With all the bad press surrounding cryptocurrencies and the looming threat of regulation, many of us might forget why cryptocurrencies are still making headway in parts of the world we typically wouldn’t expect. One such industry that is starting to embrace cryptocurrency is online gambling.
Here are eight big reasons why many online casino operators have already embarked on the road towards cryptocurrency inclusion. You will also find out why more online casinos are likely to follow suit.
The most obvious reason casinos embrace cryptocurrency is that blockchain technology offers a secure payment system.
Blockchain has no central authority like a government or bank controlling it. Instead, the blockchain is spread across thousands of servers and computers worldwide.
The cryptography used to secure transactions on the blockchain makes it nearly impossible for anyone to tamper with records on the ledger without leaving an obvious trail. This transparency eliminates fraud and prevents double-spending. The decentralization also means that no single entity can impose regulations or restrictions on transactions using this form of currency.
One of the main reasons casinos are moving towards accepting cryptocurrencies is that it allows them to reduce their overall transaction costs. The fees associated with accepting payments in fiat currency can be high, particularly for large transactions.
Cryptocurrencies like Bitcoin offer cheaper transaction processing fees. When playing in a non GAMSTOP casino, you can save money on each transaction.
The blockchain technology underpinning cryptocurrencies offers a new level of transparency that has the potential to reshape the gambling industry. The technology uses distributed ledgers to allow for transactions without an intermediary. Transactions can get completed faster than before.
It also allows for more efficient record-keeping. That helps casinos detect fraudulent activity quickly and more easily than they could before.
The use of cryptocurrency increases security for both casinos and players alike. That’s because it eliminates the possibility of chargebacks or fraud due to stolen credit cards by third parties who have gained access to them through phishing or other means of identity theft.
In addition, cryptocurrency transactions are irreversible once confirmed on the blockchain network. It protects casinos from having to refund fraudulent transactions that may have occurred during gameplay.
Another reason casinos embrace cryptocurrency is that it makes it easier for players to deposit money into their accounts and withdraw winnings from them. With traditional payment methods like credit cards, players need to wait for their banks to process the transaction before they can use their winnings. It can take up to a week or more!
Cryptocurrency transactions happen instantly and don’t require any bank account verification at all! This makes it much easier for people worldwide to play online casino games with cryptocurrencies than with traditional payment methods like credit cards or cash deposits.
The internet makes it possible for online casinos to operate in any country globally. Players from all over the world who look for games to play can do that using their preferred currency. However, some countries have banned online gaming or made it difficult for people to access it.
Players who live in these countries have limited options for playing games online. Cryptocurrency makes online gaming accessible to people worldwide because it doesn’t require any kind of identification or verification process.
Cryptocurrency is anonymous, so players do not have to share their personal information with the casino or anyone else. They can play anonymously and enjoy the benefits of online gambling without worrying about any potential legal or financial consequences. This anonymity makes it easier for players to avoid detection by law enforcement agencies or foreign jurisdictions that might have an interest in their activities.
One of the biggest advantages of cryptocurrencies over traditional currencies is that you don’t need good credit to use them. You can simply sign up for a bank account or use one already existing and start depositing funds into your account. You can do that using any number of methods available, including debit cards or wire transfers from your bank account.
When you want to withdraw money from your casino account, all you have to do is convert it back into fiat currency or another cryptocurrency (such as Bitcoin) at any time before cashing out.
Cryptocurrencies are a new avenue for monetization in the gambling industry. Although there are challenges on the horizon (regulatory, financial, and otherwise), casinos seem to be taking the plunge headfirst into this digital currency trend.