The rapid growth of cryptocurrencies in recent years has marked a significant change in the way we view finances. Gone are the days of people having real cash in their hands, or even having money holed away in their bank. Cryptocurrencies make it easier for people to take more ownership of their money and have more freedom in the way they use it.
This big change in the role of money has also had a significant impact on various industries, including the gambling sector. In an industry that relies on players putting down money and placing bets, most casinos were reliant on flat currencies, but now this is completely changing.
In this article, we’ll be discussing the key ways the emergence of digital currencies has affected traditional casinos and created new, exciting opportunities for online betting platforms.
The Start of Online Gambling With Cryptocurrency
Gambling is nothing new, nor is online gambling. Millions of players have been slowly switching to online casinos over the past few years as a convenient and accessible alternative to in-person casinos. Before, people were satisfied with gaming experiences that accurately represented what they enjoy about real-life gaming, but with new technologies entering the arena, new games have been launched that have enhanced the online experience.
Crypto gambling allows gamblers to pay with cryptocurrencies like Bitcoin or Ethereum which removes the hassle, delays, and fees that usually come with using a flat currency like British Pounds or American Dollars.
Gambling with cryptocurrencies started to take shape in the early 2010s, right after the first mainstream crypto coin, Bitcoin, started to come onto the scene. The very first adopters of this technology were casino game developers who noticed the potential of crypto to create more accessible and efficient payments online.
Since these early games, the industry has expanded substantially, cementing cryptocurrency as a primary form of payment for many gamblers. Now, you can use almost any of the major cryptocurrencies – not just Bitcoin – to make payments in the majority of games, catering to a broader range of players
Why Do People Prefer Crypto Gambling to Traditional Casinos?
For a lot of people, it can take a while to get on board with new technology, especially when it completely transforms something so mundane to us as money and online payments.
Cryptocurrency is fast becoming a critical part of the financial world, and it’s successfully making betting and gambling much easier. Here are just some of the reasons why people are starting to prefer crypto gambling to traditional casinos.
Cryptocurrency Means Enhanced Security and Privacy
When you’re spending large sums of money in an online casino, you have to put a lot of trust into the game. You’re relying on them to not only keep your money safe but also take care of the personal information that you’ve provided them with. This can become a big issue, as many consumers find when there are things like data breaches or online hacking when companies don’t invest a suitable amount of money into enhancing their cybersecurity processes.
Cryptocurrencies take away all of this worry as you don’t have to provide any company with your private details. One of the main selling points of the blockchain platform is the heightened level of security and privacy it brings to the gambling industry. Instead of handing your information over to a company, players make transactions using pseudonymous addresses, keeping their identities and financial data safe.
You Can Maintain Your Anonymity
Although the online gambling industry is flourishing, it doesn’t mean that everyone understands the appeal of it. Whether you live in a region where gambling is frowned upon, or if you just don’t want your opponents to know too much about you, you may want to keep your identity anonymous and not share too many details that could help someone learn who you are.
Because everything is handled anonymously with cryptocurrency, you don’t have to worry about your information being shared with anyone. You’re in complete control over what information you give and what is done with it, which can not be said about traditional casinos and online betting platforms.
Crypto is Accessible to All
No matter who you are or where you live, it’s easy to make cryptocurrency payments online because of the global nature of the platform. Traditional casinos and betting platforms often face some limitations because of how spread out their customers are global, not only is it almost impossible to attract everyone to a brick-and-mortar establishment, but the delays with online payments can even cause some hurdles for online platforms.
Cryptocurrency tried to get rid of many of the barriers that lay in the way of efficient global payment processing, in-person and online. Now, it is easy to make bets online through gaming platforms in an instant; no more lengthy delays, or unnecessary fees for players to take on.
Lower Transaction Costs
One big benefit of cryptocurrency which is especially appealing to online gamers is the fact that they don’t have to deal with any transaction costs. Not only does this mean that players can save some money which they can put towards future bets, but it also reduces processing costs for the game developers which they can then feed back into offering better odds and promotions to players.
Cryptocurrency Creates More Fair Gaming
Blockchain, the technology that cryptocurrencies are built on, is a decentralized platform that puts the power in the hands of customers rather than large companies. Using this, the power is taken away from companies and placed into the hands of customers.
It’s up to players to verify the fairness of each gambling outcome, without having to wait for developers to intervene. This provides verifiable proof that the results of their games are not manipulated or influenced unfairly – something that is extremely important in the gambling industry.
Combined with all of the other points we’ve mentioned above, it’s clear to see why so many gamblers have made the switch to cryptocurrency-based games. Not only are they fairer, but are also much more convenient and accessible to a wider audience, giving traditional gaming outlets a serious run for their money.