Online gambling industry was one of the early adopters of cryptocurrency but only in recent years has it seen a huge surge in crypto transactions. There are several factors driving this growth, one of which is the widespread awareness of blockchain technology. Major corporations such as Microsoft, PayPal, AT&T, and many others have started accepting cryptocurrency payments which has further boosted the confidence of crypto investors.
Unlike traditional currency, when you wager with Bitcoin on an online gambling platform, your transactions are extremely fast and cheap. This is because decentralized currencies do not require intermediaries like banks to authorize transactions. Furthermore, the security that blockchain technology provides is still unmatched by any credit card company.
The low-cost transactions and the ability to quickly withdraw and deposit funds has made cryptocurrency a preferred choice of payment method in the online gambling space.
Privacy of data, and safety has always been a main concern for online transactions that involve credit cards and other money transfers backed by banks. Blockchain technology solves many of these issues as its database mechanism is transparent and is shared across a network of computers. The information in the database cannot be altered or modified without consensus from the network. This also allows for users paying with cryptocurrency or using web3 to enjoy full anonymity.
Since the blockchain network is decentralized, all the data in the immutable ledger is updated in real time for everyone leaving no opening for fraud. In any case, if someone tries to alter once instance of the database, other network nodes will prevent it from happening and compromising the entire network is impossible. The tech is adopted by various industries including online casinos which has greatly increased the appeal of online gambling.
Unlike brick-and-mortar casinos where switching between tables involves a lot of hassle, online casinos make it easier by allowing players to move between games seamlessly with just a few clicks. The speed of cryptocurrency transactions also adds to the dynamic gaming experience.
Players can buy into their favorite table games and receive payouts with cryptocurrency at any time they want. While the speed of cashing out your winning depends on cryptocurrency you are using, most of times you'll have your cash within minutes, although sometimes it may take an hour or two to confirm transactions. Some of fastest crypto coins are, Bitcoin Cash, Bitcoin SV, Ethereum, Litecoin and Tether. The OG Bitcoin often takes a bit long to withdraw but it is still much faster than traditional payment methods.
Additionally, when you play popular bitcoin poker variants for the first time, you are rewarded with a welcome bonus on your first deposit, which is a common trend among online casino platforms. There are also mechanisms implemented by the platforms that make your digital assets immune to price fluctuations – once you deposit them in your online casino account. That way, you can enjoy crypto poker without any of the worries.
Cryptocurrency also compliments fast-paced nature of online poker games; many people play the games on the go while commuting to work or when waiting in a line, this is where the swift transactions of bitcoin really help.
The opposite is also true, at online casino tables you are your own boss, you are not restricted by time, you can play most games at your own pace without a worry in the world. And games are available 24/7 so you are limited by time zones either.
Cryptocurrency has made online casinos accessible to everyone in the world, whether you are in a remote village or don't have the ability to use credit cards internationally as long as you own crypto you are able to play. Cryptocurrencies transcend geographical barriers and many other limitations that banks impose, allowing for businesses to provide their services globally. As mentioned earlier, crypto tech also shields user's identity which allows gamers a lot of flexibility.
Managing online casino is already cost-effective when compared to their physical counterparts, now adding cryptocurrency in that, makes it even more profitable business. The cheap cryptocurrency transactions means players get to keep higher portion of their winnings and operators also make a lot more. This is one of the reason why online gambling industry has boomed with the mainstream acceptance of bitcoin.
Most importantly, the decentralized nature of blockchain technology makes cryptocurrency transactions untraceable meaning you won't have government authorities and banking institutions looking into your business.
Its an undisputable fact that cryptocurrency has improved online gambling experience and has helped the industry grow. Today a lot of credible online casinos offer poker, blackjack, roulette, slots and many more games playable with popular cryptocurrencies. With time we will see more advancements in the industry that will help gamers elevate their experience to new levels.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.