Cryptocurrency In Online Gambling: Is It Just A Temporary Thing Or Our Future?
The emergence of cryptocurrencies has raised a lot of eyebrows. Still, a handful of people believe digital currencies are our future. With the growing influence of blockchain technology and crypto, some people have changed their hearts and decided to give it a whirl. Nevertheless, there were a lot of controversies surrounding this technology and everything that derived from it. However, the popularity of digital currencies rose immensely at the drop of the dime.
Consequently, even those who didn’t believe in cryptos first decided to jump the wagon. Today, digital currencies are a widely accepted concept. Many people are ready to play the market and use crypto transactions every day. The wave of crypto-hype captured many businesses, including the casino industry. The question is: is there a future for cryptocurrencies in online gambling? Let’s find out.
Blockchain As a Prime Mover
The idea of digital currencies comes from blockchain technology. This concept represents a digital ledger of transactions, recording information in a way that makes it difficult to alter or hack. Blockchain consists of blocks, where each of these instances contains a number of transactions. Every time a new transaction occurs, the system records and copies it to every participant’s ledger. This is all possible thanks to the immutable cryptographic signature called the hash. The introduction of cryptos derived from the idea of having decentralized technology.
Cryptocurrencies As The Blockchain’s Most Valuable Product
Digital cash is a peer-to-peer system that enables anyone to send and receive payments, regardless of their physical location. As its namesake suggests, digital money can’t be carried around and exchanged like the one we use today. Instead, cryptos exist as digital entries to an online database. Cryptocurrencies are stored in digital wallets. A part of its inherited traits is that a chain of events will occur every time you send cryptocurrency. In other words, the database will record the transaction, make a copy, and each ledger owner will receive that copy of the transaction, making cryptos extremely transparent.
The most famous cryptocurrencies are Bitcoin (and its variations), Litecoin, Ethereum, Dogecoin, and Ripple. The emergence of digital cash has made transactions faster, more secure, and simplified. Thus, many people and businesses prefer using such a transaction system and implementing it in their own field of expertise. What’s more, some countries consider developing bitcoin cities.
The virtual casino industry was also affected by this growing wave of crypto-usage. Thus, more and more operators are opening their doors to the world of digital currencies.
Cryptocurrency In Online Gambling: What Is Crypto Casino?
Crypto-based casinos are gambling establishments that accept digital currencies as a way of payment. Thus, players can use Bitcoin, Litecoin, Ethereum, or any other virtual currency to fund their gambling account.
As you already know, virtual casinos typically team up with game engineers to provide players with a top-notch experience. Operators that accept digital cash have crypto games included in their libraries. Moreover, such venues have specifically designed promotions, enticing crypto owners to gamble using digital money.
The Benefits Of Crypto Casinos
It is rather apparent that crypto casinos are all the rage today. This is why more people are shifting from their standard casino accounts to crypto-based ones. So let’s see what makes such venues so unique.
There’s a common misbelief that digital currencies are entirely anonymous. For this reason, we feel obligated to shed light on this popular myth. When you use traditional types of payments, every transaction is monitored by the appropriate institution. In this case, your bank represents such an entity.
In other words, your bank will hold the records of your transactions. Now, they also have the right to authorize or decline the transaction. As gambling implies money changing hands, you need to send cash to the operators. If the bank fails to approve the transaction for any reason, you will lose the opportunity to play casino games for real money. That means that there’s someone who will always know to whom, when, and for what purpose you gave away your money.
On the other hand, using cryptocurrency in online gambling means no banks are intermediaries. When you send digital currencies to the virtual operator, the only record of the transaction would be an encrypted message containing a bunch of numbers and letters. In other words, nobody, not even your bank, will know who sent the money, to whom, and for what purpose.
However, that doesn’t mean you’re 100% anonymous. On the contrary, when you open your casino account, assuming you’ve selected a regulated casino, the operator will ask you to send personal documents to verify your account. This is pretty common in gambling, which complies with the AML law.
When sending money using standard payment methods, you would typically wait for a couple of hours or days until the money reflects on your account. It’s even worse when withdrawing your money. Cashouts can take up to several days, depending on the casino.
Using crypto casino services means your money will appear in your account balance within minutes. The same goes for withdrawals, as they’re immediate in most digital cash-based casinos.
Acceptable Payout Percentages
Transferring your money with a bank card can usually cost you some extra cash. Simply put, there are payment options that come with specific fees depending on your bank, country, or casino of your choice.
On the other hand, cryptos make banking with virtual operators more convenient. Hence, there are no extra charges or operational fees when sending or receiving cryptocurrency in online gambling.
Try Out Some Of The Best Crypto Casinos
The best way to understand the inner workings of crypto casinos is to test them out. Several reputable venues have stood out with their wide selection of casino games and secured crypto baking methods. Take a look at our recommendations.
This platform is a regulated cryptocurrency casino. BitStarz stands out with numerous promotions and bonuses, speedy withdrawals, and 24/7 live support. What’s more, the platform is easy-to-navigate and responsive. Consequently, you can enjoy your favorite casino features using devices of any size. Thus, it is perfect for those who like to play on the go. Their gaming library includes more than 2,900 different titles provided by the most renowned casino software developers.
Today, it’s perfectly normal to use cryptocurrency in online gambling. Digital cash has made transactions more secure, simplified, and somewhat anonymous. The whole idea of having a decentralized currency seems tempting to everyone. Thus, cryptos enjoy a high level of confidence from many gambling enthusiasts. With more people becoming familiar with blockchain technology and its derivatives, it shouldn’t be a surprise if all virtual casinos become crypto-based. After all, history has taught us that surprising twists are possible.