How Cryptocurrency Changed Gambling

How Cryptocurrency Changed Gambling

The world of online gambling is continuing to evolve and reinvent itself with every passing week. One of the major trends within the world of online gambling is that gamblers are starting to play and win using cryptocurrencies. If you’re in the mood for playing and winning, then the $1 minimum deposit casino has a staggering range of games for you to enjoy.

Cryptocurrencies: An Overview

Unless you have been living under a large rock, located in a cave on a remote island, then you have heard some discussion about cryptocurrencies. Many people conflate cryptocurrencies with Bitcoin, as it is by far the most frequently discussed crypto-asset within the media. However, this constitutes a gross oversimplification, as there are hundreds of cryptocurrencies that can be bought and traded.

Some of you may be asking what exactly is a cryptocurrency? I can assure you that it’s not a buzzword or a form of technological jargon. Cryptocurrencies are a form of digital currency that can serve as a form of legal tender (i.e. it can be used to purchase goods and services). The ‘crypto’ within the name is derived from the field of cryptography, the computational process that uses incredibly complicated mathematics to encrypt data.

Cryptocurrencies are no longer discussed within niche Reddit forums by computer nerds, as they are slowly starting to gain institutional adoption. For example, El Salvador began accepting Bitcoin as a form of legal tender at the start of September. Technology is very exciting and lots of people are keen to be a part of it.

Cryptocurrencies & Gambling

The gambling industry has been very proactive in keeping up to speed with the latest technological trends, particularly in relation to online gambling. As such, it should probably come as no surprise that gamblers are now using cryptocurrencies when playing games at online casinos.

The trends indicate that the demand for cryptocurrency gambling is only set to grow and grow in the coming years. In the USA,  a number of states have recently passed legislation that has sports betting legal within their jurisdiction. Mr. Gaurav Soni, the CEO of an American-based software company specializing in software for online casinos and sports gambling, recently told Forbes that 35% of the inquiries he receives relate to the provision of cryptocurrency gambling services.

For the ordinary gambler, the use of cryptocurrency rather than traditional money has a number of advantages associated with it. Throughout the remainder of this article, I’m going to briefly discuss some of the advantages of crypto in the gambling industry.

#1: Player Anonymity

Cryptocurrencies are built upon Blockchain technology. To use the official definition,  a Blockchain is an immutable distributed ledger of online transactions. Basically, everybody on the cryptocurrency’s network gets a copy of this transaction history, which can’t be changed by anybody.

The Blockchain is not like a traditional financial institution, where you are linked to your account by personal details. On the Blockchain, you are tied to your account by a unique identifier number. What this means is that gamblers can deposit and withdraw with complete anonymity, so nobody will be able to gain access to their gambling activities.

#2: Depositing/Withdrawing is an awful lot easier

It’s fair to say that many financial institutions take a dim view of online gambling. This is perfectly illustrated in Australia, where a joint campaign launched by the government and major banks seeks to ban gamblers from using their credit cards to deposit into their online accounts.

With the mass acceptance of cryptocurrencies, these troubles could soon become a thing of the past. With Blockchain technology, there is no longer a need for an intermediary body, such as a bank, to facilitate online transactions. Cryptocurrency deposits/withdrawals occur almost instantly; the main factor that will determine the speed of your transaction is the strength of your internet connection.

Cryptocurrencies represent an opportunity for gamblers to take complete control of their online gambling activities.

#3: The eradication of transaction fees

Depositing money into your online casino account is typically accompanied by a myriad of fees and surcharges that have to be paid. This is always quite painful, but to rub into the wound, gamblers will invariably have to pay a plethora of taxes on any winnings that are acquired.

With the use of cryptocurrencies within online casinos, these transactions fees are essentially eradicated. Regulatory fees are also non-existent, as the use of cryptocurrencies means that the transactions are not bound by contributions that must be paid to a regulatory body.

Nobody wants to pay fees, absolutely nobody. This is a major advantage of using cryptocurrencies for online gambling.

#4: Cryptocurrency casinos tend to pay out a lot more

This advantage doesn’t require a great deal of explanation or justification. When a direct comparison is conducted between the online casinos that payout in cryptocurrencies and those that payout in traditional money, it becomes apparent that those paying out in cryptocurrency offer far more lucrative pay-outs.

In addition, trends are indicating that cryptocurrencies are only set to become more and more valuable in the years to come. The fundamental supply and demand rule of economics will likely ensure that this proves to be the case.

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