Will Cryptocurrencies Revolutionise Online Gambling?
Written by Phoebe
Published date · April 19, 2022 | Last Updated · Dec. 14, 2022 | Read Time: 4 mins
Cryptocurrency – commonly referred to as crypto – is a modernised form of currency that exists digitally on Blockchain technology. It has taken the world by storm because of its convenience and accessibility. Although it is yet to become common practice it is possible to make online transactions using this virtual currency. Cryptography offers enhanced security which makes it almost impossible to tamper with. With this technology, we can make transactions without the hassle of Banks or third party applications. There are thousands of digital currencies, each of them offering different properties. Bitcoin, Ethereum, Cardano, and Litecoin are some of the best-known cryptocurrencies, with Bitcoin being the most popular. Online gambling is one of many industries which has benefited significantly from crypto. In this article, we will be discussing how cryptocurrency can continue to impact the gambling industry for the better.
Understanding Blockchain Technology:
Blockchain is a secure, public ledger that is globally distributed to keep track of financial transactions. It uses digital assets to keep a digital record of every transaction that takes place online. As the name suggests, Blockchain is a set of connected blocks. A ‘block’ represents each transaction. An online ledger consists of blocks, added to an existing chain. This ledger is accessible to everyone on the Blockchain network. It incorporates many digital currencies like Bitcoin and Ethereum.
The Many Advantages of Cryptocurrency:
The main reason for the booming success and popularity of cryptocurrencies is their many benefits and assets.
- Cryptocurrencies are decentralised. This means that unlike banks and other monetary institutions, a bank or central authority does not manage them. Rather, blockchain operates on a network of computers that provide access to a public ledger. Each node verifies a transaction before its confirmation.
- Each block of a blockchain is highly encrypted to ensure that no falsification takes place.
- Sometimes, standard money transfers don’t go through because of various errors, but a transaction made through crypto never fails since there is no central authority.
- The transaction fee costs almost nothing. International transactions require no extra charges.
- Cryptocurrency transfers between the two transactional parties are faster and can be made 24/7.
The Advent Of Crypto In Gambling:
Cryptocurrency and online gambling just might be the perfect match. In recent years, digital currencies have attracted a whole new customer base for gambling. The gambling industry has welcomed blockchain technology with open arms, although there are many that still remain sceptical. Some cryptocurrencies have actually been designed specifically for online gaming. A casino adopted cryptocurrency for the first time back in 2012. Many casinos throughout the UK are now accepting cryptocurrencies – mainly Bitcoin and Ethereum – for money deposits and withdrawals of their winnings. In fact, some casinos are exclusively built on cryptocurrency.
Online Gambling Procedure With Cryptocurrency:
Gambling with cryptocurrency is pretty straightforward. The first thing we need to do is select a wallet to store our digital currency or purchase some currency to add to that wallet. Then, we send the currency to our online gambling website account. After that, we are ready to bet on whichever game we like.
Some Of The Reforms Made By Crypto On The Gambling Industry:
Speedier Transactions: Financial transactions are much more efficient with crypto. Delayed transactions frustrate people the most. Standard transaction methods might take 1-5 business days for the payouts to reach a gambler’s account, especially if they are foreign transactions. Even after waiting for a long time, players might not even receive their money. Digital currencies can help to avoid all this. The player’s winnings are directly sent to their digital wallet within minutes instead of days with cryptocurrency. This allows them to spend their gains sooner.
Cost-efficient Mode Of Transfer: Cryptocurrency is more economical than the traditional approach to transactions. When we make transactions with cash or credit cards, the bank requires a transaction fee. In the case of international transactions, the additional fee paid to the bank is very costly. Cryptocurrency does not charge gamblers any extra money for making deposits. This is why gamblers and casinos are leaning towards the use of cryptocurrencies.
Player Anonymity And Privacy: Digital currencies offer complete anonymity to users while they play. Data privacy is a major issue for gamblers worldwide. Many players are reluctant to share their private data on gambling sites. Cryptocurrency eliminates this issue since there is no personal information attached to digital wallets. Cryptocurrency protects a player’s identity, it will not show up on bank statements.
Enhanced Security: The most significant advantage of online gambling with blockchain technology is that all financial transactions are secure. Cryptocurrency technology consists of a public blockchain that keeps a record of all the transactions in such a way that it is impossible to manipulate. Blockchains encryptions ensure that no fraud or falsification takes place.
Cryptocurrency is the future of gambling. Many players prefer the anonymity and security that digital currencies provide. On the other hand, casinos also favour Cryptocurrency because it’s cost-efficient and attracts new clients. For newcomers, the best places to buy digital currencies are from eToro, Coinbase, and Binance. These are the best crypto exchanges in the UK right now. It is accessible to every person in the world regardless of their location. The absence of a central authority makes it all the more desirable. Cryptocurrency might become the primary source of funding for online gambling in the near future. Cryptocurrency technology has completely revolutionised how we perceive the gambling world. The current success of digital currencies in online gambling is just a small percentage of its potential.