In its relatively short history, the online gambling industry has undergone many changes. It can’t be helped, especially nowadays, with the fast pace that our world is going due to technological advancements that are consistently changing the times. One of these innovations is cryptocurrency, which the online gambling industry has also embraced.
Since online gambling focuses on innovations, it would be a missed opportunity not to incorporate cryptocurrency to the way they do transactions. Many online casinos have accepted cryptocurrency as a mode of payment, with some even creating Bitcoin online casinos, that are exclusively accepting Bitcoin as payment. Bitcoin (BTC) is the biggest cryptocurrency in the world today.
Many people nowadays prefer to deal using cryptocurrency, and that has carried over to online gambling. Due to its growing popularity, many other cryptocurrencies have also appeared, and this might open new possibilities in terms of paying for your online gambling transactions. Take a look at how cryptocurrency has impacted the online gambling industry in this article.
A good fit
Cryptocurrency gained popularity in online gambling not only because of its mainstream popularity but also because of the benefits that other traditional funding methods simply can’t. One of them is that many gamblers see it as a cheaper alternative source of funding for online gambling. This is because they like the idea of not playing with a legit currency while earning money that they can actually spend in real life.
Cryptocurrency has offered a unique selling point for online casinos as some of them attracted more clients like PNXBET because they became known as the “sites that accept cryptocurrency.” It’s also not regulated, which means gambling legislation doesn’t apply to it, enabling gamblers to gamble in areas where banks are not allowed to process online gambling transactions. This is also a big plus for the online casinos themselves because they could make a massive return if cryptocurrencies value significantly increase.
Another aspect of cryptocurrency that’s changing the dynamic of the online gambling industry is the use of blockchain technology. Blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the network of computer systems on it. With the use of blockchain technology, online casinos can now offer a fairer and more transparent betting system.
Blockchain technology is now being used in many online casino games to make players feel secure that the games they play are fairly decided. It also gives them an advantage because it technically reduces the house edge to 0%. It promotes transparency because it offers players easy access to their earnings as well as tracking every transaction that they made. Besides that, it also offers the possibility of having players use their preferred payment method, which means they won’t be restrained in using only cryptocurrencies for paying.
This is a benefit that no other currency or mode of payment can offer. Cryptocurrencies give players anonymity. To use cryptocurrencies for funding one’s gambling transactions, you’ll need an e-wallet to place them into. When you pay using BTC or another type of cryptocurrency, the only thing that the online casino will have is a long string of numbers that is your wallet ID. This lessens the risk of fraud or getting pertinent information stolen from players.
Cryptocurrency has definitely changed the face of online gambling. The great thing is that most of these effects are positive and have contributed to a better gambling experience for punters around the world, and it has provided online casinos another attractive selling point. Looking at the current status, expect that cryptocurrencies will remain to be one of the most influential factors for the progression of the entire online gambling industry in the coming years.
Luther Abrams is an online game and sports enthusiast who spent his younger years playing and watching basketball, baseball, soccer, tennis, and badminton games, among the many others. Today, as an early retiree, he continues to write about his love and passion for sports. On most days, he also loves to play ball with his two kids.