The days of brick-and-mortar casinos are steadily on the decline and the rise of online gambling has taken center stage – and not just any kind of online punting, but specifically cryptocurrency online gambling.
There are multiple reasons for the rise in popularity of online gaming sites that specifically use cryptocurrency as their main mean for transactions. The reasons will be outlined below.
Blockchain Technology and Player Anonymity
One of the most beneficial developments in online gambling has not only been the introduction of cryptocurrencies but the software that comes with it. The main software is known as blockchain technology and has been making waves since its implementation in digital casinos.
Blockchain technology is helpful for a wide variety of reasons but the two most important are the security and transparency it offers. Blockchain technology is part of every single cryptocurrency, whether you’re using Bitcoin, Tether or Ethereum. Some of the best online gaming sites using cryptocurrencies even promote specific cryptocurrency bonuses to their players, showing just how popular this type of digital gaming has become (source: https://cryptonews.com/news/best-crash-gambling-sites.htm) and continues to be. The reason for this is heightened security and transparency.
The security that comes with blockchain technology is astounding and revolutionary for players across the world. Each block stores important and sensitive data and these data blocks are all virtually connected via cryptography. Each of these blocks is impenetrable which means that anyone trying to make changes to the data within a block will find it impossible. Keeping player information unreachable for hackers or cyber criminals.
Moreover, the decentralized nature of blockchain allows players to experience transparency and anonymity like never before. The decentralized nature ensures that no single person or group has control over all the information. The data can only be accessed through encrypted codes, which are impossible to create manually or through hacking, ensuring that only authorized personnel can access the information. Transactions are recorded on a public ledger but each address is generated through a digital process of cryptography and cannot be linked to someone’s identity, meaning that players get to experience a much more anonymous experience. Players can therefore look forward to secure and anonymous play regardless of whether they are using Bitcoin or Dogecoin to partake in games.
Safe and Speedy Transactions
Another reason for cryptocurrencies being so popular is due to the safety and speed that comes with every transaction. Punters looking for a safe and fast experience need to look no further than an online cryptocurrency casino.
The safety that is experienced comes from the technology mentioned above but is also due to the nature of cryptocurrency. With traditional payment methods, the likelihood of being hacked is rather large due to the name, account number and CVV details that need to either be entered with every payment or stored on a database, making it more susceptible to cybercriminals. Cryptocurrencies do not come with physical cards or numbers that you have to manually punch in, you can simply make transactions with a click of a button, avoiding any potential of entering the details incorrectly and therefore removing a lot of financial vulnerability.
The speed of transactions is another massive benefit for players and online gaming sites alike. Players can look forward to making payments and receiving wins in minutes or hours, as opposed to days or sometimes even weeks. Due to the virtual nature of cryptocurrencies, players no longer have to wait for transactions to be approved by physical banks, which often take a long time. Moreover, the cost of the fees is often much lower with cryptocurrencies, which is a huge plus for both the player and the online gaming site. Players can save on fees and so can online casinos. Some online casinos even go as far as offering payment method rewards for players who use crypto, as it saves the house so much.
The Outlook for Cryptocurrencies
The probability of cryptocurrency continuing to rise is highly likely, with the introduction of more and more secure technologies, such as blockchain and others, players can look forward to an even more secure punting experience as the world becomes more digital than ever. The prognosis for Bitcoin, for example, is said to increase in value by 80% within the next year. Whether this is going to happen or not is unknown, it is only a prognosis but with the way the Bitcoin value has increased in the last ten years, the prognosis might not be very far off.
Therefore, it’s likely that the rise in online crypto casinos will also become more apparent as the years go on, with every player, whether a beginner or a novice, wanting to partake in the action. One thing to note, however, is that the market of cryptocurrencies is exceptionally volatile, so any player looking to invest, should only do so after in-depth research.