Home Crypto Currency The Adoption of Cryptocurrency and its Impact on Online Casino Gaming

The Adoption of Cryptocurrency and its Impact on Online Casino Gaming

by Matt

One of the main reasons for the advancement in the online gaming industry is its willingness to accept new technological advancements. While many industries are reluctant to accept changes for fear of what the future may hold, online casino gaming has continued to defy odds by being at the frontline in embracing new changes.

The adoption of blockchain-backed currencies is arguably the latest trend witnessed in the online gambling industry. Revered to be one of the leading industries for taking risks, many online casinos have started adopting crypto to accept payments from players. The same currencies are also being used as a winnings payout to players.

Playing with Cryptocurrencies at Casinos

The adoption of cryptocurrencies, more so bitcoin, comes when there’s a need for secure online transactions to meet the market’s ever-changing demands. Since its adoption as the first cryptocurrency in May 2012, bitcoin has paved the way for other popular digital currencies such as XRP Ripple and Ethereum. 

Similarly, we have recently witnessed the emergence of new cryptocurrencies specially made for the gambling industry, such as Casino coins. All these currencies and their adoption in the online gambling industry are meant to afford players gaming safety and assurance on their winnings. 

The Blockchain technology used acts as a digital ledger of transactions to provide players with an open database of every transaction involving value. It’s safe to conclude that the technology has changed how online gaming works, and there’s a sense of confidence in players than before. Here is more on how technology has transformed the online gaming industry.

  1. Gaming Anonymity

The greatest benefit that comes with blockchain-backed currencies is their complete anonymity. This only leaves you to worry about winning big at your casino since the currencies possess no attachment of any personal identification to a bitcoin wallet.

The currency’s decentralization eliminates all the usual worries of someone monitoring your online transaction activity and fraudulently gaining access to it. Besides, playing online won’t hurt your credit score with financial institutions. 

Unlike before, where the banks would track your online activity and loan you based on the findings, cryptocurrencies’ discreet nature renders their efforts of establishing your online activity impossible.

  1. Speed

Long before cryptocurrency casinos came into force, it would usually take you hours to cash out your payouts after winning. Players had to navigate many hurdles to secure their hard-earned winnings, especially foreign gaming sites. For instance, it would take up to five days to receive your money after winning. 

The lack of swift transactions gave land-based casinos an upper hand among many gaming enthusiasts. And even though most of them don’t offer as much game variety as their online counterparts, their guarantee of instant payouts was a confidence booster to players. 

Playing with cryptocurrencies like Bitcoin has eliminated the need to wait for ages before receiving your gaming payouts. The currencies are highly decentralized with no third party to ensure direct transfer into your wallet. You can instantly transfer your bitcoin winnings into your digital wallet and spend them faster upon winning.

  1. Increased security

Fraud is a major concern facing virtually every online activity. No one is just ready to get into online transactions without double-checking all the underlying security features. Unluckily, online gambling is one of the industries with significant risk against fraudulent activities. 

The introduction of crypto gaming is a welcome addition meant to ease the pressure on players fearing their online safety. If you’re a player seeking to enjoy playing, you no longer have to fear that fraudsters may steal your banking information. 

While Cryptocurrency is easy to track, it’s impossible to manipulate any transaction. This is because all the currencies are encrypted with unique codes. As a result, you’re more than assured any transaction is safer than traditional payment options. What’s more, Blockchain technology ensures that no one can make any unauthorized transaction.

  1. Cost-Efficiency

The biggest challenge when transacting with traditional currencies is often the additional charges. Payment options such as PayPal and wise attract additional costs, unlike when using cryptocurrencies. 

Similarly, if you transact using your credit card, you’ll encounter charges ranging between 3-5%. This also comes with a high cash advance APR. These charges are even higher if it involves an international transaction, affecting both the player and the casino. 

This means you’ll spend more when playing with traditional currencies, even when your winnings are huge. However, you can easily evade these charges by adopting a different payment mode. Playing online casinos and paying using bitcoin or any cryptocurrency of choice means these fees are significantly less or entirely removed. 

The transactions are pretty straightforward, with no regulatory bodies or intermediaries. Usually, these two elements are the most responsible for hiking transaction fees. Better yet, you can even convert the cryptocurrency into fiat currency without necessarily visiting a bank.

  1. You Can Play Anywhere

Even though the popularity of online gaming has soared during the pandemic lockdown, many countries worldwide are still opposed to it. In fact, several countries have strict restrictions against playing on any foreign online casinos. Considering you can still use a VPN to access foreign content, these restrictions affect you when payments.

While this is impossible to navigate when using traditional payment options, cryptocurrency allows you to play internationally without any payment issues. It affords you the option to pay and withdraw funds faster from anywhere without any restrictions. 

Most cryptocurrency casinos allow you to play without validating your identification or email address. As such, you’re left anonymous in all your dealings. This option provides you more freedom when it comes to making deposits or transferring your game winnings.

Bottom line

The use of cryptocurrency in gambling has divided opinions on its stability as a currency. While others believe it’s the future currency, there are still jitters, with some thinking it is too unstable for investment. But if the current evidence is anything to go by, integrating cryptocurrency in online gambling may be a blessing to the entire industry’s future. The currency is secure, and it restores the much-desired confidence in transactions involving online gambling.

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