Cryptocurrency is the new secure mode of casino payments. With this guide, you’ll understand how different cryptocurrencies work, their pros and cons, and the impact of this trend on the online casino market.
This era has witnessed the growth of gambling well beyond the brick and cemented walls of land-based casinos. Casinos are now just not physical places; they now also exist in the internet domain, accessible at your beck and call. The internet gambling and online casino scene have reached an unexpected growth since the onset of the pandemic in the year 2019. Online casinos are easily accessible and immensely cost-efficient, but at the same time, they don’t compromise on the casino experience. But if we look closely, it is just not the casinos that have evolved. Cryptocurrency is a new economic trend that has taken the internet by storm. Online casinos and gambling enthusiasts around the world have embraced cryptocurrency with open arms. This article is for all the fans of cryptocurrency and online casinos. Keep reading to find out how these two are connected.
What Is Cryptocurrency?
The world is quickly moving away from the known realms of cash exchange. Cryptocurrency has gained huge momentum. This newly emerging system of payment has caused a tremendous shift in the recent economic trends. So that brings us to the question, what exactly is cryptocurrency?
Cryptocurrency is a digital, peer-to-peer payment system. It is a form of digital currency that does not require banks to verify the transactions. It is a very convenient mode of payment, as it can transfer digital currency to anyone, anywhere, at any time. Cryptocurrency derives its name from encryption, which is used to verify transactions. Cryptocurrency relies on coding for the transmission and storing of cryptocurrency money between digital wallets to public ledgers.
Cryptocurrency also provides complete anonymity to the users. The cryptocurrency uses blockchain technology that records transactions as blocks and time stamps. The digital ledger of cryptocurrency is not traceable by hackers, and hence it’s a 100% secure mode of transaction. At the end of 2019, the market value of cryptocurrency was approximately $6.1 Billion.
Benefits of Using Cryptocurrency
Cryptocurrencies such as Etherum, Bitcoin, and Dogecoin have gained popularity due to multiple factors. Any form of cryptocurrency provides benefits such as –
|Decentralization of the currency system||No banks or governments own cryptocurrencies. It is an independent form of payment that utilizes a blockchain system.|
|Complete Data Transparency||The user has the right to track any change in the database.|
|Complete User Confidentiality||User Anonymity is certified by the use of advanced encryption techniques.|
|Hack Proof||The blockchain system secures user information from a 3rd party hacker, making cryptocurrency a hackproof system.|
|Trustworthy||Verification of the entered data is done by the complex blockchain system, enabling complete user security without the prying eyes of banks and governments.|
Impact of Cryptocurrency on the Online Gambling Industry
Cryptocurrency has become a big part of the online gambling and casino industry. The cryptocurrency payment method was introduced in casinos to provide crypto-enthusiasts with a simple method to pay with their Bitcoins and other forms of cryptocurrencies. Cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin are known for their hassle-free, fast, and easy transactions.
The public’s discernment of Bitcoin as a reputable form of payment has led to its use in online casinos. The casinos have also welcomed cryptocurrency to attract the gambling crowd of the Asian countries. It is a well-known fact that gambling is prohibited in many Asian countries. However, gambling enthusiasts use cryptocurrency to evade the inspection of local authorities. Most Japanese gambling enthusiasts use Ethereum as their preferred form of payment for this reason.
Cryptocurrency is not just beneficial for the punters. Cryptocurrency is very profitable for online casinos as well. Since no third party is involved, the use of cryptocurrency dissolves the intermediary costs applied by banks for payment transactions. This helps online casinos make that extra profit previously spent on transaction fees.
Why Do Gamblers Prefer Cryptocurrency?
Due to the vast benefits of the Blockchain system, cryptocurrency is greatly preferred by millions of gambling enthusiasts around the world. Here are a few reasons why gamblers like cryptocurrency –
- You can gamble without worrying about your privacy as cryptocurrency maintains your anonymity. Online casinos using cryptocurrencies as a mode of payment guarantee their customers’ anonymity. This helps them focus on the progress of the game. Most of the free casino games no download could also be played with cryptocurrencies.
- The blockchain technology used in cryptocurrency prevents the illegal trading of digital money, minimizing the risk of payment duplication.
- The security of online casinos from any 3rd party hacker is also secured by blockchain technology. The transactions carried out during the games are verified and allocated as codes. These codes are encrypted and virtually impossible to change.
- Through the use of cryptocurrency, the safety of gambling funds is protected. The reward money can be immediately transferred to an electronic wallet without the added hassle of bank verification.
- Due to the decentralized nature of cryptocurrency, it is not controlled by any bank or government. Therefore, transaction fees or any extra taxes cannot be applied to your online casino earnings. Cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin have no hidden costs, making it extremely easy for the user to manage their funds.
- Bitcoin is a convenient form of cryptocurrency as it can be easily split into smaller pieces. Gamblers betting on a budget should ideally use Bitcoin.
- Online casinos often offer exciting bonuses and deals to gamblers using crypto coins. This is attractive and profitable to any gambler using cryptocurrencies.
These are some of the many reasons why online casino users prefer cryptocurrency as a mode of payment.
Online casinos and cryptocurrency are complementary to each other in terms of market adaptation and implementation. The blockchain system and its apt utilization in cryptocurrencies benefit both the online casinos and their patrons. It is the responsibility of online casinos to make the gambling experience more enjoyable and secure for their customer – cryptocurrency assists the online casino in reaching that goal. Cryptocurrency still faces some minor setbacks, but it can only get better from here on.