Cryptocurrency and Its Effects on the Online Gambling Industry

Unless you’ve been living under a rock, you are well aware of how cryptocurrency technology took over the world. At the time of that happening, the concept this digital currency brought us almost seemed utopian, but the idea was successfully shaped into what it was supposed to be in the first place — a service which offered fast, secure, and anonymous transactions. And that was good enough for the online casino industry. Let’s start from the beginning.

What Is the Money of the Future?

The future of all transactions appeared as a side product of another invention. Satoshi Nakamoto, the man behind Bitcoin, was the first who found a way to decentralize the digital cash system. After a few attempts to build a digital cash system with a central entity, he decided to go for a completely decentralized system and succeeded in it. This was the birth of all today’s cryptocurrencies.

However, if you want to stay away from all the noise and settle for a simple definition of this, it would be the following — limited entries in one database that no one has access to, except under specific conditions. This definition seems rather dull, but if you think about it, you will see the most crucial part — limited entries. Complete anonymity in one decentralized system using blockchain technology; sounds great, right? Let’s move on.

In short, the cryptocurrency market provides an alternative to cash, credit cards, and other methods of payment. Moreover, blockchain technology provides users with a unique opportunity to handle transactions between each other, without any 3rd party involved. There is no need for you to reveal your personal details, such as your social security number or any other personal data; you can go by using a pseudonym. Your transaction will be fully transparent to you, completely secure, and most importantly — fast. In short, you can consider this as your personal, virtual accounting system that will contain the information on all of your transactions in one place. Got it?

The Benefits of Online Gambling

Let’s see how exactly these virtual systems can ensure a better Crypto gambling experience and what its advantages are.

  • Privacy — No banks are involved, meaning that your details will be visible only to you. However, bear in mind that you will need to provide a physical location of your cryptocurrency wallet, but that’s it when it comes to information sharing. The blockchain technology that these systems use ensures the highest level of encryption, making it almost impossible to hack.
  • Low Fees — Since we are talking about an utterly decentralized unit, there is no need to pay some third party over-the-roof fees to handle your transactions. The fees when using crypto are much lower, and users are usually only charged for the maintenance of the systems. With withdrawals, only a small amount will be subtracted from your winnings; there will be no other additional charges when you decide to withdraw your funds.
  • Speed — The duration of the transactions is minimal. Other currencies take 2–3 business days to go through, but when it comes to cryptocurrencies, everything is done online with no intermediates around. This way, as soon as an online casino venue approves your withdrawal, your money is almost instantly moved to your crypto wallet. Convenient, right?
  • Promotions — This is one of the most prominent benefits you get as a player who opted for cryptocurrencies in online gambling. The promotional scheme is tailored differently. For instance, on most gambling platforms, you will be greeted with a 50%–100% bonus offer, right? Well, if you are a part of the Bitcoin network, the 100% bonus is guaranteed, and you can get a lot of welcome promotions thrown your way too. Also, after every deposit, you will be granted a reload bonus. Additionally, free spins, cashback bonuses in online games, and a stack of freebies (tickets to various events or gift packages) are usually included in these spectacular offers.
  • Borderless Feature — We spoke about its decentralized system and its benefits, but this feature is especially meaningful for online gamblers. As it is currently, cryptocurrency technology is not bound to any country. Everyone can get into this world and get themselves a crypto wallet. Therefore, Crypto gambling operators are forced to market their goals to the whole world, making promotional possibilities endless.

The Setbacks

We are fully aware of these benefits, and they are indeed excellent ones, but there is no such thing as perfection. Here is a list of few possible drawbacks of the cryptocurrency world:

  • Value — Cryptocurrencies, especially Bitcoin, can be very volatile. This may not seem problematic in the beginning, but in a few months, after there are only a few Bitcoins left in your crypto wallet, you will actually have less money in another currency. Some players get in terms with this volatility, but some have issues handling it. Consequently, you would need to make sure that you are aware of the Bitcoin value each day before you start online gambling. For example, if the value of the Bitcoin network grows, the actual size of your winnings will increase. However, it will go the other way around as well, and you might find yourself short. So keep track of its fluctuating value.
  • Not ‘Household’ Payment System — Even though they are growing in popularity, some cryptocurrencies are still in their infancy, and there are many online gambling sites that don’t accept them as a payment method. So make sure to do proper research before you get into the cryptocurrency technology and get stuck with one you cannot use.
  • Wagering Requirement — According to our experience and the current value of the Bitcoin network, the same way in which a casino offers exceptional bonus schemes, it can set a rather high rollover. Usually 40 times and higher. It is something to keep in mind when looking for a casino.
  • Untraceable Feature — As previously mentioned, this way of paying is entirely untraceable. Even though this is an excellent feature, players should be aware that this can also attract people with criminal intentions. So our advice is to store smaller amounts and withdraw your winnings from the casino as quickly as possible to avoid potential theft.

Cryptocurrencies — The Future?

If this trend continues to move forward, the future looks bright for the world of cryptocurrencies. This upward trend established a fresh Crypto gambling system where players have an opportunity to stay anonymous, to have a clear insight into their transactions, and with lower fees than ever.

However, as the global economy inflates and the market shows signs of recession, the financial segment and financial institutions could change forever if we ultimately shift to crypto transactions only.

As for the Crypto gambling crowd, a revolution already happened. The promotional schemes are getting better and better, and online venues implemented this payment method a while ago. So you can either stand by and observe, or you can become a part of the history in the making. Go fill your crypto wallet and join this rapidly growing community of crypto players!

Leave a Reply

Your email address will not be published. Required fields are marked *