4 Ways Cryptocurrency Has Development of Online Gambling

The impact technology has had on our world can never be understated. Roughly three decades ago, enjoying casino games without visiting one was basically impossible. But now, millions of players can easily wager on games like Roulette and online fruit machines. Freely and safely from the comfort of their home.

Also, there were times when money was tied down to paper and coins; everything had to be physical. But when technology met finance, virtual money became a reality. You could now transfer money easily with the help of credit cards, internet bank transfers, and e-wallets.

The beauty of technology is that it never stops evolving, even for a second, and it was in this quest for constant evolution that cryptocurrency was born. Blockchain technology created an easy and faster way for money to be transferred anonymously.

So basically, online casinos and cryptocurrencies were created to make life easier, so it’s no surprise that the two worlds have formed a strong partnership in recent years. Multiple online gaming sites have now integrated blockchain into their payment systems, and it’s gradually becoming a norm in the online casino world. This article will look at several ways cryptocurrency has affected the development of online gambling.

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4 Ways Cryptocurrency Has Affected Online Gambling

During the early years of online gambling, payments were made through wire transfers and credit/debit cards. This was a massive improvement from the past, where people had to carry physical cash around, which was unsafe. The introduction of cryptocurrency in online casino has had its impact. Here are four ways it has affected the development of online gambling.

Improved Security

One of the biggest concerns people have with online gambling is security. Some players fear giving out their private information to a scam site because they fear being hacked. But you can avoid all these thanks to blockchain technology.

Blockchain is decentralized, meaning that no one controls it, you don’t have to register with any bank or financial institution, and you don’t need to put in your private information before getting a personal wallet address.

There are true stories of people being hacked after inputting their card or bank details on a scam online casino site. But with cryptocurrency, you don’t need to give the site any of your personal information. All that’s needed is your wallet address which is usually a bunch of alphanumerics. Your deposit by paying into the casino’s address, and you can easily withdraw your winnings directly to your address. The casino doesn’t need to know any of your details.

Reduced Costs

Making transactions with bank cards or wire transfers usually has a fee. This fee can become excessive when the transfers are made from different countries or continents.

However, with cryptocurrencies, you can make transactions from anywhere in the world without incurring any costs. This is another benefit of decentralization; no one controls blockchain technology, so there’s no middleman to charge you. In bank and card transfers, the financial institution will charge you for conducting the transaction.
Converting the cryptocurrency to fiat currency might incur additional fees, but it’s far lesser than what banks or financial institutions will charge.

Accessibility

Despite online casinos’ immense popularity, many countries have yet to legalise them. So, players who want to enjoy their favourite casino games must turn to foreign gambling sites. However, gambling on these sites can be very difficult because most don’t accept the traditional payment methods available in the banned countries.

With cryptocurrencies, you can make deposits and withdrawals from anywhere in the world. All needed is internet access, and you can complete transactions in minutes. Once again, blockchain technology is not controlled by any institution or government, so the transactions will be strictly between you and the online casino.

Faster Payment

One of the reasons many gamblers prefer land-based to online casinos is the ease and speed of payment. Withdrawing winnings from online gambling usually involves many procedures that are mostly tiring and lengthy, especially in international transactions.

You can skip all these procedures with cryptocurrency and instantly receive your payments. Some of the common cryptocurrencies in use include:

  • Bitcoin
  • Ethereum
  • USDT
  • Litecoin

The Bottom Line

The good thing about technology is that different sectors can combine to make life easier for people. It’s the same way online casinos and cryptocurrencies have combined to make gambling safe and easy for players around the globe.

Cryptocurrency in online casino has brought about many changes and has led to massive development in the online gambling industry. These developments include improved security, reduced transaction costs, accessibility, and faster payment.

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