Cryptocurrencies and Online Gambling

Cryptocurrencies and Online Gambling

Cryptocurrency is causing quite the stir within the gambling industry. Bitcoin, for example, is being used to make both deposits and withdrawals in internet casinos more often.  Cryptocurrencies based on blockchain technology have found a home in iGaming, which very well could be the platform that launches cryptocurrencies into the mainstream.

Cryptocurrencies have shown exceptional growth within the digital world. However,  it is the gaming industry that has led the way for a number of different reasons. Of which many have proved opportunistic for iGaming developers, but also have huge benefits for gamers too. Specifically, safety, anonymity, and fast transaction times.

Because of this, the landscape of online gaming is dramatically changing. So much so that much that regular money within the sector may become obsolete in the early 2020s.

Benefits of Cryptocurrency Casinos for Players

One of the benefits of cryptocurrency in gambling is that it offers complete privacy. Players interact anonymously, allowing for their attention to stay on the progression of the game. 

Additionally, blockchain technology ensures safe and secure transactions between players and online casinos. All transactions completed throughout the game are logged and then assigned unique codes.

And if that wasn’t enough, if you are on the receiving end of a win your fund will be transferred to your e-wallet immediately. Where it can then be converted to cash or used for further cryptocurrency transactions.

Photo by Marta Branco from Pexels

Are Cryptocurrencies and Online Casinos a match?

The online casino industry has become more accessible with the rise of mobile technology. This has greatly played a hand in the growing popularity of online gambling. Allowing players to play wherever and whenever they please. And thus many critics perceive cryptocurrencies and online casinos to be a perfect match.

Many online casinos now have several unique selling points offered by cryptocurrencies. Thanks to this, casinos have gained new customer bases in the process. To accommodate this, casinos offer benefits and special offers that traditional currency can not compete against.

It should also be noted that several countries do not recognise certain cryptocurrencies as a legitimate form of currency. What this means for many online casino players is that they would not be betting with ‘real’ money. However, they could convert their virtual winnings for real currency should they gain any winnings.

Additionally, this is highly beneficial to the casino should it solely offer cryptocurrency bets. Traditional gambling laws and regulations may not apply to the casino as they are not considered to be gambling in cash. 

The truth of the matter is that the need for traditional paper and coin assets are growing obsolete as the digital age progresses. Thus we are sure to see casinos working with cryptocurrency for the foreseeable future.

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