility. Bitcoin and most cryptocurrencies fluctuate in value. You could deposit $100 and find it worth $90 by the time you play, or $110. Stablecoins like USDT avoid this by tracking the dollar.
• Learning curve. Wallets, addresses, network fees, and seed phrases take some getting used to. It's not complicated once you understand it, but there's initial friction.
• Self-custody responsibility. With crypto, you control your funds. That's a benefit, but it also means no bank to call if you send to the wrong address or lose access to your wallet.
• Regulatory uncertainty. Crypto gambling exists in a legal grey area in parts of the US. Laws vary by state and continue to evolve.
• Fewer consumer protections. Traditional payment methods offer chargebacks and dispute resolution. Crypto transactions are generally irreversible.

Frequently Asked Questions