Top 5 reasons why cryptocurrency has changed the online casino industry
April 11, 2022 (Investorideas.com Newswire) Since its inception, the value of Bitcoin has steadily gained popularity and increased weight, notwithstanding occasional short-term dips. Thanks to this popularity, other cryptocurrencies have begun to appear, so today, casinos offer Bitcoin and Bitcoin Cash, Litecoin, Tether, and other virtual currencies. Cryptocurrency did not immediately find a place in the gambling sphere. Still, now it appears to be an ideal option for betting. Best online casino sites with cryptocurrency can now offer customers better conditions than with fiat money, such as complete namelessness and instant transfers. Moreover, companies often propose attractive promotions for users for deposits in virtual currencies. The main advantages of using crypto are directly related to how it functions. This is why many of the best casinos worldwide are gradually expanding their functionality and allowing their users to use the newfangled currency actively.
What impact does cryptocurrency have on the development of online casinos?
The first companies started to partner with cryptocurrency wallets at their own risk, and at first, it seemed that the venture would not pay off, as customers had not yet started paying in the virtual currency themselves. Also, the best gambling platforms, including live dealer casino, started accepting cryptocurrency a few years after its creation. It has become clear that this was the right step into a new future. For example, there are now casinos that offer payment solely in cryptocurrencies, which has led to a new way of looking at security issues. The fact is that cryptocurrency casinos don't have to ask customers to verify their identity because blockchain technology already has all the necessary degrees of security that prevent fraudsters from acting. Unfortunately, such casinos are still just a handful, while other companies stick to the old ways of doing things. Even if they offer cryptocurrency as a means of payment, it is only under the same conditions as other currency options - verification.
Some of the most significant advantages of using crypto for online gaming include:
- Complete anonymity of all transactions;
- Independence of the cryptocurrency exchange rate from fiat (traditional) money;
- Non-accountability of cryptocurrency transfers to tax authorities;
- The ability to make substantial transactions.
1. Instant transfers
Blockchain technology is designed so that the transfer is considered completed after several subsequent transactions in the system. Whereas in the case of conventional fiat money, you sometimes have to wait for a very long time, situations with massive hang-ups, such as Bitcoin or Etherium, have long been non-existent. For Bitcoin and prominent cryptocurrencies, the wait is instantaneous, but it can take up to half an hour in the case of less common ones. Nevertheless, this is not comparable to other options for transferring funds, as transactions to e-wallets often take 24 hours and up to 7 business days to bank accounts. In rare cases, this is possible, but even there, it counts in seconds, not in hours, and certainly not in 24 hours. So users can rest assured that the transaction will be processed in the next few minutes, even if there are minor problems. In addition, it is always possible to monitor network congestion with the help of particular resources.
2. High security of transfers
While in the case of standard casino currencies, you have to encrypt the data, with cryptocurrency transfers, there is no possibility of data leakage. However, be careful when entering the address for the transfer - if there is an error, the funds will forever go to an unknown destination. In reality, despite all its advantages, blockchain technology is not perfect. The thing is that, for security reasons, the addresses to which the funds are sent need to be new each time. So the user has to spend some time to get it. Besides, to make a deposit, the player has to write to the support team first, make a request and wait until they give him a new address to send the funds. But these minor inconveniences are compensated by instant transfer speed.
3. Cryptocurrency: scalability
Oddly enough, it is for the owner of an online casino that cryptocurrency is all about the benefits. It will have the ability to scale continuously, that is, to attract new users worldwide. You no longer have to focus only on the currencies that the casino works with. Often, there are no more than 5-6, which is not convenient for all potential players because they have to deal with currency exchange problems. This process is not always financially beneficial. It is also difficult to attract clients from Africa, for example, the euro is the key currency. Again, it can be challenging to freeze accounts and block transfers. The benefit also lies in the fact that the client does not have to bet a whole unit or a dozen when using crypto. You can, for example, bet 0.03 Bitcoin or even less. When people see such numbers, they feel better psychologically, relax and start to gamble quietly, not getting as upset if they lose. A universal feature of cryptocurrencies is the inability to undo a transaction. That is, neither the player nor the casino owner can somehow cheat each other. If the money is sent, it will definitely reach the recipient.
4. Video slots with cryptocurrency
When it comes to slot machines with cryptocurrency, it should be understood that there are several variants of such programs. For instance, some offer customers only a game with a relevant theme but without the ability to bet on the cryptocurrencies themselves. Why so? The developers are trying to follow the fashion, especially as bitcoins are becoming synonymous with wealth. Still, they are unwilling or simply unable to connect virtual coins as a means of payment. Another option for gambling on cryptocurrency is to bet directly in bitcoins. In this case, especially if the user settles in crypto, it is convenient to calculate the bets' profitability because there is no need for conversion.
5. Specifics of cryptocurrency acceptance
It should be noted that the search for such a casino should begin with options that imply work based on smart contracts. This approach will significantly reduce the risk of fraud on both sides. Thus, when opting for any online casino that works with cryptocurrency, one should study the information about it beforehand. It is not only about the functionality but also about various other aspects. This will allow the user to feel safe and not be cheated later on.
Classification of online casinos that accept cryptocurrency
There are at least two types of online casinos that accept Bitcoins, Ethereum, and other cryptos as payment in the real world. These are services that take many currencies in general and any other popular cryptocurrency. In other words, there is no need to make any exchange, and a person pays with the currency they are more comfortable playing with. Often, such institutions operate on a customer-friendly principle: they accept one cash but provide the details of the exchanger, with whom they have agreed that the service will take incoming transactions and convert the money into the desired currency. But, of course, it is worth realizing that the fees charged on the transfers will fall on the players' shoulders. There is also a completely different format of online casinos that work exclusively with crypto. It is not just a faceless payment method for such establishments but a basis for organizing the gaming space based on smart contracts.
The payment mechanism for online casino services with cryptocurrency:
Two parties have agreed to make bets, the possibility of winning and receiving it, the conditions of winning, etc. they have defined and agreed to several specific requirements. All these nuances are recorded in a smart contract, an element of code. Both parties credit the system. When the game is over, the system makes an independent evaluation of the result obtained, after which the smart contract is automatically topped up, and the money is transferred to the winner. This algorithm is highly convenient because it is entirely safe. There is no risk of fraud because there is no need to entrust your money to the other party before receiving the final result, as it is practiced in classic casinos.
So how can you distinguish an honest online casino from the rest?
This question worries many players; after all, no one wants to lose their money, and if they are unlucky with the establishment, then there will be no concept of "winning" there at all. Either slots or roulette will always play against the player, even without a 1% chance of winning. In some cases, the withdrawal of winnings may be impossible.
Therefore, before you start playing, it is advisable to check the online casino for compliance with some criteria:
- The legality of existence. If the company is officially opened in a country (where it is not prohibited), then it can be trusted.
- Regulator reputation. The most popular regulators are the British and Maltese ones. If the selected online casino falls under their jurisdiction, the risk of fraud is significantly reduced.
- The reputation of the online casino itself. To understand whether such an institution is honest and interesting, it is enough just to read player reviews on third-party resources. The most important point to pay attention to is the absence of problems with withdrawing funds.
The use of cryptocurrencies in the world is increasing daily, leading online casino creators to apply it to their business. It also increases the likelihood of crypto being used by reputable gaming sites, the leaders of online casino gambling. In the age of information technology, users of gaming platforms need security, openness, reliability, and convenience, which is facilitated by the use of bitcoin and similar currencies. Sizeable online casino sites accept payment in different currencies (euros, dollars, yuan). They will not find it difficult to add another payment method to attract customers and make it convenient for players. The gambling market is growing and offering more and more solutions; it aims to penetrate countries where gambling is prohibited by law. The use of cryptocurrencies will allow them to fill niches, give their customers a functional and convenient service, and expand their presence in the world. The potential for the relationship between the two current technologies - crypto and online casinos - is enormous and fascinating.
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