Bitcoin has now been around for over a decade and has seen its value rise to an all-time high of almost $60,000 at the beginning of 2021. Aside from Bitcoin, numerous other cryptocurrencies have gained traction and popularity as digital assets.
As a result of the growing demand for crypto payments to be accepted by businesses, industries around the world are adapting and embracing the technology behind crypto.
The online gambling market is perfectly matched with cryptocurrency as a payment method. Casinos are also suited to the blockchain technology from which cryptocurrencies are derived.
Every day, more established online gambling providers are accepting crypto deposits. Not only that, there is an increasing number of online casinos building their games on the blockchain and running exclusively with crypto. You can compare Litecoin casinos here to find the very best of these crypto-only casinos.
As you can see, cryptocurrency and the blockchain are beginning to disrupt the online gambling market significantly, and this article will explore some of the main ways this is happening.
Reasons Why Crypto Has Become so Popular for Online Gambling and Transactions
A big complaint from many online gamblers is the time it can take to deposit and withdraw funds from their accounts. Not only that, additional fees are commonplace, and they can vary depending on your bank and where the casino provider is located.
Slow transactions and undisclosed fees can be a major headache, which is precisely why many gamblers have turned to crypto for wagering online.
The majority of cryptocurrencies offer almost instant transactions and minimal, sometimes even zero, fees. Of course, this makes crypto a no-brainer for deposit into a casino account where you want to play right away and don’t want your profits affected by fees.
The nature of the blockchain makes it a completely decentralized system, which means nobody can tell you where you can and can’t spend your funds.
Unfortunately, many traditional banks worldwide are known to restrict their customer’s use of funds for specific purchases. Often, gamblers find their bank won’t allow them to use a particular website or spend money in a specific country.
Everybody should be free to use their own money how and wherever they like, which is possible with crypto. Not only is it possible to receive and send cryptocurrencies across the globe, but there are also no additional fees or delays for doing so.
Using your money however you please quite literally opens up an entire world of opportunities for online casinos and gambling.
When using crypto, your funds are controlled by a set of encrypted keys, which are all you need to send and receive money. Your name, address, and other personal information is not connected in any way to your keys.
The use of keys makes it simple and easy to start using online casinos since you no longer have to enter any personal information. You can also rest assured your data won’t be sold on to third parties, which has always been a big problem for many online industries, including gambling.
For the most part, casino providers that allow crypto payments will want their customers to use crypto. The result is several casinos have started to offer incentives for players to deposit their funds using popular cryptos.
This works out exceptionally well for crypto gamblers as they can receive deposit bonuses, free spins, cashback, and more incentives. Essentially, these crypto bonuses get customers more for their money and present more opportunities to win, so they’d be foolish not to take advantage of them.
The technology behind crypto, known as blockchain technology, is a decentralized and transparent database of every transaction made on a specific blockchain. Check out this video for a simple explanation of just what the blockchain does:
Due to advanced encryption technologies, the blockchain cannot be controlled or manipulated. As a result, every piece of data can be viewed by all users. Such transparency makes the blockchain highly secure and allows players to verify that the games they play inside crypto casinos are fair and not rigged.
Fewer Regulations for Providers
At the moment, cryptocurrency is not treated in the same way as traditional “fiat” currency by regulators in the gambling industry. The regulators look at crypto as a kind of “play money”.
Of course, crypto is still usable as real cash since you can easily convert it to fiat currency, but the regulators do not treat it in the same way.
This has meant that the regulations for crypto casino providers are far less strict, so the barrier to entry for owning one is significantly reduced. Fewer regulations also make the casino easier and cheaper to run, which means they’re more affordable for customers to use as well.
To many people, fewer and more lenient regulations could be worrying. After all, regulators are there to reduce scams and keep customers safe. However, the advanced security offered by the blockchain itself removes the need for many of the standard regulations.
The previous point in the list explains exactly why customers can feel even safer when using a crypto casino online.
In 2021, we are still very much in the primary stages of crypto adoption and have barely scratched the surface of what can be achieved with blockchain technology.
The crypto casino market is only in its infancy, with massive scope for growth in the coming years as more people become aware of crypto’s benefits. We are entering a new age for the internet and online gambling looks set to remain at the forefront of it.
Popular Crypto-Only Casinos
If the benefits of gambling in a crypto casino like Stake.com have caught your attention, you’ll want to know the best places to play. Here is a list of some of the top crypto casinos currently operating, all of which offer provably fair gambling on a host of sports and games:
- 7Bit Casino
- Fortune Jack
Also Read: How to Recover Mentally After an Accident
Employer’s Guide to Cybersecurity and Sexual Harassment: How to Protect Employees from Online Harassment
Online harassment is no longer just something that happens to teenagers. In fact, 47% of people online say that they…
4 Cybersecurity Measures To Fortify Your Defenses Against Online Attacks
Cybersecurity Measures: Cybercriminals are getting more sophisticated with their attacks. Basic cybersecurity controls, while essential, are no longer enough to…